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Shares of RITES gained 4 per cent at Rs 304.75 a piece on the BSE in Friday’s intraday trade. RITES share price surged after the company secured a work order from Steel Authority of India Limited - Bhilai Steel Plant worth Rs 69.78 crore.
Under the contract the company will repair R3Y/ R6Y of WDS6 locomotives for a period of 3 years, the company said in an exchange filing on Thursday.
In a separate statement, the company also informed RITES subsidiary REMC Ltd. a Memorandum of Understanding (MoU) with Indian Railway Finance Corporation (IRFC) Limited, a financing arm of Indian Railways, to explore options for financing power projects for supply to the Railways.
Under the MoU, both parties will collaborate on Transaction Advisory, Project Management services, DPR reviews, and consultancy for financing power projects linked to the Railways, excluding those awarded by REMC Ltd.
The agreement also includes financing thermal, nuclear, and renewable power projects under the captive model through joint ventures between Indian Railways and other entities.
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RITES financial performance
RITES consolidated net profit plunged 27.8 per cent year-on-year (Y-o-Y) to Rs 73 crore in Q2FY25, as opposed to Rs 101.2 crore in Q2FY24.
The company’s revenue from operations dropped over 7 per cent Y-o-Y to Rs 540.9 crore in the September quarter of financial year 2025, from Rs 582.4 crore in the September quarter of financial year 2024.
About RITES
RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.
The company has an experience spanning 50 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.
RITES share’s 52-week high is Rs 413.08 while its 52-week low is Rs 252.65 per share.
At 10:27 AM, the RITES share was trading in the red zone, and was down 2.13 per cent at Rs 299.20 . By comparison, BSE Sensex was trading 0.60 per cent higher at 79,467.10 levels.
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