RITES firms up on securing major order

RITES gained 0.72% to Rs 259.4 after the EPC company said it secured consulting work order of Rs 61.25 crore from Kerala Infrastructure Investment Fund Board (KIIFB).

RITES in a regulatory filing during market hours today announced that it has secured a road sector project management consultancy work order from KIIFB, Government of Kerala with a fee income of Rs 61.25 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 30 September 2020, the Government of India held 72.02% stake in the company.

 

The company's consolidated net profit fell 44.19% to Rs 132.36 crore on 41.18% drop in revenue from operations to Rs 438.91 crore in Q2 September 2020 over Q2 September 2019.

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