RITES up on Rs 454-cr order from K'taka Mining Environment Restoration Corp

RITES share price: Shares of engineering services company RITES soared as much as 2.98 per cent to hit an intraday high of Rs 298.60 per share on Wednesday, October 23, 2024.

The rise in RITES share price came after the company announced that it has secured an order worth Rs 453.99 crore from  Karnataka Mining Environment Restoration Corporation.

In an exchange filing, RITES said, “We are pleased to inform you that order received from Karnataka Mining Environment Restoration Corporation for Construction of Railway PFT’s at Dharmapura and Susheel Nagar in Ballari District under CEPMIZ for KMERC, was earlier awarded on Project Management Consultancy (PMC) basis has now been converted into turnkey basis.”

Under the terms of the order, RITES will be responsible for the construction of Railway PFT’s at Dharmapura and Susheel Nagar in Ballari District under CEPMIZ for KMERC, which was earlier awarded on PMC basis and has now been converted into turnkey basis.

The company is expected to deliver the project within 30 months. 

RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. 

The company has an experience spanning 50 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.  

Financial performance

RITES’ consolidated net profit dropped 24.4 per cent to Rs 90.4 crore in Q1FY25, as against Rs 119.6 crore in Q1FY25. The revenue from operations dropped 10.8 per cent annually to Rs 485.8 crore in Q1FY25, from Rs 544.4 crore in Q1FY24. The board declared an interim dividend of Rs 2.50 per share for FY25.

The market capitalisation of RITES is Rs 14,088.90 crore, according to BSE. The company falls under the BSE 500 category.

The 52-week high of the stock is Rs 413.08 while its 52-week low is Rs 216.33 per share. 

At 9:22 AM, RITES shares were trading 0.50 per cent higher at Rs 291.40 per share. In comparison, BSE Sensex was trading 0.11 per cent higher at 80,308.45 levels.