Shares of Texmaco Rail and Engineering opened 13% above their previous close on 16 October after the company reported a strong quarterly report for the July-September quarter. 

The company reported a 70% YoY increase in net profit at Rs 20 crore for the quarter under review against the Rs 11.88 crore reported in the year-ago quarter. 

The consolidated revenue from operations saw a 66% YoY growth to Rs 805 crore for Q2FY24 against the Rs 484 crore reported in Q2FY23. 

Segment Wise

The company’s heavy engineering segment contributed the most to the company’s overall revenue. The heavy engineering segment’s gross revenue jumped threefold to Rs 616 crore from the Rs 192 crore reported in the same quarter of the previous fiscal year. 

The steel foundry segment of the company saw a 64% YoY growth to Rs 202 crore for the quarter under review. 

The infrastructure segment, which includes the rail and green energy division and the company’s electrical division, reported a downward growth. The rail and green energy segment reported a 26% YoY decline, whereas the electrical segment declined by 39%. 

The company operates two business segments: the heavy engineering division and the foundry division. Moreover, the company manufactures a range of products, including railway freight cars, agricultural machinery, and pressure vessels. 

At noon, the shares of Texmaco Rail and Engineering were trading at Rs 141.60 or 6.19% above its previous close on NSE.