Texmaco Rail & Engineering maintained its performance in FY 2012-13

KOLKATA: Texmaco Rail & Engineering, an Adventz group company, posted a net profit of Rs 94.27 crore for the year ended March 31, 2013, after providing for a tax liability of Rs 40.50 crore. Gross turnover for the year under review was marginally higher at Rs 1036 crore compared to Rs 938 crore registered the previous year.

The company maintained its performance in FY'13 despite non release of wagon orders for 2012-13 by the Indian Railways, its mediastatement stated. Incidentally, the board of directors has recommended a dividend of 100 % for the financial year 2012-13.

The EMU coach manufacturing facility at Sodepur works is at an advanced stage of erection and is expected to commence production with the technical assistance of Kawasaki Heavy Industries of Japan by the end of the second-quarter of the current year.

Texmaco Rail & Engineering's JV project with Australian firm UGL Rail for manufacture of components and sub-assemblies for global market has commenced production and will be in full swing by end of the current year. The JV has secured orders for export of loco bogie frames from Kazakhstan and Queensland Rail. The first shipment of Kazakhstan Bogie frames was made in the first quarter of the current year.

The 50:50 JV leasing company - Touax Texmaco Railcar Leasing Company - formed with the French lease finance company Touax Rail is in dialogue with various potential customers for their leasing requirements of wagons.