TEXMACO

The hope for the invitation for the tender by the Indian Railways continues through FY13. And like always, one can only say that it will be passed shortly. This company, compared to the other Railways companies has done much better. Net sales rose 2% (QoQ) at Rs.241 crore. Sizeable other income of Rs.12.35 crore, up 50% helped shore the bottomlines. It ended the quarter with a net profit at Rs.35 crore, up 21%. In terms of segment performance, its heavy engineering division did well, posting a 3% rise in net sales and EBIT rose 20%. But its steel foundry division performance was muted, with a 10% drop in net sales and EBIT was down 8%.

Its hydro mechanical equipment division has an order book of Rs.400 crore and execution of orders is expected to commence in early FY14. The EMU coach manufacturing unit at its Sodepur Works is at an advanced stage of completion and is expected to commence production around mid- 2013. The 50:50 JV with French company Touax Rail is expected to sign off for leasing of railcars in the near future.