RITES reports its highest turnover of Rs1,294 crore for 2015-16
New Delhi: More than 40 years after its launch, Indian Railways mini ratna company Rail India Technical and Economic Service Ltd, or RITES, has achieved its highest ever turnover of Rs1,294 crore in 2015-16, 11% more than what it made in the previous financial year.
The company also recorded highest ever profit after tax of Rs339 crore during the same fiscal as against Rs306 crore in 2014-15, it said on Friday.
Chairman and managing director Rajeev Mehrotra told the company’s 42nd annual general meeting, “The growth in the business and excellent financial results has led to the dividend payout for the year to Rs136 crore, which is 136% of the paid-up share capital of the company. This is the highest ever dividend paid so far by the company.”
He added that the company also announced issue of bonus shares to the existing shareholders in the ratio of one share for every two shares held.
Mehrotra said one of the key achievements during the last fiscal was export of 60 broad gauge modern passenger coaches to Bangladesh Railways out of an order for 120 broad gauge coaches secured by the company during the year.
Besides, RITES also bagged a contract for the supply of 18 MG diesel electric locomotives to Myanmar Railways. He added that with positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years.
Notably, RITES recently secured two major turnkey projects from the ministry of railways—one to build a third line in Pendra Road-Anuppur section of Bilaspur division in South East Central Railway and the second for doubling of track works between Gooty-Dharmavaram in South Central Railway.
Established in 1974, RITES is a multi-disciplinary consultancy organization in the field of transport, infrastructure and related technologies and has global experience of working in 62 countries.