Titagarh Rail Systems FY24 Dividend: Titagarh Rail Systems announced its January-March quarter results for fiscal 2023-24 (Q4FY24) and also declared board recommended a dividend of 40 per cent for the previous financial year on Wednesday, May 15. Titagarh Rail Systems has given massive multibagger returns to investors over the last one-to-three year time periods.
‘’Recommendation of dividend of 40 per cent (i.e. Re. 0.80) per equity share of Rs. 2 each for the financial year 2023-2024. The dividend as recommended by the Board is subject to approval of the shareholders at the ensuing Annual General Meeting of the company, date of which will be intimated in due course,” said Titagarh Rail Systems in a regulatory filing to the stock exchanges today.
Also Read: Titagarh Rail share price jumps nearly 9% to 15-week high; here’s why
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Titagarh Rail Systems Q4 Results
India’s leading freight wagon manufacturer’s net profit soared 64 per cent to ₹79 crore in the March quarter, compared to ₹48 crore in the corresponding period last year. Titagarh Rail System’s revenue from operations in the fourth quarter of FY24 rose eight per cent to ₹1,052.4 crore, compared to ₹974.2 crore in the year-ago period.
On the operating front, the private rolling stock manufacturer’s earnings before interest, taxes, depreciation, and amortization (EBITDA) in the March quarter rose 25.7 per cent to ₹120 crore, compared to ₹95.5 crore in the year-ago period. Margin rose 11.4 per cent in the quarter-under-review compared to 9.8 per cent.
The company’s board announced the re-appointment of Anil Kumar Agarwal, Executive Director, designated as Deputy Managing Director & CEO (Freight Rail Systems) for a period of three years with effect from May 29, 2024.
The board also announced the elevation of Prithish Chowdhary, Director (Marketing & Business Development) & Deputy CEO (Passenger Rail Systems) to the position of Deputy Managing Director with effect from May 15, 2024.
Multibagger returns
The confidence of investors in the railway sector has increased tremendousli in the last one year, buoyed by its earnings visibility and the substantial capital expenditure plans outlined by Indian Railways. This optimistic sentiment has triggered a significant surge in the shares associated with the railway sector, with Titagarh Rail Systems emerging as a standout performer.
In CY23 alone, the company’s shares witnessed an astounding return of 367 per cent. Reflecting on previous years, the stock delivered impressive gains of 140.27 per cent, 60 per cent, and 19 per cent in CY22, CY21, and CY20, respectively.
Over the past five years, investors have enjoyed a remarkable return of 2,185 per cent on their investments in Titagarh Rail Systems. Ahead of the announcement of Q4FY24 results on Wednesday, shares of Titagarh Rail Systems settled 2.06 per cent higher at ₹1,111.35 apiece on the BSE.
Company Details
Titagarh is India’s first private company for EMU/MEMU coaches and has delivered over 350 top-tier units to Indian Railways since 2007, a record unmatched by other private manufacturers. It offers mobility solutions and makes railway wagons, components, passenger coaches, and metro coaches.
In 2019, the company secured its first metro contract in Pune, introducing aluminum-bodied coaches, a novel concept in India. This led to more projects, including contracts with Gujarat Metro Rail and Bangalore Metro Rail.
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Published: 15 May 2024, 09:02 PM IST
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