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The Company's overall performance for the year was u" />
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Texmaco Rail & Engineering Ltd announces FY18 results

Posted On: 2018-05-16 10:25:40

Texmaco Rail & Engineering Ltd., a "ADVENTZ" Group Company, has approved its standalone and consolidated annual working results for FY18 at its Board Meeting held on 15th May 2018.

The Company's overall performance for the year was under severe pressure due to very poor order book in its wagon division for a greater part of the year. The new orders started flowing in only towards the end of the year.

The Gross Revenue for the year was Rs.982 crore compared to Rs 1235 crore in the previous year. The Gross profit for the year (PBDT) was Rs.33.21 crore compared to Rs 58.17 crore in the previous year, profit Before Tax (PBT) Rs. 14.51 crore against Rs.42.01 crore in previous year. The net Profit stood at Rs.10.07 crore, after providing for aTax liability of Rs.4.44 crore.

For the 4th quarter FY 18, the Gross Revenue stood at Rs.306 orore against Rs.292 crore in corresponding quarter of the previous year. The Gross profit (PBDT) was Rs.35.37 crorc against Rs.10.01 crore, Profit before.Tax Rs. 29.89 crore against Rs.5.87 crore and net profit (PAT) Fis.22:95 uore against Rs. 5.93 crore in the corresponding quarter of previous year.

Notwithstanding poor performance, the Directors have recommended dividend @ 25% on the Equity Shares of the Company looking to the future growth opportunities in the High potential Divisions of the Company.

The Company with its subsidiaries is starting the new year with a healthy order book position of Rs.4700 crore. The Railway segment is under prime focus of the Government with huge investment plan to upgrade the Infrastructure and operations to global standards, including new rail tracks, doubling of lines, upgradation of signalling system, rail safety, besides massive procurement programme for Rolling Stock (Locomotives, Wagons & Coaches).

Besides the recent order of 1764 wagons on the Company from Indian Railways, there is already an announcement of forthcoming new tender for procurement of 22258 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. The procurement plan of High Powered Locomotives from Alstom and GE by the Indian Railwals is also generating business for the Company, which has been successful in working with both GE and Alstom for their requirement of Loco Body and Components. A big demand for Loco Shells is also originating with the ambitious plan of Indian Railway to boost its in-house production of Electric Locomotives at CLW. The Company is one of the major approved vendors in this segment.

The Bridge Division on the strength of valuable credentials earned on execution of 1 KM long 102 Mtr Span, Bhairab Bridge in Bangladesh, has already bagged couple of prestigious orders both in India and Bangladesh, and the performance of the Division for the year is expected to be substantially improved.

The Hydro Mechanical Division has shown improved performance during the year and with the opening up of various large sites, where the Company is operating, it would see a significant improvement.

The Steel Foundry Division of the Company is making a major headway in international market. During the year, it has exported more than 8000 MT precision castings to developed world countries. The Division is expected to further improve its export performance during the current year.

The Rail EpC Division of the Company achieved a turnover of Rs.537 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, the Division will especially focus on execution of new contracts of WDFCC and other large projects. The Division also bagged two prestigious orders from Bangladesh valued at Rs.450 crore and Rs.200 crore. The Division is hopeful of improving its performance in the coming years.

To tap the vast Rail safety and Rail component market, the Company has taken concrete steps and has formed a subsidiary named Texmaco Transtrak Systems Private Limited to introduce the latest generation rail signalling and safety equipment.

With a view to penetrating the international rail segment market, mainly Africa and M.E & 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 2"d quarter of the current year from its new facility at Belgharia, which is scheduled to be inaugurated on and from July 01, 2018.

With a long term focus on Defence products and to tap the opportunities thrown open by the Govt. of India including 'Make in India' initiative, the Company has formed a subsidiary, named Texmaco Defence Systems Pvt Ltd. to get into the business of defence products.

Shares of TEXMACO RAIL & ENGINEERING LTD. was last trading in BSE at Rs.74.85 as compared to the previous close of Rs. 79. The total number of shares traded during the day was 156436 in over 1267 trades.

The stock hit an intraday high of Rs. 82 and intraday low of 74.8. The net turnover during the day was Rs. 12168341.

Source: Equity Bulls

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