RITES profit after tax increases 6.5% to Rs 138 cr in March quarter

Transport infrastructure consultancy and engineering firm RITES Ltd on Thursday said its profit after tax increased by 6.5 per cent to Rs 138 crore in the January-March 2023 quarter.

The company had posted a profit after tax (PAT) of Rs 130 crore in the year-ago quarter, RITES said in a statement.

Operating revenue, excluding other income, stood at Rs 687 crore in the quarter under review, 10.3 per cent down from Rs 766 crore.

The fall can be attributed to low exports, said the statement.

RITES is a Miniratna Schedule 'A' Central Public Sector Undertaking under the Ministry of Railways.

 

The board of directors has recommended a final dividend of Rs 6 per share amounting to Rs 144 crore for FY23, which is 60 per cent of the paid-up capital.

Upon approval, the total dividend payout ratio attributed for FY23 will stand at 92.8 per cent.

Rahul Mithal, Chairman and Managing Director, RITES Limited, said, "Highest-ever consultancy revenue in FY23 underscored the fact that consultancy business is our core strength, which we will continue to leverage aggressively, tapping the immense opportunities.