RITES Secures Revised ₹531.77 Crore Railway Electrification Project

23 Nov 2024 , 01:55 PM

RITES Secures Revised ₹531.77 Crore Order for Lumding-Badarpur Electrification Project. The government-owned engineering consultancy firm, RITES Ltd has now received cost estimates updated to ₹ 531.77 crore (excluding GST) for its railway electrification project in the Lumding-Badarpur (LMG-BPB) section under Northeast Frontier Railway (NFR), which had initially made the same estimate at ₹ 288.44 crore.

The full electrification of the LMG-BPB section falling under the Lumding division of NFR, is a turnkey project. RITES would execute the contract on a turnkey basis, which includes PMC.

The revised order puts more focus on the commitment of RITES to further Indian railway electrification projects. The company has issued this development in a filing placed before the stock exchange on November 21, 2024.

While the project completion progress was praiseworthy, RITES registered a 25% year-on-year decline in net profit for the quarter at ₹82.5 crore against ₹110.2 crore in the corresponding period last year.

Revenue declined by 7.1%, at ₹541 crore, down from ₹582.4 crore in the year-ago period. EBITDA for the quarter also declined by 23% year-on-year to ₹106.4 crore against ₹138 crore in the corresponding period last year. The EBITDA margin declined to 19.7% from 23.6%, making it a tough quarter for the company on the financial front.