RITES (RITES) Q4 15/16 earnings summary

Executive summary

• FY16 set records for total income at ₹1,293.75 crore and PBT at ₹514.57 crore, with reported growth of 11% and 13%, respectively.

• Stronger consultancy, exports and leasing activity supported results; Mozambique settlement-related recognition materially boosted reported PBT.

Financial highlights

• Revenue from operations rose to ₹1,086.56 crore from ₹1,015.17 crore; other income increased to ₹207.19 crore from ₹150.85 crore.

• PBT was ₹514.57 crore versus ₹456.10 crore; PAT was ₹338.92 crore versus ₹306.14 crore.

• Employee benefit expense was ₹341.01 crore, export-sales cost ₹159.63 crore and total expenditure ₹779.18 crore.

Outlook and guidance

• Order book reached a reported high of ₹2,613 crore; management expected sustained growth from planned transport and infrastructure investment.

• FY17 opportunities cited include rail, highways, metro, airports, workshop modernization, renewable energy and turnkey project execution.

• Plans included seeking up to 26% equity stakes in railway PPP concessions, subject to Ministry of Railways consideration.