Titagarh Rail Systems shares drop over 2% as stock trades ex-dividend

The company informed the exchanges on August 3 that it has fixed August 20 as the record date to determine eligible shareholders for dividend payment. Earlier in May, the board of directors of Titagarh Rail Systems recommended a 40% dividend payment of ₹0.80 per equity share with a face value of ₹2 each for the year ended March 31, 2024.

Titagarh Rail Systems said that the dividend will be paid to shareholders after it is approved at the Annual General Meeting (AGM) of the company. The Annual General Meeting (AGM) of the company is scheduled to be held on August 27. Earlier in 2023, the company paid a final dividend of ₹0.5 per share for FY23 on September 22.

Titagarh Rail Systems consolidated revenue from operations for the June quarter of FY25 fell marginally by 0.84% to ₹903.05 crore compared to ₹910 crore in the June quarter of FY24. Sequentially, the company’s revenue from operations also decreased over 14% from ₹1,052.41 crore in the March quarter of FY24.

The company’s profit-after-tax for Q1FY25 increased more than 29% to ₹67.01 crore against ₹51.79 crore in the corresponding quarter of the preceding fiscal. In Q1FY25 the company’s profit-after-tax declined more than 15% from ₹78.95 crore in Q4FY24.

Titagarh Rail Systems is a mobility solution provider with manufacturing facilities in India and Italy. The company manufactures semi-high-speed trains, urban metros, passenger coaches, propulsion equipment, and wagons.

Shares of Titagarh Rail Systems have gained over 126% in the last one year on the NSE. The stock has given Year-To-Date (YTD) returns of more than 38%. In the past six months the stock has gained nearly 50%. However, in the past month, the stock slipped 10%.

Titagarh Rail Systems shares closed at ₹1,447 apiece, down 1.90% on the NSE.