Titagarh Rail Systems Limited (formerly Titagarh Wagons) were recovering on Friday after closing over 3% lower on Friday.
What Happened: On Friday, shares of the railway company received a further boost as it bagged a deal from Gujarat Metro Rail Corporation Limited. As per the contract, Titagarh is responsible for designing, manufacturing, supplying, testing, commissioning, and training 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project.
A top official from TRSL said, “The prototype has to be delivered within 70 weeks from Letter of Acceptance (LOA) dated 29th August, 2023 and delivery completion is 94 weeks from the said LOA. We are proud to announce that these state-of-the-art metro cars will be manufactured at our cutting-edge facility in Uttarpara, located in the Hooghly district of West Bengal, India.”
The GMRC-led Ahmedabad Metro Rail Phase-II Project is projected to cost Rs. 13,500 crore.
Earnings Overview: This development comes a day after TRSL's shares were under pressure post-Q2 results, despite the company reporting a substantial 46.4% growth in consolidated net profit at ₹70.59 crore, compared to ₹48.2 crore in the corresponding period of the previous year. TRSL also saw a 54% increase in revenue from operations, rising to ₹935.45 crore from ₹607.11 crore in the year-ago period.
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