Titagarh Rail Systems has reported the date for its board meeting and the release of its financial results for the first quarter of FY25.
What Happened: Titagarh is due to report its earnings for the April to June period on July 30, the company said in a press release on Wednesday.
"A meeting of the board of directors of the company is scheduled to be held on Tuesday, 30th day of July 2024, to consider and approve unaudited financial results (standalone and consolidated) for the 1st quarter ended 30th June, 2024," the company said in an exchange filing.
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Brokerage Estimate: Earlier this month, brokerage Antique delivered a bullish outlook for Titagarh’s first-quarter earnings. The railway infra company was one of its top pics in the sector. It estimated a 37% year-on-year jump in the company’s revenue on account of strong growth in the wagon manufacturing space. Profit after tax is likely to increase by 37%, according to Antique. Revenue for the quarter is seen at ₹1,204.8 crore, with a net profit of ₹92.7 crore.
In the past month, the rail infra company commenced several projects.
Last month, Titagarh kickstarted the production of trainsets for the Bangalore Metro Rail Corporation Limited's (BMRCL) Phase 2 Yellow Line project.
Separately, it also started exporting traction converters to Italy as part of a EUR 7.18 million (approximately ₹65 crore) agreement with Titagarh Firema S.p.A, the company said on Tuesday. It has dispatched the first batch of eight traction converters to its Italian associate.
Titagarh was among the several railway stocks that were bleeding red after the announcement of the Budget 2024. The slump came as the Union Budget kept capital expenditure unchanged at ₹11.11 lakh crore. Earlier in the day, stocks were upbeat in anticipation of higher capital expenditure.
Price Action: Shares of Titagarh were up 2.95% at ₹1,635 on Wednesday afternoon.
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