Rites posts pre-covid growth levels in first quarter
Transport infrastructure consultancy and engineering firm Rites Ltd posted record operating revenue and core Ebitda in the June quarter as it carried on the growth momentum achieved in the last financial year.
Ebitda, which stands for earnings before interest, depreciation, taxes and amortization, is a measure of profitability.
The company’s consolidated operating revenue stood at ₹605 crore against ₹355 crore in Q1 FY22, up 70.4%, while its total revenue stood at ₹637 crore against ₹377 crore last year, a jump of 68.8%.
Ebitda grew 84.5% from ₹97 crore in Q1 FY22 to ₹179 crore.
Along with revenue growth, Rites also improved its consolidated net profit to ₹145 crore against ₹78 crore in Q1 FY22, up 85.8%.
Rahul Mithal, chairman and managing director, Rites, said the company’s performance in Q1 has maintained the momentum it received in FY22 when its key financial parameters surpassed pre-covid levels.
“Our performance in Q1 shows that Rites continues to be on the path of a V-shaped recovery in sync with the rebound of the economy,” said Mithal.
He said consultancy and turnkey projects provided the most growth last quarter.
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