Gurugram, September 15, 2023: RITES Limited, the prime transport infrastructure consultancy and engineering firm, today conducted its 49th Annual General Meeting (AGM) through video-conferencing.
During the AGM, the shareholders approved all resolutions, including the adoption of Audited Financial Statements of the company and declaration of Rs 6 per share as a final dividend for FY2022-23. This is in addition to the three interim dividends totalling Rs 14.5 per share, that have already been paid during the year. The total dividend of ₹493 crore (₹20.5 per share) attributable to the financial year takes the RITES dividend pay-out at an all-time high of 92.8% of the earnings. The cut-off date for the final dividend payout was September 8th, 2023.
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In FY23, the company attained its highest-ever consultancy revenue, and as part of its strategic initiative ‘RITES Videsh’, it also recorded its highest-ever international consultancy revenue. During FY 23, RITES recorded Rs. 571 crore Profit After Tax as against Rs. 539 crore in FY22, up by 6%. Further, the company’s Profit Before Tax stood at Rs. 774 crore as against Rs. 735 crore in FY22, up by 5.3%. This reiterates RITES’ stated commitment to prioritize profitability as its central strategy.
While addressing the shareholders, Mr. Rahul Mithal, Chairman & Managing Director (CMD), RITES Ltd, said, “With nearly five decades of expertise, we are well-placed to build up on our legacy and tap the infrastructure growth opportunities through a three-pronged approach: Innovation, Execution and Transformation. We are confident of our ability to realise our vision of being the ‘Go-To’ Infrastructure Consultancy company across sectors.”
RITES’ efforts led to the acquisition of orders exceeding ₹3,000 crore in FY23, resulting in a robust year-end order book of ₹5,870 crore, marking a 19% increase compared to the previous year.
About RITES Limited:
RITES Limited is a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has an experience spanning 49 years and has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.
