RITES Announces Quarterly Results (1QFY22); Net Profit Up 20.4%

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RITES Announces Quarterly Results (1QFY22); Net Profit Up 20.4%
Mon, 16 Aug

RITES has announced its results for the quarter ended June 2021. Here is a detailed performance review of the same:

RITES Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-20*
3
Mar-21*
3
Jun-21*
QoQ ChangeYoY Change
Net SalesRs m3,3556,3593,547-44.2%5.7%
Other incomeRs m43613722665.1%-48.2%
TurnoverRs m3,7906,4963,773-41.9%-0.5%
ExpensesRs m2,7554,5052,577-42.8%-6.5%
Gross profitRs m6001,854969-47.7%61.7%
DepreciationRs m127135131-2.9%2.8%
InterestRs m15109-14.1%-44.8%
Profit before taxRs m8931,8461,056-42.8%18.3%
TaxRs m245424277-34.6%12.9%
Profit after taxRs m6471,423779-45.2%20.4%
Gross profit margin%17.929.227.3
Effective tax rate%27.522.926.2
Net profit margin%17.121.920.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 5.7% on a year-on-year (YoY) basis. The expenses were down by 6.5% YoY during the same period.
  • The company's operating profit increased by 61.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 27.3% in 1QFY22 as against 17.9% in 1QFY21.
  • Depreciation charges increased by 2.8% and finance costs declined by 44.8% YoY, respectively.
  • Other income declined by 48.2% YoY during the quarter.
  • Net profit for the quarter increased by 20.4% YoY. Net profit margins during the quarter increased from 17.1% in 1QFY21 to 20.7% in 1QFY22.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 44.2% on a quarter-on-quarter (QoQ) basis. The expenses were down by 42.8% QoQ during the same period.
  • The company's operating profit declined by 47.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.3% in 1QFY22 as against 29.2% in 4QFY21.
  • Net profit for the quarter declined by 45.2% QoQ, while net profit margins declined from 21.9% in 4QFY21 to 20.7% in 1QFY22.

To see how RITES has performed over the last eight quarters,please visit here.

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RITES Share Price Performance

Over the last one year, RITES share price has moved up from Rs 248.4 to Rs 265.7, registering a Gain of Rs 17.3 or around 7.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 24,158.7 (down 0.7%). Over the last one year it has moved up from 13,777.8 to 24,158.7, a gain of 10,381 points (up 75.3%).

Overall, the S&P BSE SENSEX is up 44.8% over the year.

Current Valuations

At the current price of Rs 265.7, the price to earnings (P/E) ratio of RITES stands at 14.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.4 times.

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