Good morning, ladies and gentlemen. I'm Kelsia, moderator for this conference. Welcome to the conference call of RITES Limited to discuss its Q4 FY 2025 and FY 2025 results. We have with us today Sri Rahul Mittal, Chairman and Managing Director, Dr. Deepak Tripathi, Director Technical and Director (Projects) Additional Charge, and Sri Krishna Gopal Agarwal, Director Finance and Chief Financial Officer. At this moment, all participants are in the listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you have a question, please press star and one on your telephone keypad. Please note this conference is being recorded. In the interest of time and fairness to all participants, you are requested to restrict yourself to one question per participant. Time limit, you may come back in the question queue.
I would now like to hand over the floor to Shri Rahul Mittal, Chairman and Managing Director, RITES Limited. Thank you, and over to you, sir.
Good morning. I think by mistake she mentioned Rahul Agarwal. I'm Rahul Mittal, CMD RITES. So morning, everyone. To begin with, let me give you the safe harbor statement. The presentation and press release which we uploaded on our website yesterday, and discussion during the call today, may have some forward-looking statements. These statements are considering the environment we see as of today, and obviously carry a risk in terms of uncertainty, because of which the actual results could be different, and we do not undertake to update those statements periodically. So with that, let me give you a brief overview of the performance in Q4 and the FY overall. You see, the performance in Q4 is in line with our two-pronged business-focused strategy of improved execution and aggressive order inflow.
If you recall, at the end of Q3, we had given a guidance that we'll make all-out efforts in Q4 to try and peg back and come as closer as possible to FY 2023 to FY 2024, and we'll try and get the revenue dipped to below 10%, profits dipped to below 20%. The operational efficiency and the focused approach in Q4 helped us achieve, on an overall, at the end of the FY, dip in revenue of 8% and PAT dip in 14%. Further, the aggressive order inflow, we maintained the strike rate of more than one order a day, the strike rate of one export order a quarter. We got more than 150+ orders, totaling to 1,400 crores in Q4, and ending the FY with an all-time high order book of nearly 9,000 crore, 8,900 crores. So that, in a nutshell, is the performance of Q4 and the FY in total.
I leave the floor open for questions now.
Thank you. Now we begin the question-and-answer session. If you have a question, please press star and one on your telephone keypad. In the interest of time and fairness to all participants, you are requested to restrict yourself to one question per participant. Time limit, you may join back at 2:00. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We will wait for a moment while the question queue assembles. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. The first question comes from Anand Bhaskaran from Kashima Wealth Private Limited . Please go ahead.
Good morning. Can you hear me?
Yeah. Morning, Anand. Go ahead.
Yeah, so regarding your export books, as per the previous for Q3, you mentioned that some of the orders, like the supply of 10 locomotives to Mozambique and supply of 200 number of broad-gauge coaches, that will be completed within 2029, but the realization will come in the next quarter of FY 2026. Is that still on the plan, or is it still delayed?
No, no. I didn't get your question. You see, let me again clarify. There are two orders. One is 10 locomotives to Mozambique and 200 coaches to Bangladesh. What we had said in Q3 is that starting this FY, that is FY 2025 to FY 2026, the deliveries will start, and aiming at least that from Q1 latest or beginning of Q2, both these deliveries, the locomotives will start, and the coaches will start from the balance, from the latter part of the FY. And that's still on track.
Okay. That's still on track. So the deliveries will happen, but you also mentioned the realization will start taking place within Q1 as well.
Yeah. So the way it works in export orders is that, number one, the realization takes place of revenue only when the actual Bill of Lading is made at the ports. So even if the product is ready, it is shipped, and the date is shipped, we get the revenue. So that is still on track. As I said, we are aiming to maybe latest by end of Q1 or early Q2, the locomotives delivery will start out of the 10 part deliveries will start, because there has to be a minimum number of quantity, which is also when you get the shipping in the ship. And the coaches, we are aiming by latter part of the FY, out of the 200 coaches, some basic initial lots of coaches will start to be used.
Okay. Thank you. And you also mentioned the revenue guidance, the top line and bottom line guidance for next year also. But do you have a sense of what is the revenue mix for FY 2026?
Yeah. So I'll answer this question, but I'll request you that, as I said at the outset, we'll answer one question at a time. You can come back in the queue. But using the first question, I'll answer that. You see, as we said at the end of Q3, and we maintain that also at the end of the FY, that having now completed the FY with the highest-ever order book of nearing INR 9,000 crore, INR 8,900 crores, we are aspiring to reach the highest-ever revenue, reach the record of highest-ever revenue in the coming FY, and then we are aiming to get about 20% growth in the top line and commensurate growth in the bottom line. And that guidance, which we are aiming for at the end of Q3, that gets substantiated.
We are still on track on the same guidance in view of the continued order book inflow in Q4, as well as the operational efficiency, which we demonstrated in Q4.
Okay. One big expected revenue mix and.
Sorry, you have to come back in the queue, Anand, for the next question.
Sure. Anand, can you jump back in queue?
Yes.
We are requested to restrict yourselves to one question per participant. The next question is from Nimesh Sundar from Elara Capital. Please go ahead.
Yeah. Thank you for the opportunity, sir. Am I audible?
Yeah. Go ahead. Morning.
Yeah. So congratulations on a very good set of numbers during the quarter. So some margins saw a really impressive rise during this quarter, so around 30%. So how will we meet this run rate going forward on a sustainable basis with exports kicking in from FY 2026?
Yeah. Morning. You see, the margins in Q4. I would not advise you to see them in isolation. The margins, if you see on an overall FY, give you the real picture. In an overall FY, the EBITDA margins are at about 23%, and the PAT margins are at about 18%. Moving forward, as you see the split in our order book, more and more it is tending every passing quarter to have more orders on the competitive basis. As the higher margin orders start reaching their completion, moving forward, as I have been indicating in the previous quarters also, on an overall FY basis, we feel that the expected range of EBITDA margin would be about 20-odd %, and PAT margins would be about 15% to 16%.
Okay. Thank you for that. Get back in the queue.
Thank you.
Thank you. The next question comes from Uttam Kumar Srimal from Axis Securities Limited. Please go ahead.
Yeah. Yes, sir. Very good morning. Thanks for the opportunity. Sir, currently, now our export order now is centered at INR 1,360 crores. So, how much expectation will we see in FY 2026?
Yeah. Morning, Uttam. So the bulk of these two, the two orders which make the bulk of these 1,360, one is the Mozambique order, as I said some time back, about 10 locomotives and 200 coaches from Bangladesh. The locomotives' delivery, we are aiming to start by, as I said, definitely by end of Q1 or early Q2. The coaches, the designs are getting finalized, and prototypes, so there are about five types of coaches. The prototypes' manufacture will start, and we are aiming to start delivery by latter part of the year. So let's see. I mean, both our clients, both the Bangladesh coaches and the Mozambique locomotive, both our clients want that, irrespective of the contractual large delivery period, they want it as early as possible. We are also keen.
So let's see how it pans out in these coming months, but we would try and maximize the revenue out of these two orders in this FY. So it will be too premature right now to peg a number. I can only say that out of the 10 locomotives, we will try and give maximum number of locomotives, try and achieve at least about 70%, minimum 80% of the order. And coaches, as I said, the designs are getting finalized, and as the delivery starts for latter part of the FY, we see in the coming months how much we can expedite it.
Okay. Thanks a lot. I will come back in the queue.
Thank you.
Thank you. The next question comes from Shreyans Mehta from Equirus Securities. Please go ahead.
Yes, sir. So congratulations on the great set of numbers. So my first question is on margin. So as you said, this quarter, we have noticeably higher margin. So is it sustainable in the long term, or can we have a better budget for that 20% margin for 2027?
Yeah. Morning, sir. Yes. As I said, the margins viewed on a particular quarter, Q4, may not give a real overall holistic picture. The margins which we have been preempting in my earlier guidances also, and as we see the order book that we have, the mix in the order book, as I said, most of these orders, both the export as well as domestic, are on very tough competitive margins. So we are aiming, and we would see that a realistic EBITDA margin on an overall FY basis would be in the range of about 20-odd%, and PAT margins would be about 15% to 16%. On a particular quarter, due to a certain change in the mix of inflow, you would see some ups and downs in the margin.
But on an overall FY, in the coming FY 2025 to FY 2026, we would see, as I said, 20% and 15% to 16%.
Okay. Got it. I will get back in the queue.
Thank you.
Thank you. The next question comes from Virat Bhutani from Jupiter Financial. Please go ahead.
Yeah. Good morning, sir, and congratulations on outstanding numbers.
Thank you. Thank you, Virat. Good morning.
Sir, I just want to reconfirm that you are saying that we'll grow at 20% from this year, and EBITDA margins would be in the range of 18% and flat into 15%. Is that correct?
Yeah. So, just a correction. I said that we are aiming to grow in the top line of about 20%. The EBITDA margins would, as we perceive, will settle down somewhere around about 20-odd%, and PAT margins about 15% to 16% in the coming FY.
Is it because of more of a turnkey product you're taking? When I see the composition of the order book, the turnkey is higher than any other segment of.
So it's not really because of, first of all, let me clarify, as I have said in repeated times earlier also, we are a pure consultancy company. We are not a construction company. What you see as 4,200 crores as a turnkey in the order book, that's not really a construction, I mean, not like an EPC construction company. These are primarily, our role is still as a consultant. Only thing, the revenue passes through us. So instead of, let's say, a consultancy fee of INR 4, instead of the order value being INR 4, the order value is INR 104, or INR 100 + INR 4. So that's the only difference. Our work, our content, our scope of work is exactly the same. So we are not deviating from our core strength of being a consultancy company.
Having said that, the impact in margins is primarily due to a mix of factors, and one of the key factors is the changing, as you see, compare our mix of order book every year in the last two to three years, especially. The shift now is a majority on the competitive basis and on the nomination vis-à-vis the nomination basis. And even the orders which are on nomination basis, I wouldn't really call them nomination. They are primarily kind of more or less single-tender kind of orders given to us more because of our capability and experience, where it is based on a very tough negotiation on deciding the rates, etc. So with all those factors and the competition around, that's contributing by and large to the margins.
The erstwhile margins which have been there three to four years back are not possible to be achieved, and that was what makes us feel that we will be in the range of about 20% in EBITDA and about 15% to 16% in PAT margins.
Since I mentioned the same question, we'll maintain the same dividend policy, is it?
Sir, you're asking any question?
Pardon me?
I just want to say, I'm asking, can I answer the same question? We'll maintain the same dividend policy, correct?
Dividend policy.
Dividend, yes. Dividend, as you have been saying, as you've been seeing, our dividend payout ratio in 2023-2024 overall was 95.2%. In 2024-2025, we maintained that level. We are about 95.4%. So with that, we are assuring that since because our business model, as we have been very firmly, unequivocally saying in the last few one or two years, we are a low CapEx company. We are not going to give you any surprises. Our business model remains, we are a consultancy company. So the dividend payout ratios will be appreciably in the same range.
Okay. Thank you, sir. Enjoying my questions.
Thank you.
Thank you. Dear participants, you are requested to restrict yourself to one question per participant. Next question comes from Parimal Mithani from Credential Investments. Please go ahead.
Good morning, sir, and congratulations on a good set of numbers.
Morning, Parimal. Thank you.
Sir, second, the question relates to consultancy business. So if you see over the period of time you highlight earlier also, we are shifting more towards a competitor bidding landscape. Is it fair to assume that, sir? And will we be able to achieve consultancy revenues of 1,200 crore, which we had a couple of years back in this landscape, sir? But if you can highlight that.
Yes. So as you correctly said, pointed out, the overall trend in all consultancy across all areas of infrastructure, 30-odd verticals are shifting, and both domestic and international are shifting to competitive mode. And that's why, however, if you see the growth in actual consultancy revenue, even if you see sequentially, there has been a substantial growth. YOY, if you see in Q4, there has been a growth of 11%. And as these recent orders in the last two, three quarters which we have received, as they start generating revenue in the coming quarters, both in terms of fresh inflow of consultancy orders as well as revenue coming from execution of these orders received in the last FY, you will continue to see a growth in consultancy.
So consultancy being our core bread-and-butter strength, we will continue to grow both in terms of order inflow, domestic and international, as well as revenue realization from the order book.
Sir, follow-up to that question, can you highlight the update on the RITES and DNV JV in terms of assurance business case to highlight how it is going through, which we had?
RITES and who's JV? I didn't get you.
DNV consultancy, which is a Norway-based company for quality assurance business.
Yes. So we have, as we have diversified in our QA business in the last one, one and a half years, we are partnering with a number of QA entities, both domestic and international, and that is why if you see the QA business instead of a huge hit this year, the hit of QA business to our revenue and profit both combined have been in the range of about INR 40-50 crores, which is a huge hit. And so the ratio in this FY, this was the first FY where this diversification of taking on fresh clients has really borne fruit due to these various partnerships, both in the competitive mode.
We started getting our first international consultancy order in Sri Lanka Railways, and today, our diversified QA inspection vertical is taking on orders, has got a majority now of about 55% to 60% of non-railway QA business also. So as the pie expands, the ratio also in diversification is expanding. And these partnerships, sir, not only this, but other partnerships also that we've done in QA have helped us in this diversification.
So it stays within the QA budget.
I think you can come back in the queue, Parimal.
Parimal, can you join that with you?
Just a follow-up, sir.
No, please. I think it's better that you come back. Thank you.
Thank you. The next question comes from Abhishek Kapadia from Emkay Global Financial Services Limited. Please go ahead. I repeat, next question comes from Abhishek Kapadia from Emkay Global. Please go ahead. There is no response. We have a follow-up question from Anand Bhaskaran from Kashima Wealth Private Limited . Please go ahead.
Yes, sir. Good morning, again. So I just want to ask about what will be the revenue mix for the upcoming financial years, what is the conclusion?
So, Anand, it would be safe to say if you see the order book mix, so if you see the, as I've mentioned, the export orders, we are definitely aiming to maximize the 1,350 out of that, the maximum we can get. The consultancy, which is a healthy 3,000 crore, and even the turnkey, which is 4,200 crore, as I explained, these are primarily consultancy itself, except the method of accounting. So primarily, the export will bounce back after a gap of nearly two years. This year, the export revenue was nil. Last year is about 100 crores. So these two years, if you've taken a hit export, you will see a bigger contribution in both in top line and bottom line. Consultancy and turnkey will continue to see a growth that has already seen a sequential growth, a healthy growth Q3 to Q4.
YOY Q4 has shown about an 11% growth in consultancy revenue.
So you mentioned that, okay, consultancy turnkey is going to maintain relatively the same amount of order book growth.
Yes. Yes. Yeah.
Okay. And.
Sir, Anand, can you join back with you?
Yes, sir. Thank you.
Thank you. We have a follow-up question from Shreyansh Mehta from Equirus Securities. Please go ahead.
Yes, sir. So my next question is on the export orders. So can you share the health of the export orders where we are currently L1, but yet to be converted into the company's book? And also, any guidance on the new export orders inflow expected in the FY 2026? And what revenue we are targeting from the export orders as we have nearly INR 1,300 crores is on it.
As far as L1 is concerned, we will declare it in a minute. We are L1. We don't like to speculate with the works in progress. We are engaging in a number of bids for export. Only one old agreement, which is not included in our order book, which is signed about two years back with the National Railways of Zimbabwe for wagons and locomotives, that is yet to be converted into an order because they are still waiting for a funding confirmation, which they are trying. That's as far as the order book of export is concerned. In terms of realization, as I explained, the locomotives order of 10 locomotives to Mozambique, which is totaling to about 300 crores. The deliveries will start in the next few months, as I said, maybe end of Q1 or beginning Q2. And we.
In this coming FY, it's too early right now to predict an exact number. I can only say that we are trying to maximize the output of all of these, the entire order. The 200 coaches, which is again a huge order of about 900 crores. The designs are under final approval. There are five types of design with Bangladesh Railway, and we will aim to get the prototype manufactured and get it approved and start deliveries by latter part of the FY, so in the coming few months, in terms of exact numbers, more clarity will emerge, but safe to say that this is the first year after a gap of nearly two years that you see a substantial contribution of export revenue in both top and bottom line.
Yes, sir. Thank you. Sir, just you can.
Thank you. Can you join back with you, please?
Just follow-up question.
Okay. Go ahead, Shreyansh. Yeah.
Yeah. Just, can you quantify the export or new export orders, what we can expect in this financial year?
So again, that's speculative, right? As I said, we have maintained in the last five quarters successively the aspirational target that we had said for one export order of quarter. We will try and continue to maintain that. The exact details will be speculative at this stage.
Sure. Thank you. Thank you, sir.
Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. You are requested to restrict yourself to one question per participant. Next question comes from Laura Zagiza, an individual investor. Please go ahead.
Good morning, sir.
Morning.
I have just one question. Can you shed some light? In the consultancy scenario, the present orders, what is the quantum, and how does the future look like? Thank you.
Yes, so you see, our biggest strength in consultancy is that we see both domestic and international, we are tackling all areas of infrastructure except oil and natural gas, so if you see, give you a flavor of the type of orders which we got in the last few months in Q4, so whether it is rail infra orders, whether it is a study of new high-speed corridors, the feasibility studies, the DPRs, whether it is a study for sidings by various, whether it's an oil company or whether it is a mineral company, whether it is DPRs for Jaipur Metro, whether it is orders for leasing of locomotives, whether it is the orders for operation and maintenance of the mini rail systems that we run for the various PSUs.
You see a mix of all these orders across, whether it is building consultancy orders, third-party highway, large number of highway third-party and safety and quality inspections. We have got orders across states, including Northeast. Whether it is bridges, tunnels, highways, or all areas of infrastructure, we continue to get orders and maintaining this strike rate of more than one or literally more than one order a day. As I said, Q4, we got 150+ orders. We will continue to get orders in consultancy in the coming FY.
That's really good. And what is this quantum, sir? Quantum of international orders as an absolute number? And any specific countries we are targeting, we have in mind?
In consultancy, we have today an export order book of about INR 1,350 crores and a consultancy order book of about INR 400 crores, international consultancy. You will see in this FY, and that's our focus, that's the next milestone which we are trying to achieve besides growth in export order book, definitely growth in the international consultancy order book. And whether it is the African continent, whether it is the Southeast Asian countries, whether it is Latin America, we have got a recent order of highway in Ghana. Whether it is the Middle East countries, we've got an order in Jordan. We are targeting these geographies and obviously aspiring to even go to some of the G7 countries to try and get international consultancy orders, building up on our strength.
That's really great to hear, sir. Thank you so much.
Thank you. The next question comes from Virat Bhutani. From Jupiter Financial, please go ahead.
Sir, my question is, since we have so many JVs with so many renowned companies in the world, can you give some comment as to what kind of orders or what kind of business we're getting from them?
So you see, Virat, our basic strategy, whether for domestic or international consultancy, is depending on the kind of sector. You cannot have all possible resources under one roof. That is not cost viable. And the complexities of the consultancy in various sectors require some skills to be complemented. So all of these, number one, none of these are JVs. These are all MOUs, Memorandums of Understanding, for partnership and collaboration of supplementing each other's skills to take on opportunities. So for example, we signed an MOU with Etihad Rail a few months back in UAE. And now we are in panel with them and we are getting some work. We started getting some work in Jordan. So this collaboration and partnership in supplementing either working for them or joining them and working together with them for a third-party opportunity, those kinds of MOUs exist.
Okay. Okay, sir, and sir, you said about the quality.
Please join back with you, sir.
It's a follow-up question, ma'am. It relates to the same thing. Yeah?
Okay. Go ahead, Virat.
We talked about JVs regarding, sorry, MOUs regarding quality assurance business. Can you color on that in terms of growth this year or number which will be back? Because that's a very big business for us.
Yes. We have grown and this sustained effort in this FY, in this partnership, has got us orders for ISA of Vande Bharat, which was in partnership with another company. We got an order. We are now, as I said, diversified in so many areas of quality assurance inspection, whether it is the solar area, whether it is other infrastructure, whether it is the state government, whether it is vendor assessment for the GeM portal , whether it is for the National Solar Mission tive. So all these are initiatives which are helping us, these partnerships, these MOUs, and supplementing our skills with the skills of these partners has helped us grow. And we are confident that the way we have grown in this FY, we have weathered the hit by the QA business changed in dynamics.
By the end of the coming FY, at least in terms of, we are aiming to reach back the same levels of business in terms of QA.
Thank you. Thank you and all the best.
Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Next question comes from Parimal Mithani and Credential Investments. Please go ahead.
Hello.
Yeah. Go ahead, sir.
I just wanted to know in terms of your REMCL business, so what is the way that you can tell us?
Yes. So REMCL has been, as you're aware, doing two things. One is traction procurement, which has been growing in terms of because nearly 100% electrification and the growth in traffic. The second is the net zero initiative, which it is doing consultancy for Indian Railways, which also it is playing a huge role. So the growth in REMCL has been steady. It has been paying us a huge amount of dividend to both Indian Railways and us. It's a subsidiary for us. So we got a good dividend for about INR 40 crores in this year. So I see the growth continuing.
And what we are now doing in the last few quarters, and definitely you will see that coming forward in the coming FY, it's REMCL's skill in renewables, which has collected and accumulated in the last 10 to 11 years, to be able it's already started doing consultancy work in the renewable sector and started getting orders. And those I see growing substantially in the coming FY.
Okay, sir. Thank you. And all the best, sir.
Thank you.
Thank you. Next question comes from Abhishek Kapadia from Emkay Global Financial Services Limited. Please go ahead. A repeat question comes from Abhishek Kapadia . Please go ahead, sir. There is no response. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Next question comes from Uttam Kumar Srimal from Axis Securities Limited. Please go ahead.
Yes, sir. Thanks for the opportunity again. Sir, what would be our CapEx guidance for FY 2026 and FY 2027?
See, we are, Uttam. We are a very low CapEx company by our business model. And the CapEx would be very minimal. It would be definitely not exceeding about INR 50 to INR 75-odd crores. So definitely well below INR 100 crores, I can say. Our resources are manpower, skilled manpower. So we don't really see changing. As I've been reiterating, our business model is very clear. We won't come up with any surprises. We continue to grow in our consultancy field, both domestic and international. So with that, I don't see any major shift in the trend of CapEx. In fact, it remained in the range of about INR 50-odd crores.
Okay, sir. Thank you.
Thank you. The next question comes from Virat Bhutani from Jupiter Financial. Please go ahead.
Yes, sir. Sorry, can you qualify this QA business ? What kind of contribution will be there in this coming FY?
In terms of contribution, I would in terms of the quantum, which it has come up in terms of our consultancy business, I can only say that it is part of the total consultancy revenue, and we were down in 2022, 2023. We took a hit of about 50% reduction. We have now come back to about 70% to 80% of the levels of quality assurance revenue, which we had. Margins and contribution in terms of bottom line are definitely much lesser. We've taken a hit of about INR 40 to INR 50 in both the top and bottom line in this FY, which by the coming FY, as I mentioned, we will try and reach back the same levels of top line in the QA business.
Yes, margins being much lesser, the contributions from the bottom line in the quality assurance business will definitely take much more time to come back to those levels. And that can only be achieved as we go beyond the levels of top line on the erstwhile levels that we had in quality assurance.
Okay. Thank you, sir. And all the best.
Thank you.
Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We have a follow-up question from Parimal Mithani from Credential Investments. Please go ahead.
Sir, regarding quality assurance, sorry, once again, sir, I just wanted to know, is the worst over in terms of the consultancy business, and from your end, we should see margins being stable there, sir?
Yes. Not only in the quality assurance business, which is a part of my consultancy revenue and the bottom line. As I said, 2024, 2025 was a good year of settling down at the levels of margin because this was the year when the huge shift took place in terms of the shift to a majority of the competitive orders, whether it is in quality assurance or all areas of consultancy. So what we see that moving forward, we will settle again, as I repeat, on overall margins of about 20-odd% EBITDA and 15% to 16% PAT margins. And the consultancy margins, which contribute in this overall EBITDA and PAT margin, would also settle in the same range which we are seeing, primarily if you analyze the three, four quarters of this FY, to be able to settle overall on 20% and 15%.
Okay. Thank you, sir. Thank you.
Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We have a follow-up question from Anand Bhaskaran from Kashima Wealth Private Limited . Please go ahead.
Yeah. I just want to know about the leasing side of the business, how is that going about, and what are the expectations for the future?
Yes. So the good thing in leasing is that we are continuing to, you see, target new clients, new areas. It has seen an increase in spite of this sector, again, this is an area which is also now opening up to competition. First, while we used to be the only player, now we are still the dominant player, but it has now opened up a large number of smaller players coming in. So you see a growth if you compare YOY, FY 2022, FY 2023, FY 2024 in the leasing revenue. However, the competition being more, the margins and profits are more or less flat. So what we are definitely targeting is we have now reached a growth of about more than 20% in the number of locomotives that we have leased, which are owned by us and leased.
We have also got a huge number of orders from clients who are owning their locomotives but giving us the wet lease to operate and maintain them. So moving forward, we will, as I said, this is one of the recent sectors which is opening up to competition. But the expertise and the experience which we have in that, I see a sustained growth. We've been able to see a growth in that, at least in the top line and not allowing the bottom line to go beyond the current levels.
Okay. Okay. Thank you.
Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We have a question from Deepak from RITES. Please go ahead. He's withdrawn his question. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. As there are no further questions, I would like to hand over the call to the management for their closing comments.
Thank you. So at the end, I would like to just pinpoint, you see, some time back, we put some milestones for us. The first milestone was trying to become a one-order-a-day company. We maintained that. We have maintained that in the last four quarters, and we will try and maintain that. The second milestone we put for ourselves was try to get one export order a quarter. We have maintained that in the last five quarters, and we aspire to achieve to maintain that. These two, we set ourselves a milestone to grow aggressively in our order book, and we have ended the FY with the highest-ever order book at INR 8,900 crores. In fact, the last entire FY, we got more than 500 orders totaling to INR 5,500 crores, which is nearly equivalent to the closing order book of 31st March 2024, which was INR 5,700 crores.
So the third milestone of breaking a record of the highest-ever order book we have achieved. As we move forward, we have set ourselves two aspirational milestones of this FY, trying to reach and break the record of highest-ever revenue. We will see how it pans out, but definitely, this is some milestone which we are aspiring for. And moving forward in the coming FY, also trying to break the record of being the highest-ever profit. So we will not only maintain the three milestones that we have achieved, we'll try and maintain them in the coming quarters, but also aspire to achieve these two targets and milestones that we have set ourselves in the coming FY. So thank you very much.
And then our entire team is committed, as I said, to maintain these milestones achieved and aspire to achieve these milestones which we have set for ourselves in the coming years, in the coming financial years, next year, and the subsequent years. Thank you.
Thank you all for being a part of the conference call. If you need any further information or clarification, please mail at investors@rites.com. Ladies and gentlemen, this concludes your conference for today. You may disconnect your lines now. Thank you and have a pleasant day.
Thank you.
Thank you, sir.
Thank you.