Q3FY23 Quarterly Result Announced for Triveni Turbine Ltd.
Heavy electrical equipment firm Triveni Turbine announced Q3FY23 results: Q3FY23 vs Q3FY22: Revenue from Operations at Rs 3.26 billion in Q3FY23 as against Rs 2.25 billion in Q3FY22, an increase of 44.6%. EBITDA of Rs 750 million in Q3FY23 as against Rs 534 million in Q3FY22, an increase of 40.4% EBITDA margin of 23% in Q3FY23 as against 23.7% in Q3FY22, a margin compression of ~70 bps Profit before Tax (PBT) at Rs 700 million in Q3FY23 as against Rs 481 million in Q3FY22, an increase of 45.5% Profit after tax (PAT) at Rs 526 million in Q3FY23 as against Rs 357 million in Q3FY22, an increase of 47.3% EPS for Q3FY23 at Rs 1.63 per share 9MFY23 vs 9MFY22: Revenue from Operations at Rs 8.78 billion in 9MFY23 as against Rs 6.16 billion in 9MFY22, an increase of 42.5%. EBITDA of Rs 1.98 billion in 9MFY23 as against Rs 1.42 billion in 9MFY22, an increase of 38.6% Profit before Tax (PBT) before exceptional items and share of loss from JV at Rs 1.82 billion in 9MFY23 as against Rs 1.27 billion in 9MFY22, an increase of 43.6% Profit after tax (PAT) adjusting for exceptional items and share of loss from JV at Rs 1.37 billion in 9MFY23 as against Rs 931 million in 9MFY22, an increase of 47.4% EPS for 9MFY23 at Rs 4.24 per share Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “We are pleased that the Company has continued its strong growth momentum with highest-ever turnover and profitability during the quarter under review with both delivering over 40% increase over the corresponding quarter of last year. With identified growth avenues in the form of three product sub-segments, viz. leadership segment of <30 MW, newer focus segment of 30.1-100 MW and drive turbines, coupled with a robust aftermarket strategy encompassing spares, service and multi-brand refurbishment, the Company continues to cross new milestones both on operational and financial basis, quarter after quarter. Order booking which has averaged around Rs 3 billion for the last six quarters, reached a new high of Rs 4.20 billion during the quarter, leading to a total order booking of Rs 11.39 billion during 9MFY23, up 26.5% when compared to same period last year and only marginally below the order booking for the entire FY22. Current quarter’s order booking was boosted by a 130% increase in aftermarket order booking to reach 27% of overall order booking up from 16% last year. During the nine-month period, robust order booking contribution from exports at 42% and aftermarket at 27% is also likely to improve the future margin profile of the Company. We believe the Company is enhancing its global product market share and registering healthy growth in aftermarket business where the focus has been on expanding our portfolio of services. In the product segment, enquiries increased by 31% YoY and we are witnessing higher enquiries, especially from international markets such as Southeast Asia, Europe, West Asia, and North America. Among industry segments, renewable Independent Power Producers (IPP) segment led to the higher enquiry base followed by process industries. In the domestic segment, we are seeing good prospects from distillery, pharmaceuticals, chemical industries, among others. API segment also continues to perform well. On the aftermarket side, the Company is witnessing good growth in sub-segments of spares, and demand for efficiency improvement in refurbishment with strong enquiry pipelines. The expansion of the portfolio to cater to utility turbines, geothermal and other rotating equipment is yielding good results with new orders received including repeat orders. The previously announced services contract in the South African Development Community (SADC) region is progressing well. Integration of the previously announced acquisition of a 70% stake in TSE Engineering is also well on track and key milestones are being achieved. We believe this acquisition will increase our local presence and positively influence customer decision-making. The Company will focus on leveraging its new facilities for more local orders with reduced delivery times to provide a smooth and uninterrupted customer experience in terms of product and service support. With solid performance across its geographies and business segments, the company had an impressive closing order book of Rs 12.32 billion, up 33% YoY as on December 31, 2022, placing it in an extremely favourable position for the year to come. The company’s achievements are even more commendable amidst the current backdrop of global economic conditions and a testament to the strength of the business teams that remain focused on innovation, customer satisfaction and maximising value creation for our stakeholders across our business segments. The Company’s long-term vision is well supported by a growing workforce with a focus on upskilling and reskilling, a higher international presence to increase proximity to customers and continued investments in customer-centric innovation through research & development initiatives. We are optimistic about the future performance of the Company, and we believe with a highly motivated workforce with sales and marketing abilities, engineering excellence and strong aftermarket capabilities, the Company will continue to improve its market position and maintain its growth momentum in the years to come." Result PDF23-01-2023
