Latest News | Braithwaite Aims Rs 1,000cr Topline in FY23, Wagon Dependence Down to 50pc

Kolkata, Dec 14 (PTI) State-run Braithwaite & Co Ltd on Wednesday said it has reduced its dependence for revenue on wagons to 50 per cent in the last two to three years as it diversified into new areas to turn around and propel growth.

The company was projecting revenue growth of 30 per cent to Rs 1,000 crore in the current fiscal from Rs 764 crore in FY'22.

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The net worth of the company which was Rs 5.8 crore in 2017-18 will touch Rs 200 crore in the current fiscal, the official said.

“Our 98 per cent of revenue used to come from wagons in 2018-19 but we have reduced the dependence to 50 per cent by way of diversification into new areas to turn around from losses.

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“We have entered into the services sector in a big way, like O&M, civil construction, container manufacturing, foundry, material handling and solar,” Braithwaite & Co Ltd Chairman and Managing Director Yatish Kumar said at a special session with Merchants' Chamber of Commerce.

The PSU under the administrative control of the Ministry of Railways was targeting revenue of Rs 2,500 crore by 2025 and then it will evaluate how to hit the capital market. Its order book which is already at Rs 3,100 crore will swell to Rs 5,000 crore by 2025, he stated.

“We are also ramping up our capex from Rs 12 crore in FY23 to Rs 27 crore in FY'24,” Kumar said.

The Kolkata-headquartered firm which now enjoys Mini Ratna-I status was working toward Maha Ratna status and it will achieve this milestone in a few years, Kumar said.

The company has been able to bring down the fixed cost to sales from a high of 32 per cent in FY'18, to close to 7 per cent at present and will bring it down further to close to 6 per cent by the end of this fiscal, he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)