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." Result PDF
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.” Result PDF