Sales of Texmaco Rail & Engineering Services Pvt Ltd for the Quarter ended Sept 2016 rise 82.66% to Rs 235.94 crore
Kolkata: Net profit of Texmaco Rail & Engineering rose 92.23% to Rs 17.07 crore in the quarter ended September 2016 as against Rs 8.88 crore during the previous quarter ended September 2015.
Sales rose 82.66% to Rs 235.94 crore in the quarter ended September 2016 as against Rs 129.17 crore during the previous quarter ended September 2015.
Texmaco Infrastructure & Holdings appoints Director; forays into Defence Business
Texmaco Infrastructure & Holdings announced that N. Suresh Krishnan has been appointed as an Additional Director on the Board of the Company w.e.f. 01 October 2016.
Recently, Texmaco jumped into Defence business, bagged defence manufacturing licence, has a tie-up with Russian state-owned entity Rosoboronexport. Texmaco eyes combat vehicles, infantry and even guns.
With orders from Railways not expected to pick up in near future despite regular ministry rhetoric, this wagon major has started supplying casting products to global mining equipment major Sandvik Mining while its tie-up with Standard Truck Car of the US forged last year has expanded with supplies being made to Chile and Australia.
“We expect to get the defence licence in the next 30 days. We were keen to get into defence with the sector being opened up for the private sector,” chairman and Adventz group head Saroj Poddar told.
Texmaco had earlier tied up with Rosoboronexport of Russia, a state-owned entity in anticipation of significant order inflow to the private sector with the opening up of the industry by the Indian government.
“Our Russian partner is huge and sky is the limit. But we are looking at engineering products like combat vehicles, infantry and even guns.
We are talking to the Russians and after that we will have the details (of business plan),” Poddar said on the sidelines of the annual general meeting of the company.
In non-defence sector, Texmaco has recently bagged orders for casting materials that go into manufacturing huge earth moving vehicles assembled by global mining equipment major Sandvik.
“The components are being sent to the Singapore office of Sandvik from where they are dispatched to mining regions of Australia,” executive director and CEO of forging division of Texmaco, DH Kela, said.
Texmaco has also expanded supplies of casting products, which were earlier going only to Standard Truck Car of the US, which owns several bogie designs.
Exports started after Texmaco received approvals from Association of American Railroads.
“Last year they produced aroung 80,000 wagons. They source casings for these wagons from across the globe and in India we are the only supplier. Apart from US we are supplying castings to companies in Chile and Australia where patented designs of Standard Car Truck are used, ” Kela told.
Texmaco plans to supply 4,000 tonne of casting products to Standard and Sandvik this year.
“Our exports were 10% of Rs 216 crore of foundry sales last year and this year we are eyeing 25% or about Rs 42 crore. This will grow every year,” Kela said.