 "RITES Ltd, now a prestigious Navratna, reports strong growth with record revenue and robust dividends, emphasizing future-ready strategies.")
RITES Ltd, a prominent infrastructure and consultancy firm under the Railway Ministry, recently held its 50th Annual General Meeting where Chairman Rahul Mithal shared the company’s progress. In FY24, RITES recorded a consolidated revenue of Rs 2,539 crore, slightly down from Rs 2,730 crore in FY23. The company achieved its highest-ever consultancy revenue of Rs 1,289 crore and also excelled in the turnkey and leasing sectors. Mithal emphasized the firm’s commitment to being future-ready through initiatives focused on information technology and artificial intelligence. Shareholders approved the adoption of financial statements and a significant dividend payout for the financial year, marking a milestone in RITES’ success story.
RITES Ltd, an infrastructure and engineering consultancy under the Railway Ministry, is making significant strides towards a technologically advanced future. In a recent statement from Rahul Mithal, the Chairman and Managing Director, the company highlighted its commitment to initiatives focused on information technology and artificial intelligence.
During the company’s 50th Annual General Meeting (AGM) on September 12, Mithal reported that RITES has achieved notable growth over the past five decades, culminating in being awarded the prestigious Navratna status in the current financial year. He emphasized the company’s dedication to creating value for its stakeholders while remaining ‘Future Ready’ through various initiatives aimed at enhancing IT capabilities and skills.
The AGM also approved key resolutions, including the adoption of the Audited Financial Statements, a 1:1 Bonus Equity Share for shareholders, and a final dividend of Rs 5 per share for the fiscal year 2023-24. This follows three interim dividends amounting to Rs 13 per share, bringing the total dividend payout to Rs 433 crore or Rs 18 per share, which represents an impressive 95.2% of the earnings. The deadline for the final dividend payout is September 20, 2024.
In terms of financial performance, RITES reported a consolidated revenue of Rs 2,539 crore for FY24, compared to Rs 2,730 crore in FY23. Notably, the company also achieved its highest-ever consolidated consultancy revenue of Rs 1,289 crore and set records in turnkey and leasing segments with revenues of Rs 903 crore and Rs 138 crore, respectively.
This performance underlines RITES’ strong position in the Market and its ongoing efforts to adapt and thrive in a rapidly evolving industry landscape.
Tags: RITES Ltd, infrastructure consulting, financial performance, Rahul Mithal, technology initiatives, AGM updates, Navratna status.
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What does "future-ready" mean for RITES?
Being future-ready means that RITES is preparing for upcoming challenges and opportunities in the industry. They want to stay updated with new technologies and trends. -
Who is Rites CMD Mithal?
Rites CMD Mithal is the Chairman and Managing Director of RITES, a company focused on providing solutions in the transportation and infrastructure sectors. -
Why is a future-ready approach important?
A future-ready approach helps RITES adapt quickly to changes and ensures they can meet the needs of their customers and the Market in the years to come. -
How does RITES plan to become future-ready?
RITES plans to invest in new technologies, improve its services, and focus on sustainable practices to better prepare for future challenges. - What are some areas RITES is focusing on?
RITES is focusing on areas like smart transportation, green technologies, and digital solutions to enhance their operations and services.
