RITES Q2 Results Review - Result Inline Estimates, Robust Execution On All Fronts: Axis Securities
Execution has been robust on all fronts and with the normalisation of economic activity, the mgmt foresees better traction ahead.
BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Axis Securities Report
RITES Ltd. reported a decent set of Q2 FY23 numbers with revenue of Rs 659 crore (down13% YoY), supported by revenue growth in all segments except exports, Ebitda of Rs 181 crore (down16% YoY, above estimate), and adjusted profit after tax of Rs 140 crore (down 20% YoY, above estimate).
The company registered Ebitda margins of 27.5%in Q2 FY23 (our estimate: 25.5%) as against 29.6% in Q2 FY22. There has been an increase in other income due to increase in exchange variations earnings and dividend from REMC.
RITES booked consultancy sales of Rs 301 crore (up 14% YoY), export sales of Rs 79 crore, leasing of Rs 36 crore (up9% YoY), and turnkey of Rs 239 crore (up 117% YoY).
While the margins of the consultancy segment stood at 47.5%, leasing/export/turnkey projects reported Ebitda margins of 36.3%/22.8%/3.6% respectively.
Click on the attachment to read the full report:
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.