Titagarh Rail Systems rallies 2% on bagging Rs 350-cr Gujarat Metro Rail contract

“The delivery of 30 standard gauge rail cars meant for Ahmedabad Metro Phase-2 is to be completed within 94 weeks from the date of order-win,” the company said.

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Titagarh Rail Systems traded 2 percent higher on August 30 after the rail wagon and coach maker bagged a Rs 350-crore contract from Gujarat Metro Rail Corporation.

“The order win is for design, manufacture, supply, testing, commissioning and training of 30 standard gauge coaches for the second phase of the Ahmedabad Metro Rail Project,” the company said in a regulatory filing.

The prototype has to be delivered within 70 weeks from the date of receiving the letter of acceptance (LoA) and delivery is to be completed in 94 weeks from the award of the same, it added.

This is the second such order from the Gujarat Metro Rail Corporation to the company after it received an order worth Rs 857 crore on June 28th this year for providing 72 standard gauge metro coaches to be used for Phase-1 of the Surat Metro Rail project.

At 2pm on the BSE, the Titagarh Rail Systems stock was quoting Rs 743.10, up 1.68 percent or Rs 12.25, up 59.68 percent in year-to-date terms.

The company reported a 110.87 percent on-year surge in revenue from operations at Rs 911 crore in the June quarter, while its net profit stood at Rs 62 crore. The operating profit margins for the quarter expanded by 300 basis points on a yearly basis to 12 percent.

Titagarh Rail Systems is engaged in the business of manufacturing railway wagons, coaches, and allied components.

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