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Titagarh Rail Systems

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Titagarh Rail Systems
Company typePublic
BSE: 532966
NSE: TWL
ISININE615H01020
IndustryRailways
Defense
Shipbuilding
Mining
Founded3 July 1997; 27 years ago (1997-07-03)[1]
FounderJagadish Prasad Chowdhary
HeadquartersTitagarh Towers 756, Anandapur, E.M. Bypass,
Kolkata, West Bengal
,
India[2]
Area served
Worldwide
Key people
  • Jagadish Prasad Chowdhary
    (Chairman)
  • Prithish Chowdhary
    (Non-executive Director) [3]
  • Umesh Chowdhary
    (Managing Director) [4]
Products
  • Freight wagons
  • Locomotives
  • Rolling stock
  • Mining equipment
  • Navalships
Production output
8,000 wagons[5] (2020)
RevenueIncrease ₹2,822.17 crore (US$340 million) (2023)[6]
Increase ₹130.20 crore (US$16 million) (2023)[6]
OwnersChowdhary family (47.05%)[7]
Number of employees
453[8] (31 March 2021)
Subsidiaries
  • Titagarh Firema
  • Cimmco Limited[9]
  • Titagarh Marine Limited
Websitetitagarh.in

Titagarh Rail Systems, formerly known as Titagarh Wagons Limited is an Indian private shipbuilder, defense, railway wagon manufacturer headquartered in Kolkata, West Bengal.[10] The company manufactures coaches for the Indian Railways, bailey bridges, and mining equipment.

A subsidiary, Titagarh Marines, operates in the shipbuilding industry.[11][12] Titagarh possesses a Defense Industrial license allowing them to manufacture defence products such as mine clearing systems, military trailers, CBRNe equipment, armoring solutions as well as naval vessels and warships.[13]

History

Context

Titagarh Wagons' founder Jagadish Prasad Chowdhary began his career working as an account assistant at the Silcoorie tea estate in Darjeeling, West Bengal. He later moved to Calcutta (now Kolkata) to work as an accountant for Bhartia Electric Steel Co. (BESCO), a steel casting company, that supplied the Indian Railways. Chowdhary rose within the ranks of the company to eventually become chief executive officer of BESCO. In 1982, Chowdhary purchased the closed foundry division of state-owned Britania Engineering, located at Titagarh. He renamed the business as Titagarh Steels and began manufacturing railway castings such as bogies and couplers. Chowdhary purchased Titagarh Paper through the Board for Industrial and Financial Reconstruction (BIFR) in 1994. However, the operation was a failure and was shut down after the government abolished import duties on paper rendering the company's business unsustainable. Meanwhile, Titagarh Steels began producing crossing components for railways.[5]

Development

Chowdhary founded Titagarh Wagons Limited on 3 July 1997 to manufacture railway wagons.[5][14] The company started out with an annual production capacity of 180 wagons.[5]

In July 2010, Titagarh Wagons purchased the French rail wagon maker Arbel Fauvet Rail (AFR) for EUR 15 million (first overseas acquisition), which had gone into receivership in February 2009.[15][16] Titagarh Wagons turned around AFR and with the subsidiary's revenue rising from ₹9.95 crore (US$1.2 million) in 2010-11 to ₹163.51 crore (US$20 million) in 2011-12, and the employee headcount almost doubling from 85 to 150.[17] A French commercial court ordered the liquidation of AFR in July 2019. The next month, Titagarh announced that it would exit from AFR. Vice-Chairman and Managing Director, Umesh Chowdhary, stated that AFR had been making losses of 4-5 million euros a year for the past three years due to general economic factors, and would have required more capital to reach profitability. Titagarh Wagons had invested ₹100 crore (US$12 million) in AFR since acquiring the company.[18]

Titagarh Wagons acquired Corporated Shipyard in 2012 and merged it in Titagarh Marines to manufacture ships for the Indian Navy. Corporated Shipyard won its first defence contract in 2017.[19][20]

In 2015, Titagarh Wagons acquired the brand name and know-how of French cast steel bogie manufacturer Sambre et Meuse.[21] On 16 July 2015, Titagarh acquired a 90% stake in Italian rail equipment firm Firema Trasporti for an estimated €25 million. The remaining 10% stake was held by Italian company Adler Plastics SpA.[22][23] In June 2017, Titagarh announced that it had acquired the 10% stake from Adler Plastics for an undisclosed amount.[24][25] The company was subsequently renamed as Titagarh Firema SpA. Titagarh Firema designs metro rail coaches and manufactures them at its factories at Caserta, Spello and Tito.[26]

In May 2016, Titagarh Wagons formed a 50/50 joint venture with French Matiere SAS to manufacture metallic and modular bridges.[27][28] Titagarh Wagons acquired Matiere's stake in July 2020, making it a wholly-owned subsidiary.[29][30]

In 2019, Titagarh Firema was awarded the contract to supply 102 aluminium bodied metro rail coaches for the Pune Metro by Maha Metro.[31] While 3 of the total 34 rakes would be manufactured at the Firema plant in Italy, the remaining 31 trainsets would be manufactured at TWL's facility in Uttarpara.[32]

Financials

The company has reported total income of Rs.2822.1734 crores during the Financial Year ended March 31, 2023 as compared to Rs.1485.2326 crores during the Financial Year ended March 31, 2022.

The company posted a net profit of Rs.130.2037 crores for the Financial Year ended March 31, 2023 as against a loss of Rs.0.3284 crores for the Financial Year ended March 31, 2022.[33]

Subsidiaries

Former subsidiaries

Products and services

An aluminium trainset made by Titagarh Rail Systems for the Pune Metro.
  • Railway freight: Rolling stock, components (bogies, couplers, locomotive shells, gears);
  • Railway transit: Rolling stock (electric locomotives, EMU trainsets, DEMU trainsets, metros, light rail transports, body shells, bogies, propulsion & electrical equipment);
  • Shipbuilding: Coastal research vessels, naval vessels, passenger ships, tugs, inland vessels;
  • Other engineering services: Bailey bridges, defence

See also

References

  1. ^ "Titagarh Wagons Ltd.: Company Details". Barron's. Retrieved 15 May 2022.
  2. ^ "Contact". titagarh.in. Retrieved 14 May 2022.
  3. ^ "Board Members". titagarh.in. Retrieved 18 June 2022.
  4. ^ "Board Members". titagarh.in. Retrieved 14 May 2022.
  5. ^ a b c d Bose, Sajal (17 November 2020). "Titagarh Wagons bets big on mobility". Business India. Retrieved 15 May 2022.
  6. ^ a b "Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores". EquityBulls. 24 May 2023. Retrieved 25 May 2023.
  7. ^ "Shareholding Pattern" (PDF). titagarh.in. Retrieved 14 May 2022.
  8. ^ "Annual Report 2020-21" (PDF). titagarh.in. Retrieved 14 May 2022.
  9. ^ "Our Group Companies | Titagarh". titagarh.in. Retrieved 14 May 2022.
  10. ^ "Rebranding Announcement | Titagarh Wagons to focus on rail-related solutions, rebrands as Titagarh Rail Systems". cnbctv18.com. 25 May 2023. Retrieved 25 May 2023.
  11. ^ "Titagarh Wagons Limited". Business Standard. Retrieved 19 November 2018.
  12. ^ "Wagon maker Titagarh forays into shipyard business". DNA India. Retrieved 19 November 2018.
  13. ^ https://titagarh.in/service/engineering/defence
  14. ^ "Titagarh Wagons > Company History". www.moneycontrol.com. Retrieved 15 May 2022.
  15. ^ Reuters, Aniruddha Basu and Swati Pandey / (12 July 2010). "Titagarh Wagons buys French company in first overseas buy". mint. Retrieved 15 May 2022. {{cite web}}: |last= has generic name (help)
  16. ^ "Titagarh Wagons buys French co in first overseas buy". Reuters. 12 July 2010. Retrieved 15 May 2022.
  17. ^ "Forbes India - Titagarh Wagons' French Success". Forbes India. Retrieved 15 May 2022.
  18. ^ a b PTI (26 August 2019). "Titagarh Wagons to move out from French arm Arbel Fauvet Rail". www.thehindubusinessline.com. Retrieved 15 May 2022.
  19. ^ Bose, Pritam Ranjan (2 April 2018). "From metro coaches to warships, Titagarh hits the fast track". The Hindu Business Line. Mumbai. Retrieved 19 November 2018.
  20. ^ a b Ghaswalla, Amrita Nair (15 June 2017). "Titagarh Wagons switches track to build ships". The Hindu Business Line. Kolkata. Retrieved 19 November 2018.
  21. ^ "Titagarh Freight | Titagarh". titagarh.in. Retrieved 15 May 2022.
  22. ^ Bureau, BS B2B (16 July 2015). "Titagarh Wagons buys Italy-based Firema Trasporti". Business Standard India. Retrieved 15 May 2022. {{cite news}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  23. ^ Paul, Aniek (16 July 2015). "Titagarh Wagons concludes acquisition of Italy's Firema Trasporti". mint. Retrieved 15 May 2022.
  24. ^ Market, Capital (20 June 2017). "Titagarh Wagons acquires 10% stake in Titagarh Firema Adler SpA". Business Standard India. Retrieved 15 May 2022.
  25. ^ "Titagarh Wagons buys out Italian partner in coach-making venture". www.thehindubusinessline.com. 31 July 2017. Retrieved 15 May 2022.
  26. ^ "European ops will take 12–18 months to turn profitable: Umesh Chowdhary, Titagarh Wagons". Economic Times. 24 August 2018. Retrieved 19 November 2018.
  27. ^ "Titagarh wagons with French Matiere in 50:50 venture to make and sell metallic bridges". The Economic Times. Retrieved 15 May 2022.
  28. ^ Bureau, BS B2B (30 May 2016). "Titagarh Wagons forms JV with French firm Matiere". Business Standard India. Retrieved 15 May 2022. {{cite news}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  29. ^ "Titagarh Wagons acquires 50 pc stake of French JV partner Matiere in MTBPL". The Times of India. PTI. 15 July 2020. Retrieved 15 May 2022.
  30. ^ a b PTI (15 July 2020). "Titagarh Wagons buys 50 per cent stake of French jt venture partner Matiere in MTBPL". www.thehindubusinessline.com. Retrieved 15 May 2022.
  31. ^ Dixit, Sameer; Srivastava, Ritesh K (15 August 2019). "Indian multinational Titagarh Firema wins bid for supply of 102 Aluminium bodied metro rail coaches". Zee News. Retrieved 15 August 2019.
  32. ^ "Titagarh Wagons rolls out first Pune Metro train". www.telegraphindia.com. Retrieved 12 January 2022.
  33. ^ "Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores". EquityBulls. 24 May 2023. Retrieved 26 May 2023.
  34. ^ a b "Subsidiary list". Retrieved 25 February 2019.
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