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Business Economy


RITES profit declines marginally in Q4 to Rs 137 crore, dividend declared

New Delhi, May 28 (UNI) Public sector engineering and consultancy company RITES Ltd on Tuesday reported 1.60% year-on-year decline in consolidated net profit at Rs 136.67 crore for January-March quarter (Q4) of the financial year 2023-24.
The PSU had posted a profit of Rs 138.89 crore in Q4 of the previous financial year 2022-23.
The company's total revenue in the March quarter of FY24 also declined and stood at Rs 667.68 crore as against Rs 705.63 crore in the corresponding quarter of the preceding financial year.
For the full year ended March 31, 2024, the company's profit stood at Rs 495.20 crore as against Rs 570.97 crore in 2022-23.
The company's board of directors in its meeting held on Tuesday recommended a dividend of Rs 5 per share 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 (AGM).
"Upon approval of shareholders, the dividend declared will be paid within thirty (30) days of declaration, subject to deduction of applicable Tax at Source as per the provisions of the Income Tax Act, 1961 and rules framed thereunder," RITES said in a stock exchange filing.
RITES shares closed in red at Rs 711.05 apiece on Tuesday on the BSE.
UNI NK CS1656
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