The shares of the public sector enterprises gained up to 3 percent after the company received a letter of award from Karnataka Mining Environment Restoration Corporation worth Rs 26.79 crore.
With a market capitalization of Rs 16,916.05 crore, the shares of Rites Ltd were trading in green at Rs 701.75 per share, increasing around 1.45 percent as compared to the previous closing price of Rs 691.70 apiece.
Today the shares of the company have seen positive movement after Rites Ltd received a letter of award from Karnataka Mining Environment Restoration Corporation worth Rs 26.79 crore for a total Project Management Consultancy services for the Construction of Railway PFTs at Dharmapura and Susheel Nagar in Bellary District under CEPMIZ reg.
Examining the company’s financial performance, revenue plummeted by 6.4 percent from Rs 987 crore in Q4FY23 to Rs 643 crore in Q4FY24, and during the same time frame, net profit shrunk by 1.4 percent from Rs 139 crore and Rs 137 crore.
The company has experience spanning 50 years and has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.
In March 2024, the business had a healthy order book of Rs 5,690 crore. This included Rs 295 crore from exports, Rs 2,600 crore from consultation, Rs 120 crore from REMC, Rs 170 crore from leasing, and Rs 2,505 crore from turnkey.
RITES Limited is an Indian engineering and consultancy company. The firm offers comprehensive transportation infrastructure and technology services, from concept to completion. The company works in four segments: consultancy services, leasing of railway rolling stock, and equipment.
Written by:- Abhishek Singh
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