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RITES earns Rs. 267 cr. net profit for FY03-04

New Delhi, August 13, 2004

RITES, a Ministry of Railways Undenakiug, has posted an operating turnover of Rs. 267 Crores for the financial year 2003-04 as against Rs.254 Crores during the previous year.

Total turnover excluding extra- ordinary items increased from Ks. 269 cr, to Rs. 285 crore. The overseas business grew from Rs.92 crore in the previous year to Rs. 109 cr. The profit before tax excluding extra-ordinary items registered an impressive growth of 72%, from Rs. 47.83 cr. during the

previous year to Rs, 82.55 Crores.

During the year the company issued bonus shares in the ratio of 1:1. The Company declared a record dividend of 400% on the enhanced capital, amounting to Rs. 11.67 cr. inclusive of the 150% interim dividend paid, This is against last year's dividend of 250 %.

For the 12 year in succession, the Department of Public Enterprises has awarded 'Excellenf' rating to RITES on its peformance for the year 2002-2003.

RITES has been conferred with the "Top Expoiters" Award for the year 2002-03 by Engineeiing Exports Promotion Council-Nothern Region and SCOPE Award for excellence and outstanding contribution on the Public Sector Management for the year 2002-2003.

Addressing the 13th AGM of the Company, Shri P.N Garg, Chairman (RITES) and the Member Mechanical of the Railway Board said that in the face of an extremely competitive intetnational scenario, RITES succeeded in securing challenging and prestigious assignments in Uzbekistan, Uganda and Sudan,

During this year the company executed contracts in UK, Sharjah, Malaysia, Tanzania, Ethiopia, flotswana, Mozambique and Vietnam.

At home, the company is executing *major consultancy and project management contracts in the areas of Railways, Power, Construction and Quality assurance areas, including quality and safety audit.

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