Railways firm RITES' 2014-15 net profit up 16 percent

Engineering consultancy company RITES on Thursday reported a growth of 16 percent in its net profit for 2014-15.

The mini ratna enterprise under the Indian Railways recorded its highest ever profit after tax (PAT) in 2014-15 which stood at Rs.306 crore from Rs.264 crore.

According to the Indian Railways, RITES -- formerly known as Rail India Technical and Economic Service -- expanded its core business of consultancy and loco-leasing in the fiscal under review.

The engineering, procurement and construction (EPC) major announced a dividend payout for the last fiscal amounting to Rs.62 crore.

As per the company's chairman Rajeev Mehrotra the key achievement during the last fiscal had been the award of a contract to supply 120 broad gauge passenger coaches to the Bangladesh Railways.

Furthermore, the company has completed preliminary engineering-cum-traffic study for the two proposed dedicated freight corridors namely the north-south and east-west.

The railways firm has also conduct field research for establishment of a modern bus terminal at Maltipatpur, Puri for the Odisha government.

"It (company) is also engaged in installation of 26 megawatt (MW) windmill farm in Jaisalmer, Rajasthan, the biggest renewable energy project for the captive consumption of railways through its JV (joint venture) company," the railways said in a statement.

The company added that its business of offering locomotives on wet lease including operation and maintenance continued to be well received by domestic non-railway clients.