Rites makes record profit

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RITES
Rites, a schedule ‘A’ Mini Ratna Enterprise under the Ministry of Railways, recorded the highest-ever profit after tax of Rs. 339 crore in FY 2015-16 against Rs. 306 crore in the previous year. Its income jumped 11 percent to the record Rs 1,294 crores,  according to Rajeev Mehrotra, Chairman and Managing Director (RITES).
He told the 42nd annual general meeting that the company is expected to get an ‘Excellent’ rating in its MOU performance based on the financial results for the year.
The growth in the business and excellent financial results has led to the dividend payout for the year to Rs. 136 crore, which is 136% of the paid-up share capital of the company. This is the highest-ever dividend paid so far by the Company. The company has also announced an issue of bonus shares to the existing shareholders in the ratio of 1 share for every 2 shares held.
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