RITES (RITES) Q4 12/13 earnings summary

Executive summary

• FY2012-13 delivered record total revenue of ₹1,075.80 crore, up 15% YoY, and record PAT of ₹245.44 crore, up 49% YoY.

• Growth and profitability were supported by higher business across revenue streams, while operations expanded across transport infrastructure, exports, leasing and turnkey projects.

Financial highlights

• Operating turnover rose 14% YoY to ₹952.96 crore from ₹835.63 crore; PBT increased 35% to ₹345.07 crore from ₹255.98 crore.

• Total revenue was ₹1,075.80 crore, including ₹122.84 crore of other income; total expenditure was ₹730.73 crore.

• PAT was ₹245.44 crore versus ₹164.49 crore; basic and diluted EPS was ₹24.54 versus bonus-adjusted prior-year EPS of ₹16.45.

• Net worth increased to ₹1,195 crore from ₹1,001 crore; operating cash flow was ₹44.42 crore versus ₹529.87 crore.

Outlook and guidance

• The revised Corporate Plan covers 2012-17; management expected growth momentum to continue, supported by planned investment, diversification and an established position in infrastructure consultancy.

• A 25 MW windmill project in Rajasthan with Indian Railways was planned through the Railway Energy Management Company JV; power trading and renewable-energy opportunities were also being explored.

• Expansion priorities included wagon manufacturing, workshop modernization, domestic BOT/PPP projects and wet-leased locomotive operations for non-railway clients.