Rs 4.5/Share Dividend Approved: Debt-Free PSU Stock Declares Decline In Net Profit

Board of directors of RITES on Tuesday reported a decline of 21.5% to Rs 110.7 crore in its profit after tax (PAT) for the quarter ended September 30, 2023 as compared to Rs 140.20 crore in the year ago period. RITES shares fell 2.34% intraday to settle at Rs 452.10 per share. The Board of the PSU Navratna company declared second interim dividend of Rs 4.50 per share for the financial year 2023-24. RITES shares gave 32% return YTD. Check details below:

RITES Declares 2nd Interim Dividend: According to the BSE filing of the company issued on October 31, 2023, "Pursuant to Regulation 30 read with Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, and amendments thereof, this is to inform you that the Board of Directors at their meeting held today i.e. on Tuesday, October 31, 2023 have declared second interim dividend for the Financial Year 2023-24 at the rate of Rs. 4.50 per share (45% of paid up share capital of the company)."

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 20 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 452.10, RITES offers a dividend yield of 4.48%, according to Trendline.

RITES Stock Outlook & Return: Last trading price of RITES share on BSE is Rs 452.10 apiece. 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's market capitalisation is Rs 10,864.05 crore. RITES stock fell 10% in last 2-weeks, gave return of 17% in last 1-year, surged 59% in last 2-years, and offered a rally of 88% in last 3-years.

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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