Railway consultancy firm RITES Ltd Tuesday reported a 59 per cent jump in its standalone net profit to Rs 116.75 crore for the quarter ended September 30, mainly on the back of growth in its consultancy business.
The company had clocked a standalone profit of Rs 73.24 crore for the corresponding quarter in the year-ago period, it said in a filing to the BSE.
Its total revenue rose to Rs 473.23 crore during the quarter under review, against Rs 245.13 crore a year ago.
The total expenditure rose to Rs 299.02 crore, from Rs 161.11 crore in the year-ago period.
Rajeev Mehrotra, chairman and managing director, RITES Limited said, "The company has recorded a total income of Rs 473 crore in the Q2FY19, up by 93 per cent over Q2FY18. The increase was mainly contributed by increased consultancy and turnkey business which has grown by Rs 132 crore and Rs 104 crore, respectively. Domestic leasing business has also grown by 23 per cent."
On outlook for FY2018-19, Mehrotra said, "Based on the order book and half yearly performance of the company, I expect, the company will achieve targeted 22 per cent operating revenue growth over last year."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app