Finally, the financial report of Titagarh Rail Systems for the second quarter of the current fiscal year has been issued. The highlight of the Titagarh Rail Systems Q2 results is the company registered a growth of 54 percent compared to the previous fiscal year. YoY growth of Titagarh Rail Systems is 54 percent higher this year compared to the previous year. Titagarh Rail Systems which was formerly known as Titagarh Wagons Ltd. reported its revenue at Rs 935.45 crore from operations in the second quarter of the current fiscal year from July to September. If you are scrambling to the web regarding the same, keep following this article and find out more details of Titagarh Rail Systems’s Q2FY24 results. Scroll down for more details.
Titagarh Wagons Q2 Results 2023
Talking about the growth of Titagarh Rail Systems in Q2FY24, the company registered a growth of 46.6 percent in its consolidated net profit compared to the corresponding period last year. This year, Titagarh Rail Systems made a net profit of Rs70.59 crore while it was Rs48.2 crore in the corresponding period last year. Formerly, the company was known as Titagarh Wagons Ltd, it reported its revenue from operations at Rs935.45 crore during the second quarter of the current fiscal year, which was 54 percent higher than the last year when the company reported revenue from operations at Rs607.11 crore. Shift to the next section and read more details.
Talking about the company, it manufactures railway wagons. It is a major player in passenger coaches. The company is planning to increase its capacity to manufacture 1000 wagons every month before the current fiscal year ends. For now, Titagarh Rail Systems is manufacturing 600-7000 wagons every month. Titagarh Rail Systems decided to increase its production capacity as it is expanding its presence in the market and securing more orders from the domestic market including Indian Railways.
The senior management of Titagarh Rail Systems said, “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,” The project is expected to be executed from 76 weeks after the signing the contract and is likely to be completed in 132 weeks. Titagarh Rail Systems closed a deal with Gujarat Metro Rail Corporation worth Rs857 crore, earlier this month. On Wednesday, October 18, Titagarh Rail Systems shares closed 3.15 percent higher at Rs822.35 apiece on the BSE.