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           A JV of RITES Ltd & Ministry of Railways



Mr. Rahul Mithal Chairman

Dear Shareholders,
I write this with a sense of pride about how well your company performed during the financial year 2022-23, not just in financial terms, but also in terms of what we accomplished for our stakeholders.

During FY23, your company has achieved two key milestones first, the highest-ever turnover of 117.06 crore, up by 23.05% and profit before tax of 83.80 crore, up by 30.30%, secondly, your company became a debt-free entity,

Based on the company’s excellent performance, your Board of Directors has recommended 3 per share as the final dividend, which comes to 30% of the paid-up capital of the company for FY23 in addition to an interim dividend of 2.50 per share, which has already been paid during the year. It is the highest-ever dividend payout of 5.50 per share totaling to 57.75 Crores, 97.82% of the profit earned.

With a focus on cleaner sources of power to effectively balance growth with sustainability, your company assisted the Railways in procuring 1418 MUs of green energy as compared to 179 MUs in FY22. Also, your company facilitated procurement of 14414 MUs of energy for the Railways under the ‘open access’ policy during the year as compared to 11054 MUs in FY22. It has, so far, arranged open access in 13 states/entities (including DVC control Area & UP ISTS).

The Railways’ aim to have 100% electrification of its broadgauge network and its vision for net zero carbon emissions by 2030 is providing multiple opportunities and your company is tapping these aggressively. Accordingly, your company has already tied-up for 1800 MW of standalone renewable (solar & wind) power through mega solar parks in Madhya Pradesh, Uttar Pradesh, and a solar power plant, under the CPSE scheme, in Karnataka besides for wind power in Maharashtra. Under the Round-The-Clock (RTC) mode 1000 MW of renewable power has also been tied-up for 25 years for the Railways to provide renewable energy 24X7, complementing the Railways’ integrated approach for a green environment.

Your company consistently endeavors to adopt and maintain the highest standards of ethics in all spheres of business activities. It accords highest importance to transparency, accountability and credibility in all facets of its operations.

Further, your company is implementing the precepts of Corporate Governance in letter and spirit. As a responsible corporate entity, your company has spent  ₹101.04 lakh on various CSR activities during FY23.

All the above would not have been possible without the continuous support and guidance of our parent ministry and our stakeholders for which we are thankful. With a vision to assist the Railways in achieving its Net Zero mission, your company remains committed to its vision of continuing to cross new frontiers in the renewable energy space.

                                                                        With Best Wishes,

                                                                                                                                                                      (Rahul Mithal)
                                                                                                                                                                     REMC LIMITED
Date : 17.08.2023