LIC-Backed PSU Railway Company and NBCC Sign MoU for Consultancy Works - Complete Details Inside!
LIC holds a 6.27 per cent stake in the company as per Q1 FY25.
RITES Ltd a leading transport infrastructure consultancy, has signed a MoU with NBCC (India) Ltd, a CPSE under the Ministry of Housing Development. This MoU aims to explore and undertake a wide range of consultancy, fee-based projects, and EPC contracts from concept to commissioning. The partnership will focus on various sectors and innovative projects in urban energy, water management, urban transport and infrastructure, and township development.
Under this collaboration, RITES will provide consultancy and project management services including conceptualization, planning, design, cost estimation, tender documentation, and other pre-construction activities, as well as construction coordination. NBCC will contribute its expertise in project implementation, covering tendering, contract management, construction supervision, cost control, quality assurance, and handling commissioning and defect liability periods.
On Wednesday, the shares of RITES were closed at around Rs 650.70 per share on the BSE. The company’s current market capitalization stands at Rs 15,636.44 crore. Additionally, the shares have delivered a multibagger return of over 25 per cent in just 1 year.
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As per the Quarterly Results, in the first quarter of FY25, RITES recorded a revenue of Rs 486 crore. The operating profit for Q1 FY25 stood at Rs 106 crore. The net profit for Q1 FY25 was Rs 90 crore. Looking at the annual performance, the company generated a revenue of Rs 2453 crore in FY24. The operating profit for FY24 was Rs 661 crore with a net profit of Rs 495 crore compared to a net profit of Rs 571 crore in FY23.
According to the company's shareholding pattern, the promoters hold a significant 72.20 per cent stake. Public investors own 13.50 per cent of the shares, while Foreign Institutional Investors (FIIs) hold 3.50 per cent and Domestic Institutional Investors (DIIs) own 10.78 per cent.
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Disclaimer: The article is for informational purposes only and not investment advice.