CALCULATE YOUR SIP RETURNS

RITES Secures Consultancy Order from Meerut Development Authority

Updated on: Dec 18, 2024, 5:43 PM IST
RITES has won a ₹122.60 crore order for consultancy services from Meerut Development Authority.
RITES Secures Consultancy Order from Meerut Development Authority
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

RITES has been awarded a ₹122.60 crore contract by the Meerut Development Authority for providing consultancy services to prepare a Detailed Project Report (DPR) and supervise infrastructure work for the next 5 years.

Order Details

The work involves providing consultancy services for the preparation of a Detailed Project Report (DPR) and construction supervision of all infrastructure works for the next 5 years.

The total value of the order is ₹122.60 crore, excluding GST. This is a domestic order, and there are no related party transactions involved. The contract will be executed over a period of 5 years.

Q2 FY25 Financial Highlights

RITES net profit for the second quarter of FY25 dropped by 25% to ₹82.5 crore, compared to ₹110.2 crore in the same quarter of the previous year.

Revenue for the second quarter decreased to ₹541 crore, down from ₹582.4 crore in the corresponding period last year, marking a decline of 7.1%.

RITES’ Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) also saw a 23% year-on-year drop, falling to ₹106.4 crore from ₹138 crore last year.

The EBITDA margin for the quarter contracted to 19.7% from 23.6% in the previous year.

Share Price Performance

On December 18, RITES share price traded 1.02% lower at ₹297.20 by 1:00 PM on the NSE. The stock opened at ₹302.75, lower than ₹300.25 at the previous close.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Published on: Dec 18, 2024, 1:02 PM IST

We're Live on WhatsApp! Join our channel for market insights & updates

Open Free Demat Account!

Join our 2.5 Cr+ happy customers

+91
Enjoy Zero Brokerage on Equity Delivery
4.4 Cr+DOWNLOADS
Enjoy ₹0 Account Opening Charges

Get the link to download the App

Get it on Google PlayDownload on the App Store
Open Free Demat Account!
Join our 2.5 Cr+ happy customers