Titagarh’s share price tanked early on Monday morning after the company’s June quarter results disappointed investors. The stock sunk close to 9% to hit an intraday low of ₹1,532.40.
What Happened: The railway company reported a net profit of ₹67.01 crore for the quarter, marking an 8% increase from ₹61.79 crore in the same quarter last year. Revenue from operations, however, saw a slight decline of 0.7%, coming in at ₹903 crore, compared with ₹910 crore in the same quarter of the previous year.
Antique Broking estimated the company's revenue for the quarter at ₹1,204.8 crore, with a net profit of ₹92.7 crore. The numbers also missed Bloomberg's estimate of around ₹1,222 crore in revenue and ₹82 crore in profit.
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The company added that it has received orders worth around ₹350 crore in the June quarter across business segments. This includes ₹250 crore worth of orders for freight rolling stocks and ₹100 crore worth of orders for propulsion systems. As of June, the company’s order book consisted of orders for about 20,300 wagons and 1,592 Metro and Vande Bharat coaches.
In terms of value, the combined order book stands at ₹27,443 at the end of June 2024. This is a slight decrease from the ₹28,076 crore reported at the end of the March quarter.
Standalone order book stood at ₹14,117 crore, while its share of order book in the Joint ventures stood at ₹13,326 crore. The standalone order book was at ₹14,750 crore at the end of March 2023.
Price Action: Titagarh’s share price was down 5.19% to trade at ₹1,596.25 as the markets opened on Wednesday. The stock recovered from the steep fall early on.
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