TITAGARH RAIL SYSTEMS LIMITED — PPTs, 14-02-2025: Investor Presentation

**Financial Highlights:** For Q3 FY25, Titanagar Rail Systems reported a revenue of ₹902.18 Crore, marking a 5.50% year-over-year decline, while revenues for the nine months stood at ₹2,862.18 Crore, a modest growth of 2.19%. EBITDA for Q3 fell to ₹100.08 Crore (down 9.56% YoY), with a margin of 11.09%, and for the nine months, it was ₹331.32 Crore (down 0.16% YoY). PAT for Q3 came in at ₹68.94 Crore, down 8.11%, whereas it registered a growth of 5.56% for the nine months, totaling ₹225.37 Crore.

**Strategic Initiatives and Growth Drivers:** The company is focusing on ramping up production capabilities, with a plan to exceed an annual output of 12,000 wagons. Key achievements include the rollout of the first stainless steel metro train set for Bangalore and a ramp-up of traction motor production to 100 units per month.

**Business Developments:** In the first nine months of FY25, TRSL secured approximately ₹1,106 Crore in new orders, predominantly in freight and propulsion systems, contributing to a robust order book comprising around 13,689 wagons and 1,589 metro and Vande Bharat coaches.

**Market Position and Competitive Advantage:** With a market share of 25-30% in wagon manufacturing, TRSL's diverse portfolio positions it well to capitalize on the increasing demand for rail systems, bolstered by government initiatives for enhancing rail infrastructure.

**Investor Implications:** The company's strategic enhancements and a positive order book indicate potential growth, despite current quarterly revenue challenges. Investors should watch closely for performance improvements in the upcoming quarters as production scales.