Rites bags Rs 28-cr work order from MCL for rail connectivity project
RITES has announced that it has received a work order from Mahanadi Coalfields (MCL) for providing detailed engineering and project management consultancy services, valued at Rs 28 crore.
The project involves detailed engineering and project management consultancy for the development of rail connectivity for the proposed Phase-II SILO at the Lakhanpur area of MCL.
The total project cost is estimated at Rs 28 crore and the project is scheduled to be completed within 24 months.
The company also clarified that the contract does not involve any related party transactions and confirmed that neither the promoter, promoter group, nor any group companies have any interest in the awarding entity.
The official announcement was made on Thursday, 24 April 2025, after market hours
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 companys 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 slipped 3.41% to Rs 231 on the BSE.
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