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Axis Securities Report
RITES Ltd. reported a good set of Q2 FY22 numbers. The company reported revenue of Rs 755 crore, Ebitda of Rs 216 crore, and adjusted profit after tax of Rs 169 crore.
It registered Ebitda margins of 28.6% in Q2 FY22 (our estimate: 27.4%) as against 29.2% in Q2 FY21.
RITES booked consultancy sales of Rs 265 crore, export sales of Rs 341 crore, (no export sale in Q2 FY21 owing to the lockdown).
Leasing of Rs 33 crore and turnkey of Rs 110 crore. While the margins of the consultancy segment stood at 46.8%, leasing/export/turnkey projects reported Ebitda margins of 38%/26%/1.8% respectively.
During the quarter, higher export sales supported the revenue growth.
RITES has an order book of Rs 6,425 crore (as of September 30, 2021), indicating revenue visibility for more than two-three years.
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