RITES declares interim dividend of 40% amounting to INR 4 per share
Deepthi | Myequity news | Date : 11-03-2019 14:45:00 IST
The Board of Directors of RITES Ltd, a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise under Ministry of Railways, in its meeting held today declared second interim dividend of Rs.4 per share i.e. 40% on face value of Rs.10 per share for the Financial year 2018-19.
“This second interim dividend demonstrates the confidence of the Board of Directors and the management team in cash flow generation ability of the company and value generation for our shareholders” said Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited. “We are committed to rewarding our shareholders through dividends and this 9M FY19 performance where our Profit after Tax has increased by 23% on YoY basis, has enabled us to do so.”
As per guidelines issued by Department of Public Enterprise, the company has to pay a minimum annual dividend of 30% of Profit after Tax or 5% of networth whichever is higher. The record date for the purpose of payment of dividend is 22nd March 2019.
About RITES Limited:
RITES Limited is a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. Company has an experience spanning 44 years and has undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. RITES Limited is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).