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Budget News

  • Rites bags order worth Rs 33 crore for railway signaling project
  • March 29,2024  15:28
  • The project involves replacement of mechanical signaling at 11 stations and replacement of signaling gears on age cum condition basis with EI at Delhi Kisanganj Station of Delhi Division of Northern Railway.

    The company has secured the additional scope under existing order for Rs 33.25 crore including project management consultancy, on turnkey basis.

    Rites, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2023, the Government of India held 72.20% stake in the company.

    The company?s consolidated net profit declined 14.24% YoY to Rs 120.14 crore in Q3 FY24. Revenue from operations rose marginally to Rs 682.89 crore in the quarter ended 31 December 2023 from Rs 677.34 crore posted in Q3 FY23.

    Shares of Rites settled 0.23% higher at Rs 664.30 on Thursday, 28 March 2024. The domestic market is closed today on account of Good Friday.

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