NEW DELHI: RITES Ltd, a Railways PSU, has recorded 18 per cent increase in its total income in FY 2016- 17 compared to 2015-16, for the first time crossing the Rs 1,500 crore benchmark.
Despite severe competition from domestic and foreign consultancy companies, RITES recorded profit after tax of around Rs 330 crore on a turnover of Rs 1,508 crore, according to the provisional results submitted to its board of directors.
The company has also issued two bonus issues during the year, increasing its paid-up capital from Rs 100 crore to Rs 200 crore, according to a release.
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 train sets (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.
With positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years.
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.