"Despite severe competition from domestic and foreign consultancy companies, RITES recorded PAT (profit after tax) of around Rs 330 crore on a turnover of Rs 1,508 crore," the Ministry of Railways said in a statement.
"The company has also issued two bonus issues during the year, increasing its paid-up capital from Rs 100 crore to Rs 200 crore."
According to the ministry, in 2016-17 RITES completed the supply of 120 coaches to Bangladesh Railways. The company also bagged two new contracts with Sri Lanka Railways for the supply of locomotives and DMU train sets.
"With positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years," the statement said.
"In India, RITES is working on two major turnkey projects from the Ministry of Railways."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.