RITES Secures ₹297.67 Crore MEA Contract for Integrated Check Post Project

16 Dec 2024 , 08:27 AM

RITES Ltd, a Government engineering company has bagged an order worth ₹297.67 crore from the Ministry of External Affairs, Government of India. The project involves Providing Project Implementation Services for construction of an Integrated Check Post (ICP).

The cost includes construction costs and PMC charges, excluding GST. The project shall be completed in 59 months from the effective date including defect liability period. RITES has communicated this development in a regulatory filing, expressing satisfaction at this major contract.

On December 13, 2024, Shares of RITES Ltd closed at ₹296.80 in the National Stock Exchange, which is a 0.65% dip than the previous close. Shares of RITES has gained a total of 14.29% in the last one year, and 9.68% in the last one month.

Net profit of the company in the latest quarter was 25% down at ₹82.5 crore compared to ₹110.2 crore in the same quarter previous year. Quarterly revenues fell 7.1% to ₹541 crore from ₹582.4 crore in the same period last year. EBITDA also witnessed an annual fall of 23% to ₹106.4 crore, as compared to ₹138 crore during the same period last year. The EBITDA margin shrunk to 19.7% from 23.6% in the same period last year, underlined by difficult operating conditions. This new project reiterates RITES’ sustained participation in infrastructure development and continues to face revenue issues.