Rites informed that its consortium has been declared as lowest bidder (L-1) for retrofit work in RS-1 trains of Delhi Metro Rail Corporation (DMRC).
The estimated value of the bid is approximately Rs 87.58 crore including GST, wherein, the companys share in said project is 49%, amounting to around Rs 42.91 crore.The contract is expected to be executed within 3 years from the date of issuance of the letter of award.
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The order is subject to award after the due process of Delhi Metro Rail Corporation scrutiny/ evaluation as per the requisite requirements mentioned in the tender documents
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 June 2024, the Government of India held 72.20% stake in the company.
The companys consolidated net profit declined 24.37% to Rs 90.44 crore in Q1 FY25 as against Rs 119.58 crore recorded in Q1 FY24. Revenue from operations declined 10.76% to Rs 485.76 crore in the quarter ended 30 June 2024 from Rs 544.35 crore posted in Q1 FY24.
Shares of Rites slipped 1.34% to Rs 360.50 on the BSE.
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