RITES Ltd Focuses on AI Initiatives and Achieves Milestones at AGM

RITES Ltd, a consultancy and engineering firm under the Railway Ministry, aims to be future-ready with IT and AI initiatives. In their 50th AGM, they reported significant financial achievements and announced dividends for shareholders. RITES highlighted their record revenues in consultancy and project segments for FY24.

RITES Ltd, a consultancy and engineering entity under the Railway Ministry, is steering towards a future-ready approach with initiatives centered around information technology and artificial intelligence, said Rahul Mithal, the company's Chairman and Managing Director.

Speaking at the 50th Annual General Meeting held on September 12, Mithal highlighted that RITES has evolved significantly over five decades, securing the distinguished Navratna status this financial year, and remains focused on delivering consistent results and value to stakeholders.

Shareholders approved several resolutions, including the adoption of Audited Financial Statements, 1:1 Bonus Equity Share, and a final dividend of Rs 5 per share for FY2023-24. This final dividend is in addition to three interim dividends, culminating in a total dividend payout of Rs 433 crore for the year. The final dividend payout is earmarked for September 20, 2024.

RITES has seen a marked increase in consultancy revenue, achieving a highest-ever consolidated consultancy revenue of Rs 1,289 crore in FY24. The turnkey and leasing segments also reported top-tier figures with revenues of Rs 903 crore and Rs 138 crore respectively, underscoring the firm's robust financial performance.

(With inputs from agencies.)