New Delhi: RITES Limited, the prime transport infrastructure consultancy and engineering firm, on Friday conducted its 49th Annual General Meeting (AGM) through video-conferencing.
During the AGM, the shareholders approved all resolutions, including the adoption of audited financial statements of the company and declaration of Rs 6 per share as a final dividend for FY 2022-23. This is in addition to the three interim dividends totalling Rs 14.5 per share, that have already been paid during the year. The total dividend of Rs 493 crore (Rs 20.5 per share) attributable to the financial year takes the RITES dividend pay-out at an all-time high of 92.8 percent of the earnings. The cut-off date for the final dividend payout was September 8, 2023.
In FY’23, the company attained its highest-ever consultancy revenue, and as part of its strategic initiative 'RITES Videsh’, it also recorded its highest-ever international consultancy revenue. During FY 23, RITES recorded Rs 571 crore profit after tax (PAT) as against Rs 539 crore in FY'22, up by 6 percent. Further, the company’s profit before tax stood at Rs 774 crore as against Rs 735 crore in FY'22, up by 5.3 percent. This reiterates RITES’ stated commitment to prioritize profitability as its central strategy.
While addressing the shareholders, RITES Ltd's Chairman & Managing Director (CMD) Rahul Mithal said, “With nearly five decades of expertise, we are well-placed to build up on our legacy and tap the infrastructure growth opportunities through a three-pronged approach: innovation, execution and transformation. We are confident of our ability to realise our vision of being the ‘Go-To’ infrastructure consultancy company across sectors.”
RITES’ efforts led to the acquisition of orders exceeding Rs 3,000 crore in FY'23, resulting in a robust year-end order book of Rs 5,870 crore, marking a 19 percent increase compared to the previous year.