RITES bags ₹297.67 crore contract for Integrated Check Post project from MEA – CNBC TV18

State-run engineering firm RITES Ltd on Friday (December 13) said it has been awarded a contract worth ₹297.67 crore by the Ministry of External Affairs (MEA), Government of India. The project involves providing Project Implementation Services for the construction of an Integrated Check Post (ICP).

“…we are pleased to inform you that RITES has received work for Project Implementation Services for the Construction of Integrated Check Post (ICP) from Ministry of External Affairs, Govt. of India,” RITES said in a regulatory filing.

The project is slated for completion within 59 months, including the defect liability period. The contract value includes construction costs along with Project Management Consultancy (PMC) fees but excludes GST.

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RITES net profit for the quarter fell by 25% to ₹82.5 crore. RITES had reported a net profit of ₹110.2 crore during the same period last year. Revenue for the quarter declined to ₹541 crore, compared to ₹582.4 crore during the same period last year, a drop of 7.1%.

RITES’ Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) also fell 23% year-on-year to ₹106.4 crore, compared to ₹138 crore last year. EBITDA margin for the quarter narrowed to 19.7% from 23.6% last year.

Management commentary on the order book picture going ahead will be a key monitor for RITES. In an interaction with CNBC-TV18 on September 23, the management had anticipated a gradual increase in its order book.

Also Read: RITES gets revised estimate of ₹532 crore for Northeast Frontier Railway electrification project

On Friday (December 13), shares of RITES Ltd ended at ₹296.50, down by ₹2.20, or 0.74% on the BSE.