RITES shareholders approve 20% final dividend for FY 18

New Delhi: RITES Limited, has declared final dividend of Rs 40 crore on equity shares for the financial year ended 31st March, 2018.

The Miniratna company announced this at its 44th Annual General Meeting. “The shareholders have approved Rs 40 crore of final dividend i.e, Rs 2 per share for the FY 2017-18. This was in addition to the interim dividend of Rs. 70 crore which was paid in January 2018,” the company said in a statement.

"Financial Year 2017-18 has been a year of transition for RITES during which we not only maintained business growth, profitability and order book consolidation but also successfully completed exercise for listing of the company through part disinvestment of holding by Government of India. We continued to be a leading player in transport consultancy and engineering sector in India providing a diversified and comprehensive range of services under one roof," Rajeev Mehrotra, Chairman and Managing Director, RITES Limited, said.

The company secured highest ever turnover in FY 2017-18 of Rs 1,667 crore. During FY 2017-18, its operational revenue increased by 11.2% and PAT increased by 7.8% over FY 2016-17. This rise can be attributed to growth in consultancy and turnkey project segments.

RITES has recently signed the contract agreement for supply of 160 coaches with Sri Lankan Railways against the order secured by the company in July 2018 and also recently secured a contract of approximately Rs. 295 crore for doubling of Dharmavaram Penukunda rail line on turnkey basis.