Hot Pursuit
Rites announced that it has secured orders worth Rs 312.75 crore from Oil India and Numaligarh Refinery.
The order from Oil India, valued at Rs 157.25 crore, involves the construction of a workmen housing complex (BQ Area) at OIL, Duliajan, Assam on a turnkey basis under the Depository Works Mode. The project is scheduled to be executed within 36 months.
In addition, Rites secured an order worth Rs 155.50 crore from Numaligarh Refinery for the construction of railway sidings at NRL Panchgram Terminal, the 3rd Railway Spur at Rangapani (SMT), and the Duliajan Crude Oil TW Loading Railway Siding. This project will be executed on a turnkey cost-plus basis and is set to be completed within 24 months from the date of site handover.
The company clarified that both contracts do not involve related party transactions, and neither the promoters, promoter group, nor any group companies have any interest in the awarding entities.
The official announcement was made on Saturday, 29 March 2025.
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 31st December 2024, the Government of India held a 72.20% stake in the company.
The company's consolidated net profit declined 16.7% to Rs 100.09 crore in Q3 FY25 as compared with Rs 120.14 crore in Q3 FY24. Net sales declined 15.7% to Rs 575.76 crore during the quarter.
The counter declined 3.25% to end at Rs 223.45 on Friday, 28 March 2025. The stock market will remain shut today in observance of Eid-ul-Fitr.
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