Transport infrastructure consultancy and engineering firm RITES reported a 85.8 per cent jump in consolidated net profit to ₹144.7 crore in the first quarter of the fiscal. Its consolidated net profit was ₹77.86 crore in the same period last fiscal.

For the quarter ended June 30, 2022, its total income grew 68.8 per cent to ₹636.71 crore from ₹377.26 crore in the same period last fiscal.

“The increase in the total revenue was supported by continued momentum across all sectors and disciplined execution,” RITES said in a statement on Thursday, adding that the growth in revenue and profits is attributable to all segments.

It also reported the highest-ever operating revenue at Rs 627 crore in the first quarter of the fiscal among all first quarters. It also registered the highest-ever core EBITDA in the first quarter among all first quarters. EBITDA grew 84.5 per cent in the April to June 2022 quarter at ₹179 crore against ₹97 crore a year ago.

On a standalone basis, its net profit grew 83.4 per cent year on year to ₹129.26 crore for the quarter ended June 30, 2022.

“With about 90 new and extension of the orders worth more than ₹ 700 crore, the company has been able to maintain a healthy order book of ₹ 5,206 crore as on 30th June 2022,” RITES further said.

Rahul Mithal, Chairman and Managing Director, RITES Ltd, said, “Our performance in the first quarter shows that RITES continues to be on the path of a V-shaped recovery in sync with the rebound of the economy. We will continue to strive to not only maintain this trajectory but build on it in the coming months.”

The board of directors has declared an interim dividend of ₹4 per share amounting ₹ 96 crore for 2022-23 which is 40 per cent of the paid-up capital. The record date for the purpose of payment of dividend is August 5, 2022.

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