New Delhi : A PSU, RITES Ltd, under the Ministry of Railways, has recorded 18% increase in its total income in Financial Year 2016-17 compared to 2015-16. It has for the first time crossed the Rs. 1500 crores benchmark. Despite severe competition from domestic and foreign consultancy companies, RITES recorded PAT of around Rs.330 crores on a turnover of Rs.1508 crores, according to the provisional results submitted to its Board of Directors.
The company has also issued 2 bonus issues during the year, increasing its paid-up capital from Rs. 100 crores to Rs. 200 crores.
During the year, the company completed the supply of 120 coaches to Bangladesh Railways and has signed two new contracts with Sri Lanka Railways for the supply of Indian Railways produced locos (DLW, Varanasi) and DMU trainsets (ICF, Chennai) which will be exported in the coming year by RITES to Sri Lanka Railways.
In India, 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. In India, RITES is working on two major turnkey projects from the Ministry of Railways, for the third line in Pendra Road- Anuppur section of Bilaspur division of South East Central Railway and Gooty- Dharmavaram doubling works for South Central Railway.