RITES emerges as H-1 bidder for $9.71-mln engineering services

RITES informed that it has received an order from Ministry of Public Works, Government of the Co-operative Republic of Guyana worth $9.71 million.

RITES announced that it has emerged as the top scorer (H-1 bidder) based on QCBS evaluation for provision of engineering services for design- build-finance upgrading of Palmyra to Moleson Creek Highway- Lot 1-3. The project consideration is $9,713,470, excluding taxes.

The project is to be executed over a period of 60 months, including 36 months for the pre-construction and construction period and 24 months for the post-construction period (defect liability period).

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 September 2024, the Government of India held a 72.20% stake in the company.

The companys consolidated net profit declined 27.84% to Rs 72.98 crore while revenue from operations fell 7.12% to Rs 540.86 crore in Q2 FY25 over Q2 FY24.

Shares of RITES rose 0.14% to currently trade at Rs 292.15 on the BSE.

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