Rites emerge lowest bidder for two railway electrification projects

Rites rose 1.75% to Rs 287.05 after the company said it has emerged as the lowest bidder for two packages for railway electrification works on turnkey basis. The tender was called by the Railway Board, Ministry of Railways.

“The tender for two the packages, package-1 for 779 route kilometer (RKM) on Southern Western Railway and package-2 for 762 RKM on Northeast Frontier railways, will aggregate to Rs 1741 crore,” the company said in an exchange filing made after market hours yesterday.

RITES is a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2020, the Government of India held 72.2% stake in the company.

The PSU company’s consolidated net profit declined 29.8% to Rs 105.31 crore on 27.51% decline in revenue from operations to Rs 449.29 crore in Q3 FY21 over Q3 FY20. The company’s board will consider Q4 March 2021 results today, 16 June 2021.