RITES (RITES) Q4 16/17 earnings summary

Executive summary

• FY17 total income reached ₹1,509 crore, up 18% YoY, while PAT was ₹331 crore versus ₹339 crore; the year closed with a record ₹3,731 crore order book.

• Consolidated revenue was ₹1,558.60 crore and profit for the year ₹337.65 crore; reported earnings included a ₹71.47 crore gain on disposal of the Mozambique joint-venture stake.

Financial highlights

• Standalone operating turnover rose to ₹1,303.35 crore from ₹1,086.01 crore; total expenditure increased to ₹1,020.58 crore from ₹762.06 crore.

• Standalone PBT was ₹487.99 crore versus ₹515.55 crore; PAT was ₹330.82 crore versus ₹339.44 crore, reflecting pay-revision and enhanced gratuity provisions.

• Consolidated PBT was ₹505.24 crore versus ₹518.12 crore; PAT from continuing operations was ₹337.75 crore, with ₹0.10 crore loss from discontinued operations.

• Standalone other income rose to ₹205.22 crore from ₹191.60 crore and included the ₹71.47 crore profit on sale of the CCFB investment.

Outlook and guidance

• The ₹3,731 crore order book and expected infrastructure investment were cited as supporting continued growth; no quantified FY18 revenue or earnings guidance was stated.

• FY18 plans included two main-line electrification turnkey works totaling 376 route km; Myanmar locomotive shipments were scheduled to begin in FY18.

• Indian Railways set a ₹4,000 crore rolling-stock export target for 2017–20, with a major role envisaged for export packages.