Rs 5,496 crore order book: This LIC backed multibagger PSU stock bags Rs 67.50 crore contract from the National Small Industries Corporation!

Shares of the company grew by more than 70 per cent in the last one year.

Rites Limited is experiencing a positive period. They recently secured a Rs 67.5 crore contract to ensure quality control of toolkits distributed under a small industries support program. Additionally, they are poised to win a major project managing infrastructure development at IIT Bhubaneswar, with an estimated value of Rs 414 crore.

The shares of Rites Limited have also delivered multibagger returns to its shareholders in the last three years. During this period, the company's share price surged from Rs 243.95 on March 19, 2021, to Rs 637 on March 18, 2024, representing an increase of over 150 per cent in a three-year holding period. An investment of Rs 1 lakh in this company's shares three years ago would have grown to Rs 2.5 lakh today.     

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In Q3FY24, the company posted an 0.82 per cent decline in its consolidated revenue at Rs 682.89 crore compared to Rs 677.34 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 185.87 crore, while the PAT of the company stood at Rs 126.97 crore, from Rs 146.22 crore last year same quarter. The company has an order book of Rs 5,496 crore as of December 31, 2023.

RITES Limited is 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).

Disclaimer: The article is for informational purposes only and not investment advice.