Titagarh Wagons Ltd. expects nearly 67% revenue growth in fiscal 2023, aided by its growing order book.

The company currently has an order book of Rs 10,500 crore executable over the next three years, Umesh Chowdhary, vice chairman and managing director at Titagarh Wagons, told BQ Prime’s Niraj Shah.

The company’s average revenue jumped three times over fiscal 2019 to 2021 from Rs 300 crore to Rs 1,000 crore, compared to the previous three years, he said.

“We went to Rs 1,500 crore in FY22 and this September quarter, we did about Rs 620 crore. That’s a run rate of Rs 2,500 crore.”

The railway company has submitted its bid for manufacturing of Vande Bharat trains in collaboration with Bharat Heavy Electronics Ltd.

“This is the only Indian consortium which has bid for this contract,” he said, highlighting that every other consortium has a foreign partner.

The order is for 200 trains, with the lowest tender for 120 trains, and the second lowest for 80 trains, he said. There are five bids for the project.

The contract stipulates that the first train is to be developed in two years and the contract should be fully executed in seven to eight years from the date of signing the contract, Chowdhary said. “There is a 35-year maintenance attached to it.”

Currently, the company doesn’t need to raise additional capital for execution of the project as it has already expanded capacity in the last 3-4 years, Chowdhary said.

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