RITES (RITES) Q4 11/12 earnings summary

Executive summary

• Record total revenue of ₹934.09 crore, up 11% YoY; operating revenue reached a record ₹835.63 crore, up 20% YoY.

• PBT was ₹255.98 crore and PAT ₹164.49 crore; lower profit reflected non-recurring foreign-project income in FY2010-11.

• Diversification advanced through locomotive leasing, workshop modernization, wagon manufacturing and infrastructure assignments in India and overseas.

Financial highlights

• Total revenue ₹934.09 crore versus ₹842.27 crore; operating expenditure ₹678.11 crore versus ₹517.99 crore.

• Other income fell to ₹98.46 crore from ₹143.95 crore; PBT was ₹255.98 crore versus ₹363.01 crore and PAT ₹164.49 crore versus ₹243.92 crore.

• EPS was ₹41.12 versus ₹60.98; net cash from operating activities was ₹529.87 crore versus ₹508.91 crore.

Outlook and guidance

• Order book described as reasonably comfortable despite slowdown in domestic and overseas markets; growth plans include new geographies and broader services.

• Renewable-energy plans included a proposed 25 MW wind project in Jaisalmer; wagon manufacturing and power-sector opportunities were also under exploration.

• Seven Integrated Check Posts were in the pipeline or under progress across Bangladesh, Nepal and Myanmar borders.