Rites bags order worth $4.28 mln from Tsiko Africa Logistics

Rites announced that it has received letter of award (LoA) from Tsiko Africa Logistics (Pty) for the supply and commissioning of an overhaul in-service cape gauge 3100 HP and diesel-electric locomotive.

The scope of work includes supply and commissioning and one-year onsite warranty of overhauled in service Cape Gauge 3100 HP, diesel electric locomotive.

The total consideration of the order is $4.28 million. The order will be executed within six and it has a one year warranty.

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 30 June 2024, the Government of India held 72.20% stake in the company.

The companys consolidated net profit declined 24.37% to Rs 90.44 crore in Q1 FY25 as against Rs 119.58 crore recorded in Q1 FY24. Revenue from operations declined 10.76% to Rs 485.76 crore in the quarter ended 30 June 2024 from Rs 544.35 crore posted in Q1 FY24.

Shares of RITES declined 2.39% to Rs 337.50 on the BSE.

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