While Indian Railways have been struggling to recover from mega losses, its PSU Rail India Technical and Economic Service (RITES) has achieved the highest ever total income of Rs 1,294 crore in 2015-16. Its net profit stood at Rs 339 crore against Rs 306 crore last year.
“RITES achieved these results despite severe competition from domestic and foreign consultancy companies,” said RITES MD Rajeev Mehrotra at the 42nd Annual General Meeting of the Company. Railway Board Member (Rolling Stock) Hemant Kumar was also present on the occasion.
Mehrotra said that one of the key achievements during the year had been the export of broad gauge modern passenger coaches to Bangladesh Railways. A mini ratna, RITES also bagged a contract for the supply of 18 MG diesel electric locomotives to Myanmar Railways.
“With positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years,” Mehrotra told The Pioneer.
Mehrotra said that under the guidance of Railway Minister Suresh Prabhu, RITES have also secured two major turnkey projects for the third line in Pendra Road-Anuppur section of Bilaspur.