Miniratna Company Sets Record Date For 1st Interim Dividend For FY24

RITES Limited was established on April 26, 1974, as a Miniratna (Category-I) and Schedule "A" Central Public Sector Enterprise under the Ministry of Railways. In India, RITES is a major player in the engineering and transport consultancy fields. At a meeting of the company's board of directors set for Friday, July 28, 2023, the firm is likely to declare the first interim dividend for FY24.

"Pursuant to Regulation 29 read with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, 28th July 2023 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, 2023.

Pursuant to Regulation 29 & 42 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, notice is hereby also given that in the said meeting Board may consider payment of first Interim Dividend, for the F.Y 2023-24, if any. The Company has fixed Monday, August 07, 2023 as the Record date for the purpose of payment of first Interim Dividend for the F.Y 2023-24, if declared by the Board," said RITES in a stock exchange filing on Monday.

RITES has announced an equity dividend of 205.00% at a face value of Rs 10, or Rs 20.5 per share, for the financial year ended March 2023. This generates a dividend yield of 4.90% at the current share price of Rs 417.90. The company has a solid track record of dividend declarations during the past five years. Rites Ltd. has issued 17 dividends since September 11, 2018, according to data from Trendlyne.

The firm reported revenue from operations of Rs 686.81 Cr for the quarter ended March 2023, a drop of 10.34% YoY from Rs 766.02 Cr reported during the quarter ended March 2022. In comparison to Q4FY22, when the company's net income was Rs 787.52 Cr, Q4FY23 saw a drop in net income to Rs 705.63 Cr. According to Rites, its Q4FY23 net profit was Rs 138.89 Cr, down from Rs 142.38 Cr in Q4FY22 or by 2.43% YoY. Rites' EPS was Rs 5.49 in Q4FY23 as opposed to Rs 5.69 in the same quarter of FY22. RITES is yet to declare its Q1FY24 results.

On Tuesday, the shares of Rites Ltd opened on the BSE at Rs 411.95 apiece. The stock made a 52-week-high of Rs 433.20 on (04/11/2022) and a 52-week-low of Rs 235.90 on (18/07/2022). During Q1FY24, the company recorded promoter shareholding of 72.20%, FIIs stake of 3.44%, DIIs stake of 15.25% and public stake of 9.11%.