RITES Gains ₹39 Crore Boost on NALCO Railway Contract

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AuthorAarav Shah|Published at:
RITES Gains ₹39 Crore Boost on NALCO Railway Contract
Overview

RITES Limited has secured an expanded contract from NALCO for its Utkal-D coal mines railway project. The deal, covering detailed engineering and project management, has been revised upwards by ₹39 crore, bringing the total value to ₹118.89 crore (excluding GST). This amendment strengthens RITES' order book.

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Expanded NALCO Contract Details

RITES Limited has received an amendment from National Aluminium Company Limited (NALCO) that increases the value of a contract for detailed engineering and project management consultancy. The project involves a railway siding at Sankerjang, designated for phase-I of the Utkal-D coal mines. The total contract value has risen by ₹39.16 crore, from an initial ₹79.73 crore to ₹118.89 crore, excluding Goods and Services Tax (GST). The scope of the work, which includes detailed engineering and PMC services, remains unchanged. This project is being executed on a cost-plus turnkey basis via the deposit mode.

RITES' Recent Financial Performance

This contract expansion follows RITES' financial disclosures for the December quarter. The company reported a 2% year-on-year increase in net profit, reaching ₹102 crore. Revenue grew by 5.7% to ₹608.6 crore during the same period. Furthermore, operational performance showed strength with EBITDA climbing 21.5% to ₹142.5 crore.

Investor Response to the News

The market reacted positively to the contract news. On April 8th, RITES Limited shares closed at ₹200.75, an increase of 4.70% or ₹9.01 for the trading session. This movement indicates favorable investor sentiment regarding the company's enhanced order book and ongoing project execution.

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