RITES Announces Bonus Issue, Dividend Of Rs 2.5 Per Share
The record date for this dividend payment has been set for Aug. 8.
RITES Ltd.'s board of directors approved a 1:1 bonus equity share issue and declared an interim dividend of Rs 2.50 per share, amounting to Rs 60 crore in the first quarter of fiscal 2025.
The record date for this dividend payment has been set for Aug. 8.
The 'Navratna' public sector enterprise's consolidated revenue fell 9.7% to Rs 508 crore during the April-June quarter, compared to Rs 563 crore in the same quarter of the previous fiscal.
The company’s operating revenue, excluding other income, stood at Rs 486 crore, a decrease from Rs 544 crore year-on-year, reflecting a 10.8% decline.
Its Ebitda stood at Rs 108 crore, while profit after tax was at Rs 90 crore. While, Ebitda margin was at 22.2%.
Decline in earnings is attributed primarily to reduced revenue from QA, consultancy abroad, and export operations.
But the company secured 84 orders worth Rs 1,336 crore during the quarter. This has contributed to an order book of Rs 6,355 crore as of June 30, 2024, according to a press release.
Stock Movement
Source: NDTV Profit
Shares of the company rose 2.65% before paring gains to trade 1.84% at Rs 728.25 per share as of 10:34 a.m. This compared to a 0.28% gain in the NSE Nifty 50.
Total traded volume so far in the day stood at 0.14 times its 30-day average. The relative strength index was at 50.22.
Out of seven analysts tracking the company, five maintain a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 1.1%.
