Wagons-maker Texmaco Rail & Engineering Ltd has reported a net profit of Rs 34.93 crore in the third quarter ended December 31 against Rs 10.74 crore in the corresponding quarter of the previous year. Its first nine-month net profit at Rs 85.42 was up 34 per cent.
In a note, the company said that there has been continuing delay in inviting the tender for 2012-13 by Indian Railways supply of wagons. The performance of steel foundry division, which fed rolling stock division, could have been better but for the delay in release of wagon tender by Indian Railways, it said.
Hydro mechanical equipment division’s current order book stands at Rs 400 crore. The division’s performance against a major order for 2,000 MW Subansiri Project in Assam and Arunachal Pradesh, which has been frequently interrupted due to political agitation, is expected to pick up with the problems getting sorted out.
The EMU coach manufacturing facility was expected to commence production around middle of this year, it said.
Texmaco’s 50:50 JV project with UGL Rail of Australia, for manufacture of components / sub-assemblies for global market is now ready for commencing production; full ramp up by March, the note further said.