Rs 6,355 Crore Order Book: LIC-Backed Railway Infra Company and DMRC Sign MoU to Explore Metro Projects Domestically and Internationally!
LIC holds a 6.27 per cent stake in the company as per Q1 FY25.
RITES a prominent transport infrastructure consultancy, has signed a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) to collaborate on metro projects in India and abroad. The partnership aims to leverage the strengths of both organizations to secure and execute urban transit projects.
The collaboration will focus on offering services such as General Consultancy, Project Management, Detailed Design, and Feasibility Studies. This move aligns with RITES’ 'RITES Videsh' initiative, aimed at expanding its global footprint. With DMRC’s extensive metro rail operations experience and RITES’ expertise in transport infrastructure, the alliance is well-positioned to deliver world-class solutions in the urban transit space.
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Recently, RITES has secured a Letter of Acceptance (LOA) from Tsiko Africa Logistics (Pty) Limited for the supply, commissioning, and one-year onsite warranty of overhauled in-service Cape Gauge 3100 HP diesel electric locomotives. The contract, valued at USD 4.28 million, is set to be completed within six months, followed by a one-year onsite warranty period.
Today, RITES's shares closed at around Rs 320.85 per share on the BSE. The company’s current market capitalization stands at Rs 15,420 crore. Additionally, the shares have delivered a return of over 30 per cent in just one year.
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, and the net profit 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 15.42 per cent of the shares, while foreign institutional investors (FIIs) hold 2.73 per cent and Domestic Institutional Investors (DIIs) own 9.64 per cent.
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Disclaimer: The article is for informational purposes only and not investment advice.