Established on April 26, 1974, RITES Limited, a distinguished Navratna and Schedule 'A' Central Public Sector Enterprise within the Ministry of Railways, operates as a versatile engineering and consultancy organization. It offers a comprehensive spectrum of services spanning from conceptualisation to project completion across diverse segments of transport infrastructure and associated technologies. In 2000, Rail India Technical and Economic Services Private Limited was renamed to Rites Limited. Later, in 2008, the company was transformed into a public limited entity. With a history spanning over 49 years, RITES has emerged as a prominent figure in India's transport consultancy and engineering domain. The company is distinguished by a remarkable portfolio of services covering railways, highways, urban engineering (metros) and sustainability, airports, ports, ropeways, institutional buildings, inland waterways, and renewable energy. Notably, RITES serves as the exclusive export arm of Indian Railways for rolling stock, excluding Thailand, Malaysia, and Indonesia. RITES' global footprint extends across more than 55 countries in Asia, Africa, Latin America, South America, and the Middle East. In a significant milestone, the company achieved listing status in July 2018 and has secured a position among the top 500 listed Indian companies based on its market cap.

Business Segments

RITES Limited operates in 5 main business segments:

1. Consultancy Services:RITES offers various services, including techno-economic feasibility, project management consultancy, detailed project reports, and construction supervision.
2. Leasing of Railway Rolling Stock and Equipment:The company delivers leasing services for railway rolling stock and equipment.
3. Export of Rolling Stock, Equipment, and Spares:RITES is the only export arm of Indian Railways for providing rolling stock, other than Thailand, Malaysia, and Indonesia.
4. Turnkey Construction Projects:The organization undertakes turnkey construction projects for various sectors, including railways, highways, urban engineering (metros) and sustainability, airports, ports, ropeways, institutional buildings, inland waterways, and renewable energy.
5. Quality Assurance:RITES delivers quality assurance services to its customers, which include pre-dispatch inspections, in-process and stage inspections, testing, and conformity assessments. The company has certified experts who specialise in various areas such as ultrasonic, magnetic, and dye-penetrant testing, radiography, high voltage testing, metrology, and metallurgical investigations.

Subsidiaries of Rites Limited

1. RITES Afrika (Pty) Limited:This subsidiary is involved in providing consultancy, engineering, and project management services in the field of railways, highways, airports, ports, ropeways, urban transport, inland waterways, and renewable energy in South Africa and other African countries.
2. REMC Limited:REMC is a joint venture between RITES Limited and REMC Holdings, core prioritying on providing consultancy, engineering, and project management services in the field of railways, highways, airports, ports, ropeways, urban transport, inland waterways, and renewable energy in India and other countries.

Key Personnel

Rahul Mithal, Chairman and Managing Director  Rahul Mithal is the Chairman and Managing Director of RITES Limited. He acquired the full reins of as Chairman and Managing Director of RITES Ltd. on October 7, 2021. Mr. Mithal is also the Chairman of REMC Ltd.. He comes from the Indian Railway Service of Mechanical Engineers. Prior to joining Rites, he served as the Functional Director on the Board of Container Corporation of India Limited for four years, from September 29, 2017, to October 6, 2021, where he was in charge of the Projects & Services wing. With over 20 years of experience, he has held various key positions in the Indian Railways.

Corporate Actions

Buyback

• Rites Ltd. announced that it has approved a buyback of up to 96,98,113 equity shares at a price of ₹265 per share, amounting to ₹257 crore. The record date for the buyback is September 30, 2020.

Bonus

• RITES Limited issued a 1:4 bonus issue, with one bonus share for every four shares held, with a record date of August 11, 2019.

Management Outlook

1. The organization's wide consulting expertise and multi-pronged approach position RITES to tap into new opportunities, markets, and areas, contributing to potential revenue growth.
2. As large-scale development of transport networks continues, especially in economies like India, RITES is strategically aligned to benefit from the changing economic dynamics and rapid urbanisation, suggesting positive financial prospects.
3. The organization's capability to undertake complex and multi-faceted projects in thrust areas, such as railway electrification, semi-high speed initiatives, and sustainable infrastructure, indicates potential revenue generation and sustained growth.
4. RITES identifies geographical zones like Southeast Asia, Africa, and Latin America as strong growth potential areas for its enterprise, implying possibilities for increased revenue through consultancy and export of rolling stock.
5. The collaboration with IIT-Kanpur for sustainability works, including projects related to air quality sensors and waste management, showcases RITES' commitment to innovative solutions, possibly indicating investments in research and development that could impact its financial performance positively.