RITES Ltd has declared its first quarter result where the company has profit after tax grew 85.8 per cent to Rs 145 crore. Operating revenue, excluding other income, rose by 70.4 per cent to Rs 605 crore in Q1FY23 as against Rs 355 crore in Q1FY22. Total revenue was Rs 637 crore as against Rs 377 crore in Q1FY22.

“Our performance in Q1 shows that RITES continues to be on the path of a V-shaped recovery in sync with the rebound of the economy,” said Rahul Mithal, chairman and managing director of the state-owned firm.

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EBITDA and profit after tax stood at Rs 179 crore and Rs 145 crore against Rs 97 crore and Rs 78 crore, up by 84.5 per cent and 85.8 per cent, respectively, respectively in the previous year, 2021.

According to the company, the growth in revenue and profits is attributable to all segments. About Rs 700 crore of new and extended orders in its financial book, the company has a current order book of Rs 5,206 crore as on 30 June 2022.