Titagarh Rail stock chugs upwards on 130% leap in Q3 net profit
Revenue from operations for the same period increased 24.6 percent year-on-year to Rs 954.7 crore in Q3FY24
Shares of Titagarh Rail Systems gained 1.3 percent at the open on the NSE on February 5, after the company announced a 130 percent on-year surge in net profit to Rs 75 crore in Q3. At 9:20am, the stock was trading at Rs 1,051.70.
In a regulatory filing on February 5, Titagarh Rail Systems reported a Rs 74.8-crore net profit for the October-December 2023 quarter of FY2024.
Revenue from operations for the same period increased 24.6 percent year-on-year to Rs 954.7 crore in Q3FY24.
EBITDA for the same period also increased 52.3 percent to Rs 110.7 crore while margin expanded 210 basis points to 11.6 percent.
The Kolkata-based Titagarh Rail systems recently announced that it had signed an agreement with Amber group to foray into railway component and subsystem business in India and overseas.
According to a PTI report, under the deal, TRSL and Amber group through its wholly owned subsidiary Sidwal Refrigeration Industries Pvt Ltd, will invest up to Rs 120 crore each for setting up the new railway component business as well as fresh equity investment in Firema, Italy.
In her interim budget for 2024-25, Finance Minister Nirmala Sitharaman on February 1 announced plans to convert 40,000 rail coaches to Vande Bharat standards.