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PSU Mid Cap Stock, Trading At 15% Discount, Declares Dividend, Q2 Results: Buy
RITES Ltd is a leading Miniratna company operating in services sector. The company has declared an interim dividend of 45% along with the Q2 earnings. The record date for the interim dividend is November 18, 2022. The mid cap company has a market capitalisation of Rs 8,811 crore. Check key takeaways below:
1. RITES Ltd To Pay 45% Interim Dividend
The board of directors of the Miniratna company stated in the regulatory filing, "The Board of Directors have declared second interim dividend for the Financial Year 2022- 23 at the rate of 7 4.5 per share (45 % of paid up share capital) of the company."
The record date set for the purpose of payment of second interim dividend for Financial Year 2022-23 is November 18, 2022.
2. RITES Ltd Q2 Result
On a consolidated basis, it announced a net sales at Rs 659 crore in Q2 FY 2023 compared to Rs 766 crore in Q2 FY 20222, fall of over 13%.
Meanwhile, on a standalone basis, the company's net sales declined 15% from 744 crore in the year ago quarter to Rs 632 crore for the quarter ended September 2022. EBITDA fell 20% from 226 crore in Q2 FY 2022 to Rs 181 crore in Q2 FY 2023. On a standalone basis, the company's EBITDA declined 24% from Rs 208 crore in Q2 FY 2022 to Rs 158 crore in Q2 FY 2023.
The consolidated net profit of the company stood at Rs 140 crore in Q2 FY 2023 as against Rs 174 crore in Q2 FY 2022, decline of 19.60% on an YoY basis. The standalone net profit of the company stood at Rs 131 in Q2 FY 2023 as against Rs 163 crore declared in Q2 FY 2022, a dip of 19.50%.
3. RITES Ltd Stock Outlook
The current market price of the stock is Rs 366 apiece and it witnessed an intraday decline of 3.70% on November 11, 2022. The stock's 52-week high is Rs 433 apiece and 52-week low is Rs 226 apiece, respectively. Currently, the stock is trading at a discount of 15% from 52-week high level.
4. RITES Ltd Return
The stock has given maximum returns of 37% in last 3-months and 2% in last 1-month. In the last 3-years, the stock has given a return of 26%.
5. RITES Ltd About
RITES Ltd is a Public Sector Enterprise under the Ministry of Railways. It was incorporated on April 26, 1974. It is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies, according to its official website.
Disclaimer
The above stock gives details related to Interim dividend and Q2 results. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.
