Rites secures Rs 330 million order for rail signalling project

Rites declared that it had secured additional scope under an existing order for the replacement of mechanical signalling from Northern Railway. The project would entail replacing mechanical signalling at 11 stations and upgrading signalling gears based on age and condition with EI at Delhi Kisanganj Station of Delhi Division of Northern Railway. The company revealed that the additional scope had been secured under the existing order for Rs 330.25 million, inclusive of project management consultancy, on a turnkey basis. Rites, a Miniratna (Category-I) Schedule 'A' public sector enterprise, asserted its position as a leading player in the transport consultancy and engineering sector in India, boasting diversified services and geographical reach. It was noted that as of 31 December 2023, the Government of India held a 72.20% stake in the company. It was reported that the company's consolidated net profit had experienced a 14.24% year-on-year decline, reaching Rs 1.2 billion in Q3 FY24. Furthermore, revenue from operations saw a marginal increase to Rs 6.82 billion in the quarter ending 31 December 2023, compared to Rs 6.77 billion reported in Q3 FY23. The trading day concluded with shares of Rites settling 0.23% higher at Rs 664.30 on Thursday, 28 March 2024.