WAPCOS reports Rs1,110-cr revenue, Rs180-cr net profit for FY18
04 Jul 2018
Mini Ratna-I public sector enterprise WAPCOS, has achieved the highest ever gross income of Rs1,110 crore during the year 2017-18. The company also reported a net profit of Rs180 crore during the 50th year of its incorporation.
Consulting and engineering procurement construction entity WAPCOS Ltd, under the ministry of water resources, river development and Ganga rejuvenation, celebrated its 50th Foundation Day in New Delhi on Tuesday.
Chairman and managing director R K Gupta presented an interim dividend of Rs50 crore to minister of road transport, highways and shipping, river development and Ganga rejuvenation, Nitin Gadkari at the event to celebrate the 50th anniversary of its incorporation.
The public sector company also issued bonus shares of Rs35 crore, taking its initial paid-up capital of Rs2 crore to Rs100 crore, during the last 8 years. The company’s profitability has grown over 75 per cent, from Rs102.52 crore in 2013-14 to Rs180 crore in 2017-18.
Speaking on the occasion the Gadkari commended the organisation for the huge success it has achieved in the sectors of water resources, power and irrigation in India and in 46 other developing countries in Africa, Asia and Latin America. The minister said that WAPCOS has shown how a combination of good technology and reasonable to low cost can yield positive results. He said the developing world today needs more such technology that is effective, yet low cost.
Citing an example of such economically-viable technology, he said “we are now planning to use solar power for desalinisation of sea water.” Urging WAPCOS to enter more deeply into the infrastructure sector, Gadkari said that it should work in the direction of mass rapid transport system, which is the need-of-the-hour.
Ambassadors, high commissioners, ministers and other dignitaries from several countries like Afghanistan, Rawanda, Tanzania, Senegal, Angola, Nepal, Bhutan, Cambodia, Mozambique, Congo, Burundi, Liberia , Zimbabwe, Laos, Malawi and Mongolia were present at the event.
WAPCOS, Gadkari said, is growing into a true Indian multinational with footprints across the globe and successfully undertaking some of the most challenging projects in inhospitable circumstances like the Afghan-India Friendship (Salma) dam project. WAPCOS has touched the lives of so many people across the globe through their work and ever-new technology.
Several of the foreign dignitaries presented commendation certificates to Gadkari and thanked the Government of India for being partners in development in their countries through WAPCOS.
WAPCOS was incorporated as a public sector enterprise in 1969. It has till now done survey and investigation/pre-feasibility/DPRs for more than 550 projects in irrigation, water resources and agricultural sectors.
The company has contributed in development of over 15 million hactare irrigation potential; more than 200 projects in ports and inland navigation; over 500 projects in water supply and sanitation, rural and urban development, roads and highway engineering, EIAs for over 250 projects in the fields of irrigation, hydro/thermal power, ports and harbours in India and abroad.