KOLKATA, May 17 (PTI): State-run Braithwaite & Co Ltd achieved a 36 per cent revenue growth to Rs 1,043 crore in FY’23 and is eyeing the Food Corporation of India’s foodgrain movement business to give impetus to its services vertical, a top official said.
The company attained a revenue of Rs 764 crore in FY’22.
Braithwaite aims at listing the company by 2025-26, with an expected revenue of Rs 2500 crore.
“We are vying for the lucrative Food Corporation of India containerised foodgrain movement business on a turnkey basis to further augment our revenue,” said Chairman and Managing Director Yatish Kumar.
The company is in the process of finalising new designs for containers to carry foodgrains, to reduce wastage. FCI will derive a cost-benefit of 5-6 per cent as a result of the new design.
“This is expected to generate additional revenue of at least Rs 300-400 crore annually,” Kumar told PTI.
Set up in 1913, Braithwaite became a PSU in 1976.
Braithwaite Ltd which at one time had been earmarked for disinvestment saw an improvement in its fortunes including receiving the Mini-Ratna status in 2022. Compared to last year, the firm’s sales have grown by 36.5 per cent to Rs 1,043 crore, while profit before tax grew by 37.9 per cent to Rs 64.o3 crore.
“Our 98 per cent of revenue was 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. We have entered into the services sector in a big way, like O&M, civil construction, container manufacturing, foundry, material handling and solar,” said Kumar.
Currently, revenue from manufacturing and services verticals account for 60:40 which will become 50:50 in the near future, Director Finance KK Coari said.