Triveni Turbine Ltd. share price target

Robust Growth in Q2, Inflows Crucial: Triveni Turbine s adjusted earnings grew by 67 percent to Rs. 1.55 in Q2

Triveni Turbine Ltd (TRIV) reported good set of numbers with revenue up 14% YoY mainly driven by traction in domestic market. However, exports continue to be weak with de-growth for third consecutive quarter. Order inflow (OI) declined 3% YoY mainly on account of de-growth in exports market due to postponement of order finalization. Hence, order backlog (OB) was down 11% YoY at Rs6.9 bn, which management is confident of higher year end number on the back of healthy enquiry pipeline. In the export market, the renewable sector is driving demand mainly Biomass & Waste-to-Energy and Pulp &...

Triveni Turbine Q1 earnings were higher than our estimates. Q1 Revenue grew by 24% to Rs. 2.1 Bn and PAT grew by 62% to Rs. 0.31 Bn primarily on account of preponement of deliveries in the domestic market and lower cost on account of lower exports.

Strong execution but weak inflows to impact outlook ... Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam...

Business Momentum Continues; One-offs Disappoint Q4: Triveni Turbine (Triveni) Q4 earnings were below our own estimates at Rs. 0.87 (vs.est of 1.1) largely on account of one-time expenses related to R&D; test facility (Rs. 220 Mn) and to some extent related to revenue mix.

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...