23 Sep : RITES Ltd, a schedule ‘A’, Mini Ratna Enterprise under the Ministry of Railways, has reached new heights of excellence in its operational performance during the year 2007-08. The company has achieved a gross turnover of Rs.661 crore (previous year Rs.567 crore) which is up by 16.6 per cent and a profit before tax of 180 crore (previous year Rs.171 crore) which is up by 5.3 per cent.
The business outlook of the company is very encouraging as the company’s book order value stood at Rs.1092.40 crore at the end of the financial year. In view of continuous growth and excellent financial results in its overall performance, RITES has been rated ‘excellent’ based on MOU for the year 2007-08 judged by the Department of Public Enterprises
Addressing the 34th Annual General Meeting of the Company, Shri R.K.Rao, Chairman (RITES) and the Member Mechanical, Railway Board said that one of the most prominent achievements during the year had been the breakthrough for the implementation of Tanzania Railway concession project on a new structure with RITES and Government of Tanzania as members of the consortium. RITES has won this concession against stiff international competition. RITES has to rehabilitate and operate freight as well as passenger trains over the entire Tanzanian Railway network for the next 25 years. The assets conceded to RITES are over 350 million dollars.
The other concession in Mozambique awarded during 2004-05 for operating the Beira rail system for 25 years is for transporting coal from mines. The rehabilitation of rail system is progressing satisfactorily and is likely to be completed by 2009.
RITES achieved a new high with the export of first ever consignment of two diesel multiple unit train sets and one self propelled accident relief train to Angola. There was a major expansion in leasing activities. RITES was awarded the leasing contract of 23 in- service coaches and 25 in-service diesel locomotives to Tanzania Railways Limited(TRL Exports of rolling stock were also made to a number of other countries including Angola, Senegal and Mali.
Recently, RITES has been awarded a prestigious project worth US$ 74 million by the Sri Lankan Transport Ministry as a part of the Southern Railway Line Upgrade project affected by Tsunami. This is the largest ever export order which envisages rehabilitation of the Colombo-Matara line and induction of new passenger train services.
In addition, RITES continued to provide technical consultancy services in all facets of transportation to various overseas clients in Malaysia, Afghanistan, Senegal, Angola, Botswana, UAE and Myanmar.
The salient features of domestic business during the year has been the award of prestigious assignments of advisory consultancy services for Taj Expressway from Greater Noida to Agra; general consultancy for Bangalore Metro, feasibility studies for setting up of Multimodal Logistics Parks. RITES has successfully completed the preliminary engineering cum traffic survey of Eastern and Western Dedicated Freight Corridor routes. RITES has been the think tank for transport policy development and it is engaged in the country level total transport system study for the Planning Commission.