Monday, October 3, 2022

47th AGM: RITES approves final dividend of Rs 4 per share

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New Delhi/Gurugram: RITES Limited, the leading transport infrastructure consultancy and engineering firm, Wednesday conducted its 47th Annual General Meeting (AGM) through video-conferencing and other audio-visual means due to the COVID-19 pandemic.

During the AGM, the shareholders approved all resolutions, including the adoption of Audited Financial Statements of the company for the FY 2020-21 and approval of the final dividend of Rs 4 per share. This is in addition to the earlier two interim dividends which take the dividend payout of the company to 73.6 percent on the standalone Profit After Tax (PAT) of FY2020-21. The cut-off date for the final dividend payout was September 21 (end of the day).

While addressing the shareholders, and acknowledging the responsibility towards company’s stakeholder, RITES’s Chairman and Managing Director (CMD) VG Suresh Kumar said, “Our responsibility to our clients, shareholders, employees and society has never been greater in last 47 years and we are taking these responsibilities earnestly.”

After highlighting multiple prestigious projects, the company is executing in India and aboard, Kumar commented on the outlook and said, “Our healthy order book, recent project wins, and successful project execution strengthen our position as a total transport infrastructure solution provider. An order from Mozambique, a cape gauge country, has opened new vistas of export opportunities for us. RITES’ focus on customization of meter and broad-gauge rolling stock and product diversification to cape and standard gauge market creates large potential for exports.”

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