Rites emerges as L-1 bidder for Rs 60-cr project

The project entails the consultancy services for construction of civil works for supervision, monitoring, quality control and work zone safety for construction of bridges, rail over/under bridges, flyovers and elevated roads including approaches in several districts of Uttar Pradesh.

The bid project cost is Rs 60.03 crore and the project is expected to be completed within 36 months from the date of issuance of letter of award.

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 30 June 2024, the Government of India held 72.20% stake in the company.

The company's consolidated net profit declined 24.37% to Rs 90.44 crore in Q1 FY25 as against Rs 119.58 crore recorded in Q1 FY24. Revenue from operations declined 10.76% to Rs 485.76 crore in the quarter ended 30 June 2024 from Rs 544.35 crore posted in Q1 FY24.

The scrip rose 0.51% to Rs 667.85 on the BSE.