RITES (RITES) Q4 13/14 earnings summary

Executive summary

• FY14 delivered record total revenue of ₹1,246.23 crore, up 15.8% YoY, and record PBT of ₹386.09 crore; PAT was ₹263.61 crore.

• Performance grew despite challenging infrastructure conditions, supported by export sales, leasing and turnkey workshop projects.

Financial highlights

• Total revenue rose to ₹1,246.23 crore from ₹1,075.80 crore; operating turnover increased to ₹1,093.46 crore from ₹952.96 crore.

• Operating expenditure increased to ₹860.14 crore from ₹730.73 crore; PBT reached ₹386.09 crore, up from ₹345.07 crore.

• PAT was ₹263.61 crore versus ₹245.44 crore; other income was ₹152.77 crore, including a ₹39.67 crore reversal of employee remuneration and benefit provisions.

• Net cash from operating activities improved to ₹347.14 crore from ₹44.42 crore; cash and cash equivalents ended at ₹281.33 crore versus ₹385.48 crore.

Outlook and guidance

• Management expected infrastructure investment to create opportunities across transport and related sectors, and viewed the business as well positioned to pursue them.

• Priorities included four new Dedicated Freight Corridor studies, metro and highway consultancy, turnkey workshop work, domestic locomotive leasing and overseas export opportunities.

• REMCL planned a 25 MW wind project in Rajasthan and signed an MoU with the Railway Board for 157.5 MW of wind capacity; power trading began as a pilot.