Rites declares 2nd interim dividend of Rs 4 per share

The record date for the dividend is set on 20 March 2021.

The board of Rites, an infrastructure consultancy and engineering company, has declared a second interim dividend of Rs 4 per share on the share with face value of Rs 10 each. The record date for the purpose of payment of dividend is 20 March 2021.

The second interim dividend brings the company's total dividend for FY21 so far, to Rs 9 per share, amounting to Rs 216.27 crore.

Further, the company informed that its standalone revenue for the nine months of FY21 has been Rs 1,315 crore and profit after tax has been Rs 290 crore.

Meanwhile, the company said it has commenced the export shipments to Sri Lanka and Mozambique. The 10 railway passenger coaches has been successfully delivered to Sri Lanka and first shipment of two 3,000 HP Cape Gauge AC-AC locomotives has been flagged off to Mozambique, it added in a statement issued after market hours yesterday, 12 March 2021.

Commenting on the export shipments, Rajeev Mehrotra, chairman and managing director of Rites, said: "For exports, new product lines in Railways are way forward and such products demonstrate India's 'design, manufacture and export' capabilities. We hope the project of supplying Cape Gauge locomotives to Mozambique will open up more export opportunities, for us, in new markets."

The PSU company's consolidated net profit declined 29.8% to Rs 105.31 crore on 27.51% decline in revenue from operations to Rs 449.29 crore in Q3 FY21 over Q3 FY20.

Shares of Rites slipped 0.23% to close at Rs 259.80 on BSE yesterday, 12 March 2021. At the ruling market price, the dividend yields stands at 1.53%.

RITES 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. As of 31 December 2020, the Government of India held 72.2% stake in the company.

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