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RITES declares interim dividend of 40% amounting to Rs. 4 per share

Posted On: 2019-03-11 15:34:27

The Board of Directors of RITES Ltd, a Miniratna (Category - I) Schedule 'A' Public Sector Enterprise under Ministry of Railways, in its meeting held today declared second interim dividend of Rs. 4 per share i.e. 40% on face value of Rs. 10 per share for the Financial year 2018-19.

"This second interim dividend demonstrates the confidence of the Board of Directors and the management team in cash flow generation ability of the company and value generation for our shareholders" said Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited. "We are committed to rewarding our shareholders through dividends and this 9M FY19 performance where our Profit after Tax has increased by 23% on YoY basis, has enabled us to do so."

Profit after tax of the company for the 9 months of FY19 is Rs. 313 crore. This second interim dividend brings the company's dividend payout ratio to 56 % (on 9 month PAT) and dividend yield to 3.47% (at average share price since listing) for the FY19 so far. In FY18, the company generated profit after tax of Rs. 340 crore and declared dividend of Rs. 110 crore.

As per guidelines issued by Department of Public Enterprise, the company has to pay a minimum annual dividend of 30% of Profit after Tax or 5% of networth whichever is higher.

The record date for the purpose of payment of dividend is 22nd March 2019.

Shares of RITES Ltd was last trading in BSE at Rs.256.35 as compared to the previous close of Rs. 255.1. The total number of shares traded during the day was 49125 in over 1133 trades.

The stock hit an intraday high of Rs. 263 and intraday low of 251.85. The net turnover during the day was Rs. 12676489.

Source: Equity Bulls

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