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.
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.
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.
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
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