September 06, 2008

RITES 2006-07 turnover up by 32.9% YoY

It is reported that RITES Limited has registered turnover of INR 566 crore in 2006-07 up by 32.9% YoY as against INR 426 crore in 2005-06. It has registered a profit after tax of INR 118 crore up by 19.2% YoY as against INR 99 crore.

Turnover from export of locomotives and rolling stock including leasing was the highest ever of INR 266 crore. Export was made to a number of new countries for the first time including Angola, Senegal and Mali. In addition, RITES continued to provide technical consultancy services in all facets of transportation to various overseas clients in Malaysia, Afghanistan, Senegal, Angola, Botswana and Myanmar.

Mr RK Rao chairman of RITES Ltd and the member mechanical of railway board, while addressing the 32nd annual general meeting, said that in the face of an extremely competitive business scenario, RITES succeeded in securing challenging and prestigious contracts worth INR 742 crore including INR 535 crore in India.

RITES Ltd has been declared as a schedule ‘A’ company. It was established in 1974 as schedule ‘C’ company with the initial capital of INR 1 million and then upgraded to schedule ‘B’ in 1987.