RITES looks to increase exports to boost order book and profit margins
6 months, 3 weeks ago

RITES looks to increase exports to boost order book and profit margins

The Hindu  

Indian Railway PSU RITES declared a marnigally lower net proft and revenue in FY24 compared with FY23 due to a significant dip in exports revenue and its quality assurance business. Speaking to The Hindu, Rahul Mithal, Chairman and MD, RITES Ltd. said exports revenue was a mere ₹6 crore in Q4 FY24. On the India Middle East EU Corridor front, Mr. Mithal said following last year’s G20 announcement to establish trade links between India, Middle East and Europe, and the intergovernmental framework agreement signed between India and the UAE in February, feasibility assessments along the corridor have begun. ‘Robust order book’ RITES consolidated operating revenue dipped to ₹2453 crore in FY24 from ₹2628 crore in FY23. The firm secured more than 100 orders worth about ₹940 crore in Q4 FY24, continuing to be a ‘one-order-a-day’ company, Mr. Mithal said.

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RITES sets sights on Africa for export of refurbished and underutilized railway diesel locos
1 month, 2 weeks ago

RITES sets sights on Africa for export of refurbished and underutilized railway diesel locos

Live Mint  

New Delhi: State-run railway engineering and consulting company RITES Ltd proposes to expand its global footprint, targeting exports of Indian Railways’ underutilized and surplus diesel locos to over a dozen countries in Africa. The national transporter’s export arm has already bagged two orders worth ₹90 crore this year for suppling diesel locomotives to South Africa. “The South African orders for …

Railway company RITES to expand global footprint
6 months, 3 weeks ago

Railway company RITES to expand global footprint

Live Mint  

New Delhi: State-run railway engineering and consulting company RITES Ltd proposes to expand its global footprint by targeting export orders for its rolling stock and consultancy business from South East Asia, Africa, West Asia and Latin America. Having won global tenders for ₹1,200 crore to supply coaches and locos to Bangladesh and Mozambique, RITES is now bidding for tenders for …

RITES Q1 Results: Revenue down 10% to ₹563 crore, dividend declared
1 year, 4 months ago

RITES Q1 Results: Revenue down 10% to ₹563 crore, dividend declared

Live Mint  

RITES Ltd., a prominent Transport Infrastructure Consultancy and Engineering firm, reported its standalone and consolidated financial results for Q1FY24. The company's operating revenue saw a 10% dip, reaching ₹544 crore in Q1FY24, while total revenue stood at ₹563 crore, down from ₹637 crore in Q1FY23. The Consultancy business remained the highest revenue contributor, securing ₹270 crore with an impressive margin …

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