RailTel reports 23% jump in Q1 profit, bullish on growth for rest of year
Premium- As a Mini Ratna (Category-I), PSU RailTel Corporation is one of the largest providers of neutral telecom infrastructure in the nation.
As a "Mini Ratna (Category-I)," PSU RailTel Corporation is one of the largest providers of neutral telecom infrastructure in the nation. The company has issued its Q1FY23 results and reported a consolidated income of Rs. 385 crore in Q1FY23 over the consolidated income of Rs. 315 Crore in Q1FY 21-22, this is a 22% increase YoY. With a YoY increase of 21%, its standalone net income increased to ₹378 Cr in Q1FY23 from ₹311 Cr in Q1FY22. In comparison to Q1FY22, the company's revenue from operations increased by 21% YoY, from ₹304 Cr to ₹370 Cr in Q1FY23.
Whereas its consolidated revenue from operations reached ₹376 Cr compared to ₹306 Cr in the same quarter of the last year a YoY rise of 22%. On a consolidated basis, the company's total expenses reached ₹350 Cr compared to ₹287 Cr in the same quarter of the last year whereas on a standalone basis the total expenses reached ₹344 Cr compared to ₹284 Cr in Q1FY22.
With this, RailTel reported a consolidated Profit before tax (PBT) of Rs. 35 crore, up 34% year over year from Rs. 26 crore in the same period last year. Furthermore, the company recorded a PBT of ₹34 Cr, up from ₹27 Cr in Q1FY22 and up by 25% year over year. On a consolidated basis, the firm recorded a profit after tax (PAT) of Rs. 26 crore, up from Rs. 21 crore in Q1FY22 and a YoY increase of 23%. On a standalone basis, the company reported a PAT of Rs. 25 crore, up from Rs. 21 crore in Q1FY22 and a YoY increase of 19%.
On a standalone basis, the company's segment-wise revenue reached ₹370.46 Cr compared to ₹304.04 Cr in Q1FY22. Telecom services revenue reached ₹274 Cr, followed by project work services revenue of ₹96 Cr. On a consolidated basis, the segment-wise revenue of the company totalled ₹377 Cr in Q1FY23 compared to ₹307 Cr in Q1FY22. Under the consolidated segment-wise revenue, telecom services revenue reached ₹273 Cr compared to ₹230 Cr in Q1FY22 and project work services revenue reached ₹103 Cr compared to ₹75 Cr in Q1FY22.
Speaking about the result Ms. Aruna Singh Chairman and managing Director RailTel said “it is very heartening to see the first quarter results, we have shown a very positive growth both in revenue and the bottom line. Considering the projects on hand such as video surveillance system, tunnel communication works and Defence sector projects I am very hopeful that we will close the year with even better results. I would like to thank the investors for showing faith in our company. I would also like to wish all our stakeholders a very happy 75th Independence Day"
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The shares of Railtel Corp Of India Ltd closed today at ₹98.15 apiece, down by 0.71% from the previous close. On a YTD basis, the stock has fallen 16.15% so far in 2022.
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