Railway PSU Rites Records 16% Hike in Profit

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New Delhi: RITES Ltd., a schedule ‘A’, Mini Ratna Enterprise under the Ministry of Railways has recorded highest ever PAT of Rs. 306 crores during the year 2014-15 against Rs. 264 crores of previous year, higher by 16%. RITES has recorded new heights in its core business of consultancy and loco leasing, which has seen an increase of 31% from Rs. 593 crore to Rs. 776 crore during the year 2014-15. The dividend payout for the year is amounting to Rs. 62 crore, which is 62% of the paid up share capital of the company & is also the highest ever paid dividend so far. The company has been consistently rated as “Excellent” in its MOU performance. During the year under review, company has once again delivered an outstanding performance and is eligible to be rated as “Excellent” in its evaluation under MOU for the year 2014-15. RITES continues to maintain its position in transport and infrastructure sectors despite stiff competition.

Addressing the 41st Annual General Meeting of the Company, at Rail Bhawan, New Delhi today Mr. Rajeev Mehrotra, Chairman (RITES) said that one of the most key achievement during the year had been the award of the prestigious project of Bangladesh Railways (BR) for the supply of 120 broad gauge LHB passenger coaches and the completion of the contract for the delivery of twenty six locomotives. Also, the company completed preliminary engineering-cum-traffic study for the two proposed Dedicated Freight Corridors: North-South Corridor and East-West Corridor in India and Modern Bus Terminal at Maltipatpur, Puri for the Odisha Government. It is also engaged in installation of 26 MW windmill farm in Jaisalmer, Rajasthan, the biggest renewable energy project for the captive consumption of railways through its JV Company with the Indian Railways. Business of offering locomotives on wet lease including operation & maintenance continued to be well received by domestic non- railway clients. With positive scenario for railways and other infrastructure investments, the company sees growth in the coming years.

Chairman Railway Board Sh. A.K. Mital and other Members of Railway Board were among those, who were present on the occasion.