RITES profit after tax increases 6.5% to Rs 138 cr in March quarter

Transport infrastructure and engineering consultancy RITES Ltd said on Thursday that its profit after tax increased by 6.5 per cent to Rs 138 crore in the January-March 2023 quarter.

RITES said in a statement that the company posted a Profit After Tax (PAT) of Rs 130 crore in the year-ago quarter.

Operating revenue, excluding other income, was Rs.687 crore in the quarter under review, down 10.3 per cent from Rs.766 crore.

The decrease can be attributed to lower exports, the statement said.

RITES is a Miniratna schedule “a” central public sector undertaking under the Ministry of Railways.

The Board of Directors has recommended a final dividend of Rs 6 per share amounting to Rs 144 crore for FY23, representing 60 per cent of paid-up share capital.

When approved, the total dividend payout ratio attributed to FY23 will be 92.8 percent.

RITES Limited Chairman and Managing Director, Rahul Mithal said: “The highest ever advisory revenue in FY23 underscored the fact that the advisory business is our core strength, which we will continue to capitalize aggressively on, and capitalize on the tremendous opportunities.

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First published: May 19, 2023 | 12:03 a.m ist