In a recent development, PSU RITES Limited, a prime transport infrastructure consultancy and engineering firm, conducted its 50th Annual General Meeting (AGM) through video-conferencing.
During the AGM, its shareholders approved resolutions such as the adoption of audited financial statements of the company, 1:1 bonus equity share for shareholders and Rs 5 per share as a final dividend for FY 2023-24. This is in addition to the three interim dividends totalling Rs 13 per share, already paid during the year. The total dividend of Rs 433 crore (Rs 18 per share) attributable to the financial year takes the RITES dividend payout to 95.2% of the earnings. The cut-off date for the final dividend payout is September 20th.
In FY’24, RITES achieved consolidated revenue of Rs 2,539 crore, compared to Rs 2,730 crore in FY’23. Operating revenue, excluding other income, stood at Rs 2,453 crore, down from Rs 2,628 crore in FY’23. The decline was primarily attributed to a dip in export revenue and the opening of Indian Railways Quality Assurance works to four players. Despite these headwinds, RITES demonstrated its commitment to profitability, achieving profit before tax of Rs 670 crore in FY’24, compared to Rs 774 crore in FY’23. The profit after tax also stood at Rs 495 crore, down from Rs 571 crore in FY’23.
While addressing the shareholders, RITES Limited’s Chairman & Managing Director (CMD), Mr. Rahul Mithal said, “Over the past five decades, RITES has grown from humble beginnings to being granted the prestigious Navratna status this financial year, committed to delivering consistent results and creating value for stakeholders. With our focus on being ‘Future Ready’, RITES has vigorously pursued its #ITReady, #SkillReady, and #AIReady initiatives.“
