RITES secures ₹148.25 crore project management contract for IIM Raipur Phase II Campus – CNBC TV18

State-owned RITES Ltd on Thursday (December 5) said it has been appointed as the Project Management Consultant (PMC) for the development of the Phase II campus of the Indian Institute of Management (IIM) Raipur in Chhattisgarh.

“…we are pleased to inform you that RITES has been appointed as Project Management Consultant (PMC) for Execution, Supervision, Monitoring & Development of Phase II Campus of Indian Institute of Management Raipur (Chhattisgarh) Project on cost plus basis from Indian Institute of Management Raipur (IIM Raipur),” RITES said in a regulatory filing

The project, awarded by IIM Raipur, is valued at ₹148.25 crore (excluding GST), including the PMC fee. The contract involves the execution, supervision, monitoring, and overall development of the campus on a cost-plus basis. The project is expected to be completed within 23 months.

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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%.

The company’s 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.

Shares of RITES Ltd ended at ₹288.00, up by ₹0.10, or 0.035% on the BSE.

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