Wednesday, April 21

RITES declares second interim dividend of Rs 4 per share

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Government-owned railway infrastructure consultancy RITES Ltd has announced second interim dividend of Rs 4 per share each with a face value of Rs 10.

This brings total dividend for FY21 so far to Rs 9 per share amounting to Rs 216.27 crore. The record date for payment of dividend is March 20, the company said in a statement.

For the first nine months of current fiscal (April to December 2020), the engineering company reported a standalone revenue of Rs 1,315 crore with profit after tax at Rs 290 crore.

In another announcement, RITES said it has started export shipments to Sri Lanka and Mozambique. The 10 railway passenger coaches have been successfully delivered to Sri Lanka and first shipment of two 3000 HP cape gauge AC locomotives was recently flagged off.

Rajeev Mehrotra, Chairman and Managing Director, said new product lines in railways are way forward for exports. Such products demonstrate India’s design, manufacture and export capabilities.

“We hope the project of supplying Cape Gauge locomotives to Mozambique will open up more export opportunities for us in new markets,” he said in a statement.

RITES is a mini-ratna category one 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 experience spanning 46 years with projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions.