Titagarh Rail Systems Ltd December 2023 quarter (Q3 FY25) net profit fell 16% year-on-year, to ₹62.8 crore from ₹74.8 crore in the corresponding quarter of number of the financial year.
Revenue from operations for Q3 FY24 shrank by 5.5% YoY to ₹902.2 crore against ₹954.7 crore. EBITDA came in at ₹100.1 crore down 9.6% YoY compared to ₹110.7 crore reflecting operating margin pressure. EBITDA margin fell to 11.1% from 11.6% a year earlier due to higher costs and lower revenue.
This is in view of the company’s decision to take up rights issue of equity shares of joining venture company of the company namely Titagarh Firema Engineering Services Pvt Ltd (TFESPL) which was approved in the meeting of the Board of Titagarh Rail held on Thursday. It also approved certain amendments to the Joint Venture Agreement (JVA) to pave the way for TFESPL to become a subsidiary of Titagarh Rail after allotment of shares and execution of the both agreements.
In the National Stock Exchange, shares of Titagarh Rail Systems Ltd closed at ₹850 which is a 1.10% gain than the previous close. The stock has witnessed a total of 9% dip in the last one year, and 15% in the last one month.
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