Titagarh Rail Systems Q2 Results: Net profit rises 46.4% to ₹70.5 crore, revenue up 54% YoY
- Titagarh Rail Systems Q2 Results: The company, formerly known as Titagarh Wagons Ltd, reported revenue from operations in the second quarter of current fiscal at ₹935.45 crore, registering a growth of 54 per cent , compared to ₹607.11 crore in the year-ago period.
Titagarh Rail Systems Q2 Results: Titagarh Rail Systems Ltd, announced its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a growth of 46.4 per cent in consolidated net profit at ₹70.59 crore, compared to ₹48.2 crore in the corresponding period last year.
The company, formerly known as Titagarh Wagons Ltd, reported revenue from operations in the second quarter of current fiscal at ₹935.45 crore, registering a growth of 54 per cent , compared to ₹607.11 crore in the year-ago period. The company is a manufacturer of railway wagons and a major player in passenger coaches.
Last month, Titagarh Rail Systems said it plans to raise its production capacity to 1000 wagons per month by the end of this financial year, according to reports. Currently, it is operating at a capacity of 600-700 wagons per month.
The decision to expand the production capacity came as the company continues to secure orders and expand its presence in the market, including the domestic network (Indian Railways) as well as exports.
Earlier this month, Titagarh Rail Systems inked a pact worth ₹857 crore with Gujarat Metro Rail Corporation. The contract is for the manufacturing of 72 standard gauge cars for the first phase of Surat Metro Rail. The order value for this project is approximately ₹857 crore.
The execution of the project is slated to begin 76 weeks after the signing the contract and is likely to be completed in 132 weeks thereafter. "Titagarh Rail Systems has decided to expand its capacities at a capex of about ₹650 crore in the next couple of years, a large sum of which is already invested and bearing fruit,"said the senior management of the company.
On Wednesday, October 18, shares of Titagarh Rail Systems settled 3.15 per cent higher at ₹822.35 apiece on the BSE.
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Business NewsCompaniesCompany ResultsTitagarh Rail Systems Q2 Results: Net profit rises 46.4% to ₹70.5 crore, revenue up 54% YoY
First Published:18 Oct 2023, 08:12 PM IST
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