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Triveni Turbine Results: Latest Quarterly Results & Analysis

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Triveni Turbine Ltd. 12 May 2025 15:25 PM
Result PDF

Q4FY25 & FY25 Result Announced for Triveni Turbine Ltd.

Heavy Electrical Equipment company Triveni Turbine announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 5,380 crore vs Rs 4,581 crore during Q4FY24 (Change: 17.5%)
  • EBITDA: Rs 1,403 crore vs Rs 1,069 crore during Q4FY24 (Change: 31.2%)
  • EBITDA Margin: 26.1% vs 23.3% during Q4FY24
  • PBT: Rs 1,321 crore vs Rs 1,009 crore during Q4FY24 (Change: 30.8%)
  • PBT Margin: 24.5% vs 22.0% during Q4FY24
  • Consolidated PAT: Rs 946 crore vs Rs 762 crore during Q4FY24 (Change: 24.1%)
  • Consolidated PAT Margin: 17.6% vs 16.6% during Q4FY24
  • EPS: Rs 2.99 vs Rs 2.39 during Q4FY24 (Change: 25.1%)

FY25 Financial Highlights:

  • Revenue from Operations: Rs 20,058 crore vs Rs 16,539 crore during FY24 (Change: 21.3%)
  • EBITDA: Rs 5,177 crore vs Rs 3,810 crore during FY24 (Change: 35.9%)
  • EBITDA Margin: 25.8% vs 23.0% during FY24
  • PBT: Rs 4,884 crore vs Rs 3,576 crore during FY24 (Change: 36.6%)
  • PBT Margin: 24.3% vs 21.6% during FY24
  • Consolidated PAT: Rs 3,586 crore vs Rs 2,695 crore during FY24 (Change: 33.1%)
  • Consolidated PAT Margin: 17.9% vs 16.3% during FY24
  • EPS: Rs 11.28 vs Rs 8.47 during FY24 (Change: 33.2%)

Dhruv M. Sawhney, Chairman & Managing Director, Triveni Turbine, said: “In FY25, Triveni Turbines sustained its strong track record of outstanding financial performance and surpassed previous highs of annual revenues, profitability and order booking. Revenue from Operations grew 21% over the previous year to reach record level of Rs 20.06 billion. EBITDA and Profit Before Tax (PBT) grew faster at 36% and 37% YoY and stood at Rs 5.18 billion and Rs 4.88 billion respectively. Profit After Tax (PAT) stood at Rs 3.59 billion, representing an increase of 33% over last year. Higher EBITDA and profits were achieved through a combination of efficient cost management, operating leverage and an improved revenue mix.

Order booking for the year reached a record Rs 23.63 billion, up 26% YoY supported by increased domestic and product-led demand. This is despite downward adjustments of ~Rs 1.4 billion in order booking due to slow moving orders while having customer advances. The Aftermarket segment witnessed a notable increase in new, repeat, and referral orders. At end of March 31, 2025 the closing order book stood at a record Rs 19.09 billion, an increase of 23% YoY. A robust closing order book ensures healthy visibility for the medium term, positioning the Company well for continued momentum.

Demand for the Company’s products remained strong with Product order booking achieving an impressive growth of 38% YoY to Rs 17.41 billion in FY25. Key drivers of growth in product order booking were finalisation of orders in the renewable energy sector, industrial clients, power producers and API turbines. Domestically, product order booking was also supported by the Company’s strategic foray in CO? energy storage solutions. In the API segment, the enquiry base expanded geographically, resulting in order finalisations for both drive and power turbines across the Middle East, Southeast Asia, Central & South America and Europe. As a result, the Company achieved its highest-ever annual Product order booking for the fourth consecutive year, representing a key milestone in its pursuit of sustainable and innovative solutions.

The Company continues to see good international demand which is reflected in export order booking which grew 23% YoY to Rs 12.59 billion during the year. This includes orders secured across broad power ranges from key regions including the Middle East, Europe, North America, Southeast Asia, and Africa.

The enquiry pipelines in both Product and Aftermarket segments remain robust and globally diversified. In FY25, the international enquiry pipeline grew by ~30% while the domestic enquiry growth was even more impressive at ~120%, providing strong visibility for the coming year. By diversifying across various geographies and product/aftermarket segments, we also aim to mitigate the risks associated with market volatility

Our strategic initiatives are underpinned by a robust culture of innovation, customer centricity, operational excellence, safety, and quality assurance. This lays a solid foundation for Triveni Turbines for future opportunities and sustained value creation for all stakeholders.”

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Heavy Electrical Equipment company Triveni Turbine announced Q2FY25 results

  • Highest ever quarterly Revenue and EBITDA along with a record Closing Order Book providing good visibility for the near-term.
  • Highest ever quarterly Revenue for Q2FY25 at Rs 5.01 billion, an increase of 29% YoY.
  • Highest ever quarterly EBITDA at Rs 1.31 billion, up 47% YoY, with a margin of 26.1% which increased ~320 bps YoY.
  • PAT for the quarter at Rs 910 million, an increase of 42% YoY.
  • Healthy quarterly order booking of Rs 5.72 billion during Q2FY25, which grew 25% YoY.
  • Record outstanding carry forward order book as on Q2FY25 of Rs 17.96 billion, an increase of 22% YoY.
  • Investments including Cash at Rs 10.64 billion, an increase of 21% from March 31, 2024.

Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine, said: “In the quarter and half year ending September 30, Triveni Turbines has reported yet another strong set of results across all key metrics of revenues, profitability and order booking. Revenues for H1FY24 grew 26%, with improved margins leading to higher Profit Before Tax (PBT) growth of 43% and Profit After Tax growth of 37%, over the previous corresponding period.

In Q2FY25, order booking grew 25% YoY to Rs 5.72 billion driven by export order booking which increased 50% YoY to Rs 3.04 billion. Product order booking increased by 30% YoY to reach Rs 3.98 billion. Key drivers of growth in product order booking were finalization of orders by industrial customers for biomass-based process cogeneration along with API turbines.

The Aftermarket business has been expanding its horizons through a wider array of customer solutions going beyond industrial steam turbines to other rotating equipment, while expanding its global footprint. During Q2FY25, we received breakthrough Aftermarket orders from a diverse set of customers which led to the highest ever quarterly order booking of Rs 1.74 billion, growing by 13% when compared with the corresponding period of previous year. The Aftermarket business also registered the highest ever turnover of Rs 1.65 billion during the quarter, which grew 38% yo-y. The segment contributed to a healthy 33% of the total turnover in Q2FY25, as compared to 31% in previous corresponding period.

In response to the growing demand for higher efficiencies and sustainable power generation, the Company is actively pursuing a robust R&D program aimed at advancing its product portfolio through digitization, and the development of innovative solutions aligned with energy transition and sustainability goals. We are deeply committed to integrating digital technologies that enhance operational efficiency, streamline production processes, and enable data-driven insights to optimize our offerings. These digital advancements not only help strengthen our market reach but also enable us to deliver personalized, customer-centric solutions that meet the evolving needs of our clients

Our strategy is equally focused on fostering a people-centric culture, recognizing that our team’s skills and expertise are pivotal to driving innovation and sustaining growth. We invest in continuous training and capacity-building initiatives that empower our workforce and expand our collective capabilities, ensuring that we are well-equipped to navigate the rapidly changing market landscape. Furthermore, we maintain a competitive edge through global collaborations with leading experts, renowned universities, and design houses, leveraging these partnerships to amplify our research efforts and fuel sustainable, long-term growth for all stakeholders.”

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Heavy Electrical Equipment company Triveni Turbine announced Q1FY25 results:

  • Highest ever quarterly Revenue, EBITDA and Order Booking along with a record Closing Order Book providing good visibility for FY25
  • Highest ever quarterly Revenue for Q1FY25 at Rs 4.63 billion, an increase of 23% YoY
  • Highest ever quarterly EBITDA at Rs 1.15 billion, up 36% YoY, with a margin of 24.8% which increased ~240 bps YoY
  • PAT for the quarter at Rs 804 million, an increase of 32% YoY
  • Highest ever quarterly order booking of Rs 6.36 billion during Q1FY25, which grew 40% YoY
  • Record outstanding carry forward order book as on June 30, 2024 of Rs 17.26 billion, an increase of 23% YoY
  • Investments including Cash at Rs 10.37 billion, an increase of 17% from March 31, 2024

Commenting on the Company’s financial performance and recent developments, Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine, said: “Triveni Turbines has reported a remarkable Q1FY25 not only in terms of key financial metrics but also in order booking. Revenues during the quarter grew 23% over the previous year to reach record quarterly levels of Rs 4.63 billion. EBITDA grew by 36% YoY and Profit Before Tax (PBT) grew stronger at 37% YoY with margin expansions of ~240 bps.

During the quarter, the Company won prestigious international orders which showcase our customers’ trust and confidence in our capabilities. As a result, order booking for quarter grew 40% YoY to Rs 6.36 billion with exports contributing to 66% of overall order booking. Driven by these orders, Product order booking increased by 58% YoY to reach a quarterly high of Rs 4.87 billion. While Q1FY25 has registered a good performance, order booking is generally lumpy in nature and should be viewed on an annual basis. Key drivers of growth in product order booking were finalization of orders from renewable, industrial customers, power producers and API turbines.

The Aftermarket segment order booking for the quarter stood at Rs 1.50 billion, growing by 3% when compared with the corresponding period of previous year. However, with a notable surge in enquiries, we believe order booking in this segment has the potential to accelerate during the year. The Company is making healthy progress at its newly commissioned US facility at Houston, Texas and we believe this could further provide a fillip to the segment especially in refurbishment. The Aftermarket turnover was strong at Rs 1.56 billion, registering a growth of 21% over previous year. Aftermarket contributed to a healthy 34% of the total turnover in Q1FY25.

Triveni Turbines is championing the energy transition efforts through new product development, particularly focusing on sCO2 and tCO2 based solutions. The Company has a comprehensive IP strategy to maintain its technological leadership and as of June 30, 2024, the Company has secured a substantial number of IP Rights globally, including a notable presence in India, with a total of 374 global IPR (Intellectual Property Rights) filings.

At the Company, a multi-pronged investment strategy is at play, be it in people, R&D and innovation, customer-engagement, infrastructure and facilities, digitalization, to name a few. We believe the opportunity landscape in front of us is immense and is expanding rapidly. And we remain committed to taking Triveni Turbines to newer heights globally.”

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Heavy Electrical Equipment company Triveni Turbine announced Q4FY23 & FY23 results:

Q4FY23:

  • During the quarter under review, revenue from operations grew by 56% as compared to previous year to Rs 3.70 billion, which were the highest ever achieved in a quarter.
  • Domestic sales increased by 2% to Rs 1.78 billion while the export turnover increased by 213% to Rs 1.92 billion, driven by the Company success in international markets especially in the aftermarket segment.
  • As a result, the mix of domestic and export sales changed to 48:52 in Q4FY23 as compared to 74:26 in Q4FY22.
  • EBITDA increased by 59% to Rs 788 million in Q4FY23 as against Rs 497 million in Q4FY22. EBITDA margins increased by ~30 bps to 21.3% in Q4FY23 as against 21.0% in Q4FY22 driven by higher international sales.
  • Profit After Tax grew 68.5% YoY to Rs 556 million during the quarter.
  • The Company achieved highest-ever total order booking of Rs 4.66 billion in Q4FY23 as against Rs 2.83 billion during Q4FY22, an increase of 65%.
  • The domestic order booking during the quarter was Rs 2.65 billion, increasing by 27% as compared to last year.
  • The export order booking during the quarter was Rs 2.01 billion, growing by 172% as compared to last year.
  • On the Product side, order booking during the quarter was the highest ever Rs 3.09 billion, an increase of 41% when compared with the corresponding period of previous year. The product segment turnover was Rs 2.22 billion during the quarter, an increase of 27% over previous year.
  • Total consolidated outstanding order book stood at a record Rs 13.28 billion as on Mar 31, 2023 which is higher by 37% when compared to the previous year. The domestic outstanding order book stood at Rs 7.79 billion, up 45%. The export outstanding order book stood at Rs 5.49 billion as on Mar 31, 2023, up 27% and contributing to 41% of the closing order book.

FY23:

  • During the year under review, the Company achieved a record turnover of Rs 12.48 billion, growing by an impressive 46% as compared to previous year. The performance of the Company was boosted by higher international and aftermarket sales.
  • Domestic sales increased by 15% to Rs 6.90 billion while the export turnover increased by 121% to Rs 5.57 billion.
  • As a result, the mix of domestic and export sales changed to 55:45 in FY23 as compared to 70:30 in FY22.
  • EBITDA increased by 44% to Rs 2.76 billion in FY23 as against Rs 1.92 billion in FY22. EBITDA margins declined marginally by ~30 bps to 22.2% in FY23 as against 22.5% in FY22.
  • Profit After Tax (adjusting for exceptional income and share of loss from erstwhile Joint Venture (JV)) grew 57.7% YoY to Rs 1.93 billion during the year.
  • Order booking for the year reached an all-time high of Rs 16.05 billion in FY23 as against Rs 11.84 billion during FY22, an increase of 36%.
  • Domestic order booking during the year was Rs 9.31 billion, increasing by 30% as compared to last year.
  • The export order booking during the year was Rs 6.74 billion, growing by 44% as compared to last year.
  • On the Product side, order booking during the year was the highest ever Rs 11.43 billion, an increase of 22% when compared with the previous year. The product segment turnover was Rs 8.36 billion during the year, an increase of 34% over previous year.

 

 

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Heavy electrical equipment firm Triveni Turbine announced Q3FY23 results:

  • Q3FY23 vs Q3FY22:
    • Revenue from Operations at Rs 3.26 billion in Q3FY23 as against Rs 2.25 billion in Q3FY22, an increase of 44.6%.
    • EBITDA of Rs 750 million in Q3FY23 as against Rs 534 million in Q3FY22, an increase of 40.4%
    • EBITDA margin of 23% in Q3FY23 as against 23.7% in Q3FY22, a margin compression of ~70 bps
    • Profit before Tax (PBT) at Rs 700 million in Q3FY23 as against Rs 481 million in Q3FY22, an increase of 45.5%
    • Profit after tax (PAT) at Rs 526 million in Q3FY23 as against Rs 357 million in Q3FY22, an increase of 47.3%
    • EPS for Q3FY23 at Rs 1.63 per share
  • 9MFY23 vs 9MFY22:
    • Revenue from Operations at Rs 8.78 billion in 9MFY23 as against Rs 6.16 billion in 9MFY22, an increase of 42.5%.
    • EBITDA of Rs 1.98 billion in 9MFY23 as against Rs 1.42 billion in 9MFY22, an increase of 38.6%
    • Profit before Tax (PBT) before exceptional items and share of loss from JV at Rs 1.82 billion in 9MFY23 as against Rs 1.27 billion in 9MFY22, an increase of 43.6%
    • Profit after tax (PAT) adjusting for exceptional items and share of loss from JV at Rs 1.37 billion in 9MFY23 as against Rs 931 million in 9MFY22, an increase of 47.4%
    • EPS for 9MFY23 at Rs 4.24 per share

Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “We are pleased that the Company has continued its strong growth momentum with highest-ever turnover and profitability during the quarter under review with both delivering over 40% increase over the corresponding quarter of last year. With identified growth avenues in the form of three product sub-segments, viz. leadership segment of <30 MW, newer focus segment of 30.1-100 MW and drive turbines, coupled with a robust aftermarket strategy encompassing spares, service and multi-brand refurbishment, the Company continues to cross new milestones both on operational and financial basis, quarter after quarter.

Order booking which has averaged around Rs 3 billion for the last six quarters, reached a new high of Rs 4.20 billion during the quarter, leading to a total order booking of Rs 11.39 billion during 9MFY23, up 26.5% when compared to same period last year and only marginally below the order booking for the entire FY22. Current quarter’s order booking was boosted by a 130% increase in aftermarket order booking to reach 27% of overall order booking up from 16% last year. During the nine-month period, robust order booking contribution from exports at 42% and aftermarket at 27% is also likely to improve the future margin profile of the Company. We believe the Company is enhancing its global product market share and registering healthy growth in aftermarket business where the focus has been on expanding our portfolio of services.

In the product segment, enquiries increased by 31% YoY and we are witnessing higher enquiries, especially from international markets such as Southeast Asia, Europe, West Asia, and North America. Among industry segments, renewable Independent Power Producers (IPP) segment led to the higher enquiry base followed by process industries. In the domestic segment, we are seeing good prospects from distillery, pharmaceuticals, chemical industries, among others. API segment also continues to perform well.

On the aftermarket side, the Company is witnessing good growth in sub-segments of spares, and demand for efficiency improvement in refurbishment with strong enquiry pipelines. The expansion of the portfolio to cater to utility turbines, geothermal and other rotating equipment is yielding good results with new orders received including repeat orders. The previously announced services contract in the South African Development Community (SADC) region is progressing well. Integration of the previously announced acquisition of a 70% stake in TSE Engineering is also well on track and key milestones are being achieved. We believe this acquisition will increase our local presence and positively influence customer decision-making. The Company will focus on leveraging its new facilities for more local orders with reduced delivery times to provide a smooth and uninterrupted customer experience in terms of product and service support.

With solid performance across its geographies and business segments, the company had an impressive closing order book of Rs 12.32 billion, up 33% YoY as on December 31, 2022, placing it in an extremely favourable position for the year to come. The company’s achievements are even more commendable amidst the current backdrop of global economic conditions and a testament to the strength of the business teams that remain focused on innovation, customer satisfaction and maximising value creation for our stakeholders across our business segments.

The Company’s long-term vision is well supported by a growing workforce with a focus on upskilling and reskilling, a higher international presence to increase proximity to customers and continued investments in customer-centric innovation through research & development initiatives. We are optimistic about the future performance of the Company, and we believe with a highly motivated workforce with sales and marketing abilities, engineering excellence and strong aftermarket capabilities, the Company will continue to improve its market position and maintain its growth momentum in the years to come."

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Heavy electric equipment company Triveni Turbine announced  Q2FY23 results:

  • Revenue from operations for Q2FY23 at Rs 2.93 billion, an increase of 41.9% YoY, an all-time high on a quarterly basis
  • EBITDA for the quarter at Rs 664 million, up 39.2% YoY, with a margin of 22.7%
  • PAT for the quarter at Rs 463 million, an increase of 53.8% YoY
  • Highest ever quarterly order booking of Rs 3.6 billion during Q2 FY 23
  • Order booking of Rs 7.19 billion during H1FY23, an increase of 23.9% YoY
  • Record outstanding carry forward order book as on September 30, 2022, of Rs 11.37 billion, an increase of 37.3% YoY
  • Investments, including cash at Rs 7.83 billion, an increase of 4.3% from March 31, 2022
  • The board of directors of the company, subject to the approval of shareholders, has approved a proposal to buy back from equity shareholders of the company up to 5,428,571 equity shares at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 190 crore, through tender offer on proportionate basis in accordance with the provisions of SEBI (Buy Back of Securities) Regulations, 2018 and Companies Act, 2013

Commenting on the company’s financial performance and recent developments, Dhruv M Sawhney, Chairman and Managing Director of Triveni Turbine Limited, said, “The performance of the Company during the quarter under review has been impressive with turnover and profitability growing 41.9% and 53.8% respectively when compared to the corresponding quarter last year. The Company is well on track for a strong multi-year growth trajectory aided by positive momentum in its addressable markets, ably supported by focused business strategy and execution.

Order booking, which is a harbinger of future operational and financial performanc, has been growing successively and touching new highs quarter after quarter. In the quarter under review, order booking was over Rs 3.61 billion with export order booking more than doubling as compared to last year.

At the half year mark, order booking in H1 FY 23 reached Rs 7.19 billion, growing a healthy 23.9% over the last year. Notably export contribution has increased to 39.5% and order booking for the aftermarket segment has also shown solid growth of 44.7% over the last year, reaching Rs 1.90 billion in H1 FY 23. A higher contribution from exports bodes well for the Company as it enhances international market share and the strong growth in aftermarket business helps enhance lifetime customer value. Both of these also contribute positively to the margin profile of the Company, which is an added bonus.

In the product segment, we are witnessing higher enquiries, especially from international markets such as Southeast Asia, Europe, West Asia, and North America. Among industry segments, process industries led to the higher enquiry base followed by Independent Power Producers (IPP) segment. The ongoing global energy crisis is also likely to hasten the energy transition through renewable sources and methods, thereby providing immense opportunities for companies like ours. The Company is also actively strengthening its product portfolio in the domestic and international API markets. This includes energy-efficient drive turbines with single-stage and multi-stage designs.

On the aftermarket side, the Company continues to drive growth across the three sub-segments of refurbishment, spares and service. In traditional business, efficiency enhancements and upgrades have significantly contributed to both international and domestic market orders. In the newer forays, we have previously announced the acquisition of a 70% stake in TSE Engineering which has yielded good results in a short period of time in the form of large services contract in the South African Development Community (SADC) region apart from enhancing our on-ground presence. The Company continues to develop references in this new segment of servicing large utility steam turbines which is expected to generate further business for spares and refurbishment.

With strong focus in enquiry generation and aggressive coverage plans, both in domestic and international markets, we expect to convert large opportunities in the imminent future.”

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Heavy Electrical Equipment firm Triveni Turbine Announced Q1FY23 Result :

  • Revenue from Operations for Q1 FY 23 at Rs 2.59 billion, an increase of 40.7% YoY
  • EBITDA for the quarter at Rs 561 million, up 35.8% YoY, with a margin of 21.7%
  • PAT for the quarter at Rs 383 million, an increase of 37.8% YoY
  • Highest ever quarterly order booking of Rs 3.6 billion during Q1 FY 23
  • Record outstanding carry forward order book as on June 30, 2022 of Rs 10.7 billion

Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “Continuing on the successes from last year, the Company has started FY 23 on a positive note. During the quarter, we have reported yet another record order booking in a single quarter of ? 3.6 billion, which will boost our performance in the year. Despite the global turmoil, we see a multitude of opportunities of growth for the Company. From efficiency enhancement to approaching new geographies and sectors, we are engaging closely with customers to deliver products and solutions that meet their evolving needs.

In the last year, the Company has embarked upon an all-round capacity expansion which spans from infrastructure to resources and capabilities. On the infrastructure side, as previously announced, the addition of a new bay in our Sompura plant is well underway. This will augment the space for assembly and testing of steam turbines at the factory. We expect this to complete in Q2 FY 23 and post the expansion, the Company’s capacity will be enhanced from 150-180 machines to 200- 250 machines per annum. Some of the sub-assemblies are also additionally outsourced to competent subcontractors to free up in-house capacity on valueadded, core activities. With the independent foray into the 30.1-100 MW segment, the Company is focusing on adding competencies across teams both in India and in the international market.

Development Community (SADC) region, the Company has bagged a significant services contract for large steam turbines in this region as part of our aftermarket business. This is new and different from what we have conventionally been offering in various markets. It is a business capable of driving large top line growth in the services sub-segment. And the Company is exploring this new revenue stream to build capabilities to create a new niche and develop proficiency in a new segment of large utility steam turbines which could lead to greater service along with spares and refurbishment offerings internationally in future. This contract will help us establish Triveni REFURB brand, the Refurbishment business of TTL, in the Utility turbines space and create a reference for more lucrative contracts for turbines up to 900 MW and automatically qualify us for contracts in this and other geographies.

The Company has made further inroads in the domestic and international API markets. This includes energy efficient drive turbines with single stage and multistage designs. Triveni’s in-house facilities and expertise for carrying out stringent API tests, such as unbalanced rotor response tests and steam run tests including load tests, are instrumental in steering its expansion in the stringent hydrocarbon markets. Coming to the other highlights of the quarter, in Q1 FY 23, the Company’s enquiry pipeline remains healthy. International enquiry generation increased by 22% YoY with enquiries from Central and South America, Turkey, North America, Southeast Asia and Europe. Among industry segments, IPP segment led to the higher enquiry base followed by Process industries. With this healthy enquiry pipeline coupled with outlook for order booking, the Company is well poised to leverage the opportunities in the coming years.”

 

 

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Heavy Electrical Equipment company Triveni Turbine declares Q4FY22 result:

  • Revenue from Operations for FY 22 at Rs 8.52 billion, an increase of 21% YoY
  • EBITDA for FY 22 at Rs 1.92 billion, up 15% YoY, with a margin of 22.5%
  • PAT for FY 22 at Rs 2.7 billion, an increase of 164% YoY
  • Highest ever annual order booking of Rs 11.8 billion in FY 22
  • Record outstanding carry forward order book as on March 31, 2022 of Rs 9.7 billion
  • Acquired 70% stake in TSE Engineering (Pty.) Ltd. (TSE) in South Africa for a cash consideration of ZAR 11.9 million (Rs 57.6 million) to further strengthen the Company’s position in aftermarket business in the South African Development Community (SADC) region
  • The Board of Directors has recommended payment of final dividend @ 85% (Rs 0.85 per equity share of Rs 1 each) and 2nd special dividend @ 70% (Rs 0.70 per equity share of Rs 1 each) for the financial year 2021-22, subject to shareholders’ approval.

Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “FY 22 has been a year of many milestones for Triveni Turbines. The Company achieved its highest ever turnover at Rs 8.52 billion, which is a growth of 21% over the previous financial year. Similarly, on the order booking front, the Company reported its highest ever order booking of Rs 11.8 billion which provides good visibility for growth in FY 23.

During Q4 FY 22, the Company has completed acquisition of 70% stake in TSE Engineering (Pty.) Ltd. (TSE) in South Africa for a cash consideration of ZAR 11.9 million (Rs 57.6 million). This acquisition will get us closer to the customer base in the South African Development Community (SADC) region and further the Company’s position in aftermarket segment. As announced before, the Company is independently approaching the above 30-100 MW segment, following the amicable resolution with General Electric and Baker Hughes pertaining to Triveni Energy Solutions Limited (TESL) (formerly GETL) that was announced earlier in the financial year. This segment will increase our addressable market considerably and we remain confident of increasing our market share rapidly as a ‘challenger’ in this segment in the coming years

Coming to the other highlights of the year, in FY 22, the Company’s domestic enquiry book showed an increase of 57% compared to the previous financial year with enquiries generated from the key sectors such as process co-generation, Food Processing, Distillery, Pulp & Paper, Chemicals etc. followed by Cement, Sugar and Oil & Gas segment. West region garnered higher enquiry base followed by South and North regions."

 

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Heavy Electrical Equipment company Triveni Turbine declares Q3FY22 result:

  • Revenue from Operations for 3Q FY 22 at Rs 2.25 billion, an increase of 29.8% YoY
  • EBITDA for 3Q FY 22 at Rs 534 million, up 33.2% YoY, with a margin of 23.7%
  • PAT for 3Q FY 22 at Rs 357 million, an increase of 29.8% YoY
  • Record order booking of Rs 3.21 billion for the quarter highest in last 4 years
  • Record outstanding carry forward order book as on December 31, 2021 Rs 9.24 billion

Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “Though COVID-19 re-emerged this quarter with the new Omicron variant, Triveni Turbines continued to strengthen and improve its market position especially in the above 30 MW segment, where the Company is approaching the market independently following the amicable resolution with General Electric and Baker Hughes pertaining to Triveni Energy Solutions Limited (TESL) (formerly GETL) that was announced in the previous quarter.

In this endeavor, we are pleased to announce that in such a short amount of time, the Company has already won three international orders in >30 MW segment from a prestigious customer that is an industry leader in its segment. We believe these wins will strengthen the Company’s credibility further in the 30-100 MW segment and these orders mark the beginning of our global ambitions in this lucrative segment, where we are reinvigorated following our independent approach."

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Key Highlight

  • Amicable resolution with General Electric and Baker Hughes pertaining to Triveni Energy Solutions Limited (TESL) (formerly GETL) including full acquisition for a net settlement of Rs 2 billion
  • Revenue from Operations for H1 FY 22 at Rs 3.91 billion, an increase of 11.4% y-o-y
  • EBITDA for H1 FY 22 at Rs 891 million with a margin of 22.8%
  • PAT for H1 FY 22 at Rs 2.02 billion, an increase of 290.5% y-o-y
  • Record order booking of Rs 3.07 billion for the quarter – highest in last 4 years
  • Record outstanding carry forward order book as on 30 th September 2021 – Rs 8.28 billion
  • Investments including Cash at Rs 7.27 billion, up Rs 2.96 billion q-o-q
  • The Board of Directors has approved payment of interim dividend @ 40% (i.e. Rs 0.40 per equity share of Rs 1 each) and a special dividend @ 60% (i.e Rs 0.60 per equity share of Rs 1 each) for the financial year ending March 31, 2022.

Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “COVID-19 continues to impact global economies, however the disruption appears to be normalizing as the pandemic is expected to turn into an endemic. For Triveni Turbines, we are witnessing strong momentum in the domestic market, after a sluggish FY 21, however international markets where the Company operates, are recovering at a slower pace. This is evident in our order booking where, as communicated earlier, we were able to achieve domestic order booking of Rs 4.25 billion, in H1 FY 22, an increase of 86% YoY, which is almost equal to FY 21 order booking. We expect that with progressively relaxing travel restrictions, business activity in the international regions will also gather pace. As a Company, we are also seeing an increase in travel of our sales teams in both product and aftermarket division, which we expect to yield good results in the coming quarters.

A significant development for Triveni Turbines in this quarter was, the execution of a settlement agreement on 6 th September, 2021 with respect of affairs of the Joint Venture Company - GE Triveni Ltd (GETL), with the JV Partners, D.I. Netherlands B.V. (DI) and Baker Hughes and its affiliates (BH Parties). Given the multiple disputes for over two years amongst JV Partners, the parties agreed to terminate the Joint Venture Agreement and fully and finally settle and resolve the disputes. As part of the settlement agreement, TTL has acquired the entire shareholding held by DI in the equity share capital of GETL for a consideration of ~ Rs 8 crore and thus GETL has become a wholly owned subsidiary of the TTL and is no longer a joint venture with any BH Parties or GE Parties. The name of the company has been changed from GE TRIVENI LIMITED to TRIVENI ENERGY SOLUTIONS LIMITED (TESL) with effect from 21 st October, 2021. TTL has received a Settlement consideration of Rs 208 crore of which Rs 190 crore was received during the quarter and Rs 18 crore was received subsequently. The parties will now be free to compete with each other and accordingly, TTL will now approach the market segment independently in all respects.

We are pleased with the resolution with respect to TESL (formerly GETL). Apart from the settlement consideration, reserves and surplus have increased by Rs 27 crore (net of consideration Rs 8 crore) due to higher asset value than the purchase consideration for shares. On the operating side as well, we remain excited about the prospects of the above 30-100 MW segment as it enhances the addressable market considerably and we aim to establish our strong credentials in this segment globally as well, akin to the sub-30 MW segment, where we are amongst the market leaders. We are pleased to report that we have already received the first order in this segment during the quarter.

Q2 FY 22 revenues were impacted by delays as some orders were in transit and could not be recognized during the quarter. EBITDA and EBITDA margins were also impacted by higher domestic contribution along with higher material costs.

Part of the increase in material costs was due to inclusion of TESL (formerly GETL) due to fair valuation of inventory and part was due to increase in input costs. The Company is proactively working towards managing costs. Investments including cash were Rs 7.27 billion as at end of Q2 FY 22 up Rs 2.96 billion q-o-q, driven by final settlement, higher customer advances, other operating cash flow.

We believe the Company is well positioned for the rest of the year and beyond, with a strong enquiry pipeline, positive traction in newer product segments such as API coupled with readiness to operate on a hybrid working model that includes virtual connect with stakeholders especially customers, as well as travel where possible. Both products and aftermarket segment are looking up in the recent quarters. On the R&D side, the focus remains to improve our product portfolio especially in the newer API segment. The Company will also move forward in enhancing its market position in the above 30-100 MW segment in the coming years.”

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