RITES announces 85.8% jump in Q1 profit; declares interim dividend of ₹4/share

RITES Ltd, a leading transport infrastructure consultancy and engineering firm, on Thursday announced April-June quarterly results for 2022-23 fiscal (Q1FY23). The PSU declared that its profit after tax grew 85.8% to ₹145 crore.A statement released by the company showed that the operating revenue, excluding other income, is up by 70.4% at ₹605 crore in Q1FY23 as against ₹355 crore in Q1FY22. The total revenue of RITES Ltd was ₹637 crore as against ₹377 crore in Q1FY22.Commenting on the results, Rahul Mithal, chairman and managing director of RITES said that the performance shows that the company – which recorded its highest ever operating revenue in the first quarter – continues to be on the path of a V-shaped recovery in sync with the rebound of the economy.“We will continue to strive to not only maintain this trajectory but build on it in the coming months,” Mithal said.Meanwhile, bringing cheers to the shareholders, the board of directors of RITES Ltd declared an interim dividend of ₹4 per share amounting ₹96 crore for FY23, which is 40% of the paid-up capital. A press statement said the record date for the purpose of payment of dividend is August 5, 2022.The PSU said the growth in revenue and profits is attributable to all segments. With about ₹700 crore of new and extended orders in its book, the company has a current order book of ₹5,206 crore as on June 30, 2022.The filings by the company showed its EBITDA and profit after tax stood at ₹179 crore and ₹145 crore against ₹97 crore and ₹78 crore – up by 84.5% and 85.8% — respectively, in Q1FY22.RITES is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has an experience spanning 48 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.