RITES shares up 4% on Rs 298-cr order win from Ministry of External Affairs

RITES share price: Shares of engineering services company RITES soared as much as 4.21 per cent to hit an intraday high of Rs 309 per share on Monday, December 16, 2024.

 

The rise in RITES share price came after the company announced that it has secured an order worth Rs 297.67 crore from the Ministry of External Affairs, Government of India. 

 

In an exchange filing, RITES said, “We are pleased to inform you that RITES has received work for Project Implementation Services for the Construction of Integrated Check Post (ICP) from the Ministry of External Affairs, Government of India. ”

 

 

Under the terms of the order, RITES will be responsible for the project implementation services for the construction of Integrated Check Post (ICP),

 

The company is expected to deliver the project in 59 months including the Defect Liability period.

 

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. 

 

Its 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. 

 

Profit before tax (PBT) fell about 26 per cent annually to Rs 111.3 crore in Q2FY25. 

 

About RITES 

 

RITES 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.  

 

The 52-week high of RITES share is Rs 413.08, while its 52-week low is Rs 235.25 per share. 

 

At 10:05 AM, RITES shares were trading 2.53 per cent higher at Rs 304 per share. In comparison, BSE Sensex was trading 0.23 per cent higher at 81,947.60 levels.