RailTel wins ICAI Award for excellence in financial reporting 

RailTel has won the ICAI Award for Excellence in Financial Reporting for the year 2020-21 in the Public Sector Entities Category. 

RailTel is a Miniratna Central Government PSU under the Ministry of Railways. The company was named winner in the category "plaque". 

The ICAI award was presented to the awardees by Union Minister Jitendra Singh at a ceremony held in New Delhi. 

What is ICAI?

The Institute of Chartered Accountants of India (ICAI) is a premier accounting body of India. It has been holding the annual competition for the awards since 1958.

ICAI Award

The ICAI Award for Excellence in Financial Reporting was instituted to promote better standards in the preparation and presentation of information in the financial statements.

What is Financial Reporting?

Financial Reporting includes the preparation and presentation of financial information.

Why is Financial Reporting important?

Financial reporting is important as effective financial reporting plays an important role in driving the economic growth of a country.

The information provided through annual reports enables relevant stakeholders in taking relevant investment, business and regulatory decisions.

About RailTel

RailTel Corporation of India Ltd. comes under the ownership of Indian Railways. The PSU mainly focuses on providing broadband and VPN services. 

It was set up in September 2000 to create nationwide broadband, telecom and multimedia network and modernise train control operation and Indian Railways safety system.

RailTel's network covers all major commercial centres, passing through around 5,000 stations across the country.

The company has continued to be a profitable company since Financial Year 2006-07. It managed to record rapid growth even amid the COVID-19 pandemic by recording its highest ever consolidated income in FY 2020-21 of Rs 1,411 Crore.

The company has not only seen a growth in its revenue but also its order book and currently has a healthy order book of around Rs 5,300 crore.

Speaking about the ICAI award, RailTel CMD Puneet Chawla said that after RailTel became a listed company, the responsibility of reporting the financial performance of the company in a fair and transparent manner has assumed greater significance. He said that the award has confirmed that the company is on the right track in this regard.