At Rs 562 crore, RITES registers 42.6 per cent rise in revenue in Q3 FY19

RITES, a public sector unit under the Ministry of Railways, said it has registered a revenue of Rs 562 crore in the quarter ending December, registering an increase of 42.6 per cent over the same period last year. RITES is an engineering consultancy company under the aegis of the Indian Railways.

The board of directors of RITES in a meeting on Tuesday approved the results for the third quarter and nine months ending December 31, 2018, according to a statement issued Wednesday.

Chairman and Managing Director, RITES Limited, Rajeev Mehrotra, said, “I am pleased to announce that with strong focus on execution of projects, the company has recorded a total revenue of Rs 562 crore in the Q3 FY19, up by 42.6 per cent over Q3’FY18 and a total revenue of Rs 1,402 crore in nine-month ending December 31, 2018, up by 38.2 per cent on YoY (year-over-year) basis.”

“RITES supplied the first set of DMU and locomotive to the Sri Lanka Railways in Q3 FY19,” he said.

Since, the DMU set has been successfully tested, the supply of further lots is expected to take place in the fourth quarter of FY19 and onwards, Mehrotra said.