homebusiness Newscompanies NewsTitagarh Rail Systems targets Rs 900 crore quarterly revenue with 10% margin
Titagarh Rail Systems targets Rs 900 crore quarterly revenue with 10% margin
Impressive first quarter results gets the Street excited on Titagarh Rail Systems stock. Management is optimistic to maintain Rs 900 crore as quarterly revenue run rate with 10 percent margins.
Titagarh Rail Systems shares rose 6 percent in trade on July 24 after it declared an impressive set of numbers in the first quarter of FY24.
The revenues are 111 percent higher year on year at Rs 911 crore from Rs 432 crore, while net profits rose 179 percent to Rs 62 crore versus Rs 22 crore in the same quarter of last year. The earnings before interest, tax, depreciation and amortisation (EBITDA) rose 164 percent to Rs 106 crore from Rs 40 crore in the same quarter of last year, while EBITDA margins jumped to 11.6 percent from 9.3 percent.
In terms of segmental performance, revenues from freight more than doubled to Rs 746 crore while its EBIT margins are now at 13 percent, compared with 10.2 percent in the same quarter of last year.
In the passenger segment, revenues doubled to Rs 165 crore versus Rs 81 crore in the corresponding quarter of last year. The EBIT margins are also higher at 3.9 percent versus 3.1 percent in the first quarter of FY23.
The orderbook is now at Rs 27,890 crore versus Rs 27,000 crore in the March 2023 ended quarter. The order inflow in this quarter includes 72 Metro coaches for Surat Metro Rail Phase-I worth Rs 857 crore and an order from private sector worth Rs 443 crore.
Umesh Chowdhary, Vice Chairman & MD, Titagarh Rail Systems in an interaction with CNBC-TV18 on July 24 said company shall be able to sustain Rs 900 crore quarterly revenue run rate and targets margins at 10 percent. This margin improvement is likely to come from backward integration. The company aims for higher revenue from passenger rolling stock going forward.
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