Thursday, July 7, 2022
Tech ObserverNewsGovTechRITES to invest Rs 48 crore to acquire 24% stake in IRSDC

RITES to invest Rs 48 crore to acquire 24% stake in IRSDC

Ltd, a Miniratna under Ministry of Railways has declared an interim dividend of Rs 6 per share of Rs 10 each (at a rate of 60% of paid up capital).

Standalone revenue of the company for the first half of FY20 has been Rs 1423 crore and profit after tax has been Rs 325 crore. For the FY20 so far, the company’s dividend payout ratio stands at 46% (on 6 month PAT). In FY19, the company generated standalone profit after tax of Rs 445 crore and declared a dividend of Rs 255 crore. The record date for the purpose of payment of dividend is 10th January 2020.

“RITES has demonstrated its capacity to execute across segments and simultaneously able to protect its margins in the H1 of FY20. We had a strong H1 FY20, where we have seen our standalone revenue going up by 71% and profit-after-tax up by 72% on YoY basis. This growth has enabled us to announce healthy interim dividend,” said Rajeev Mehrotra, Chairman and Managing Director, RITES.

Board of Directors has also approved investment of Rs 48 crore for acquiring a stake of 24% in (IRSDC). This investment is being done at face value of Rs 10 per share and will provide RITES an opportunity of growth in the emerging field of development of railway stations.

RITES Limited, earlier known as Rail India Technical and Economic Service is an engineering consultancy company, specializing in the field of transport infrastructure. Established in 1974 by the government of India, the company’s initial charter was to provide consultancy services in rail transport management to operators in India and abroad.

Now it has diversified into planning and consulting services for other infrastructure, including airports, ports, highways and urban planning. It was awarded the status of Miniratna in 2002.

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