Triveni Turbine Ltd. share price target

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. In Q2FY22 TTL received an order inflow of Rs 307cr (74% YoY) which is highest in the last four years. The order book grew by 24% YoY supported by 81% YoY increase in H1FY22 order inflow, which adds revenue visibility in coming quarters. TTL and GE agreed to terminate the JV and TTL has acquired the...

last four years) driven by strong growth in both domestic and exports market. Order backlog stands strong at Rs7.3bn (1x TTM revenue). Enquiry pipeline remains robust with domestic/exports enquiry generation growing by 136%/21% YoY. Given strong enquiry pipeline, management is confident of bagging healthy order inflow in FY22 and sectors like cement, steel, distillery,...

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q4FY21 revenue grew by 16% YoY supported by 68% YoY increase in domestic business while export business declined by 17% YoY. Despite a decline in gross margin by 37bps YoY, EBITDA margin improved by 222bps YoY to 13.8% in Q4 led by higher share of after-market revenue and lower employee cost....

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q3FY21 revenue de-grew by 15% YoY due to deferment of deliveries and subdued order bookings. Gross margin improved by 223bps YoY on account of reduction in RM costs while EBITDA margin marginally declined 31bps YoY to 20% due to higher other expenses as a percentage to sales....

witnessed sharp improvement in enquiry levels from some of international Process co-generation mainly distillery and cement, Pharma, F&B;, steel, waste to heat recovery. Given strong enquiry levels both domestic and to pandemic continues and expect revenue decline of 10-15% with margins being in the similar range of 9M (~21-23%) for FY21E. We believe, company's strong margin profile, lean working capital, healthy cash flows (~Rs3bn),...

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q1FY21 revenue de-grew by 23% YoY (above estimate) due to lockdown in most part of the quarter and subdued order bookings. Gross margin improved by 428bps YoY on account of reduction in sub-contracting expense while EBITDA margin improved by 295bps YoY to 23.4% due to fall in employee & other expenses....

backlog remained subdued at ~Rs6.8bn. Management indicated that during lockdown enquiry levels remained healthy both in domestic and exports market. For export markets, renewable sector observed robust enquiry levels primarily from European markets while renewable energy including sugar cogeneration, Biomass IPP, waste-to-energy and process co-generation segments have strong enquiry pipeline for domestic market. Management expects 1HFY21E to report decline in revenue and order inflow owing to current economic situation and believes situation will start normalizing 2HFY21E onwards. Despite strong 1Q, we have maintained our...

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q4FY20 revenue de-grew by 36% YoY aided 61% YoY fall in...

Factoring in worst case scenario, management believes that there could be 1015% revenue de-growth for FY21E however it is working towards a flat growth. Triveni Turbine Ltd (TRIV) reported weak performance for the quarter led by 61% de-growth in the domestic segments. Due to Covid-19 pandemic, there were deferment of orders and lower than anticipated industrial capex, order inflow (OI) decreased by 24% YoY in 4Q led by de-growth in both domestic (down,32% YoY) and exports market (down 16% YoY). Thereby a subdued...

Triveni Turbine Ltd (TRIV) reported steady set of numbers which were largely in line with our estimates. Revenue was down 4% YoY where exports grew 14% YoY which was offset by de-growth in domestic markets by 15% YoY. Order inflow (OI) increased 11% YoY mainly on account of growth in exports market which grew 28.5% YoY and domestic market remained muted. Order backlog (OB) was down 8% YoY at Rs6.94bn, which management is confident of higher year end number on the back of healthy enquiry pipeline. In the exports market, the renewable sector is driving demand mainly Biomass &...