Shares of Titagarh Rail Systems Ltd (formerly known as Titagarh Wagons) opened at Rs 812.70, nearly 1.2 percent lower on the NSE on October 19, a day after the rail equipment manufacturer announced its Q1FY24 results.
At 9:30 am, the stock was trading at Rs 814.75, around 0.9 percent lower than yesterday's close of Rs 822.60. On October 18, the company reported a 46.5 percent year-on-year (YoY) increase in net profit to Rs 70.6 crore. The results were announced post market close.
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Titagarh Rail Systems reported its earnings for Q2FY24 in a regulatory filing, dated October 18. According to the company, for the September 2023 quarter, the total revenue stood at Rs 935.5 crore, a 54.1 percent increase compared to the previous fiscal.
Earlier this month, the company which manufacturers railway wagons and other allied components announced that it had received a contract for Surat Metro Rail Project for the design, manufacture, supply, testing, commissioning and training of 72 standard gauge cars. The project is worth approximately Rs 857 crore. The earnings call for Titagarh Rail Systems is scheduled for today, October 19.
In a September 2023, Titagarh Rail Systems' MD & CEO Umesh Chowdhary said that they plan to raise production capacity to 1,000 wagons per month by the end of FY2024. Currently, it is operating at a capacity of 600-700 wagons per month.
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