PSU Railway Company Emerges as L1 Bidder in Tanzania Railways Corporation Tender Worth USD 26.74 Million!
LIC holds a 6.27 per cent stake in the company as per Q1 FY25.
RITES has emerged as the lowest bidder (L-1) in a tender issued by Tanzania Railways Corporation for the supply, testing, and commissioning of 4 Diesel Multiple Units for MGR.
The order will be awarded after the necessary scrutiny and evaluation by Tanzania Railways Corporation under the requirements outlined in the tender documents. The estimated value of the bid is USD 2,67,40,000 plus VAT. This is an international contract, and the execution period is 547 days from the date of issuance of the Letter of Award.
On Monday, the shares of RITES were closed at around Rs 650.45 per share on the BSE. The company’s current market capitalization stands at Rs 15,630.44 crore. Additionally, the shares have delivered a return of over 27 per cent compared to 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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Investors must keep this stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.