The company said that the order is subject to award after the due process of CFM, Mozambique's scrutiny/ evaluation as per the requisite requirements mentioned in the tender documents. The estimated value of the bid is approximately Rs 500 crore.

RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 March 2023, the Government of India held 72.2% stake in the company.

The company's consolidated net profit fell 3.5% to Rs 132.01 crore in Q4 FY23 on 10.3% decline in net sales to Rs 686.81 crore in Q4 FY23 over Q4 FY22.