RITES in a regulatory filing after market hours yesterday announced that it has been awarded turnkey contract for construction of Road Over Bridges (ROBs) in replacement of existing level crossings on competition basis from Railway Board amounting to Rs 205.85 crore.
A Memorandum of Understanding (MoU) will be executed between RITES and South Central Railway (SCR) in this regard in due course, the company added. The turnkey contract covers construction of 4 road over bridges in replacement of level crossings in Vijaywada division on Vijaywada-Vishakhapatnam section in Andhra Pradesh.
RITES reported a 36.3% drop in consolidated net profit to Rs 64.99 crore in Q1 June 2020 as against Rs 102.08 crore in Q1 June 2019. Net sales dropped 37.6% to Rs 335.47 crore in Q1 June 2020 over Q1 June 2019.
RITES is a Miniratna (Category – I) Schedule ‘A' Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 June 2020, the Government of India held 72.02% stake in the company.