RITES gains on bagging new orders worth Rs 364 cr

RITES rose 1.07% to Rs 235.75 the PSU firm secured an operation and maintenance work order from Container Corporation of India for Rs 364.56 crore.

RITES said it secured a business for operation and maintenance of 20 units of shunting locomotives for the period of 10 years from Container Corporation of India for Rs 364.56 crore.

Container Corporation of India (CONCOR) is engaged in transportation of containers (rail and road), and handling of containers. The firm is also engaged in the operation of logistics facilities, including dry ports, container freight stations and private freight terminals. As of 31 March 2022, Government of India held 54.8% stake in the company. Shares of CONCOR were down 1.67% to Rs 608.25 on the BSE.

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.

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