Buy Triveni Engineering and Industries; target of Rs 360: Sharekhan
Sharekhan is bullish on Triveni Engineering and Industries has recommended buy rating on the stock with a target price of Rs 360 in its research report dated July 26, 2023.
TRIVENI ENGINEERING & INDUSTRIES LTD. - 532356 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Audio recording of Analysts/ Investors Conference Call on the Unaudited Financial Results for the Q1 FY24 ended June 30, 2023 TRIVENI ENGINEERING & INDUSTRIES LTD. - 532356 - Announcement under Regulation 30 (LODR)-Newspaper Publication
Newspapers Advertisement pertaining to Unaudited Financial Results of Q1 fy24 ended June 30, 2023 Q1FY24 Quarterly Result Announced for Triveni Engineering & Industries Ltd.
Sugar company Triveni Engineering & Industries announced Q1FY24 results: Net turnover has declined by 2.3% in Q1FY24 primarily driven by lower turnover in the sugar business while the alcohol and aggregate engineering turnover improved over Q1FY23. Sugar turnover declined 15.2% over Q1FY23 after considering exports, driven by a 21.7% decline in domestic sales volumes due to lower domestic quota allocations. Sales volumes for Q1FY24 include exports of 14,531 tonnes of sugar at remunerative prices, while there were no exports in Q1FY23. Alcohol business turnover (net of excise duty) increased by 21.4% due to higher sales volumes driven by higher distillation capacities and increased activities in Indian Made Indian Liquor (IMIL). Combined engineering turnover increased by 24.2% boosted by a 77.8% increase in the Power Transmission business. Profit before tax (PBT) increased by 2.6% in Q1FY24 to Rs 91 crore. The total debt on a standalone basis as on June 30, 2023, is Rs 918.54 crore as compared to Rs 824.96 crore as on March 31, 2023, and Rs 1,541.53 crore as on June 30, 2022. Standalone debt at the end of Q1FY24, comprises term loans of Rs 281.16 crore, almost all such loans are with interest subvention or at subsidized interest rate. On a consolidated basis, the total debt is at Rs 1,011.07 crore as compared to Rs 913.83 crore as on March 31, 2023, and Rs 1,617.68 crore as on June 30, 2022. Overall average cost of funds is at 6.71% during Q1FY24 as against 5.04% in Q1FY23. Commenting on the Company’s financial performance, Dhruv M. Sawhney, Chairman, and Managing Director, Triveni Engineering & Industries, said: “Overall performance of the Company during the quarter ended June 30, 2023, has been satisfactory. Alcohol and Engineering businesses contributed to 60% of the total segment results. There had been general trends of low recovery in the just concluded Sugar Season 2022-23 but the Company has outperformed the state of Uttar Pradesh in the same, with a decline of 23 bps in recoveries (on a C-heavy molasses basis). In the Sugar business, we continue to focus on yield improvement initiatives by making our farmers adopt the best agricultural practices, through continual engagement with them and showing them the results in the demonstration plots which have been set up in each key area. It will be accompanied by increasing crush capacities progressively in sync with increased sugarcane availability. The Company is also in the process of increasing its refined sugar production to ~70% (up from ~60% currently) by changing the manufacturing process at its sugar unit in Milak Narayanpur. Activities previously announced about modernisation, debottlenecking, and efficiency improvements are progressing well. The condition of the sugarcane crop and the rainfall so far has been satisfactory in the catchment areas of our sugar mills but the continuance of good climatic conditions in the subsequent period are critical for the performance in the forthcoming season. We are also embarking on the digitization of sugarcane activities to increase productivity and our response time to issues requiring immediate action. In the Alcohol business, we have been a strong supporter of the Government's Ethanol Blended Petrol (EBP) program and have actively bolstered our capacities while keeping pace with the expanding range of feedstocks for bio-ethanol production. We successfully raised our distillation capacity from 320 KLPD in FY22 to an impressive 660 KLPD presently. Looking ahead, we are ambitiously planning to further expand our capacity to 1,110 KLPD. Our Engineering businesses continue to perform well with healthy order books and inquiry pipelines. In the Power Transmission business, the demand for high-speed gear solutions is witnessing a significant upswing in recent times in industries across various sectors, such as steel, oil & gas, petrochemicals, etc. as these are seeking advanced and efficient power transmission solutions to optimise their operations. In the Water business, the demand for reliable water and wastewater treatment solutions is on the rise both in India and in International markets. Apart from participating in domestic projects, we are aiming to expand our global footprint, establish strategic partnerships, and foster mutually beneficial relationships with key stakeholders. At Triveni, we have strategically positioned ourselves to capitalise on emerging opportunities in both domestic and international markets in our various businesses. And as we forge ahead, our unwavering dedication to delivering exceptional value to our stakeholders remains at the core of our business strategy”. Result PDF TRIVENI ENGINEERING & INDUSTRIES LTD. - 532356 - Announcement under Regulation 30 (LODR)-Investor Presentation
We send herewith a copy of Investors'' brief & Presentation on the performance of the Company for the Q1 FY24 (consolidated) ended June 30, 2023 for your information. TRIVENI ENGINEERING & INDUSTRIES LTD. - 532356 - Announcement under Regulation 30 (LODR)-Change in Directorate
The Board of Directors of the Company at their meeting held today i.e. July 25, 2023 approved the appointment of Mr Siraj Azmat Chaudhry (DIN:00161853) as an Additional Director (designated as Non-Executive Independent Director) for a period of five consecutive years with effect from July 25, 2023 subject to approval of shareholders. TRIVENI ENGINEERING & INDUSTRIES LTD. - 532356 - Board Meeting Outcome for Outcome Of The Board Meeting Held On July 25, 2023
This is to inform you that the Board of Directors of the Company at their meeting held today i.e. July 25, 2023, has inter-alia considered and approved the following :- 1. Unaudited financial results (stand-alone and consolidated) for the 1st quarter ended June 30, 2023. 2. Appointment of Mr Siraj Azmat Chaudhry (DIN:00161853) as an Additional Director (designated as Non-Executive Independent Director) of the Company for a period of five consecutive years with effect from 25th July, 2023, based on the recommendation of the Nomination and Remuneration Committee and, subject to approval of the shareholders. TRIVENI ENGINEERING & INDUSTRIES LTD. - 532356 - Outcome Of The Board Meeting Held On July 25, 2023
This is to inform that BoD of the Company at their meeting held today has approved the following: 1. Unaudited finacial results (stand-alone and consolidated) for the Q1, June 2023; 2. Appointment of Mr. Siraj Azmat Chaudhry (DIN-00161853) as an additonal director (designated as Non-Executive Independent Director) of theCompany for a period of 5 consecutive years w.e.f. 25th July, 2023. The brief profile of Mr. Chaudhry is enclosed. TRIVENI ENGINEERING & INDUSTRIES LTD. - 532356 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, this is to inform you that the Company will organize its Q1 FY24 results conference call for analysts and investors on Wednesday, July 26, 2023 at 12:30 p.m. IST. Details of the conference call are enclosed.
