Titagarh Rail Systems Q3 Results Review - Strong Industry Tailwind to Keep Growth Momentum: Systematix

Systematix Report

Titagarh Rail Systems Ltd.'s delivered yet another strong result in Q3 FY24, in line with our estimates. Consolidated revenue/Ebitda/profit after tax saw a strong growth of 24.6%/ 52.3%/ 129.9% YoY led by higher execution of railway wagons.

Titagarh Rail Systems achieved its highest production of 1,021 wagons in December 2023 while guiding for an average of ~700 wagons/ month till capacity expansion takes place by December 2024. Ebitda margin also improved 211 basis points led by increased margin at freight rail system and cost optimisation.

Order backlog as on December 2023 was Rs 27.5 billion (Rs 13.6 billion from FRS and Rs 13.8 billion from passenger rail systems), this is the first time that the PRS order pile up stood more than the FRS orders.

In PRS, Vande Bharat/ Passenger rail orderbook stood at Rs 7 billion/Rs 6.8 billion whereas in FRS, Freight/Wheelset(JV) total orderbook stood at Rs 7.4 billion and Rs 6.3 billion respectively.

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