The company experienced a remarkable 25 per cent yearon-year revenue growth in Q3FY24, accompanied by a surge of over 90 per cent in net profit. What were the key factors driving this significant success?
The remarkable growth can be attributed to our sustained operational momentum. The substantial development in both freight rolling stocks and passenger rolling stocks on a yearover-year basis played a pivotal role. Additionally, the government's unwavering initiative to develop world-class rail infrastructure in India has been a driving force, inspiring and fuelling our continued growth momentum.
How will the strategic partnership with ABB India Limited and Amber Group benefit the business in the long term?
Both collaborations are purposefully designed to produce a significant amount of value and foster a situation where everyone benefits. The collaboration with Amber Group spans two projects. The first is the current Titagarh Firema, in which Amber Group is a co-investor, providing them with access to the Italian market through Firema. The second one is to branch out into the railway subsystem and component market. To enhance our footprint in Europe and India, we have also established a special purpose vehicle (SPV). With an emphasis on producing subsystems and train interiors for both India and the European Union (EU), this collaboration aims to progressively open doors throughout Europe.
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