RITES (RITES) Q4 10/11 earnings summary

Executive summary

• FY11 marked record performance: total income ₹881 crore, PBT ₹363 crore and PAT ₹243.92 crore; growth was materially boosted by Tanzania settlement income and provision reversals.

• Net worth reached ₹876 crore; new contracts secured were ₹1,000 crore, while diversification expanded across consultancy, exports, leasing and turnkey projects.

Financial highlights

• Total income ₹881 crore vs ₹623.26 crore YoY; operating turnover ₹698.32 crore vs ₹555.99 crore.

• PBT ₹363.01 crore vs ₹165.65 crore; PAT ₹243.92 crore vs ₹111.95 crore.

• Other income rose to ₹182.68 crore from ₹67.27 crore, including Tanzania claim settlement and reversal of earlier provisions.

• Foreign exchange earnings ₹242.50 crore vs ₹94 crore; net foreign exchange earnings ₹220.18 crore vs ₹68.5 crore.

Outlook and guidance

• ₹1,000 crore of new orders secured in FY11; business outlook described as encouraging, supported by diversified services and infrastructure demand.

• Pursuing captive rail systems through equity participation and total transport solutions; new areas include logistics parks, urban transport, airport projects and PPP advisory.

• Domestic wet-lease shunting locomotives were well received; plans included expansion into main-line locomotive leasing for non-railway clients.