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Axis Securities Report
RITES Ltd. ensured robust execution in FY22 as the business environment improved post removal of Covid restrictions and vaccination drive. Moreover, several improvements in its overseas business environment resulted in higher export sales during the year.
RITES achieved the highest-ever revenue in exports and foreign consultancy while achieving higher overall profits owing to superior execution and stringent resource management.
With excellent order book position, the company's efficient execution prowess, better traction in major business verticals, and a clean balance sheet, we expect RITES revenues/Ebitda/adjusted profit after tax to grow at 7%/4%/9% compound annual growth rate respectively over FY22-24E.
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