Titagarh Rail shares soar 9% to trade near 52-week high on robust Q2 results

In the past three months, the stock of this midcap company has jumped 39 percent as against 3 percent decline in the Sensex benchmark

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Shares of Titagarh Rail Systems jumped 9 percent to Rs 866 per share on the BSE on October 20 after the company inked pact with Gujarat Metro Rail Corporation (GMRC) for Ahmedabad Metro Rail Phase-II Project worth Rs 350 crore. The S&P BSE Sensex was down 201 points or 0.3 percent at 65,427 levels, as of 12:10 pm.

In the past three months, the stock of this midcap company has jumped 39 percent as against 3 percent decline in the Sensex benchmark.

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The company via an exchange filing informed that they signed a contract with GMRC for design, manufacture, supply, testing, commissioning, and training of 30 standard gauge cars for Ahmedabad Metro Rail Phase-II Project.

“The prototype has to be delivered within 70 weeks from Letter of Acceptance (LOA) dated August 29, 2023 and delivery completion is 94 weeks from the said LOA. We are proud to announce that these state-of-the-art metro cars will be manufactured at our cutting-edge facility in Uttarpara, located in the Hooghly district of West Bengal,” the management said.

The Ahmedabad Metro Rail Phase-II Project is being implemented by GMRC at a cost of Rs 13,500 crore. The project will add 28.2 km of Metro lines to the city’s existing network.

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Titagarh Rail is the largest private sector manufacturer of railway wagons and an established player in passenger coaches. Apart from Uttarpara, the company has engineering infrastructure in Titagarh, West Bengal and Bharatpur, Rajasthan.

Bumper Q2FY24 results

In the September-ended quarter of fiscal year 2023-24 (Q2FY24), the company reported a 54 percent year-on-year (YoY) jump in revenues to Rs 935 crore from Rs 607 crore in the year-ago period.

The company’s consolidated net profit too registered a growth of 46 percent YoY to Rs 70 crore in Q2FY24 versus Rs 48 crore in the corresponding period last year.

Analysts at Nuvama Institutional Equities retained a ‘buy’ rating on the counter, increasing target price to Rs 949 per share (versus Rs 776 earlier).

“The company is benefiting from surging railway capex. The execution of wagon order from the Indian Railways is progressing well as they achieved highest-ever dispatch of 759 wagons at the end of September 2023. We raise target price-to-earnings ratio (PE) to 33 times (x) and FY24E/25E EPS by 5/4 percent,” the brokerage firm added.

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