Navratna Central Public Sector Enterprise which is a multidisciplinary engineering and consultancy organization jumped 3 percent upon signing an MOU with Meghalaya Industrial Development Corporation Ltd. to improve logistics infrastructure within Meghalaya.
At 1:00 p.m. the shares of Rites Limited were trading at Rs. 484.50, up 1.65 percent from its previous day’s close price of Rs. 476.65, and its market capitalization is Rs. 11,650 Crores.
Rites Limited has entered into a memorandum of understanding (MOU) with Meghalaya Industrial Development Corporation Ltd (MIDC) to develop Multi-Modal Logistics projects in Meghalaya.
As part of the MoU, RITES will offer its expertise as a Project Management Consultant and undertake a comprehensive range of services for developing Multi-Modal Logistics projects in Meghalaya.
The collaboration is set to improve logistics infrastructure within Meghalaya and enhance trade and transport opportunities, fostering economic development and easing access to the region.
Rites Limited has an order book of Rs. 5,529 Crores and its breakup is as follows, Rs. 2,640 Crores(47.74 percent) from consultancy, Rs. 2,540 Crores (45.93 percent) Turnkey projects, Rs. 190 Crores (3.43 percent) leasing activities, Rs. 100 Crores (1.80 percent) Remc Limited business and Rs. 59 Crores (1.06 percent) exports.
In H1FY24 it received 53 percent of its revenue from Consultancy, 37 percent from turnkey projects, 6 percent from leasing activities, and the rest 4 percent from exports.
The company’s revenue from operations decreased 1.26 percent from Rs. 2,661.83 Crores in FY22 to Rs. 2,628.27 Crores in FY23, accompanied by increasing profits of Rs. 516.37 Crores to Rs. 542.04 Crores.
Rites is a Navratna central public sector enterprise under the Ministry of Railways, it is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.
Written by: Bharath K.S
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