RITES Q2 net profit up 59% to Rs 117 cr

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."