Rs 6/Share Dividend In FY23: PSU Navratna Stock To Consider Dividend For FY24

Mid Cap PSU Navratna stock, RITES Ltd will consider and approve standalone and consolidated unaudited financial results on October 31. The company may consider payment of second interim dividend for the financial year 2023-24. It is worth mentioning that government has decided to grant Navratna status to RITES today, according to its BSE filing. Last trading price of RITES share on BSE is Rs 473.45 per share with intraday fall of 0.63%. RITES shares declined 7.92% in last 1-month and gained 38% year-to-date. Check details below:

RITES To Consider Second Interim Dividend On October 30: According to the BSE filing issued on October 12, 2023, "Meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 31st October, 2023 inter- alia to consider, approve and take on record Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended on 30th September, 2023."

The Company has fixed Wednesday, November 08, 2023 as the Record date for the purpose of payment of Second Interim Dividend for the F.Y 2023-24, if declared by the Board.

RITES Stock Performance & Return: Last trading price of RITES share on BSE is Rs 473.45 per share. Its 52-week high price is Rs 583.45 per share and 52-week low price is Rs 305.75 per share, respectively. The company has a market capitalisation of Rs 11,377.09 crore. RITES shares gained 37% in last 1-year, soared 66% in last 2-years, and rose 97% in last 3-years.

RITES Dividend History: Earlier this year on May 18, RITES declared a final dividend of Rs 6 per share - a 60% with the face value of Rs 10 per share. It traded ex-dividend on September 8, 2023. Rites Ltd. has declared 19 dividends since September 11, 2018. In the last 12 months-time, RITES declared an equity dividend amounting to Rs 20.25 per share. At the current share price of Rs 473.45, RITES offers a dividend yield of 4.28%, according to Trendline.

RITES Recent Financial Outlook: The company announced a dip of 26% in its profit after tax or PAT to Rs 96 crore for the April to June quarter as against the PAT of Rs 129 crore declared in the year ago quarter. Revenues from its export segment declined by 52% on-year during the quarter and revenues from its lease and consultancy segment fell by 8.5% and 5%, respectively.

About: RITES operates under the Ministry of Railways and it was incorporated on April 26, 1974, 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.

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