RITES Limited, the leading transport infrastructure consultancy and engineering firm, conducted its 48th Annual General Meeting (AGM) through video conferencing.
During the AGM, the shareholders approved all resolutions, including the adoption of Audited Financial Statements of the company and approval of Rs 3.5 per share as a final dividend for FY2021-22. This is in addition to the three interim dividends totalling Rs 13.5 per share, that have already been paid during the year. The total dividend of ₹408 crore (₹17 per share) takes the RITES dividend pay-out for a financial year to a new peak.
With the highest-ever standalone operating revenue of Rs 2575 crore, RITES’ performance reached pre-pandemic levels in FY22. Also, RITES was able to deliver on Profit After Tax (PAT), which was up by 21.2%, with Rs 539 crore as against Rs 444 crore in FY21.
While addressing the shareholders, and acknowledging the ongoing responsibility towards all stakeholders, Mr. Rahul Mithal, Chairman & Managing Director (CMD), RITES Ltd, said: “The world has changed, setting new benchmarks. Rising to the challenge, RITES has lived up to the commitment of not only reaching pre-Covid levels of performance, but also surpassing them. The increased thrust on the company’s vision of ‘RITES Videsh’, consolidating international business revenue across sectors, will be a key focus area. With the launch of the RITES Sustainability unit, the company is expanding its bouquet of services in Urban Engineering solutions.”
RITES Limited is a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has experience spanning 48 years and has undertaken projects in over 55 countries across Asia, Africa, South America, and the Middle East region. RITES Limited is the only export arm of Indian Railways for providing rolling stock overseas.