 "Texmaco posts over 90% surge in Q2 net profit")
Despite low orders from Indian Railways, Adventz Group company Texmaco Rail and Engineering posted an increase of 92.22% in its net profit at Rs 17.07 crore for the quarter that ended on September 30, 2016.
The company registered a net profit Rs 8.88 crore during the same period of the past financial year.
The net revenue from operations rose by a whopping 81.53% at Rs 236.57 crore during the July-September period this year as against Rs 130.32 crore during the same period in the last financial year.
However, expenses also increased by a massive 69.56% at Rs. 230.67 crore.
The consolidated order book position of the company, as on October 1, 2016 stood at Rs. 3,700 crore.
In a statement, the company said that the wagon division continues to face serious challenges owing to the poor take off in Railways and unhealthy competition amongst wagon manufacturers.
"The production against orders for 1,338 wagons allotted by the Indian Railways for the current year has started from end August, 2016", the statement said.