Conference Call with Triveni Turbine Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
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.” Result PDF