Our focus is on being a future ready company, says Rites CMD Mithal

RITES Ltd, an infrastructure, consultancy and engineering firm under the Railway Ministry, has focussed on being a future ready firm with several initiatives centred around information technology and artificial intelligence, Rahul Mithal, the Chairman and Managing Director of the company said in a press statement.

According to the statement, in the 50th Annual General Meeting (AGM) of the company held on September 12, Mithal said that over the past five decades, RITES has grown from humble beginnings to being granted the prestigious Navratna status this financial year, committed to delivering consistent results and creating value for stakeholders.

With our focus on being 'Future Ready', RITES has vigorously pursued its #ITReady, #SkillReady, and #AIReady initiatives, Mithal added.

During the AGM, the shareholders approved resolutions such as the adoption of Audited Financial Statements of the company, 1:1 Bonus Equity Share for shareholders and Rs 5/share as a final dividend for FY2023-24, it said.

This is in addition to the three interim dividends totalling Rs 13 per share, which have already been paid during the year. The total dividend of Rs 433 crore (Rs 18 per share) attributable to the financial year takes the RITES payout to 95.2% of the earnings. The cut-off date for the final dividend payout is September 20, 2024, the release added.

Highlighting the company's success story, the release said that in FY24, RITES achieved consolidated revenue of Rs 2,539 crore, compared to Rs 2,730 crore in FY23.

With increased focus on project consultancy, RITES achieved the highest-ever consolidated consultancy revenue of Rs 1,289 crore in FY24. The turnkey and leasing segments also recorded the highest-ever revenue of Rs 903 crore and Rs 138 crore, respectively, the release added.