RITES Ltd (RITE) Q4FY21 PAT at Rs1.4bn is 14% lower than our and consensus estimate, as revenue was impacted from covid disruption (supply chain issue). Consolidated EBITDA margin remained healthy at 29% (up 50bps YoY) and was driven by export orders and cost management (employee strength reduced by 9% YoY). In FY21, RITE received orders of Rs21bn and order inflow could be strongly higher in FY22 as company is already L1 in order of Rs14bn. Balance sheet continues to remain lean, CF was strong with OCF at Rs5bn vs Rs3bn in FY20. Company has increased div payout to 72% in FY21 vs 65% in FY20. RITES stock performance has been muted in the last 12...