Mon Dec 09 08:07:59 UTC 2024: **Indian Firm RITES Wins US$9.7 Million Guyana Highway Contract, Shares Surge**

Georgetown, Guyana/Mumbai, India (December 9, 2024) – RITES Limited, a leading Indian public sector undertaking specializing in transport infrastructure, saw its shares jump 4.44% today after securing a significant contract in Guyana. The company was awarded a US$9.7 million contract (approximately Rs. 82.29 crore) by the Guyanese Ministry of Public Works to upgrade the Palmyra to Moleson Creek Highway.

The project, valued at US$9,713,470 (excluding taxes), will span 60 months, encompassing 36 months of pre-construction and construction, and a 24-month post-construction defect liability period. RITES was selected as the highest-scoring bidder.

This international win adds to RITES’ already robust order book, which stood at Rs. 6,581 crore as of September 2024. The company reported strong performance in Q2 FY25, securing Rs. 729 crore in new projects, despite a 7.04% year-over-year revenue decline to Rs. 541 crore and a 25.45% drop in net profit to Rs. 82 crore. Despite the quarterly dip, RITES boasts a three-year CAGR of 8.79% in revenue and 3.69% in net profit.

The company’s diverse portfolio includes consultancy services, turnkey projects, and exports, with a significant portion secured through competitive bidding. Other notable recent projects include a Rs. 320 crore medical college and hospital construction in Amravati and various railway and road infrastructure projects across India. RITES also continues to expand its export and leasing divisions.

**Disclaimer:** *This news article is based on information provided by Trade Brains. Investing in stocks involves risk. Consult a financial advisor before making any investment decisions.*

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