India's Texmaco Rail slumps as tax expense, costs hurt qtrly profit

Texmaco Rail & Engineering

08/02/2022 09:18

** Indian engineering and infrastructure co's shares
 TEXA.NS  fall as much as 13.9% to 41.35 rupees, their biggest
intraday pct loss since March 23, 2020
    ** TEXA on Monday posted a 91.4% fall in Dec-qtr
consolidated net profit to 16.3 mln rupees ($218,082.08),
despite rev from ops rising 2.7% to 4.70 bln rupees  urn:newsml:reuters.com:*:nFWN2UH0DL
    ** Co's Dec-qtr profit hurt by tax expense of 91.2 mln
rupees 
    ** Co also sees fall in profit across three of its main
segments i.e. heavy engineering division, steel foundry and rail
infrastucture, as co's total qtrly expenses rise 5.3%, including
a 13.8% jump in cost of materials consumed 
    ** "For the Quarter, the performance of Heavy Engineering
Division was impacted primarily on account of continued
unprecedented hike in steel price" - TEXA statement https://bit.ly/3gwl8f0
    ** Consolidated order book at qtr-end was about 28 bln
rupees
    ** TEXA stock rose 13.4% in 2021



($1 = 74.7425 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))