Triveni Turbine Ltd. share price target

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...

Stung by GST blues and lackluster domestic order activity, Triveni's income from operations and post tax earnings declined to the lowest level in at least nine quarters. Blood curdling fall in sales was explained by deferment of orders and lower order intake in first half of last financial year. Though revenue recognition gathered pace in Q2, most disgruntling is skimpiness in domestic order booking - down 11.6% to Rs 156 crs in H1 from Rs 176 crs...

Exports Order Inflow Nearly Doubles; Domestic Market TurnsVolatile: Exports order booking grew by whopping 92.0% during H1FY18 to Rs.2,551mn accounting for two-thirds of inflows. However, volatile domestic demand and highcompetition lowered domestic order booking by 12.0% to Rs.1,555mn in H1FY18, consequently market share as well dropped to ~ 60.0% by end Q2FY18.

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 end-to-end solutions....

Market leadership in Q1FY18 order booking: Overall order inflows were higher by 41.0% to reach Rs.2153mn by end of Q1FY18. Domestic inflows grew by 53.0% to Rs.987mn and exports inflows were higher by 32.0% to Rs.1165mn.

Owing to healthy return ratios, coupled with the GE technology/brand, and post the recent price correction, we upgrade to BUY with a TP of Rs 147/sh (30x Jun-19E EPS). Triveni Turbines (TRIV) 1QFY18 revenue declined 23.2% YoY. This was on the back of a malware attack leading to lower exports and GST-led deferrals in the domestic market. Increase in operating costs (+470bps YoY) for setting up service centres led to ~470bps decline in EBITDA margin at 15.8%. APAT declined 56.1% YoY to Rs 96mn. Order booking improved 41% YoY to Rs 2.2bn, resulting in a closing order book of Rs 7.3bn (+10.5% YoY; 14.8% QoQ).