State-owned engineering consultancy RITES Ltd has announced that it has received a Letter of Award worth $18 million from Talis Logistics, South Africa, for the supply and commissioning of overhauled, in-service Cape Gauge ALCO diesel-electric locomotives.
According to the company’s filing with the stock exchanges, the contract will be executed within six to eight months from the receipt of advance payment. “We are pleased to inform you that RITES has received a letter of award from Talis Logistics, South Africa, for the supply and commissioning of overhauled in-service Cape Gauge ALCO diesel-electric locomotives,” the company said in its statement.
Recent Order Wins
The deal comes just a week after RITES secured another significant contract worth ₹78.65 crore from NTPC for leasing diesel locomotives for its power plants across India. That order is expected to be executed by September 2027, with the final value contingent on the actual requirements of different stations.
Q1 Financial Performance
In August, RITES reported its first-quarter results, posting marginal year-on-year growth. Revenue edged up 0.8% to ₹489.7 crore, while net profit rose 0.7% to ₹91 crore. The company, however, demonstrated stronger operational efficiency, with EBITDA up 7.8% at ₹114 crore and margins expanding by 150 basis points to 23.3%, despite subdued topline growth.
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