RITES announces 1:1 bonus share; ₹2.5 interim dividend

1 Aug 2024 , 12:38 PM

RITES Ltd. shares rose modestly on Thursday after the business reported its June quarter results. RITES will issue one bonus share for each share owned by shareholders as of the record date. This is the second time the corporation has issued bonus shares. In 2019, RITES awarded one bonus share for every four owned by stockholders.

In addition to the bonus issue, RITES has declared its first interim dividend of ₹2.5 per share, with a record date of August 8, 2024.

The record date for the bonus issue of shares will be announced in due course.

In the June quarter, RITES’ net profit fell 24.4% to ₹90.4 Crore. The company generated a net profit of ₹119.6 Crore in the same period previous year.

RITES reported a 10.8% decrease in revenue to ₹486 Crore from ₹544.3 Crore the previous year.

In the quarter, earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased by 34.5% to ₹105.8 Crore, while margins decreased by 800 basis points to 21.8% from 29.8% the previous year.

Domestic consultancy business revenue fell by 5.3% to ₹255.5 Crore. Abroad consultancy revenue fell by 53.6% to ₹15.9 Crores. Export sales decreased by 87% year on year to ₹4.96 Crore. Domestic leasing revenue increased 9.4% to ₹33.7 Crore.

At around 12.32 PM, RITES was trading 0.92% higher at ₹721.65, against the previous close of ₹715.10 on NSE. The counter touched an intraday high and low of ₹733.80, and ₹715.60, respectively.

For feedback and suggestions, write to us at [e-mail]