Q1FY22 Result Announced for Triveni Turbine Ltd.
Consolidated Key Highlights: Net Income from Operations at Rs 1.84 billion, an increase of 11.4% y-o-y EBITDA at Rs 413 million, lower by 4.6% y-o-y EBITDA margins at 22.4%, lower by ~380 bps y-o-y PAT at Rs 278 million, an increase of 1.8% y-o-y Record order booking of Rs 2.73 billion – highest in last 4 years Outstanding carry forward order book as on 30 th Jun 2021 – Rs 7.28 billion The Company has prepared the Financial Results for the first quarter based on the Indian Accounting Standards (Ind AS) and has been publishing and analyzing results on a consolidated basis. While the consolidated result includes the three 100% subsidiaries of TTL, based on the Ind AS, only the share of profits of the JV, GE Triveni Limited (GETL) is considered in the consolidated net profit. PERFORMANCE OVERVIEW: Net Income from Operations at Rs 1.84 billion in Q1 FY 22 as against Rs 1.65 billion in Q1 FY 21, an increase of 11.4%. EBITDA of Rs 413 million in in Q1 FY 22 as against Rs 433 million in Q1 FY 21, a decline of 4.6% Profit before Tax (PBT) at Rs 361 million in Q1 FY 22, a decline of 5.0% over Q1 FY 21 Profit after tax (PAT) at Rs 278 million in Q1 FY 22 as against Rs 273 million in Q1 FY 21, an increase of 1.8% EPS for Q1 FY 22 at Rs 0.86 per share Commenting on the Company’s financial performance, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “In the last 15-18 months, the COVID-19 pandemic has affected public health, livelihoods and has decimated economies across the world. While the situation in India and in many parts of the world, seems to have improved from the peak breakout periods, threats of newer and more perilous variants causing further disruption still prevail. Meanwhile the vaccination drives are continuing, which may help contain the spread and the severity of the virus. For the quarter under review, the Company also continued to face restrictions in terms of travel and disruptions at customer end especially in international markets. However, with more vaccinated work forces, increased domestic travel, Q1 FY 22 was relatively better than Q1 FY 21. The Company continues to work closely with all stakeholders such as employees, customers, suppliers, etc. keeping health and safety as its top priority. In Q1 FY 22, the international market is estimated to have declined by 5% YoY while the domestic market increased by 117% YoY, in MW terms. This is also reflected in the Company’s performance this quarter in terms of both order booking and enquiry. As a result, the Company has maintained its leadership position both in Indian market and internationally. Revenue for the Company grew 11.4% YoY to Rs 1.84 billion driven by domestic sales which grew 38% YoY to Rs 1.23 billion. EBITDA was lower by 4.6% YoY at Rs 413 million. Lower share of exports led to lower EBITDA margins which declined by ~380 bps YoY to 22.4%. Profit after tax grew 1.8% YoY to Rs 278 million. Profit margin declined by ~140 bps YoY to 15.1% in Q1 FY 22. Total consolidated outstanding order book stood at Rs 7.28 billion as on June 30, 2021 which is higher by 14% when compared to beginning of the year. The Company achieved a total order booking of Rs 2.73 billion in Q1 FY 22 as against Rs 1.44 billion during Q1 FY 21, an increase of 89%. Both domestic and exports order booking contributed to this growth. The domestic order booking during the quarter was Rs 2.00 billion, higher by 91% as compared to last year. The domestic outstanding order book stood at Rs 5.25 billion, up 24% as on June 30, 2021 as compared to Rs 4.23 billion in the corresponding period of previous year." Result PDF16-08-2021