Jupiter Wagons on Wednesday said that its board has approved raising of up to ₹1000 crore in one or more tranches through various routes amid a swelling order book and expanding business verticals.
In a stock exchange filing, Jupiter Wagons said that the fundraising could be through qualified institutional placement or other permissible modes such as public/private offering of equity shares or other convertible securities.
The company had raised ₹528 crore in 2023-24 through qualified institutional placements in 2023-24 and was able to draw domestic institutional investors like Tata MF, HSBC MF, Bandhan Equity Fund and foreign institutional investors like Societe Generale and Copthall Mauritius Limited.
As of March 31, 2024, the order book of Jupiter Wagons was ₹7101.66 crore compared to ₹6122.3 crore as of June 30, 2023. The company has secured a contract from the Ministry of Railways for the supply of 2237 wagons aggregating to ₹957 crore in March 2024 and an order of 697 wagons from the Ministry of Defense with a value of ₹473 crore.
The company further said that a new foundry is scheduled to be established in Jabalpur over the next 18 months for both captive use and exports. With the expansion, the wagon manufacturing capacity of the company will increase from 900 wagons per month to 1000 wagons per month.
Jupiter Wagons reported a net profit of ₹104.22 crore for Q4FY24, up 156 per cent from ₹40.78 crore in the corresponding quarter previous year. The total income of the company during the quarter was ₹1121.34 crore, up 57 per cent from ₹712.71 crore in Q4FY23.
“New contract wins this quarter from the Ministry of Defense, a prominent automobile manufacturer, and the Ministry of Railways for manufacturing and supplying various types of wagons coupled with existing backlog provide strong visibility,” said Vivek Lohia, managing director, of Jupiter Wagons.
“The outlook for FY25 is further enhanced by the impending launch of our e-LCVs (light commercial vehicles) and the plan to scale up brake systems and braking businesses,” said Lohia.
