Rites slides as Q1 PAT drops 24% YoY, board OKs 1:1 bonus issue

Rites slipped 3.90% to Rs 675.45 after the company's consolidated net profit declined 24.37% to Rs 90.44 crore in Q1 FY25 as against Rs 119.58 crore recorded in Q1 FY24.

Revenue from operations declined 10.76% to Rs 485.76 crore in the quarter ended 30 June 2024 from Rs 544.35 crore posted in Q1 FY24.

Profit before tax decreased 29.26% year on year (YoY) to Rs 114.98 crore during the first quarter of FY25.

Meanwhile, the companys board declared interim dividend of Rs 2.50 per share for FY25 and record date for the same is fixed as 8 August 2024.

Further, the companys board has approved issuance of bonus shares to the shareholders in the ratio of 1 bonus equity share of Rs 10 each for every 1 existing equity shares of Rs 10 each (1:1), to the eligible members by capitalizing a sum not exceeding Rs 240.30 crore out of the sum standing to the credit of 'capital redemption reserve and free reserves, subject to the approval of shareholders.

Rites, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 June 2024, the Government of India held 72.20% stake in the company.

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