RailTel gets ICAI award for excellence in financial reporting

RailTel has bagged the ICAI award for excellence in financial reporting for the year 2020-21 in Public Sector Entities Category, the central government PSU said on Thursday.

The company was adjudged as winner in the category plaque.

The award was given by the Institute of Chartered Accountants of India (ICAI), the premier accounting body which has been holding the annual competition for these awards since 1958.

Union Minister of State (Independent Charge) Science and Technology; Minister of State (Independent Charge) Earth Sciences and MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space Jitendra Singh presented the awards held here.

This award has been instituted with a view to promote better standards in the preparation and presentation of information in the financial statements.

RailTel continues to be a profitable company since the 2006-07 financial year(FY). Despite the Covid pandemic, RailTel managed to make rapid growth and recorded its highest-ever consolidated income in FY 20-21 of Rs 1,411 crore, a growth of 21 per cent and achieving a Compound Annual Growth Rate (CAGR) of 16.6 per cent over the last three years.

The company declared an interim dividend at the rate of 17.5 per cent of paid-up share capital (Rs 1.75 per share) for the FY 2021-22.

Speaking about the award, Puneet Chawla, CMD of RailTel said, After RailTel becoming a listed company, the responsibility of reporting the financial performance of the company in a fair and transparent manner has assumed greater significance.

This award has confirmed that the company is on the right track in this regard. We will continue to keep ourselves apprised of the prevailing best standards and accounting practices and implement the same.

I assure all the shareholders and stakeholders that financial reporting will always continue to be of high quality in times to come. The company has been receiving several awards for the last many years in different categories and fields which is the recognition of RailTel's efficiency, potential, capabilities and achievements, he said.

We are committed to provide best services to all our stakeholders and will continue to expand, diversify and upgrade our profile, he added.