Texmaco Rail and Engineering posts Rs 8.3 cr loss in September quarter

Net income takes 49% hit on lean wagon orders; EPC biz impacted by procurement glitches

Lean wagon orders from the Centre and related issues resulted in Texmaco Rail & Engineering Ltd posting a loss of Rs 8.30 crore for the quarter ended September 30, 2017, with its net income taking a hit by over 49 per cent at Rs. 191.92 crore.

The Adventz Group company posted a bottomline of Rs 18.22 crore and a topline of Rs 377.33 crore in the July-September quarter of the last fiscal year.

The company's rail EPC division's performance was impacted due to disruption in procurement and, correspondingly, billing on introduction of the Goods and Services Tax. The situation is gradually settling down and the performance is expected to be back on track from the coming quarters.

In a statement, the company said it is focusing on strengthening its position in Rail EPC segment both in domestic and international markets.

"With the government's focused attention on strengthening rail infrastructure at war footing, the business from the segment looks promising", the statement said.