Antique Limited

Antique | RITES 2QFY24 result update – 231102

Antique | RITES 2QFY24 result update – 231102
RITES 2QFY24 result update – 231102 (Please click here to view the report)

All eyes on export orders for revenue conversion

Rail Technical and Economic Service (RITE) reported INR 2.7 bn in consultancy, up 9% annually. While domestic consultancy is moderately growing, the international number was weak. On export orders, new inflows-Mozambique, Kenya, and Bangladesh-are yet to translate into LoAs. Given the lag between winning and executing an order is 12-18 months, the key lies in squeezing the timeline. While FY24E is a bad year for exports, RITE will have a strong rebound by FY26E. Thereby, we retain BUY rating with a target price of INR 621.

Investment Summary

Even in a bear case, that is, if exports are won at low margins, we see a 5% net profit CAGR at the least. We ascribe a (1) PE multiple of 25x for 1HFY26E standalone PAT (15% discount to BSE CG index); (2) 15x for energy management vertical and other investments at invested value. With a target price of INR 621, we maintain BUY.

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