RITES profit doubles to Rs 237 crore in Sep quarter on export growth

RITES Ltd on Wednesday posted two-fold increase in consolidated profit at Rs 237.21 crore for the quarter ended September 30, 2019. The company had posted a consolidated profit of Rs 111.87 crore in the year-ago period, RITES Ltd said in a filing to the BSE.

The consolidated total revenue increased to Rs 887.86 crore in the July-September period as against Rs 477.73 crore in the year-ago period.

"Consolidated EBITDA and PAT have gone up by 84.0 per cent and 112 per cent to Rs 339 crore and Rs 237 crore respectively over Q2FY19," the company said in a statement.

Commenting on the results, the company's chairman and managing director Rajeev Mehrotra said, "I am glad to share that RITES has reported its highest ever quarterly and half yearly performance driven by growth in exports, turnkey works and leasing. Besides, consultancy continues to be the key segment."

"Our focus on exports has been productive and we are seeing steady upward momentum from clients," he said.

RITES is a leading player in transport consultancy and engineering sector in India, having diversified services and geographical reach. It is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).