Braithwaite & Co Ltd announced performance and future plans

New Delhi: Braithwaite was established in Kolkata in 1913; subsequently nationalized in 1976 as a wholly owned Govt. of India Undertaking, currently is under the administrative control of the Ministry of Railways. Its product range includes the manufacture of Railway wagons, repairing/retro fitment of old wagons, structural steel bridges including civil jobs, manufacture of wagon components, O & M of Railway Workshop, Crane manufacturing & services, recently ventured into Container manufacturing in line with ‘ATMANIRBHAR BHARAT’, redevelopment of Railway station, installation of Solar power projects.

Braithwaite Performance:

As regards the performance of the Company, Braithwaite was under the purview of BIFR / BRPSE during the period 1992 to 2006. The business hovered in the range of Rs 120 Cr. to Rs. 150 Cr. from 2014-15 to 2017-18, having accumulated loss of Rs. 27.65 Cr. in the Books. Subsequently, a change in leadership catapulted the Company, whereby it shifted the Revenue generation strategy from core manufacturing sector to service sector & new verticals. Since then, Braithwaite has been in an expansion mode w.r.t. performance, in every passing year since 2018-19, even ignoring the pandemic impacts and performed all round development during the last 5 years. 

Major achievements/developments in the last 5 years:

Surpassed all its major physical & financial parameters and achieved Best Ever Annual Figures in 2022-23, the major ones being depicted in the graphs stated below.

Upgradation of Credit Ratings five-fold during this period, from BB+ to A.

Declared as a Prototype Hub by the Government, in partnership with RDSO. Accordingly, developed new design wagons on regular basis.

Ventured into service sector by opening up wagon repairing services at customer sites across India, resulting in additional revenue.

Diversified into various new business verticals, such as O & M of Rly Workshop, Crane services, Civil & Bridges etc. resulting in increase of business volume.

Successfully ventured into the business of manufacturing containers as Government’s initiatives towards ‘ATMANIRBHAR BHARAT’.

Attained highest ever Order Book position of Rs. 2,346 Cr., spreading over several verticals & sectors.

Shifting of Revenue generation from wagon manufacturing to service sector & new business verticals, and transformed Company into a Manufacturing-cum-Service Hub in 60:40 ratio.

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Conferred various awards, few of them are:

• ASSOCHAM 2022-23 - “Best in Class Design for Manufacturability and New product Development”
• CII & EY 2022-23 - 12th PSE Awards in ‘Corporate Social Responsibility & Sustainability’
• ICC 2021-22 – “CMD of the Year in Mini Ratna Category (Runner-up)” CII Quality Awards 2019-20 - Most Significant Improvement in TQM in the Medium Scale CII in 2019-20 - Annual Productivity Awards in Group A in Significant Category
• Infrastructural development in Plants & Office revamping, induction of new state-of-the-art machines.
• Established world class welding training centre, being expanded to other cities too.
• Implementation of latest Pay-scale for all unionized employees and officials. Many other employee- oriented welfare measures introduced, for the first time. 
• Conferred ‘Mini Ratna - I’ status by Govt of India. Also applied for Schedule ‘A’ status, being eligible.

        
Sales (Rs. Cr.)    PBT (Rs. Cr.)    New Wagon (In Nos)

Financial Year    Overall Rating by Govt of India
2022-23               EXCELLENT (As per Self-evaluation)
2021-22               EXCELLENT
2020-21               EXCELLENT
2019-20               EXCELLENT
2018-19               VERY GOOD
2017-18               POOR
    
Net Worth (Rs. Cr)     MoU Performance Rating    Order Book Position (Rs. Cr.)

Today, there is a perceptible positive change in the employee and stakeholders. People around Braithwaite strongly feel and believe that Braithwaite is a progressive organization and their dedication and positive contribution could make a big difference to the Company and the results/performances vouch for the changed mind set.

Achieving the desired – Vital areas of impetus:

Working Capital Management & Support from Ministry: Effective management of Working capital played a pivotal role in managing fund outflow, whereby Banker also enhanced its credit limit & other financial facilities w.r.t. operations. The cycle of Debtors’ credit period was reduced whereas the creditors’ credit period cycle was rationalized. Railway Ministry has also provided all-round support and assistance, for turning around of Braithwaite & reposed confidence on its improved performance.

Vendor & Inventory Management: Effective steps were taken for reinstatement of debilitating vendor relationship by addressing vendor grievances, as well as exploitation of under-utilized inventory with proper planning, techniques and proper & timely utilization of resources, thereby significantly improving inventory utilization. 

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Diversification of Product base to fend off Over-dependence on a Single Product: Apart from the core business of manufacturing Wagons for Indian Railways, currently, the Company has diversified into several new business verticals. Marketing activities strengthened, newer avenues were explored and orders in diverse business verticals were received regularly. Orders on new verticals are flowing in. Today, the Company has a healthy order-in-hand of Rs. 2,346 Cr. The company is confident to maintain its growth trend, based on the orders in the pipeline.

Employee / Stakeholders’ support & Technological upgradation: The sense of insecurity and lack of motivation amongst stakeholders were wiped out due to Management’s progressive attitude & intervention. Employees’ pay-structures were revised with the latest guidelines and many staff welfare measures introduced. To arrest depletion of trained and skilled manpower due to superannuation, staff induction, as per requirement in vital operational areas, were taken up. Implementation of various technological projects such as in-house ERP system, Vendors’ portal (OBSIS), wide usage of e-office etc. within the organization for operational ease, has been taken up.

Dynamic Leader & Management: The Turnaround was achieved under the able leadership and efforts of the present CMD and his team, an achievement that was made possible only because of sheer will, dedication, and team work along with business acumen and prompt decision-making process.

Braithwaite Future Outlook…. Marching Ahead:

• Shifting Revenue generation from core manufacturing sector to service sector & new verticals and aims to make the ratio 50:50 in future.
• Continue developing new state-of-the-art design wagons, as Company is recognized Prototype-HUB by Govt. of India, partnering RDSO in Design & Development of new Freight Car. 
• Pay out of Dividend to GoI w.e.f FY 2023-24, for the first time in Company’s history.
• In line with GoI’s policy of ‘Make-in-India’ & ‘Atmanirbhar Bharat’ and Rly Ministry’s entrustment, Braithwaite aims to become a Container Manufacturing Hub.
• Expanding Welding Training Centre across India.
• Re-building expertise in Civil Construction & fabrication of steel bridges. 
• Establish Single Point Solution Provider, w.r.t. Crane handling and services.
• Envisages upgradation of the Company from “Schedule B” to “Schedule A” CPSE.
• Braithwaite aims to not only sustain but also maintain its growth momentum and endeavors to achieve turnover of Rs 2500 Cr. as also desiring to be a listed CPSE by FY 2025-26.

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