Central Public Sector undertaking RITES ltd is working on a major turnkey project for the Union Ministry of Railways for laying the third railway track in Pendra Road- Anuppur section of Bilaspur division of South East Central Railway (SECR), a press release of the Union Ministry of Railways has informed.

The company is also working on a turn key project for Gooty- Dharmavaram rail track doubling works for South Central Railway.

Notably, RITES ltd, which is under the Ministry of Railways has recorded 18% increase in its total income in FY 2016-17 compared to 2015-16.

It has for the first time crossed the Rs. 1500 crores benchmark.

Despite severe competition from domestic and foreign consultancy companies, RITES recorded PAT of around Rs.330 crores on a turnover of Rs.1508 crores, according to the provisional results submitted to its Board of Directors.

The company has also issued 2 bonus issues during the year, increasing its paid-up capital from Rs. 100 crores to Rs. 200 crores.

During the year, the company completed the supply of 120 coaches to Bangladesh Railways and has signed two new contracts with Sri lanka Railways for the supply of Indian Railways produced locos (DlW, Varanasi) and DMU train sets (ICF, Chennai) which will be exported in the coming year by RITES to Sri lanka Railways.

In India, 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.

With positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years.