January 28, 2023

Published from Mumbai, Delhi & Bhopal

RITES posts 2.4% rise in Q4 net profit

New Delhi,  Transport infrastructure consultancy and engineering firm RITES Ltd on Wednesday reported a 2.4 per cent year-on-year increase in its net profit for January-March at Rs 135 crore.

The company had reported a net profit of Rs 131 crore in Q4FY20.

During the quarter under review, the total revenue of the company increased by 6.1 per cent to Rs 632crore against Rs 596 crore in Q4FY20

RITES Ltd Chairman and Managing Director Rajeev Mehotra said: “Given the testing scenario, our focus remained on project delivery and execution which helped us to register Q-o-Q operational revenue growth in every quarter of FY21. Our Q4FY21 results surpassed the Q4FY20, but were not enough to make up for the shortfalls in first three quarters.”

The total consolidated revenue for FY21 stands at Rs 2,005 crore against Rs 2,735 crore in FY20.

“After declaring 2 interim dividends of Rs 120 crore (Rs 5 per share) and Rs 96 crore (Rs 4 per share) for FY21, the Board of Directors have recommended a final dividend of Rs 96 crore (Rs 4 per share) for FY21 which is 40 per cent of paid-up capital,” a company statement said.

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