RVNL 18th AGM: Highlight achievements of Annual Report FY 2020-2021

Rail Vikas Nigam Limited held its 18th Annual General Meeting today (08.12.2021) through online mode. The Chairman & Managing Director, RVNL Shri Pradeep Gaur led the proceedings and presented the Annual Report of the Company for the financial year 2020-2021. The audited accounts of the company for the financial year 2020-2021 along with the Directors' Report and reports of Auditors and comments of the Comptroller and Auditor General were circulated to all shareholders prior to the AGM. 

The Board of Directors viz. Sh. Ajay Kumar, Director (Personnel), Sh. Vinay Singh, Director (Projects), Sh. Rajesh Prasad, Director (Operations), and Sh. Sanjeeb Kumar, Director (Finance) were present on the occasion along with Major General(Retd.) Cyrus A. Pithawalla, Independent Director &Chairman –Audit Committee and Nomination & Remuneration Committee, and Dr. M.V.Natesan, Independent Director through the online mode.

RVNL has been playing a pivotal role in the building of transportation infrastructure in the country. Some salient achievements of the Annual Report FY 2020-2021 are cited under:

During the year 2020-2021, the world witnessed an unprecedented global outbreak of the COVID-19 pandemic leading to a humanitarian crisis and lockdown across many countries including India. The Company resumed its operations duly observing of necessary safety norms for Covid-19 and took steps to ensure safety at the workplace and smooth functioning of operations. E-office was comprehensively implemented for faster working and widespread meetings were held through video conferencing (VC) to continue the normal functioning of the company. The Company took all measures to contain the spread of Covid-19 among its personnel. Proactive steps were taken to vaccinate all employees of RVNL, PMCs, and the executing agencies by organizing special camps for vaccination.

Financial Performance:
In 2020-21, RVNL increased its expenditure on project execution from Rs14,530.58 crore to Rs15,403.65crore, which excludes the element of Rs 1,840.52crore as GST. This reflects an increase of 6.01%.
Profit Before Tax increased from Rs990.84 crore in 2019-20 to Rs1155.67 crore in 2020-21, and Profit After Tax (PAT) of the Company is at Rs940.55 crore, showing an increase of 19.08% over the previous year.

Physical performance:
RVNL commissioned the highest ever 1700 Route km (2815 Track km) of pure Railway Electrification works on important routes as compared to 713.79  km in 2019-20 implying an increase of 138.59 %. Commissioning of 1700 km of RE work helped Indian Railways in the electrification of over 6000 km for the first time. 
During the year,  despite the continuation of pandemic Covid-19, the Company commissioned 662.02 km of project length as against665.49 km in 2019-20. 56.49 km of New Line, 601.39 km of Doubling &4.14 km of MTP Plan Head work were commissioned. In 2020-21, 182 stations were interlocked by RVNL. Works of Marathwada Rail Coach Factory at Latur and Construction of MEMU Car shed at Kanpur were completed in 2020-21. The Noapara-Dakshineswar line of the Kolkata Metro Project was commissioned.  New Railway line from Haridaspur to Paradip (82 km), a Port Connectivity Project, was commissioned on 30.07.2020, under SPV named HaridaspurParadip Railway Company Limited (HPRCL). During the 1st quarter of the financial year 2021-22, HPRCL has handled 1995 loaded rakes, which is an excellent performance.

Corporate Social Responsibility
RVNL is conscious of its Corporate Social Responsibility. During 2020-21, the Company spent Rs21.86 crore (approximately 3.5% of the average net profit of the last three financial years) on CSR initiatives, compared to Rs19.43 crore in the previous year. Rs 15 crore was contributed towards PM COVID Care Fund to fight against COVID-19. 
 

MOU Performance
RVNL has been rated ‘Excellent’ by the Department of Public Enterprises for the financial year 2019-20 for the 10th consecutive year.
The Chairman expressed his sincere thanks to RVNL's esteemed Shareholders, Ministry of Finance, Department of Public Enterprises, the Ministry of Heavy Industries, the State Governments, Zonal Railways, ADB, IRFC, Financial Institutions, C&AG’s office, bankers, and stakeholders in various railway projects and national and international contractors for their unstinted cooperation to RVNL. He also placed on record his deep appreciation for the devotion and dedication of all RVNL employees who have been pillars of strength for the Company and delivered their best despite various challenges.

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