185% rally in 2 years! This multibagger PSU rail stock declares Rs 5 dividend
Rail India Technical and Economic Service (RITES), shares of which have grown 185% in the last 2 years, today declared a dividend of Rs 5 per share along with its Q4 results.
“This is to inform that the Board of Directors of the Company at its meeting held today i.e. 28th May, 2024 has inter alia, considered and recommended a Dividend of Rs. 5.00/- per share (i.e. 50%) on 24,03,01,887 equity shares of face value of Rs. 10 /- each of the Company for the financial year 2023-24, subject to the approval of the same by the Shareholders in the ensuing 50th Annual General Meeting of the Company,” said RITES in a filing to the exchanges.
After the shareholder approval, the dividend will be paid to the shareholders within 30 days.
The board of RITES also paid three interim dividends during the year of Rs 13 per share to the eligible shareholders for FY24.
At the current share price of Rs 710, RITES’ dividend yield is 2.68%, as per Trendline data.
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RITES posted a marginal decline of 1.5% year-on-year (YoY) in its net profit to Rs 136.67 crore for the fourth quarter ended March 2024 as against Rs 138.89 crore for Q4FY23. The revenue from operations also fell to Rs 643.25 crore, down 6.3% YoY.
Segment-wise, domestic consultancy contributed the highest to the company’s revenues at Rs 311.54 crore followed by domestic turnkey construction projects contributing Rs 259 crore.
Shares of RITES have gained 85% on the charts in the last one
