State-owned transport consultancy RITES on Thursday reported a 42 per cent sequential decline in consolidated net profit for the first quarter ended June 30 at ₹78 crore compared to net profit of ₹135 crore recorded in the March quarter.

However, on year-on-year basis, net profit was higher than ₹65 crore recorded in the same quarter last fiscal.

Its total revenue for the quarter ended June fell to ₹377 crore, from ₹379 crore in the comparable period last fiscal.

The company was able to achieve its highest ever order book of ₹6,925 crore as on June 30, with about 45 new and extension of the orders worth around ₹1,000 crore, a company statement said.

“The company’s sustainable and well-diversified business model held it in good stead in managing short-term challenges. I am pleased that we have been able to increase our profits and sustain margins, despite the disruptions caused by the second wave of Covid,” said Gopi Sureshkumar Varadarajan, Director Projects and Chairman & Managing Director (Additional Charge), in a statement.

The Board of Directors declared an interim dividend of ₹2 per share amounting to ₹48 crore for FY22 which is 20 per cent of the paid-up capital.

RITES’ revenue growth was impacted mainly because of disruption caused by the second wave of Covid-19, spill-over of exports shipments and first phase of turnkey projects getting substantially completed in FY21, the statement said.

EBITDA (earnings before interest, taxes, depreciation, and amortization), a measure of a company’s operating performance, was at ₹97 crore, higher by 61.7 per cent compared to ₹60 crore in Q1FY21.

Consultancy business continued to provide highest revenue to the company and achieved a revenue of ₹204 crore, up 10.6 per cent over Q1FY21.

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