RITES Ltd., a schedule ‘A’, Mini Ratna Enterprise under the Ministry of Railways has achieved highest ever total income of Rs. 1294 crore,in financial year 2015-16 higher by 11 percent over the previous financial year. It also recorded the highest ever profit after tax of Rs. 339 crore against Rs. 306 crore in the previous year. RITES achieved these results despite severe competition from domestic and foreign consultancy companies. The company is expected to get ‘Excellent’ rating in its MOU performance based on the financial results for the year. RITES continues to maintain its key position in transport and infrastructure sectors despite stiff competition. 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. The company has also announced issue of bonus shares to the existing shareholders in the ratio of 1 share for every 2 shares held.
This information was given at the 42nd Annual General Meeting of the Company, by Shri Rajeev Mehrotra, Chairman and Managing Director (RITES). Member Rolling Stock, Railway Board Shri Hemant Kumar was also specially present on the occasion.
In his speech, Shri Rajeev Mehrotra, CMD RITES said that one of the key achievements during the year had been the export of broad gauge modern passenger coaches to Bangladesh Railways out of the order of 120 broad gauge coaches secured by the company during last year. RITES also bagged a contract for the supply of 18 MG diesel electric locomotives to Myanma Railways.
In India, RITES has recently secured 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. 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