“We are pleased to inform you that RITES has emerged as top scorer (H-1 bidder) based on QCBS evaluation for βProvision of Engineering Services for Design- Build-Finance: Upgrading of the Palmyra to Moleson Creek Highway- Lot 1-3β from Ministry of Public Works, Government of the Co-operative Republic of Guyana,” RITES said in a regulatory filing.
The letter of acceptance shall be issued after due process of scrutiny /evaluation by the Ministry of Public Works, Government of the Co-operative Republic of Guyana, it said.
The project has a timeline of 60 months including the pre and post-construction period.
Earlier last week, the company had announced that it won a Rs 148.25 crore order from the Indian Institute of Management (IIM) Raipur.
Also read | Poonawalla Fincorp shares fall 3% after CTO steps down citing harassmentRITES is a public sector firm which was established in 1974. The company is engaged in transport consultancy and engineering, known for its diversified services and extensive geographical reach. It serves as the exclusive export arm of Indian Railways for rolling stock overseas, except in Thailand, Malaysia, and Indonesia.
RITES reported lower results across all key parameters for the quarter ended September, compared to the same period last year. During the quarter, net profit fell 25% to Rs 82.5 crore, down from Rs 110.2 crore, while revenue slipped 7.1% year-on-year to Rs 541 crore, compared to Rs 582.4 crore in the year-ago period. EBITDA fell 23% year-on-year to Rs 106.4 crore, down from Rs 138 crore, during the quarter.
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