RITES bags LoA from Guyana's Public Works Ministry for $2.9 million project

RITES said that it has received letter of acceptance (LOA) for a coastal road project from the Ministry of Public Works, the Co-operative Republic of Guyana worth $2.908 million.

Under the contract, RITES will provide construction supervision for the extension of the East Bank-East Coast Road Project Phase 2 (Eccles to Providence), which also includes additional work for an existing assignment.

The project is slated for completion within 18 months of construction supervision, followed by a 12-month defects 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 31 March 2025, the Government of India held 72.20% stake in the company.

 

The company's consolidated net profit rose 5.24% to Rs 132.71 crore despite a 4.32% decline in revenue to Rs 615.43 crore in Q4 FY25 as compared with Q4 FY24.

The scrip rose 0.94% to currently trade at Rs 305.10 on the BSE.

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