TRIVENI is primarily an integrated sugar manufacturing company, but it also engages in the production of high-speed gears and project implementation in the fields of water and wastewater treatment and pollution control.

With lower diversion of sugarcane towards B heavy molasses and higher sugarcane crushing in season 2019-20, the company is holding large sugar inventories (3.1 lt). Though the debt is down from ~| 1600 crore to ~ | 1350 crore in the last one year, it is still very high (debt-equity at 2.5x). We believe Avadh would need to export large quantities of sugar in the next year and also add new distillery capacity (either B heavy or sugarcane juice route) to...

company's target of doubling VNB over the next 3-4 years. Shift in business mix is driving VNB with while improving distribution from non-banca is also helping. We are estimating strong 22-23% VNB growth led by gradual margin...