Rs 4.50/Share Dividend In Q2: PSU Navratna Co To Consider Dividend, Results On Feb 1

Mid cap PSU Navratna company RITES Ltd shares soared 1.62% intraday when BSE Sensex ended with the decline of over 1600 points or 2.23% to 71,500. Last trading price of RITES Ltd share on BSE is Rs 531.65 per share. RITES shares gained 30% in last 6-months and rose 101% in last 3-years.

The company informed today about its upcoming meeting of Board of Directors to consider and approve financial results and third interim dividend. RITES set February 9, 2024 as the record date for 3rd interim dividend. Check details below:

RITES Ltd To Consider Results, Third Interim Dividend: As per the BSE filing of the company dated January 17, 2024, "A meeting of the Board of Directors of the Company is scheduled to be held on Thursday, February 01, 2024 inter- alia to consider, approve and take on record Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter ended December 31, 2023. Board may consider payment of Third Interim Dividend, for the F.Y 2023- 24, if any.

RITES Ltd Sets Record Date For 3rd Interim Dividend: If the payment of Third Interim Dividend for the F.Y 2023-24 is considered by the Board, then the record date for the same shall be February 9, 2024, added the regulatory filing.
RITES Ltd Stock Performance & Return: The 52-week high price of RITES share is Rs 583.45 per share and 52-week low price is Rs 311.60 per share, respectively. It has a market capitalisation of Rs 12,775.65 crore. RITES shares rallied 62% in last 1-year, rose 93% in last 2-years, and offered gain 159% in last 5-years.

RITES Dividend In Q2: As per the regulatory filing of the company dated October 31, 2023, "The Board of Directors has declared the second interim dividend of Rs 4.5 per share amounting Rs 108 crore. The record date for the purpose of payment of dividend is November 8, 2023."

RITES Inks MoU with NEEPCO: According to the regulatory filing of the company dated December 22, "To enhance the power infrastructure in the region, the Arunachal Pradesh Government has entrusted NEEPCO for executing five hydropower projects in the Siang Basin. As per the MoU MoU, RITES will also support NEEPCO as a Project Management Consultant for works related to rail infrastructure facilities, including signalling & telecommunications, overhead equipment, and conveyor systems. Also, the MoU entails works related to roads, buildings and other civil ancillary structures, including utilities."

RITES Financial Performance: The navratna company for the quarter ended September 30, 2023 announced its net sales at Rs 582.36 crore, down 11.64% from Rs 659.08 crore in September 2022. Its quarterly net profit declared at Rs 101.15 crore for the quarter under consideration, down 23.61% as compared to Rs 132.42 crore in the corresponding quarter of last year. The company's EBITDA declared at Rs 164.29 crore for the September quarter, down 20.43% as against Rs 206.46 crore in September 2022.

About RITES Limited: RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India. It has diversified services and geographical reach. The company has an experience spanning 49 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.

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