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RITES Ltd, a Ministry of Railways Undertaking has secured a record breaking new business contracts worth Rs.635 crores during the year 2004-2005, which will ensure rapid growth in the years ahead. Against tough international competition (including Chinese firms), a joint venture led by RITES would be operating and managing Beira Rail Corridor in Mozambique for next 25 years envisaging investment in rehabilitation of US$ 152 million of which US$104.5 million has been committed by World Bank. RITES are on the threshold of gaining another major railway concession in Tanzania.
RITES has achieved a turnover of Rs 240 crores with operating profit of Rs. 68 crores and net profit after tax of Rs 41 crores for the financial year ending March 31,2005. An interim dividend of Rs. 4 crores has already been paid and it is further proposed to pay a final dividend of Rs. 8 crores to the Ministry of Railways. A total dividend payment of Rs. 12 crores on an equity capital of Rs. 4 crores is the highest ever paid by the company.
With experience in 62 countries across the globe, RITES currently is engaged in important infrastructure development assignments related to railways, highways, airports, urban transport, waterways besides export and leasing of locomotives and rolling stock in countries like Malaysia, Myanmar, Uganda, Ethiopia, Mozambique, Tanzania, Sudan, UK, Colombia, Angola and Senegal. RITES experts are working in Afghanistan for reconstruction and development works in setting up systems and procurement of equipment, goods & services.
Set up in 1974 with a share capital of only Rs.10 lakhs, the Ministry of Railways capital has grown to Rs 4 crores through bonus issues and the reserves have risen to Rs 307 crores as on 31st March 2005.
An ISO 9001:2000 certified company, RITES are engaged in projects of national importance like Delhi Metro Project, Development Programme of National Highway Authorities, Pradhan Mantri Gramin Sadak Yojana, Housing Programme of Ministry of Defence, airports and ropeways in different states.
BSC/HK/CK-136/05
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