Shares of RITES Ltd were trading in the red and 2% lower on 27 September despite the company’s consortium emerging as the lowest bidder (L1) for the Delhi Metro Rail Corporation’s (DMRC) RS-1 train repair project. 

The project is valued at Rs 87.58 crore, wherein the company holds 49% stake in the consortium, taking the company’s share in the project at around Rs 42.91 crore. The contract should be finished three years from the day the letter of award was sent.

The order is subject to award after the due process of Delhi Metro Rail Corporation scrutiny/ evaluation as per the requisite requirements mentioned in the tender documents. 

RITES is a Miniratna (Category-I) Schedule ‘A’ public sector corporation offering a wide range of services and holding a strong position in the Indian transportation consulting and engineering market. As of 30 June  2024, the Government of India held 72.20% of the company.

In Q1 FY25, the company’s consolidated net profit was Rs 90.44 crore, down 24.37% from Q1 FY24’s Rs 119.58 crore. The revenue from operations for the quarter ended 30 June, 2024, decreased 10.76% to Rs 485.76 crore from Rs 544.35 crore recorded in the first quarter of FY24.

At 1:49 pm, the shares of RITES were trading 0.65% lower at Rs 363.05 on NSE. 

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