Titagarh Rail Systems Ltd, formerly known as Titagarh Wagons, on Wednesday (October 18) reported a 46.5% year-on-year (YoY) jump in net profit at ₹70.6 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Titagarh Rail Systems posted a net profit of ₹48.2 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at ₹935.5 crore during the period under review, up 54.1% against ₹607.1 crore in the corresponding period of the preceding fiscal.

Last month, Titagarh Rail Systems said it plans to raise its production capacity to 1000 wagons per month by the end of this financial year. Currently, it is operating at a capacity of 600-700 wagons per month.

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The decision to expand production capacity comes as the company continues to secure orders and expand its presence in the market, including the domestic (Indian Railways) as well as exports.

Umesh Chowdhary, vice chairman and managing director of Titagarh Rail Systems, in an interview with CNBC-TV18, said; "On an average, we are maintaining a run rate between 600 and 700 wagons per month, and we are looking at scaling it up from the month of October and then gradually ramping it up to 1,000 by the end of this financial year."

As a key player in the rail manufacturing sector, Titagarh is also known for innovative solutions and quality products. With this expansion, the company aims to further strengthen its position as a leading provider of rail systems and rolling stock.

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The results came after the close of the market hours. Shares of Titagarh Rail Systems Ltd ended at ₹822.35, up by ₹25.15, or 3.15 percent on the BSE.

First Published:Oct 18, 2023 9:35 PM IST