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Triveni Engineering and Industries Ltd share Price Today

Company details

345.55
357.00
261.10
416.50
6M Return -5.20%
1Y Return 32.09%
Mkt Cap.(Cr) 7,682.23
Volume 311,265
Div Yield 1.64%
OI
-
OI Chg %
-
Volume 311,265

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Uptick in sugar prices to offset lower sugar recovery…
About The Stock

    Triveni Engineering (TEL) is one of the largest sugar companies in India with sugar crushing capacity of 61,000 TCD, distillery capacity of 660 KLD & co-generation power of 104.5 MW. It also has power transmission & waste water management business contributing 10% to revenues.

    • The company is increasing its distillery capacity from the current 22 crore litre per annum to 32 crore litre per annum by FY25 to utilise B-heavy, grain & sugarcane juice route to produce ethanol
Q4FY23 Results

    Posted 47.8% sales growth led by strong sugar, ethanol sales.

    • Sales were up 47.8% YoY with 108.6% growth in distillery sales
    • EBITDA was at ₹ 263.3 crore, up 50.7% YoY, with margins at 16.6%
    • PAT was at ₹ 190.3 crore, up 74.3% YoY aided by lower interest costs

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Sugar company Triveni Engineering & Industries announced Q4FY24 & FY24 results:

  • Revenue from Operations (Net of excise duty) at Rs 5,220 crore
  • Profit before Exceptional items and Tax at Rs 529 crore
  • Profit after Tax at Rs 395 crore
  • Board recommended a final dividend of Rs 1.25 per equity share in addition to an interim dividend of Rs 2.25 per equity share and a special dividend of Rs 2.25 per equity share earlier paid during the year
  • Net turnover is lower by 7%, mainly due to lower sugar sales volume by 16%. However, Profit Before Tax (PBT) before considering share of profit of associates and exceptional income is lower by 3%
  • Sugarcane Crush during Sugar Season (SS) 2023-24 is 11% lower at 8.26 million tonnes over SS 2022-23 but the gross recovery is marginally higher at 11.49%. The decline in crush is due to heavy rains and water logging in certain regions and associated proliferation of red rot disease in plant cane of Co238 variety
  • In the Alcohol business, in view of feedstock restrictions on supply of Surplus Food Grains from Food Corporation of India (FCI Rice) and limitation of usage of B-heavy molasses, the production and sales volumes were less than earlier estimated. Overall margins declined in view of lower margins on maize operations.
  • Power Transmission Business reported record turnover and profitability – turnover increased by 30% and segment profits by 40%. An intensive capex programme is being executed currently
  • Turnover of Water business declined due to slow execution in certain projects but segment profits increased by 29% due to cost optimisation/savings in various projects executed during the year
  • The decline in turnover during FY24 is mainly due to Sugar (-12%) and Water business (-30%).
  • Profit before share of profits of associates and Exceptional items and Tax is 3% lower at Rs 528.8 crore.
  • Despite lower sales volumes by 16%, Segment profits of Sugar business are at the same level as the previous year due to higher contribution arising from 6% increase in sugar realization prices.
  • The gross debt on a standalone basis as on March 31, 2024 increased to Rs 1,324.7 crore as compared to Rs 825.0 crore as on March 31, 2023 due to higher sugar inventories held. Standalone debt at the end of the period under review, comprises term loans of Rs 277.8 crore, almost all such loans are with interest subvention or at subsidized interest rate.
  • On a consolidated basis, the gross debt is at Rs 1,411 crore as on March 31, 2024 as compared to Rs 913.8 crore as on March 31, 2023. Overall average cost of funds (standalone) is at 6.5% during FY24 as against 5.1% in the previous corresponding period. During the quarter, the Company’s long-term credit rating was upgraded to AA (Stable) by ICRA.

Commenting on the Company’s financial performance, Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said: “The year gone by presented several operating challenges to the Company especially in the Sugar and Alcohol businesses while our Power Transmission business delivered another year of stellar performance. It is heartening to note that the Company has reported satisfactory results despite such challenges. The Company is hopeful of an improved performance in the coming year through a combination of policy decisions, and favourable macro environment while addressing challenges with agility.

The sugarcane crush in the just concluded Sugar Season (SS) 2023-24 was 11% lower to 8.26 million tonnes, well short of our initial expectations. The major decline in crush took place in four sugar units: Deoband in Western UP and Chandanpur, Rani Nangal and Milak Narayanpur in the Central UP. The chief reasons are the climatic factors, such as, heavy rainfall and water logging in certain regions, absence of sunshine for long spell in winter and spread of red rot disease, which reduced the yields considerably, mainly in the plant cane and higher diversion to kolhus/crushers. Such trend of lower sugarcane availability was witnessed across Central & Western UP regions. The sugarcane development teams have chalked out multi-pronged strategy to contain the damage by uprooting the diseased crop to limit the spread and to carry out comprehensive varietal substitution programme to reduce the proportion of vulnerable variety Co238, especially in low-lying/ water-logging prone areas and to substitute it by other high sucrose and high yield varieties. We hope to substantially improve our crush next season.

Sugar prices have remained at healthy levels both in FY 24 and more recently. We expect these trends to continue and believe that a continually increasing portfolio of refined sugar and pharmaceutical-grade sugar production, which now stands at 70% of overall sugar production, augurs well for sugar realisations for the Company. We continue to make judicious investment in our facilities to enhance crush rate, sugar quality and efficiencies.

In our Alcohol business, the Company faced several feedstock challenges during the year that led to disruption in planned production, such as abrupt stoppage of Surplus Rice by Food Corporation of India (FCI rice), restrictions with respect to usage of B-heavy molasses, introduction of Maize as feedstock, price volatility in feedstocks, etc. Accordingly, sugar operations were carried largely with C-heavy molasses as compared to Bheavy molasses in the previous year and the distillery operations were largely based on maize instead of FCI rice earlier. This has led to lower operating capacities and hence lower production and further, the margins on maize operations were relatively lower despite price corrections. We are hopeful the Government will address the feedstock and profitability challenges in FY 25 as it remains committed to Ethanol Blended Petrol (EBP) targets of 20% by 2025-26.

Our long-term strategy is to grow the Alcohol business by being an active partner in India’s EBP programme and self-reliance journey. To this end, we recently commissioned a 200 KLPD multi-feed distillery at our sugar unit at Rani Nangal which has resulted in an aggregate distillation capacity to 860 KLPD for the Company.

In our Engineering businesses, the Power Transmission business reported remarkable performance with new milestones achieved with respect to revenues, profitability and order booking in FY 24. The year also marked a period of extensive international customer outreach and continued investments in R&D and infrastructure aimed at enhancing the business’ market share to capitalize on the global opportunity landscape. Coupled with the strides made in Defence, the Power Transmission business is on a sustained growth path. In the Water business, the year went by was muted in terms of market activity and finalization of orders. We expect this to improve in the coming years and the business is well-placed in terms of bids and credentials. The long-term prospects for water and wastewater treatment solutions, both in India and in International markets, remain intact leading to a positive outlook on this business.”

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Triveni Engineering and Industries Ltd shares SWOT Analysis

Strengths (6)

  • Growth in Net Profit with increasing Profit Margin (QoQ)
  • Company with Low Debt
  • Increasing profits every quarter for the past 2 quarters

Weakness (9)

  • MFs decreased their shareholding last quarter
  • Inefficient use of capital to generate profits - RoCE declining in the last 2 years
  • Degrowth in Revenue and Profit

Opportunity (0)

Data not found

Threats (0)

Data not found

Resistance and support

R1 356.8
R2 362.6
R3 368.2
Pivot

351.17

S1 345.3
S2 339.7
S3 333.9
EMA SMA
352.2
345.7
342.7
335.2
356.0
339.2
339.3
345.0
Delivery and volume
CLIENT NAME DEAL TYPE ACTION DATE AVG. PRICE QUANTITY EXCHANGE
STFL TRADING AND FINANCE PRIVATE LIMITED Bulk Purchase 2023-09-11 348.9 8888889 BSE
RATI SAWHNEY Bulk Sell 2023-09-11 348.9 8888889 BSE
STFL TRADING AND FINANCE PRIVATE LIMITED Block Purchase 2023-09-11 348.9 8888889 BSE
Name Category Shares
NIKHIL SAWHNEY PROMOTER 5.93%
TARUN SAWHNEY PROMOTER 5.71%
RATI SAWHNEY PROMOTER 2.85%
MAN MOHAN SAWHNEY HUF PROMOTER 1.74%
STFL TRADING AND FINANCE PRIVATE LIMITED PROMOTER 36.4%
DHRUV MANMOHAN SAWHNEY PROMOTER 8.34%

OUR RESEARCH VIEW

Trading recommendation

Call Date
28 Oct 2021
Entry Price 188.00
Target Price 270.00
Duration
Stop Loss -
Investment recommendation
Uptick in sugar prices to offset lower sugar recovery…
Call Date
27 May 2023
Entry Price 274.00
Target Price 370.00
Duration
12-18 Month

FINANCIALS

Sales
Operating Profit
Profit after Tax
Equity
Reserves and Surplus
Debt
Sales
Operating Profit
Profit after Tax
PE
Debt/Equity
P BV

Triveni Engineering and Industries Ltd Stocks COMPARISON

Financials( in Cr) Triveni Engineering and Industries Ltd EID Parry (India) Ltd Shree Renuka Sugars Ltd Balrampur Chini Mills Ltd Bajaj Hindusthan Sugar Ltd
Price 350.95 647.70 41.90 376.50 32.55
% Change -0.23 1.49 -0.48 -0.32 -0.46
Mcap Cr 7,682.23 11,497.84 8,918.37 7,595.85 4,157.81
Revenue TTM Cr 5,616.84 35,243.80 9,020.75 4,665.86 6,338.03
Net Profit TTM Cr 1,791.81 1,827.74 -196.67 284.17 -134.74
PE TTM 19.42 13.39 0.00 14.22 0.00
1 Year Return 32.09 31.07 -4.12 -4.36 142.91
ROCE 17.30 39.86 0.00 10.41 0.00
ROE 23.28 32.04 0.00 10.03 0.00
INSIDER & INSTITUTIONAL ACTIVITY

Equity Capital: 2,665.25 Cr FV: 1.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 41,960.24 -29,509.50
LAST 3M 102,987.80 -35,737.56
LAST 6M 169,824.52 46,518.61
LAST 12M 263,691.56 126,663.80
Triveni Engineering & Industries Limited - Analysts/Institutional Investor Meet/Con. Call Updates

May 22, 2024 l NSE Announcement

Board of Triveni Engineering and Industries recommends final dividend

May 21, 2024 l BSE Announcement

Triveni Engineering & Industries Limited - Record Date

May 21, 2024 l NSE Announcement

Date Action Type Ratio
Feb 09, 2024 Dividend 225
Feb 09, 2024 Dividend 225
Sep 01, 2023 Dividend 325

Triveni Engineering and Industries Ltd Information

Stock PE (TTM)
19.42
Promoter Holding
60.98%
Book Value
132.5229
ROCE
17.3%
ROE
23.28%
Description
  • Triveni Engineering & Industries Ltd is a focused, growing corporation having core competencies in the areas of sugar and engineering. The company is among the three largest sugar manufacturers in India, and the market leader in its engineering business comprising steam turbines, high speed gears, gearboxes and water treatment solutions. The Company is engaged in diversified businesses, mainly categorised into two segments - Sugar & allied businesses and Engineering business. Sugar & allied businesses primarily comprises manufacture of sugar and distillation of alcohol. Engineering business primarily comprises manufacture of high speed gears, gearboxes and providing water/waste-water treatment solutions. The other operations mainly include the operations of retail stores at various rural and semi-urban locations pursued by Triveni Retail Ventures Ltd, a wholly owned subsidiary, and trading of various package fast moving consumer goods, including sugar. The company has seven sugar mills in operation at Khataull, Deoband, Sabitagarh, Chandanpur, Raninagal, Milak Naraipur and Ramkola in Uttar Pradesh. They are having turbine manufacturing and gear manufacturing facilities at Bangalore and Mysore and water & waster water treatment business is located at Noida. The company is also having a two co-generations power plants located at their major facilities, namely Khatauli (46 MW) & Deoband (22 MW) and a 160,000 litre per day capacity distillery at Muzaffarnagar. Triveni Engineering & Industries Ltd, a part of Triveni group was incorporated on July 27, 1932 as The Ganga Sugar Corporation Ltd. The company obtained a certificate of commencement of business on February 6, 1933. As per the scheme of arrangement, the whole undertakings of Ramkola Sugar Mills were transferred to the company effective from October 31, 1969. By virtue of this amalgamation, the company acquired a sugar at Ramkola in eastern Uttar Pradesh. In April 3, 1973, the name of The Ganga Sugar Corporation Ltd was changed to Gangeshwar Ltd. In March 2000, the Erstwhile Triveni Engineering & Industries Ltd merged with the company. The Erstwhile Triveni Engineering & Industries Litd was carrying on the business of manufacture of sugar at their factory at Khatauli, manufacture of steam turbines at Bangalore, and manufacture of high speed reduction gears at Mysore. Further, they had a sugar plant machinery, hydro turbine business and waste water treatment business at New Delhi. The name of the company was changed from Gangeshwar Ltd to Triveni Engineering & Industries Ltd on March 31, 2000. In December 2004, the company`s co-generation plant at Deoband was commissioned. In October 19, 2005, the co-generation plant at Khatauli was synchronized with the grid and began external sales of electricity. Upper Bari Power Generation Ltd became the subsidiary of the company with effect from 29th April 2005. In October 25, 2005, Triveni SRI Ltd started the business of rural retailing (Kushali Bazaar) and took over this business from our company with the objective to provide focused growth. During the year 2005-06, the company expanded their sugar division from 25250 TCD to 40500 TCD. They commissioned the 7000 TCD greenfield sugar unit in Sabitgarh in January 2006. During the year, the turbine unit at Bangalore doubled its capacity to address the increased domestic demand. The expansion was completed in a record nine months by 31 December 2005 for an additional investment of only Rs 180 million. The water business division commissioned a water treatment plant for boiler feed water using the double-pass reverse osmosis system corresponding to the CEDI technology used in the company`s Khatauli sugar factory. Also, Triveni Khushali Bazaar added 10 new stores during the year. During the year 2006-07, the company undertook the capacity expansion in sugar operations with the setting up of three new units with an aggregate capacity of 17500 TCD and also a brownfield expansion at Ramkola where the crushing capacity was enhanced from 3500 to 6500 TCD. In December 2006, the phase II co-generation plant was commissioned at Khatauli plant. In June 27, 2006, the company incorporated Triveni Engineering Ltd as a wholly owned subsidiary company. In April 2007, the company started their operations in one of the largest single stream molasses based 160 KLPD distillery unit. During the year 2007-08, the company successfully commissioned the 27 MW steam turbine. Also, they installed state of the art machines at our engineering facilities at Bangalore and Mysore. The company divested their stake in Abohar Power Generation Ltd which ceased to be a subsidiary during the year. In February 2008, the company incorporated Triveni Energy Systems Ltd as a wholly owned subsidiary company. GE Triveni Limited (GTL) was incorporated as Wholly Owned Subsidiary with an affiliate of GE Oil & Gas in 2009-10. The Company Commissioned Delhi`s first Sewage Recycling Plant for NDPL`s 106 MW Gas-based Power Plant in 2010-11. During the year 2010-11, the Hon`ble Allahabad High th Court vide its Order dated 19 April, 2011 sanctioned the Scheme of Arrangement between Triveni Engineering & Industries Limited (the Company), its wholly owned subsidiary company, Triveni Turbine Ltd. (TTL), and their respective shareholders and creditors. The said order became effective on st 21 April, 2011 being the date of filing of the Order with the Registrar of Companies. The steam turbine business (Demerged Undertaking) was demerged into Triveni Turbine Ltd. (TTL) pursuant to the Scheme of Arrangement y with effect from the appointed date on 1st October 2010. The Steam Turbine Business of the Company, including all assets and liabilities, stood transferred and vested in TTL, with effect from the appointed st date 1 October, 2010. In accordance with the Scheme approved by the Hon`ble Allahabad High Court, the investment held by the Company in the equity share capital of GE Triveni Ltd. (GETL) stood transferred to and vested in TTL. Accordingly, GETL ceased to be a subsidiary of the Company. During the year 2011-12, the Company made a strategic investment in the share capital of Aqwise Wise Water Technologies Limited, Israel, a leader in development and implementation of wastewater treatment solutions for the industrial and municipal markets, by way of subscribing/ acquiring 25.04% of the equity share capital of Aqwise. As a part of this strategic investment in Aqwise, the Company secured access to their technology for projects in India. During the period 2012-13, two new companies, Bhudeva Projects Limited and Svastida Projects Limited were incorporated as Wholly Owned Subsidiaries of the Company on March 19, 2014. Further, the Company acquired 4,35,270 equity shares of Rs 10/- each of Triveni Entertainment Limited (TEL) at book value from the existing shareholders of TEL and consequent to the acquisition, TEL became a wholly owned subsidiary of Company. During 2015-16, the Company incorporated a new wholly owned subsidiary (WOS), Triveni Industries Ltd., on July 22, 2015. Further, it divested nominal equity shares in its existing WOS viz. Triveni Sugar Ltd. (TSL) (formerly Bhudeva Projects Ltd.). Consequently, TSL became 99.99% subsidiary of the Company. The Board approved a New Scheme of Arrangement between the Company, its wholly owned subsidiary, Triveni Industries Ltd, (TIL), and their respective Shareholders and Creditors for transfer of the Sugar Business, comprising all seven sugar mills along with Co-generation and Distillery operations, including all related assets and liabilities,and vesting of the same in TIL by way of demerger from the Appointed date of the Scheme, April 01, 2016. During the year 2018-19, Company incorporated a new wholly owned subsidiary, Mathura Wastewater Management Pvt Ltd. (MWMPL) on June 12, 2018. The Company set up 160 KLPD Distillery at its sugar unit at Sabitgarh, which commissioned in the first quarter of FY 20. During the year 2020-21, two new companies namely, Triveni Foundation (Section 8 Company) and Gaurangi Enterprises Limited were incorporated as wholly owned subsidiaries of the Company. Further, the Company acquired 100% equity stake in United Shippers & Dredgers Limited (USD) from the existing shareholders of USD. With this acquisition, USD became a wholly owned subsidiary of Company. During the year 2021-22, a new company, namely, Pali ZLD Private Limited (PZPL), was incorporated as a wholly owned subsidiary of the Company.

Registered Address

Deoband, , Saharanpur, Uttar Pradesh, 247554

Tel : 91-01336-222185/222497
Email : shares:trivenigroup.com
Website : http://www.trivenigroup.com
Registrar

Karvy Computershare Pvt Ltd

AGM Date (Month) : Sep
Face Value Equity Shares : 1
Market Lot Equity Shares : 1
BSE Code : 532356
NSE Code : TRIVENI
Book Closure Date (Month) :
BSE Group : A
ISIN : INE256C01024

FAQ’s on Triveni Engineering and Industries Ltd Shares

You can buy Triveni Engineering and Industries Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Triveni Engineering and Industries Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of May 22, 2024 03:59 PM the closing price of Triveni Engineering and Industries Ltd was Rs.350.95.

Market capitalization or market cap is determined by multiplying the current market price of a company�s shares with the total number of shares outstanding. As of May 22, 2024 03:59 PM, the market cap of Triveni Engineering and Industries Ltd stood at Rs. 7,682.23.

The latest PE ratio of Triveni Engineering and Industries Ltd as of May 22, 2024 03:59 PM is 19.42

The latest PB ratio of Triveni Engineering and Industries Ltd as of May 22, 2024 03:59 PM is 0.38

The 52-week high of Triveni Engineering and Industries Ltd share price is Rs. 416.50 while the 52-week low is Rs. 261.10

According to analyst recommendations, Triveni Engineering and Industries Ltd Share has a "Buy" rating for the long term.

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