Bengaluru-headquartered BEML Ltd on Wednesday (March 12) said it has signed two Memorandums of Understanding (MoUs) to expand its presence in the rail and dredging sectors.
The company entered into a non-binding MoU with Siemens Limited, India, to jointly explore opportunities in the semi-high-speed and suburban passenger train segments, as well as metro and commuter rail markets.
“BEML Limited and Siemens Limited, India, have signed a non-binding Memorandum of Understanding (MoU) to jointly explore opportunities in the semi-high-speed and suburban passenger train segments, as well as metro and commuter rail markets,” BEML said in a regulatory filing.
Additionally, BEML signed an MoU with Dragflow S.R.L., Italy, to strengthen indigenous dredging solutions.
For the third quarter, BEML’s net profit nearly halved from the same quarter last year to ₹24.4 crore. It reported a profit of ₹48.2 crore during the same quarter last year. Revenue for the quarter also declined by 16.3% to ₹876 crore, while the figure in the base quarter stood at ₹1,047 crore.
BEML’s Earnings Before Interest, Tax, Depreciation and amortisation (EBITDA) for the quarter increased by 8% from the year-ago period to ₹60.6 crore, while margins expanded to 7%, a 160 basis points growth from 5.4% last year. A drop in other expenses, along with employee benefit expenses, also contributed to the improvement in margins for BEML during the quarter.