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Home STOCKS RITES Q4 results: Consolidated profit down 4% at Rs 143.93 crore

RITES Q4 results: Consolidated profit down 4% at Rs 143.93 crore

New Delhi: RITES Ltd on Tuesday reported a 4.28 for every cent decline in consolidated profit at Rs 143.93 crore for the quarter ended March 31, 2020.
The railways consultancy firm experienced posted a consolidated profit of Rs 150.38 crore in the corresponding quarter of earlier fiscal, it explained in a regulatory filing to the BSE.
Complete revenue declined to Rs 614.24 crore through the quarter underneath critique as from Rs 789.19 crore in the corresponding time period of the prior fiscal.
Overall expenditure also declined to Rs 422.38 crore as against Rs 568.21 crore in the year-back time period.
Having said that, for fiscal year 2019-20, profit rose 29.29 for every cent to Rs 633.26 crore as against Rs 489.77 crore in 2018-19.
The enterprise, in a assertion, stated the revenue from subsidiary Railway Vitality Management Corporation Ltd (REMCL) remained practically flat at Rs 81 crore from Rs 83 crore in the past economic 12 months.
Revenue from REMCL acquired impacted in Q4 FY20 owing to low demand from railways through lockdown and maintenance work for wind mills, it stated.
It reported its wagon producing joint enterprise, SAIL RITES Bengal Wagon Business Personal Confined (SRBWPL), achieved a profit of Rs 16 crore with revenue of Rs 265 crore through FY20.
The joint undertaking business made and rehabilitated 1,066 wagons throughout the final economic year.
Commenting on the effects, RITES Ltd Chairman and Taking care of Director Rajeev Mehrotra stated, “Notwithstanding the difficult organization ecosystem, I am happy to share that our firm has demonstrated sustained growth momentum throughout the segments throughout FY20 and all over again surpassed the revenue and profitability targets.
“Rolling stock exports remained our strategic expansion spot duly supported with Govt of India’s ‘Make in India’ method. We realized a significant results by securing an export order of Rs 706 crore from Mozambique for cape gauge locomotives and coaches. We system to create solutions for regular gauge countries too,” he additional.

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