Shares of a Navratna PSU concerned in transport consultancy and engineering sector rose by 4 % on Monday after the corporate secured a Rs.298 crore order from the Ministry of Exterior Affairs.
Value Variation
Throughout Monday’s buying and selling session, the share worth of Rites Ltd reached an intra-day excessive of Rs.308.75 per share, rising 4.2 % from its earlier shut of Rs.296.45 apiece. The shares have retreated since then and at present buying and selling at Rs.302.90 per share.
What Occurred
The Ministry of Exterior Affairs, Authorities of India, has awarded a contract to RITES Ltd for offering Mission Implementation Providers for the development of an Built-in Test Put up (ICP).
This order, valued at Rs. 297.67 crore, covers the development value together with the Mission Administration Consultancy (PMC) price, excluding GST. The challenge is to be accomplished inside 59 months, which incorporates the Defect Legal responsibility Interval.
The contract is awarded by a home entity, and the scope of labor primarily entails challenge implementation companies for the ICP building.
Orderbook
As of September 30, 2024, RITES Ltd’s order e book stands at Rs.6,581 crore, with the next breakdown: Rs.2,542 crore (38.6 %) from Consultancy, Rs.2,506 crore (38.0 %) from Turnkey initiatives, Rs.1,240 crore (18.8 %) from Exports, Rs.173 crore (2.6 %) from REMC Ltd, and Rs.120 crore (1.8 %) from Lease agreements.
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Current Developments
Rites Ltd has just lately launched VISTAR, an AI-powered answer for superior rail inspection. The corporate additionally signed a Memorandum of Understanding (MoU) with Etihad Rail, in addition to with NBCC and HUDCO to supply complete consultancy and challenge administration companies.
Moreover, an MoU was signed with NHAI to supply consultancy for highways, bridges, and tunnels.
Financials
In keeping with its current monetary updates, Rites Ltd reported exceptional consolidated income of Rs.541 crores in Q2 FY25, marking a 7 % lower from Rs.582 crores in Q2 FY24. As well as, the corporate noticed its web revenue fall 26 % to Rs.82 crores, in comparison with Rs.110 crores in the identical interval final yr.
Concerning the Firm
RITES Restricted (Rail India Technical and Financial Providers) is a number one public sector enterprise in India, functioning underneath the Ministry of Railways. As a Navratna firm, RITES performs a vital function within the Indian economic system.
The corporate focuses on providing consultancy and engineering companies, with a main deal with transportation infrastructure throughout numerous sectors.
Written by – Siddesh S Raskar
Disclaimer
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