Focus on exports, diversification to boost revenue growth: RITES CMD

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Focus on exports, diversification to boost revenue growth: RITES CMD - Business Standard

Quick Summary:

A Navratna public sector undertaking and leading transport and engineering consultancy company, RITES this week reported a 4.3 per cent decline in its consolidated operating revenue in the March quarter to Rs 615 crore compared to Rs 643 crore in the year-ago quarter.Net profit rose by 3.4 per cent year-on-year to Rs 141 crore in the quarter.

Proactive efforts to secure export orders for rolling stock and diversify the client base have helped improve our revenue outlook for the coming years, RITES Ltd Chairman and Managing Director Rahul Mithal said.

Mithal told PTI that the company's rolling stock export business was impacted due to a lack of fresh orders from many of its erstwhile African and South Asian clients during the pandemic and post-pandemic periods.