RITES declares Bonus, Dividend in 1:1 ratio, net profit declines 24.4%

Rites Ltd has announced the declaration of the first interim dividend for the Financial Year 2024-25 at the rate of Rs 2.50 per share (25% of paid-up share capital) of the Company.

Further, the record date set for payment of the 1st interim dividend for the Financial Year 2024-25 is Thursday, August 08, 2024.

Further, the company has announced the financial results of the June quarter and reported a 24.4% decline in its net profit to Rs 90.4 crore. The company reported a net profit of Rs119.6 crore during the same quarter last year.

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RITES also reported a 10.8% drop in its topline to Rs 486 crore from Rs 544.3 crore in the previous year period. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) for the quarter declined by 34.5% from last year to Rs 105.8 crore, while margins narrowed by 800 basis points to 21.8% from 29.8% last year.

 According to the exchange filing, there is an increase in Authorised Share Capital of the Company from Rs. 300 crores comprising 30 crores equity shares of Rs.10/- each to Rs. 600 crores comprising of 60 crores shares of Rs. 10/- and subsequent amendment to Memorandum of Association of the Company subject to approval of the shareholders of the Company.

 

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