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.
The company is expected to get ‘Excellent’ rating in its MOU performance based on the financial results for the year.
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.
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.
Background:
RITES Limited (earlier known as Rail India Technical and Economic Service) is an engineering consultancy company, specializing in the field of transport infrastructure.
Established in 1974 by the Government of India, the company’s initial charter was to provide consultancy services in rail transport management to operators in India and abroad.
RITES has since diversified into planning and consulting services for other infrastructure, including airports, ports, highways and urban planning.
Recently on-shore WDS6 Diesel Loco Leasing service has been introduced.
It has been awarded the status of MINIRATNA in 2002.
It has executed projects in over 62 countries on every major continent.