Titagarh Rail Systems Ltd · NSE:TITAGARH
Titagarh Rail Systems — Q3 FY2024 Earnings Presentation
42 slides from Titagarh Rail Systems's earnings presentation, Feb 5, 2024
Slide 1: Regulation 30 announcement to stock exchanges
5th February, 2024 BSE Limited (BSE) National Stock Exchange of India Limited (NSE) The Department of Corporate Services The Listing Compliance Department Phiroze Jeejeebhoy Towers Exchange Plaza Bandra-Kurla Complex Dalal Street, Bandra (E), Mumbai – 400 051 Mumbai – 400 001 Scrip Code: TITAGARH Sc
Slide 2: Investor Presentation Q3 & 9M FY 2024
Investor Presentation Q3 & 9M FY 2024 1
Slide 3: Table of Contents
Table of Contents 1 Key Business Updates 6 Strong Industry Tailwinds 2 Financial Performance 7 Future Strategy 3 About the Company 8 Annexure 4 Freight Rolling Stock 5 Passenger Rolling Stock 2
Slide 4: Key Business Updates
TiraGaRH Key Business Updates
Slide 5: Business updates – Q3 FY24
Business updates – Q3 FY24 Operational Highlights ➢ Registers Industry’s highest-ever monthly production of 1021 Wagons in December 2023 ➢ The total order book stood at Rs 27,466 crores (including proportionate share of order book of ~ Rs 13,326 cores to be executed in the JV) ➢ Total unexecuted wag
Slide 6: Financial Performance
Financial Performance 5
Slide 7: Financial Snapshot – Q3 FY24
Financial Snapshot – Q3 FY24 Revenue EBITDA PBT PAT 955 Cr 111 Cr 100 Cr 75 Cr Revenue Growth (YoY) EBITDA Margin PBT Margin PAT Margin 25 % 11.59 % 10.49 % 7.86 % 6
Slide 8: Financial Snapshot – 9M FY24
Financial Snapshot– 9M FY24 2,801 cr 332 cr 285 cr 213 cr Revenue EBITDA* PBT* PAT (excl. other income) 55% 11.85% 10.18% 7.62% Revenue Growth (YoY) EBITDA Margin* PBT Margin* PAT Margin (excl. other income) 27,466 cr 17.08 Order Book EPS * Before exceptional items 7
Slide 9: Order Book
Order Book As on 31st Dec’23 - Rs 27,466 cr Passenger Rolling Stock Breakup Freight Rolling Stock Breakup 6,790 7,350 6,300, , 49% 13,650, 50% , 54% 7,026, 46% 51% 13,816, 50% Freight Wheelset JV Passenger Vande Bharat AMC JV Freight Rolling Stocks Passenger Rolling Stocks 8
Slide 10: Y-o-Y Comparison
Y-o-Y Comparison Rs. In Crores Revenue EBITDA Profit Before Tax 11.59% 25% 83% 10.49% 52% 9.48% 7.13% 955 111 766 100 73 55 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Revenue up by 25% and Profit Before Tax up by 83% Y-o-Y 9
Slide 11: Financial Performance - Standalone
Financial Performance - Standalone Rs. In Crores Q3 y-o-y Q2 q-o-q 9M y-o-y Rs. Crores FY24 FY23 Growth (%) FY24 Growth (%) FY24 FY23 Growth (%) Revenue 955 766 25% 935 2% 2,801 1,806 55% EBITDA 111 73 52% 115 -4% 332 169 97% Margin (%) 11.59% 9.48% - 12.30% - 11.85% 9.35% - Profit Before Tax (PBT)
Slide 12: Financial Performance - Consolidated
Financial Performance - Consolidated Rs. In Crores Q3 y-o-y Q2 q-o-q 9M y-o-y Rs. Crores FY24 FY23 Growth (%) FY24 Growth (%) FY24 FY23 Growth (%) Revenue 955 766 25% 935 2% 2,801 1,805 55% EBITDA 111 73 52% 115 -4% 332 168 98% Margin (%) 11.59% 9.48% - 12.30% - 11.85% 9.30% - Profit Before Tax (PBT
Slide 13: Financial Performance Trend
Financial Performance Trend Strong CAGR Growth in Last 5 Years Revenue up by 32%, EBITDA up by 49% and PBT up by 51% Rs. In Crores Revenue from Operations EBITDA PBT +32% +49% +51% CAGR CAGR CAGR 2,781 264 205 168 111 1,484 1,496 129 119 1,026 60 910 63 54 40 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21
Slide 14: Strong Financial Trends
Strong Financial Trends Return on Capital Employed Return on Equity 26.0% 16.3% 16.3% 10.1% 8.9% 12.7% 11.5% 5.2% 5.4% 6.5% FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Net Working Capital Days 79 77 60 48 37 FY19 FY20 FY21 FY22 FY23 13
Slide 15: About the Company
TITAGARH About the Company
Slide 16: Titagarh Rail Systems (TRSL) is a Leading Comprehensive Mobility Solution Provider in India
Titagarh Rail Systems Limited1 (TRSL) is a Leading Comprehensive Mobility Solution Provider in India 1997 4 One of the largest wagon manufacturers in the country Year of Establishment Manufacturing Facilities2 Market leader with 25-30% market share in India (total tenders from FY20 to FY23 for wagon
Slide 17: Titagarh's Journey So Far
Titagarh’s Journey So Far Establishment of Titagarh Wagons First production of EMU/MEMU1 for Limited (TWL) as a manufacturing Indian Railways Certified by RDSO – G105 with a Order for Metro Coaches in India Acquired 100% of Titagarh Firema2, unit of freight wagons production capacity of an Italian m
Slide 18: Key Business Segments
Key Business Segments Freight Rail Systems (FTRS) Passenger Rail Systems (PRS) Freight Wagons Bogies, Couplers Draft Gears CMS Crossings Passenger Rolling Stock Propulsion and Electrical Equipment Market leader in wagon manufacturing with 25-30% market share (total tenders from FY20 to FY23). Receiv
Slide 19: Manufacturing Facilities & Engineering Center
Manufacturing Facilities & Engineering Center Wagons & Heavy Metro Coaches, Train Engineering Division Electricals & Casting Freight Rail Systems (FTRS) ❑ Acq.: 2009 ❑ Est.: 20071, 20212 ❑ Products: Special ❑ Products: Aluminum & purpose wagons, loco stainless-steel passenger shells and defence coac
Slide 20: Freight Rolling Stock
ora Za Freight Rolling Stock
Slide 21: Freight Rail Systems (1/2)
Freight Rail Systems (1/2) Vertically Integrated Model Order Book (₹ in cr.) 14,830(1) 13,650(1) Manufacturing 8,400 p.a 30,000 MT Excellence with Wagon Capacity Liquid Metal experience of 25+ 1,024 1,295 Installed capacity at two facilities - years Titagarh and Uttarpara FY21 FY22 FY23 9M24 ⚫ Marke
Slide 22: Freight Rail Systems (2/2)
Freight Rail Systems (2/2) Freight Rolling Stock Flat Wagons Hopper Wagons Tank Wagons Box Wagons Car Carrying Wagons Covered Wagons Special Purpose Wagons Brake Van Freight Components Forged Wheel Set1 Cast Bogies Couplers Draft Gear Loco Shells CMS Crossing Note: 1) Forged Wheel Set manufacturing
Slide 23: Passenger Rolling Stock
TiraGarH Passenger Rolling Stock
Slide 24: Passenger Rail Systems (1/2)
Passenger Rail Systems (1/2) Full Suite of Products Order Book4 (₹ in cr.) 250 p.a 850 p.a (4) (4) Rolling Stock Capacity Proposed Capacity 12,716 13,816 Semi-High (5) 4,490 (5) 3,841 Propulsion, Electrical Speed Trains Rolling stock Services Equipment ▪ Supplied first ever metro in Manufacturing of
Slide 25: Passenger Rail Systems (2/2)
Passenger Rail Systems (2/2) Passenger Rolling Stock Semi High-Speed High Speed EMU Train Sets Urban Metro Rail Light Rail Transport Diesel Electric Body Shells Trains Train Multiple Units and Bogies Propulsion & Electrical Equipment Propulsion System Traction Motors Auxiliary Power Electronic Tract
Slide 26: Passenger Rail Systems – Current Projects
Passenger Rail Systems – Current Projects Pune Metro Bangalore Metro Vande Bharat Surat & Ahmedabad Metro ⚫ Manufactured India's first ⚫ Designed by CRRC-Nanjing and ⚫ Consortium of BHEL & TRSL will ⚫ The Surat Metro is 3-Car Aluminium body metro train manufacturing at TRSL factory, Kolkata do the s
Slide 27: Strong Industry Tailwinds
Strong Industry Tailwinds 26
Slide 28: Industry Growth Led by Higher Infrastructure Spend and Government's Policy Support
Industry Growth Led by Higher Infrastructure Spend and Government’s Policy Support ⚫ The Government of India aims in launching 400 Vande Bharat train (16 coaches) in the next 3-4 years and 1,000 mini-Vande Bharat train (8 coaches) in next 3-4 years ⚫ Capex Allocation of ₹ 2.55 lakh cr. for FY25 ⚫ 40
Slide 29: Strong Thrust on Railway Infrastructure
Strong Thrust on Railway Infrastructure Capital outlay of Rs. 2.55 lakh Cr for the Indian Railways in the Interim Indian Railways (IR) Report Card - FY23 01 Budget 2024-25 80% YoY Implementation of 3 major railway economic corridors under PM Gati 5,243 km 02 Shakti which include an energy, mineral a
Slide 30: Freight Rail Systems Growth Drivers
Freight Rail Systems Growth Drivers Indian Railway, for the first time, aims to increase the freight traffic In April 2022, a tender for procurement of 90,000 wagons over by rail from existing 26% to 45% by FY30, under the NLP, tendering has seen a multi-fold increase in the last two years the next
Slide 31: Passenger Rail Systems Growth Drivers
Passenger Rail Systems Growth Drivers IR is expected to procure 8,000-9,000 incremental passenger coaches between FY22-26 Vande Bharat Metro As of July 2023, a total of 50 Vande The government targets to increase the Selected List of metro projects under Appraisal/Approval ⚫ ⚫ Bharat trains have bee
Slide 32: Future Strategy
Future Strategy 31
Slide 33: Titagarh Edge – Mobility for Billions
Titagarh Edge – Mobility for Billions Globally Well Positioned to Leverage Sector Growth Leadership Modern day Passenger Rolling Stock Growing in Freight Rolling Stock Technology Demand ⚫ Titagarh Firema, Italy, has 25+ years of TRSL is one of the largest wagon experience is pioneering modern day ⚫
Slide 34: Transforming Business to Future Potential
Transforming Business to Future Potential Backward integration Rail equipment value chain Forward integration Components Rolling Stock Services Other Passenger Electrical / Urban High/ Forged EMU Train Repair / Wagon Propulsion Electronic Others Wagons Metro Semi-High Others Re-design Maintenance Fa
Slide 35: Shipbuilding, Bridges & Defence (SBD)
Shipbuilding, Bridges & Defence (SBD) Past Plan of Action ⚫ TRSL diversified into shipbuilding through merger with 25-year-old Corporate Shipyard and currently licensed for warship manufacture by the Government of India • Currently merged into FTRS segment as the ⚫ Products include oceanographic res
Slide 36: Summary / Key Takeaways
Summary / Key Takeaways 1 One of the largest wagon manufacturers in the country with effective project management and timely execution capabilities 2 3 Passenger Rail Systems uniquely Attractive opportunities through positioned to capture growth with backward and forward integration its Modern day P
Slide 37: Annexure
TiraGarH Annexure
Slide 38: Environment, Social and Governance (ESG)
Environment, Social and Governance (ESG) Environment Social Governance Focus on Energy Efficiency Social Development Committed to Highest Governance ⚫ Solar Power Plant of 2 MW capacity ⚫ Titagarh pledges to carry out its CSR vision to ⚫ More than 50% of the Board of Directors are educate the underp
Slide 39: Awards and Recognitions
Awards and Recognitions Titagarh Quality Certificates ⚫ Certification of IRIS awarded which could open ⚫ Certificate Level CL1 according to EN 15085- doors to international markets & partnerships 2:2007 for welding of railway vehicles & components ⚫ ISO 9001:2015 Certificate of Approval for QMS (201
Slide 40: Shareholding and Price Performance
Shareholding and Price Performance 1200 Historical Share Price (Rs) Shareholder Information as on Dec 31, 2023 BSE Ticker 532966 1000 NSE Symbol TITAGARH Market Cap (₹ Cr)* 14,048 Shares Outstanding (Cr) 13.5 800 Industry Railway Wagons 600 Others, 27.15% Promoter, 42.46% 400 200 0 FII, 20.04% Mutua
Slide 41: Disclaimer
Disclaimer For further information, please contact: This presentation contains statements that are “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Titagarh Rail Systems’ future busine
Slide 42: Thank you
Thank you Titagarh Rail Systems Limited Kolkata Registered & Corporate Office Titagarh Towers, 756, Anandapur, E.M. Bypass Kolkata – 700107, West Bengal, India T: +91 33 4019 0800 F: +91 33 4019 0823 E: corp@titagarh.in 41
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