Buy Rites, target price Rs 370: Anand Rathi

Anand Rathi has buy call on Rites with a target price of Rs 370. The current market price of Rites is Rs 265.25.
Time period given by analyst is one year when Rites Ltd. price can reach defined target.

Rites Ltd., incorporated in the year 1974, is a Mid Cap company (having a market cap of Rs 6413.66 Crore) operating in Services sector.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 377.26 Crore, down -41.92 % from last quarter Total Income of Rs 649.55 Crore and down -.47 % from last year same quarter Total Income of Rs 379.04 Crore. Company reported net profit after tax of Rs 77.92 Crore in latest quarter.

Investment Rationale
The company has strong balance sheet position and high dividend payout. It remains positive on the company due to its strong revenue visibility owing to robust order book. It maintains BUY rating on RITES with a target of Rs. 370 per share.