RITES secures consultancy orders

The company on Friday (9 October) announced that it has secured consultancy orders worth Rs 103 crore from various clients.

RITES secured project management consultancy (PMC) work for complete planning, design, execution/construction of buildings and other services for various buildings at IIT Delhi. The company's fees will be around Rs 54 crore.

It also secured four PMC works and two feasibility study report/detailed project report (FSR/DPR) work from South Eastern Coalfields for an approximate fees of Rs 46 crore based on the MoU entered into between CIL and RITES recently.

Further, it received an order for study of multi-modal integration planning for Surat Metro for a fee of Rs 3.24 crore. The work will involve planning and design of passenger dispersal facility at about 35 metro stations on two corridors at Surat metro. The study will be in a total timeline of 12 months.

RITES is a Miniratna (Category - I) Schedule 'A' Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 June 2020, the Government of India held 72.02% stake in the company.

The company reported a 36.3% drop in consolidated net profit to Rs 64.99 crore in Q1 June 2020 as against Rs 102.08 crore in Q1 June 2019. Net sales dropped 37.6% to Rs 335.47 crore in Q1 June 2020 over Q1 June 2019.

Shares of RITES declined 0.25% at Rs 244 on Friday.

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