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Texmaco Rail and Engineering net profit jumps to Rs 22.95 crore in Q4
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SME Times News Bureau | 16 May, 2018
Engineering major Texmaco Rail and Engineering on Tuesday reported a
nearly four-fold jump in its standalone net profit to Rs 22.95 crore in
the quarter ended March 31, 2018 as compared to Rs 5.93 crore in the
year-ago period.
Its gross revenue for the period stood at Rs 306
crore, up by 4.79 per cent from Rs 292 crore in the corresponding
quarter of the previous year.
The company said the gross revenue
for the year 2017-18 was Rs 982 crore compared to Rs 1,235 crore in the
previous year. Its standalone net profit for FY18 stood at Rs 10.07
crore, down by 70 per cent from 33.57 crore in the 2016-17.
Notwithstanding
a poor performance, the Directors have recommended dividend at the rate
of 25 per cent on the equity shares of the company looking to the
future growth opportunities.
"Besides the recent order of 1,764
wagons on the company from Indian Railways, there is already an
announcement of forthcoming new tender for procurement of 22,258 wagons
by Railways for next two years. The private segment is also looking up
with the opening up of General Purpose Wagon Investment Scheme and
opening up of Rehabilitation of Coaches for private sector," it said in a
statement.
The company said its Rail EPC division achieved a
turnover of Rs537 crore during the year. With the commissioning of a
large number of old projects, the division is virtually closing out the
old less remunerative projects and in the current year onwards, it would
focus on execution of new contracts of WDFCC and other large projects.
With
a view to penetrating the international rail segment market, mainly
Africa and middle east and West Asia, the company has established a new
Company named TexRail SA (Pty) in Johannesburg, South Africa.
Wabtec
Texmaco Rail Private Limited, the JV company is expected to start its
manufacturing operation of railway components from the second quarter of
the current year from its new facility at Belgharia, which is scheduled
to be inaugurated on and from July 1.
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