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IDBI Capital Report
RITES Ltd. Q2 FY21 profit after tax at Rs 1.3 billion was marginally higher than our estimate of Rs 1.2 billion.
Consolidated revenue decline by 41% YoY, as there was no revenue from exports in Q2 FY21 which was Rs 2.6 billion in Q2 FY20.
Company guides that export revenue to see traction in H2 FY21. The company maintains its execution (revenue) guidance for FY21E at Rs 24-25 billion.
The company H1 FY21 revenue is at 33% of our FY21E revenue estimate.
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