Titagarh Rail Systems: Concall & Investor Presentation Summary Report (Q4 FY24)

Introduction

Titagarh Rail Systems, a leading player in the rail manufacturing sector, has reported robust financial performance in Q4 FY24. This report provides a comprehensive overview of the company's financial results, order book, segmental performance, and future outlook, based on the recent earnings call transcript.

Financial Performance

Q4 FY24 vs Q4 FY23: Consolidated Results

  • Revenue: ₹1,052 crores, reflecting an 8.03% YoY increase.
  • EBITDA: ₹120 crores, a substantial rise of 25.75% YoY.
  • Profit Before Tax (PBT): ₹112 crores, marking a significant 48.99% YoY growth.
  • Profit After Tax (PAT): ₹83 crores.

Full Year FY24 vs FY23: Consolidated Results

  • Revenue: ₹3,853 crores, demonstrating a 39% YoY increase.
  • EBITDA: ₹452 crores, showcasing a remarkable 71% YoY rise.
  • Profit Before Tax (PBT): ₹397 crores, nearly doubling with a 94% YoY increase.
  • Profit After Tax (PAT): ₹297 crores.

Segmental Performance

Freight Rolling Stock

  • Revenue: ₹1,017 crores, an increase of 25.87% YoY.
  • PBIT: ₹128 crores, a significant 50.59% YoY growth.
  • Margin: 12.59%, up from 10.52% in the previous year.

Passenger Rolling Stock

  • Revenue: ₹36 crores, reflecting a decrease of 78.61% YoY.
  • PBIT: ₹0.75 crores, a substantial decrease of 92.54% YoY.
  • Margin: 2.08%, down from 6.02% in the previous year.

Order Book

  • Total Order Book: ₹14,750 crores.
  • Joint Ventures Order Book: ₹13,326 crores.

Future Outlook

Titagarh Rail Systems is well-positioned for future growth, with significant projects in the pipeline, including:

  • Bangalore Metro (CRRC)
  • Surat/Ahmedabad Metro
  • Vande Bharat Trains

These projects are expected to commence deliveries shortly, providing enhanced revenue visibility and margin expansion in the near future.

Key Highlights

  • CAGR Growth (5 years):
    • Revenue: 21.02%
    • EBITDA: 28.50%
    • PBT: 44.51%
  • Earnings Per Share (EPS): ₹23.30 for FY24, a significant 170% YoY increase.

Conclusion

Titagarh Rail Systems has demonstrated a strong financial performance in Q4 FY24, marked by substantial revenue growth, improved profitability, and a robust order book. The company's strategic projects and sound financial health position it well for sustained growth and profitability in the coming years. This detailed, data-driven analysis highlights Titagarh Rail Systems as a formidable player in the rail manufacturing sector.