RailTel Corp wins 'Plaque Shield' ICAI Awards for Excellence in Financial Reporting

14 Feb 2022 , 11:08 AM

RailTel Corporation of India, a Miniratna Central Government PSU under Ministry of Railways has been awarded the ICAI Award for Excellence in Financial Reporting for the year 2020-21 in Public Sector Entities Category.

The company has been adjudged as ·winner in the category “plaque”. Institute of Chartered Accountants of India (ICAI), a premier accounting body has been holding the annual competition for these awards since 1958.

Financial Reporting includes the preparation and presentation of financial information. Effective Financial Reporting plays a significant role in accelerating the economic growth of a country as the information provided through annual reports enables the management and other relevant stakeholders in taking various effective business, investment, regulatory decisions.

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

RailTel continues to be a profitable company since FY 2006-07. Despite Covid pandemic, RailTel managed to make rapid growth and recorded its highest ever consolidated income in FY 20-21 of Rs1411 crore, a growth of 21% and achieving a Compound Annual Growth Rate (CAGR) of 16.6% over the past 3 years. The company declared an Interim Dividend at the rate of 17 5% of paid-up share capital (Rs1. 75 /- per share) for the FY 2021-22.

At around 11:10 AM, Railtel Corporation of India was trading at Rs107 apiece down by Rs4.5 or 4.04% on Sensex.