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RITES Order Book up by 27.5% during FY19

Posted On: 2019-04-12 13:33:09

RITES Ltd, a Miniratna (Category - I) Schedule 'A' Public Sector Enterprise under Ministry of Railways, has continued its business growth along with the focus on new business devlopment. RITES order book has substantially improved from Rs. 4818 crore as on 31St March 2018 to Rs.6142 crore at the end of the FY19 (accounts for the FY19 are under audit). Company has secured more than 300 projects/contracts including extension in scope of projects during FY19.

Commenting on the current status of the business in hand, Mr. Rajeev Mehrotra, CMD RITES, said, "Company's current order book of Rs.6142 crore will generate operational revenue over coming 1-3 years. Growing infrastructure investments in domestic and certain overseas markets will enable us to maintain order book growth in the coming years too."

Recently, RITES secured the work for providing Project Management Consultancy to Indian Railways Station Development Corporation at a fee of Rs. 81.2 crore. RITES also secured number of orders above Rs. 10 crore which aggregate to Rs. 137 crore in consultancy and leasing segment in Q4 FY19. Total order book of consultancy and leasing segment as on 31.03.2019 stands at Rs. 2320 crore and Rs. 152 crore respectively.

RITES has secured a turnkey order for modernization of workshop from Northern Railway of Rs. 853 crore. A consultancy project of High Speed Rail Corporation of India Ltd. has been converted to turnkey valuing at Rs. 569 crore. A turnkey project received earlier from Indian Railways saw a reduction in scope of work of Rs. 294 crore. Turnkey order book is at Rs. 2584 crore as on 31.03.2019, as compared to Rs. 1408 crore as on 31.03.2018.

After successful completion of trial runs of its first Locomotive and DMU set in Sri Lanka, RITES has exported one more DMU set and locomotive to them in Q4 FY19. Export order book as on 31.03.2019 stands at Rs. 1086 crore.

Shares of RITES Ltd was last trading in BSE at Rs.256.8 as compared to the previous close of Rs. 251.35. The total number of shares traded during the day was 156157 in over 2332 trades.

The stock hit an intraday high of Rs. 261.8 and intraday low of 255. The net turnover during the day was Rs. 40387797.

Source: Equity Bulls

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