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RITES Ltd reported a 1.5 per cent decline in standalone net profit to ₹132 crore for the quarter ended December 31, 2022. Net profit in the year-ago-period was ₹134 crore.
Revenue from operations (standalone) declined 14 per cent to ₹651 crore.
The company in a statement said, the y-o-y profit remains flat despite a dip in export revenue, a high-margin stream.
EBITDA and PAT margins stood at 26.3 per cent and 19.5 per cent, respectively.
According to Rahul Mithal, Chairman and Managing Director, RITES Ltd, the USP of the company’s diversified business model was evident this quarter with a 9 per cent growth in PAT in the 9-month period.
“At the same time, the margins were maintained by capitalising on our core strength, the consultancy business, which grew by 21 per cent in the 9-month period,” he said.
The export segment has shown a dip as lesser supplies were scheduled for Q3FY23.
With the continuous push for ‘RITES Videsh’ initiative, there is a steady increase in the share of foreign consultancy from 10 per cent in 9MFY22 to 12 per cent in 9MFY23, the statement said.
RITES’s order book stood at ₹5,513 crore (as on December 23, 2022), up 10 per cent over Q2FY23. The company secured over 65 orders worth ₹1,200 crore in Q3FY23.
The board declared a third interim dividend of ₹6 per share, taking the total to ₹14.5 per share.
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