Kolkata, Aug 3 (PTI) Adventz group engineering major Texmaco Rail and Engineering backed by higher revenue posted a standalone net profit of Rs 14.56 crore for the quarter ended June 2023 against a loss of Rs 22.53 crore in the corresponding period of the previous fiscal.

The company's revenue from operations increased to Rs 656.82 crore during the quarter against corresponding period revenue of Rs 298.70 crore in FY'22, the company informed bourses.

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All the segments of the company, including heavy engineering and steel foundry, reported strong growth in revenue during the quarter.

Revenue from heavy engineering increased to Rs 514 crore, from Rs 98 crore in the comparable quarter. Revenue from the steel foundry stood at Rs 171 crore, compared to Rs 68 crore in the previous year. While revenue from Rail EPC slipped to Rs 112 crore during the quarter from Rs 156 crore in FY'22.

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The company's board of directors last month approved a proposal to raise Rs 500 crore in one or more options, including equity shares, preference issue, convertible shares, and warrants, among others. The funds will be used to expand the company's business and meet its working capital requirements.

The management of Texmaco Rail and Engineering is confident of maintaining a strong growth momentum in the coming quarters.

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