Shares of RITES Ltd. plummeted by 5% after touching a day high of Rs 767.00 on 31 July; after the company announced its June quarter results, the stock fell despite the company approving a bonus issue of shares.

RITES would be issuing one bonus share for every one share held by shareholders on the record date. This is the second time the company is issuing free shares. RITES, in 2019, had issued one bonus share for every four shares held by shareholders.

RITES has declared the first interim dividend of Rs 2.5 per share, with a record date of 8 August 2024. The record date for the bonus issue of shares will be announced later.

For the June quarter, the firm’s net profit fell by 24.4% to Rs 90.4 crore, down from Rs 119.6 crore last year, and revenue dropped by 10.8% to Rs 486 crore, compared to Rs 544.3 crore in the same period last year.

EBITDA for the quarter fell by 34.5% to Rs 105.8 crore, with margins narrowing from 29.8% to 21.8%.

Export sales decreased by 87% to Rs 4.96 crore. Power generation revenue fell by 23.1% to Rs 5 crore.

At 3:30 PM, the shares of RITES Ltd. closed 5.37% lower at Rs 715.15 on BSE.

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