Rs 5/Share Dividend Approved: Navratna PSU Reports Marginal Decline In Q4 Profit

Mid cap Navratna public sector undertaking, RITES Ltd shares today fell 3.23% to Rs 709.75 per share. The Board of Directors of RITES today recommended dividend of Rs 5/- per share of the face value of Rs 10/- each for the financial year 2023-24. RITES shares offered 52% return in last 6-months and 186% return in last 2-years. The company today declared its consolidated profit for the quarter ended March 31, 2024 at Rs 136.67 crore, down 1.6% as against Rs 138.89 crore declared in the corresponding quarter of last year. Check details below:

RITES Recommends Dividend: As per the BSE filing of RITES Ltd dated May 28, 2024, "recommended Dividend of Rs. 5.00/- per share (i.e. 50%) on 24,03,01,887 equity shares of face value of Rs. 10 /- each of the Company for the financial year 2023-24, subject to approval of the same by the Shareholders in the ensuing 50th Annual General Meeting of the Company. Upon approval of shareholders, the dividend declared will be paid within thirty (30) days of declaration, subject to deduction of applicable Tax at Source as per the provisions of the Income Tax Act, 1961 and rules framed thereunder."

Rites Declares Financial Results: The total consolidated income of RITES for the quarter ended March 31, 2024 declared at Rs 667.68 crore, down 5.68% as compared to Rs 705.63 crore announced in the similar quarter of last year. The total consolidated expenses for the quarter under review declared at Rs 483.32 crore from Rs 514.17 crore declared in March 2023. Earnings per share or EPS for March 2024 declared at Rs 5.25 from Rs 5.49 in March 2023. For the full year, RITES declared its consolidated profit at Rs 495.20 crore for March 2024 as against Rs 570.97 declared in March 2023.

RITES Ltd Stock Performance & Return: RITES shares slipped 4.05% in last 1-week, gained over 5% in last 2-weeks. The 52-week high price of RITES shares on BSE is Rs 826.15 apiece and 52-week low price is Rs 365.00 apiece, respectively. RITES shares witnessed gain by 85% in last 1-year and surged 187% in last 3-years. In last 5-years, RITES stock surged 225%. The market capitalisation of RITES stood at Rs 17,045.81 crore.

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.

Disclaimer:

The stock highlights dividend, Q4 Results and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.