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. 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 &...

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 &...

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...

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.

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.