RITES Ltd turnover rises -Governance Now

RITES Ltd turnover rises

The railways' enterprise would pay dividend of Rs 133 crore

GN Bureau | August 29, 2017

#PSU #railway #RITES #turnover #Rajeev Mehrotra #Sri Lanka #Bangladesh #Mauritius #Senegal

RITES Ltd, a railway ministry enterprise, has for the first time crossed benchmark turnover of Rs 1,500 crore and clocked gross turnover of Rs 1,509 crore in FY 2016-17, which is 18 percent higher than turnover of Rs 1,278 crore in 2015-16.

Profit after tax (PAT) during the year was Rs 331 crore. It would pay the dividend of Rs 133 crore which is equivalent to 66.5 percent paid up equity capital of Rs 200 crore of which Rs 55 crores has been paid, a release stated.

Chairman and managing director, RITES Ltd, Rajeev Mehrotra said last year ended with a healthy order book of Rs 3,731 crore, which is also the highest ever. “During the year, the PSU had two bonus issues which resulted in an increase of paid-up capital from Rs 100 crore to Rs 200 crore. The authorised share capital of the company was also increased from Rs 200 crore to Rs 300 crore,” he said.

In the past, RITES has been rated as excellent in its MoU performance.

Key achievements during 2016-17 fiscal were securing of a high value export order of Rs 680 crore from Sri Lanka Railways for the supply of locomotives and DMU train sets and signing of contract with Mauritius government for providing services for implementation of light rail transit system. RITES successfully completed contract with Bangladesh Railway for supply of 120 Linke Hofmann Busch (LHB) coaches made at RCF Kapurthala and export of six 1350 HP locomotives to Senegal.

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