Rites spurts on bagging order worth $97.1 million from Guyana Govt

Rites rallied 3.24% to Rs 305.60 after the company has been emerged as top scorer (H-1 bidder) for an order worth $97.13 million from the Ministry of Public Works, Government of the Co-operative Republic of Guyana.

The project involves the provision of engineering services for design- build-finance, upgrade of the Palmyra to Moleson Creek Highway.

The said order is scheduled to be completed over the next 60 months which includes 36 months for pre-construction and construction period and 24 months for post construction period (defect liability period).

The company said that the letter of acceptance is yet to be issued by the client

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 in Q2 FY25 as against Rs 101.15 crore recorded in Q2 FY24. Revenue from operations fell 7.12% to Rs 540.86 crore in the quarter ended 30 September 2024 from Rs 582.36 crore posted in Q2 FY24.

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