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Axis Securities Report
RITES Ltd. reported a good set of Q1 FY23 numbers with the highest-ever Q1 revenue of Rs 605 crore (up 71% YoY, above estimate), supported by revenue growth in all segments, Ebitda of Rs 179 crore (up 84% YoY, above estimate), and adjusted profit after tax of Rs 145 crore (up 85% YoY, above estimate).
RITES registered Ebitda margins of 29.6% in Q1 FY23 (our estimate: 25.8%) as against 27.4% in Q1 FY22. The company booked consultancy sales of Rs 301 crore (up 37% YoY), export sales of Rs 80 crore, leasing of Rs 34 crore (up 4% YoY), and turnkey of Rs 181 crore (up 91% YoY).
While the margins of the consultancy segment stood at 45.2%, leasing/export/turnkey projects reported Ebitda margins of 41%/25.4%/3.9% respectively.
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