PSU Dividend: Navratna PSU To Mull Results, Dividend On July 31; Record Date Fixed

Mid cap Navratna public sector undertaking, RITES Ltd will hold its meeting of Board of Directors on July 31, 2024 to consider financial results for the quarter ended June 30, 2024. The PSU may consider payment of first interim dividend for the FY 2024-25, if any. The company has fixed August 7, 2024 as the record date for the purpose of payment of interim dividend. Current market price of RITES Ltd share on BSE is Rs 692.35 per share. RITES shares offered stunning returns of 142% in last 2-years and 43% in last 1-year.

Earlier this year, RITES Ltd recommended Rs 5/share dividend of the face value of Rs 10/- each for FY 2023-24. Its market capitalisation stood at Rs 16,637.30 crore. Check key details below:

RITES Ltd To Consider Financial Results, Interim Dividend: As per the BSE filing of RITES Ltd issued as On July 24, 2024, "a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, 31st July, 2024 inter- alia to consider, approve and take on record Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter ended on 30th June, 2024. Board may consider payment of first Interim Dividend, for the F.Y 2024-25, if any.

RITES Ltd Sets Record Date For Interim Dividend: The exchange filing added, "The Company has fixed Thursday, August 07, 2024 as the Record date for the purpose of payment of first Interim Dividend for the F.Y 2024-25, if declared by the Board."

RITES Dividend In 2024: The exchange filing of RITES Ltd issued as on May 28, 2024 said, "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."

RITES Ltd Share Performance: The 52-week high price of RITES shares on BSE is Rs 826.15 apiece (as on 27/02/2024) and 52-week low price is Rs 432.65 apiece (as on 26/10/2023), respectively. RITES shares slipped over 6% in last 1-week, surged 20% in last 6-months, offered returns of 148% in last 3-years, and rallied 196% in last 5-years.

Rites Financials: The total consolidated income of RITES for the quarter ended March 31, 2024 announced at Rs 667.68 crore, down 5.68% as against Rs 705.63 crore declared in the corresponding quarter of last year. Total consolidated expenses for the quarter announced at Rs 483.32 crore from Rs 514.17 crore announced 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 announced its consolidated profit at Rs 495.20 crore for March 2024 as against Rs 570.97 declared in March 2023.

About: 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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