homemarket Newsstocks NewsRITES JV bags order worth Rs 122 crore from Assam government

RITES JV bags order worth Rs 122 crore from Assam government

RITES JV bags order worth Rs 122 crore from Assam government
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By Jomy Jos Pullokaran  Mar 24, 2023 6:14:45 PM IST (Updated)

Shares of RITES Ltd ended at Rs 351.35, down by Rs 7.10, or 1.98 percent on the BSE.

The Rail India Technical and Economic Service (RITES Ltd), a PSU under the ministry of railways, on Friday said along with its joint venture partner, the company has secured a Project Management Consultancy work under Assam Health System Strengthening Project.

The likely cost of work for the consultancy project comes to around Rs 122 crore. The RITES' fees in the work order is around Rs 77 crore, it said in an exchange filing.
The company reported a 2.3 percent rise in consolidated profit after tax (PAT) at Rs 147.18 crore for the quarter that ended December 31, 2022. The company had logged a PAT of Rs 143.87 crore in the year-ago period. Revenue from operations in October-December 2022-23 declined to Rs 677.34 crore from Rs 775.20 crore in the year-ago period.
During the third quarter of the current fiscal year, the company secured more than 65 orders, including the extension of works, worth Rs 1,200 crore, thereby maintaining a healthy order book of Rs 5,513 crore as on December 31, 2022.
RITES is also involved in mega transportation projects like dedicated freight corridors, metros, high-speed rail studies, logistics parks, rail infrastructure and green energy.
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