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Axis Securities Report
RITES Ltd. reported a good set of Q4 FY22 numbers with revenues of Rs 766 crore (up 20% YoY), supported by the higher export sales, Ebitda of Rs 204 crore (up 10% YoY), and adjusted profit after tax of Rs 141 crore (down 1% YoY).
RITES registered Ebitda margins of 26.7% in Q4 FY22 (our estimate: 26.8%) as against 29.2% in Q4 FY21. A slight decrease in profit after tax is on account of a change in tax outflow on account of recent clarifications RITES booked consultancy sales of Rs 334 crore (up 6.11% YoY), export sales of Rs 250 cr, leasing of Rs 34 crore (up 16.7% YoY), and turnkey of Rs 145 crore (down 26.8% YoY).
While the margins of the consultancy segment stood at 46.9%, leasing/export/turnkey projects reported Ebitda margins of 21.7%/14.4%/5.75% respectively.
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