RITES said that it has secured an order worth Rs 453.99 crore from Karnataka Mining Environment Restoration Corporation (KMERC) for construction of railway Private Freight Terminals under turnkey basis in Karnataka.
The said contract was earlier awarded on project management consultancy (PMC) basis has now been converted into turnkey basis.The project involves the construction of railway private freight terminals (PFTs) at Dharmapura and Susheel Nagar in Ballari district, Karnataka under the comprehensive environment plan for mining impact zone (CEPMIZ) for KMERC.
The project will be executed in 30 months and the size of contract is Rs 453.99 crore.
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 September 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 declined 2.26% to Rs 283.40 on the BSE.
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