This Railway Stock Rallies 5% After Reporting 63% Jump In Net Profit
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Shares of Titagarh Rail Systems rose 5% as the company reported strong results fourth quarter that ended in March. 

What Happened: Titagarh Rail Systems reported a 63.67% YoY jump in net profit to ₹78.94 crore in the quarter. It reported a net profit of ₹48.23 crore in the previous year. The company's revenue from operations increased 8% on-year to ₹1052.41 crore against ₹974.21 crore in the previous year. The railway wagon maker's EBITDA rose 24.82% YoY to ₹120.07 crore from ₹96.20 crore in the previous year. 

The freight rail systems saw a 25.83% YoY revenue growth to ₹1016.87 crore while the passenger rail systems revenue decreased to ₹35.53 crore from ₹166.11 crore in the previous year.  Freight rail had a profit before tax of ₹127.86 crore, which increased by 49.93% from the previous year.

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The company also announced a dividend of ₹0.80 per equity share for the financial year 2023-24. 

Titagarh also reappointed Anil Kumar Agarwal, Executive Director, designated as Deputy Managing Director & CEO (Freight Rail Systems) for three years, effective from 29 May.

Morgan Stanley maintained its "overweight" call and gave a target price of ₹1,285. The global brokerage firm said that the company’s freight rail segment’s revenue was steady.

Price Action: Titagarh Rail Systems stock rose over 5% to ₹1,174.05 in the early morning session on Thursday. 

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