RITES announced that it has signed a memorandum of understanding (MoU) with Delhi Metro Rail Corporation (DMRC) for exploring metro works in India and abroad.
This strategic collaboration will focus on offering services in areas including General Consultancy, Project Management, Detailed Design, Feasibility Studies and others.
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The partnership aims at tapping opportunities in the urban transit system space, delivering world-class solutions for both domestic and international projects.
Also, the alliance syncs with Rites’ ongoing efforts to expand its global footprint under its Rites Videsh initiative. With DMRCs extensive experience in metro rail operations and Rites proven expertise in transport infrastructure, both entities are well-positioned to pursue emerging opportunities.
Rites, a Miniratna (Category-I) Schedule ‘A’ public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2024, the Government of India held 72.20% stake in the company.
The companys consolidated net profit declined 24.37% to Rs 90.44 crore in Q1 FY25 as against Rs 119.58 crore recorded in Q1 FY24. Revenue from operations declined 10.76% to Rs 485.76 crore in the quarter ended 30 June 2024 from Rs 544.35 crore posted in Q1 FY24.
Shares of RITES slipped 3.43% to currently trade at Rs 323.20 on the BSE.
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First Published: Oct 03 2024 | 2:35 PM IST
