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Texmaco Rail reports 183% surge in Q1 net profit to Rs 357.3 million
Industry News- Aug 14,24
In a strategic move, Texmaco Rail announced plans to acquire Jindal Rail Infrastructure for approximately Rs 6.15 billion.
- Net profit: The company’s consolidated net profit soared to Rs 357.3 million, marking a dramatic 183% increase from Rs 126.8 million in the same quarter last year.
- Revenue: Revenue from operations for the quarter reached Rs 8.91 billion, a 36% rise compared to Rs 6.56 billion in the previous year.
The freight car division, which is the primary revenue driver, saw its revenue grow by 38% to Rs 7.33 billion from Rs 5.30 billion year-over-year. The infra – rail & green energy segment also saw an increase, with revenue rising to Rs 1.04 billion from Rs 961.8 million.
In a strategic move, Texmaco Rail announced plans to acquire Jindal Rail Infrastructure for approximately Rs 6.15 billion. This acquisition is expected to enhance Texmaco's presence in the private freight rolling stock sector and is slated for completion within 57 days or an agreed extension.
(Benzinga)
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