Mini Ratna-I status for Braithwaite & Co

Braithwaite Co, which was in 2010 included in a list for disinvestment, has been recognised as Mini Ratna-I public sector undertaking as the engineering firm made a turnaround with a manifold increase in annual turnover and making profits for three consecutive years, an official said on Wednesday.

Braithwaite & Co, which was in 2010 included in a list for disinvestment, has been recognised as Mini Ratna-I public sector undertaking as the engineering firm made a turnaround with a manifold increase in annual turnover and making profits for three consecutive years, an official said on Wednesday. This will help the Kolkata-based PSU achieve the next phase of growth, he said.

''Yes, we have received the Mini Ratna–I status. We were expecting category II status as categorisation begins with Mini Ratna –II and then a PSU gets Mini Ratna–I. However, we are thankful to the government for recognising the hard work of the entire team and reposing faith in us,'' Braithwaite & Co. chairman and managing director Yatish Kumar told PTI.

The PSU, under the administrative control of the Ministry of Railways, met all the criteria such as turnover of over Rs 500 crore, three years of constant profit to get the Mini Ratna -I status.

The company’s revenue was just about Rs 100 crore earlier and profit at Rs 2.6 crore but in the last three-four years, it increased its turnover and profit by manifold, a senior employee said. It earned a net profit of Rs 24.72 crore in 2020-21 and recorded a turnover of Rs 609.60 crore in FY21.

Salaries of workers have also been hiked with the growth of the wagon manufacturer, the official said. The company now has 200 permanent and 400 contractual employees.