Triveni Turbine Ltd. share price target

Q4FY19 revenue growth (-2% YoY) was lower than estimate due to 21% YoY de-growth in export revenue and delay in customer clearances for the large turbines. EBITDA margin slipped sharply by 765bps YoY to 16.7% due to...

According to management, the domestic market for the 0-30MW Turbine Generators (TG) segment has bottomed out in FY18 and is likely to grow at 10-12% for the next few years. The bulk of the incremental domestic demand in the 0-30MW TG segment was derived from process cogeneration and is attributable to Sugar, Food, Agro and Allied Industries, Chemicals, and Textiles. Going forward, the company expects steady demand for TG from the upcoming ethanol manufacturing facilities. While order intake in the international segment declined 7% yoy in 1HFY19, the company is expecting to close FY19 with marginal growth in the international inflows....

Triveni Q1 Performance In-Line With Estimates: Triveni Turbine revenue was down by 1% YoY to Rs. 2.2 bn and earnings grew by 6% YoY to Rs. 0.91 in Q2FY19 which is in-line with our estimates. Exports contributed for 36% of revenues which led to EBITDA margin expansion of 308 bps to 20.7% in Q2FY19 despite higher commodity inflation.

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. Q2FY19 revenue growth (-1% YoY) was lower than estimate mainly on account of deferment of deliveries by the customers. Order inflow grew by 11% YoY supported by 16% YoY increase in orders from turbine business. Higher employee cost & other expenses restricted EBITDA margin to 20.7% (-60bps YoY)....

healthy order intake by FY2020: Triveni has witnessed pick up in domestic enquiry. These enquiries are spread over all major end-user segments, including food, chemical, paper, metals, cement and distillery; and steel and sugar co-generation. The overall domestic market for under 30 MW size continued to show positive traction, which has reflected in domestic...

Triveni Delivers Strong Q1 Performance: Triveni Turbine revenue grew by 41% YoY (~ 24% higher than our estimate) toRs. 1.7 bn on the back of strong execution in the exports orders (~ 111%) which accounted for 63% of revenue for the quarter.

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. Strong revenue booking from turbine business (44%YoY) and traction in aftermarket sales (32%YoY) lifted consolidated top-line by 39% YoY....

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. Revenue from turbine increased by 40% YoY while order bookings grew by 36% YoY, giving signs of revival in the sector. Q4FY18 revenue grew significantly by 36% YoY due to ramp up in execution and pick up in export sales. Gross margin declined 96bps YoY while EBITDA margin improved...

Robust Performance in Q4FY18: Triveni Turbine (TRIV) revenue grew by 34% on the back of 45% growth in exports and 25% growth in domestic business in Q4FY18. In terms of product mix, products grew by 40% and after-market grew by 14% YoY in Q4FY19. Exports order booking grew by 65% and the same for domestic business grew by 24% during the quarter.

Triveni Turbine (TRIV)'s operational performance was below our and consensus expectations. Revenues declined by 16% yoy impacted by delays in execution and deferment in offtake by customers in both the domestic and export segment. EBITDAM declined by 653 bps to 20% and PAT declined by 46%. EBITDAM was impacted as majority (~63%) of the execution pertained to the low margin...