Texmaco Rail and Engineering has posted a consolidated net profit of Rs 25.75 crore for the quarter ended December 31, up 184 per cent from Rs 9.04 crore a year ago.

Consolidated revenue from operations was Rs 896.43 crore compared with Rs 624.88 crore in Q3FY23.

“We touched record production of wagons, the best that we have seen in the recent past from our multiple workshops and manufacturing facilities. We also have been able to work on cost reduction, which is an ongoing exercise. In addition, our QIP allowed us to raise funds, that led us to retire about Rs 200 crore of high-cost debt,” Indrajit Mookerjee, vice-chairman, Texmaco Rail and Engineering, said at the quarterly earnings call.

In the short and medium term, the company plans to extract the best value out of businesses where there is already competency. The company is also looking at revamping design and development and strengthening its presence in component manufacturing. A new strategic business unit has been formed to focus on the components business, he said.

In the long term, the company is exploring opportunities in commuter mobility amid rising demand and higher government spending in this segment.