Sep 19, 2016

RITES reports 10.78% rise in Profit for last fiscal

RITES reports its highest turnover of Rs1,294 crore for 2015-16. Growth in the business led to dividend payout for the year to Rs136 crore, which is 136% of the paid-up share capital of RITES


File Pic: Shri Rajeev Mehrotra, Chairman and Managing Director, RITES Ltd., receiving “Financial Pride Award” at the Jindal Global Business School (JGBS) Top Rankers Excellence Awards

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 Rs.1,294 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 Rs.339 crore during the same fiscal as against Rs.306 crore in 2014-15, it said on Friday.

RITES achieved these results despite severe competition from domestic and foreign consultancy companies.

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 Rs.136 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.

The company had secured an order to supply Bangladesh Railways with 120 broad gauge coaches during last year.

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.
  • RITES Achieves Highest Ever Total Income of Rs. 1294 Crore, Higher by 11% Over The Previous Year
  • Highest Ever Profit After Tax (PAT) Also Achieved
  • The Company Pays Highest Ever Dividend
  • The Company Announces 1:2 Bonus Shares
  • Export of Coaches to Bangladesh and Supply of Locomotives to Myanmar are the Key Achievements During the Year 2015-16
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. RITES is also involved in mega transportation projects like dedicated freight corridors, metros, high speed rail studies, logistics parks, rail infrastructure and green energy etc.

With positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years.

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.

 

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