Shares of RITES Ltd rallied 4% on 16 December after the state-run company announced securing a contract from the Ministry of External Affairs (MEA) worth Rs 297.67 crore.

In a regulatory filing, the company stated, “We are pleased to inform you that RITES has received work for Project Implementation Services for the construction of an Integrated Check Post (ICP) from the Ministry of External Affairs, Government of India.”

It is estimated that the project will be completed in 59 months, including the defect liability period. Construction and Project Management Consultancy (PMC) fees are included in this time frame; however, GST is not included.

This is the second order for the company in a week. A significant project was given to RITES by the Indian Institute of Management (IIM) in Raipur. The order involves RITES as the Project Management Consultant (PMC) for the development of Phase II of the institute’s Chhattisgarh campus. The entire value of the order is Rs 148.25 crore (without GST). On a cost-plus basis, the project is anticipated to be completed in 23 months and covers development, supervision, monitoring, and execution.

Meanwhile, RITES’s net profit for the quarter was Rs 82.5 crore, down 25% year over year from Rs 110.2 crore during the same period last year. Compared to Rs 582.4 crore in the same period last year, revenue for the quarter decreased 7.1% to Rs 541 crore.

At 11:25 am, the shares of RITES were trading 2.43% higher at Rs 303.65 on NSE.

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