ITES Q1 net profit drops to Rs 60 crore on COVID-19 woes
Aug 11, 2020
New Delhi [India], Aug 11 : Government-owned RITES Ltd said on Tuesday its profit after tax dropped to Rs 60 crore in the quarter ended June on a standalone basis from Rs 93 crore in Q1 FY20.
The revenue from operations too came down to Rs 366 crore in Q1 FY21 from Rs 554 crore in Q1 FY20. Earnings per share dipped to Rs 2.41 from Rs 3.70 in the same period.
"The slowdown in economic activity, supply chain disruptions and travel restrictions impacted business performance in the first quarter of FY21," said Chairman and Managing Director Rajeev Mehrotra.
The company is set to regain momentum with further easing of COVID-19 lockdown restrictions, he added.
RITES has an order book of Rs 6,157 crore. It has been shortlisted for allotment of work by Indian Railways for electrification, civil works, signalling and telecommunication on competition basis among public sector units. It will submit the financial bids shortly.
With an experience spanning 46 years, the company has undertaken projects in over 55 countries including in Asia, Africa, Latin America, South America and Middle East regions.
