Shares of RITES Ltd. surged 5%, reaching a day’s high of Rs 300 on 6th December, after securing a Rs 148.25 crore (excluding GST) order from the Indian Institute of Management (IIM) Raipur. The company will act as the Project Management Consultant (PMC) for Phase II of the institute’s campus development in Chhattisgarh.

The project secured by RITES involves execution, supervision, monitoring, and development on a cost-plus basis, with a completion timeline of 23 months.

For the September quarter, the firm reported a 25% decline in net profit to Rs 82.5 crore, down from Rs 110.2 crore, and a 7.1% drop in revenue to Rs 541 crore, compared to Rs 582.4 crore last year.

EBITDA fell 23% year-over-year to Rs 106.4 crore, down from Rs 138 crore, while the EBITDA margin decreased to 19.7% from 23.6% last year.

Despite the lower performance, RITES secured over 90 orders in Q2, achieving the milestone of one order per day and is optimistic about maintaining this momentum throughout the year.

So far, in 2024, the shares of RITES Ltd rose by nearly 18%.

At 12:18 PM, the shares of RITES were trading 2.89% higher at Rs 295.70 on NSE.

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