Titagarh's Shares Soar As Ministry Of Defence Places Order For 250 Specialised Wagons

Titagarh's stock witnessed an increase of more than 8 per cent after it secured an order for 250 Specialised Wagons
Titagarh Wagons
Titagarh Wagons

Titagarh's stock price witnessed an increase of more than 8 per cent on Monday after the railway rolling stock manufacturer received an order from the Ministry of Defence, Government of India for the procurement of 250 specialised wagons.

The contractual value amounts to approximately Rs 170 Crore. The execution of the contract is planned to commence 12 months subsequent to the contract's signing and is scheduled to conclude within a 36-month timeframe.

At 10:30 am, the shares of the company were trading at Rs 1003 price level, up by almost 5 per cent on the National Stock Exchange.

In the quarter ending December FY24, the company reported a net profit of Rs 75.03 crore, marking a surge of 91 per cent compared to the corresponding period in FY23. On the other hand, the company achieved standalone net revenues of Rs 954.68 crore, signifying a growth of 24.57 per cent. The EBITDA margin reached 11.59 per cent, amounting to Rs 110.67 crore, marking a year-on-year increase of 52.30 per cent.

Commenting on the quarterly figures, Umesh Chowdhary, Vice Chairman and Managing Director, Titagarh Rail Systems Ltd. said, “The Company’s robust performance in Q3 FY24 is a reflection of our sustained operational momentum. On a year-over-year basis, the Freight Rolling Stocks / Passenger Rolling Stocks recorded substantial growth. The Government's unwavering emphasis on the building of world-class rail infrastructure in India makes us enthusiastic about higher and sustained growth in the upcoming quarters.”

On an annual basis, the shares of the manufacturing firm have yielded multibagger results of nearly 115 per cent, as recorded on the NSE.

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