RITES RECORDS EXCELLENT PERFORMANCE
IN 2002-03
The RITES Ltd., a
public sector undertaking, of the Ministry of Railways, registered
an impressive growth by achieving the highest turnover of Rs.322
crore, for the financial year ending March 31, 2003 as against
Rs.283 crore in the previous year. The turnover includes a sum
of Rs.53 crore which arose out of the settlements made during
the year, of dues related to projects executed in Iraq, in the
past. The turnover from consultancy fee has grown by 35 per cent
to Rs.162 crore in the domestic segment and by 21 per cent to
Rs.48 crore in the foreign segment. The export and overseas leasing
business was of Rs.44 crore. The pre-tax profit of Rs.100 crore
earned by the Company during the year is the highest ever. The
net profit after tax rose to Rs.54.4 crore against Rs.39.1 crore
of last year. The Company declared 125 per cent final dividend
in addition to interim dividend of 125 per cent paid earlier.
RITES, a Mini Ratna, has got the distinction of being a
profit earning PSU since its inception 29 years ago. The Company
secured new contracts worth Rs. 423.4 crore during the year as
against Rs.233.4 crore in the previous year. The compounded Annual
Growth Rate (CAGR) for the last ten years in turnover has been
19.4 per cent while for net profits, it is 23.2 per cent.
For the eleventh
consecutive year, the department of Public Enterprises has rated
RITES as "Excellent" in its performance evaluation,
under the MOU signed between RITES and the Government of India,
for the year 2001-2002.
The Company has obtained
the ISO 9001-2000 quality management certification for its entire
range of activities. RITES has been selected by FIEO for the Niryat
Shree Gold Trophy for the year 2001-2002 and the Bronze Trophy
for the year 2000-2001, for its high export performance in the
service sector.
Addressing the twenty-ninth
Annual General Meeting of the Company, the Managing Director,
Shri D.C. Mishra said that in the face of an extremely competitive
international scenario, RITES succeeded in securing challenging
and prestigious assignments during the year in Tanzania, Malaysia,
Mozambique, Botswana, Bangladesh, Sri Lanka and Vietnam besides
ongoing projects in UK, Colombia and Malawi.
At home, the major
sectors of company’s core business of consultancy contiue to be
railways, highways and urban transport and construction management.
Excellent performance of the Company in Delhi Metro Project has
resulted in the Company emerging as a front runner in urban transportation
sector. RITES has widened its scope from rendering consultancy
to participate in ventures of private participation, both at home
and overseas, in railways.
