Gurugram: RITES Limited, a leading transport infrastructure consultancy and engineering firm, convened its 49th Annual General Meeting (AGM) via video-conferencing, achieving unanimous shareholder approval for critical resolutions. Among these, the adoption of the Audited Financial Statements for the company and the declaration of a final dividend of ₹6 per share for the fiscal year 2022-23 took center stage. This final dividend adds to the three interim dividends amounting to ₹14.5 per share already disbursed during the year. With a total dividend payout of ₹493 crore (₹20.5 per share) for the financial year, RITES achieves an all-time high dividend pay-out ratio of 92.8% of its earnings. The final dividend distribution is slated for shareholders as of September 8th, 2023.
A Year of Remarkable Achievements
In the financial year 2022-23, RITES witnessed unprecedented success, attaining its highest-ever consultancy revenue. Furthermore, under the strategic initiative ‘RITES Videsh,’ the company recorded its highest-ever international consultancy revenue. Financially, the company posted a Profit After Tax of ₹571 crore, reflecting a 6% increase from the previous fiscal year’s ₹539 crore. The Profit Before Tax stood at ₹774 crore, demonstrating a 5.3% increase compared to ₹735 crore in FY22. These figures underscore RITES’ unwavering commitment to prioritizing profitability as a central strategy.
A Vision of Excellence and Innovation
Addressing the esteemed shareholders, Mr. Rahul Mithal, Chairman & Managing Director (CMD) of RITES Ltd, expressed confidence in the company’s future. He stated, “With nearly five decades of expertise, we are well-placed to build upon our legacy and tap into infrastructure growth opportunities through a three-pronged approach: Innovation, Execution, and Transformation. We are confident in our ability to realize our vision of being the ‘Go-To’ Infrastructure Consultancy company across sectors.”
A Strong Order Book
RITES’ relentless efforts in FY23 led to the acquisition of orders exceeding ₹3,000 crore, resulting in a robust year-end order book of ₹5,870 crore. This marks a significant 19% increase compared to the previous fiscal year. The company’s ability to secure substantial orders reflects its growing influence in the infrastructure consultancy and engineering sector.
The 49th AGM of RITES Limited not only celebrated a year of exceptional financial achievements but also reinforced the company’s commitment to delivering excellence and innovation in the field of transport infrastructure consultancy and engineering.