Check out this fun update from the stock market today! Titagarh Rail Systems, a company based in Kolkata, saw its shares jump by 1.3 percent when the market opened on February 5. Why the excitement? Well, they just announced that their net profit for the third quarter of the financial year 2023-24 surged by a whopping 130 percent to Rs 75 crore! That’s some serious dough!
At 9:20 am, the stock was happily trading at Rs 1,051.70. That’s a nice bump for anyone invested in the company!
In a formal announcement made on February 5, Titagarh Rail Systems spilled the beans about their Q3 earnings. They raked in a cool net profit of Rs 74.8 crore for the period from October to December 2023. And guess what? Their revenue from operations for the same time frame shot up by 24.6 percent compared to last year, landing at Rs 954.7 crore. Looks like they’re on the right track!
But wait, there’s more good news! Their EBITDA (that’s earnings before interest, taxes, depreciation, and amortization) also saw a nice increase of 52.3 percent, reaching Rs 110.7 crore. And to top it off, their margin expanded by 210 basis points to 11.6 percent. It’s raining profits over at Titagarh Rail Systems!
And the plot thickens! Titagarh Rail Systems is not just sitting around counting their cash. Nope, they’ve got big plans! They recently shook hands with the Amber group to dive into the railway component and subsystem business, both in India and abroad. Word on the street is that they’ll be investing up to Rs 120 crore each to kickstart this exciting venture. That’s some serious cheddar being tossed around!
In other news, Finance Minister Nirmala Sitharaman spilled the beans on February 1 about the government’s plan to jazz up 40,000 rail coaches to Vande Bharat standards. And guess who’s in the spotlight again? Yep, you guessed it, Titagarh Rail Systems! They, along with Bhart Heavy Engineering Limited, snagged a sweet deal worth Rs 24,000 crore to manufacture and maintain 80 Vande Bharat trainsets. Talk about hitting the jackpot!