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PSU under Railway Ministry, RITES, clocks highest turnover of Rs 1,294 crore

The Rail India Technical and Economic Service (RITES), a PSU under the Ministry of Railways, has achieved the highest-ever turnover of Rs 1,294 crore in financial year 2015-16, an increase by 11 per cent over the previous financial year.

By: | New Delhi | Published: September 16, 2016 8:09 PM
It also recorded the highest ever profit after tax of Rs 339 crore against Rs 306 crore in the previous year, an official release said. (Source: PTI)

The Rail India Technical and Economic Service (RITES), a PSU under the Ministry of Railways, has achieved the highest-ever turnover of Rs 1,294 crore in financial year 2015-16, an increase by 11 per cent 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, an official release said.

The PSU achieved the results despite severe competition from domestic and foreign consultancy companies, it said. One of the key achievements of RITES 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 last year.

RITES also bagged a contract for the supply of 18 metre gauge diesel electric locomotives to Myanmar Railways, the release said.

It has recently secured two major turnkey projects for the third line in Pendra Road-Anuppur section of Bilaspur division and Gooty-Dharmavaram doubling works.

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 a positive environment for investments in the Railways and other infrastructure sectors, the company sees high growth in the coming years, said RITES CMD Rajeev Mehrotra.

The growth in the business and excellent financial results have led to the dividend payout for the year to Rs 136 crore, which is 136 per cent of the paid up share capital of the company, he added.

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