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Rites consortium bags Rs 61 crore order in Haryana

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Rites said its consortium has secured a general consultancy order from Haryana Rail infrastructure Development Corporation for their Haryana Orbital Rail Corridor (HORC).

On 11 February 2021, the company had informed that it had emerged as L-1 (lowest) bidder for the aforementioned contract.

The order is for a new electrified broad-gauge double line (about 144 kms) from Palwal to Sonipat via Sohna, Manesar and Kharkhoda in the state of Haryana with speed potential of 160 kmph. Fee payable to the consortium will be about Rs 61 crore.

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 31 December 2020, the Government of India held 72.2% stake in the company.

The PSU company's consolidated net profit declined 29.8% to Rs 105.31 crore on 27.51% decline in revenue from operations to Rs 449.29 crore in Q3 FY21 over Q3 FY20.

The scrip shed 0.78% to currently trade at Rs 267.75 on the BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, March 03 2021. 14:26 IST