RITES Q2 results: Profit falls 23% to Rs 101 crore; stock slips 2%

RITES Ltd on Tuesday reported a 23.49 per cent drop in second-quarter earnings for the financial year 2023-24 (Q2 FY24). The railway engineering consultancy's consolidated net profit declined to Rs 101 crore in the September 2023 quarter as against Rs 132 crore in the year-ago period.

The company's revenue from operations dived 11.68 per cent to Rs 582 crore in Q2 FY24 from Rs 659 crore in the corresponding period last year.

RITES has also announced an interim dividend of Rs 4.50 per share. "This is to inform you that the board of directors have declared second interim dividend for FY24 at the rate of Rs 4.50 per share (45 per cent of paid up share capital of the company). Further, the record date set for the purpose of payment of second interim dividend for FY24 is November 8, 2023," the company stated.

Shares of the company settled with 2.34 per cent losses at Rs 452.10 today.

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