Rites said that it has signed Memorandum of understanding (MoU) with Damodar Valley Corporation (DVC), Ministry of Power, to collaborate for project management consultancy for rail infra works.
The partnership aims at finding novel infrastructure solutions for upgradation, renovation and development of rail connectivity for power plants and surrounding areas. As part of this collaboration, RITES will be working closely with DVC for development of rail infrastructure facilities and associated civil, structural, S&T, OHE works.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 December 2023, the Government of India held 72.20% stake in the company.
The companys consolidated net profit declined 14.24% YoY to Rs 120.14 crore in Q3 FY24. Revenue from operations rose marginally to Rs 682.89 crore in the quarter ended 31 December 2023 from Rs 677.34 crore posted in Q3 FY23.
The scrip rose 0.58% to end at Rs 674.25 on Wednesday, 24 April 2024.
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