RITES on Wednesday announced that it has signed a memorandum of understanding (MoU) with Centre for Railway Information Systems (CRIS), to explore information technology-based opportunities in the railway sector and new-age areas.
The MoU will facilitate both entities to leverage each other's expertise and collaborate to drive digitalization in railway technologies. Together, CRIS and RITES will be working on national and international projects. With this partnership, the parties will devise smart, intelligent IT solutions for railway operations, apart from modernizing existing technology and telecommunication in the sector.
Sanjay Gupta, chief information technology officer of RITES, said, "The MoU with CRIS will help in offering state-of-art solutions to our clients and will pave the path towards building the digital future as we continue to innovate and leverage our technical expertise across the world."
RITES is a Miniratna (Category I) schedule 'A' public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). As of 31 March 2022, the Government of India held 72.2% stake in the company.
RITES reported a marginally lower consolidated net profit of Rs 136.75 crore in Q4 FY22 from Rs 137.73 crore posted in Q4 FY21. Net sales surged 21.7% to Rs 766.02 crore for the quarter ended 31 March 2022 from Rs 629.36 crore recorded in the corresponding period last year.
Shares of RITES were down 0.17% to Rs 231.55 on the BSE.
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