Registered office: A-44, Hosiery Complex, Phase-II Extension, Noida-201 305, Uttar Pradesh, India.
Corporate office: Express Trade Towers, 8th floor, 15-16, Sector 16A, Noida 201301, Ph: 0120-4308000, Fax: 0120-4311011
CIN: L15421UP1932PLC022174
For Immediate Release
9M FY 25 Consolidated Results ended Dec 31, 2024
- Revenue from Operations (Net of excise duty) at ₹ 4060.0 crore, an increase of 3.6%
- Profit Before Tax at ₹ 69.1 crore
- Profit After Tax at ₹ 51.1 crore
Key Highlights:
Sugar businesses:
- Subdued sugar prices in Q3 FY 25, however these have firmed up recently, based on estimates of lower net sugar production to 27 million tonnes in Sugar Season (SS) 2024-25 and announcement of exports
- Trend of initial lower recoveries observed in UP in SS 2024-25 but the crop estimates in Western UP remain unchanged
- Several positive policy measures announced:
- The Government has allowed export of 1 million tonne of sugar in SS 2024-25. Triveni (including SSEL) has received allocation of 31883 tonnes for sugar exports.
- The Department of Food and Public Distribution (DFPD) issued directions for sale of rice in the open market through Open Market Sale Scheme (Domestic) (OMSS (D)) for the year 2024 -25 where the reserve price of rice sold to distilleries for ethanol production was fixed at
₹2250 per quintal, thus improving the availability of feedstocks at reasonable prices. - The Cabinet Committee on Economic Affairs (CCEA) approved revision of ethanol procurement price for Oil Marketing Companies (OMCs) derived from C-Heavy Molasses
(CHM) for the Ethanol Supply Year (ESY) 2024-25 from ₹ 56.28 to ₹ 57.97 per litre. Engineering businesses:
- Order booking for Power Transmission and Water business registered strong growth in Q3 FY 25 and 9M FY 25.
- Combined closing order book of ₹ 2356.3 crore for engineering business, an increase of 52.4% on year-on-year basis and an all-time high for the Company.
Scheme of Arrangement:
- On December 10, 2024, the Board of Directors approved a Composite Scheme of Arrangement (Scheme) proposing 1) Amalgamation of Sir Shadi Lal Enterprises Limited (SSEL) with Triveni Engineering & Industries Limited (TEIL). SSEL is a subsidiary of TEIL, in
which TEIL holds a 61.77% stake presently. 2) Transfer and vesting of Power Transmission
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Business (PTB) Undertaking (as defined in the Scheme) of TEIL to Triveni Power Transmission Limited (TPTL). TPTL is a wholly owned subsidiary of TEIL presently.
Outcome of Board Meeting:
- The Board of Directors approved capex of ₹ 60 crore for enhancement in capacity of the Power Transmission business.
NOIDA, February 4, 2025: Triveni Engineering & Industries Ltd. ('Triveni'), one of the largest integrated sugar
- ethanol manufacturers & engineered-to-order turbo gearbox manufacturers in the country and a leading player in water and wastewater management business, today announced its financial results for the third quarter & nine months ended Dec 31, 2024 (Q3 & 9M FY 25). The Company has prepared the financial results based on the Indian Accounting Standards (Ind AS) and as in the past, has been publishing and analyzing results on a consolidated basis.
PERFORMANCE OVERVIEW: Q3/9M FY 25 (Consolidated Results)
In ₹ crore | ||||||||||||||||||
Q3 FY 25 | Q3 FY 24 | Change | 9M FY 25 | 9M FY 24 | Change | |||||||||||||
% | % | |||||||||||||||||
Revenue from Operations | 1,600.3 | 1,553.6 | 3.0 | 4,882.7 | 4,603.3 | 6.1 | ||||||||||||
(Gross) | ||||||||||||||||||
Revenue from Operations | 1,268.3 | 1,311.2 | -3.3 | 4,060.0 | 3,918.0 | 3.6 | ||||||||||||
(Net of excise duty) | ||||||||||||||||||
EBITDA | 101.0 | 214.9 | -53.0 | 216.4 | 427.3 | -49.4 | ||||||||||||
EBITDA Margin | 8.0% | 16.4% | 5.3% | 10.9% | ||||||||||||||
Share of income from Joint | 0.1 | (0.2) | 0.1 | (0.4) | ||||||||||||||
Venture | ||||||||||||||||||
Profit Before Tax (PBT) | 57.6 | 182.1 | -68.4 | 69.1 | 312.3 | -77.9 | ||||||||||||
Profit After Tax (PAT) | 42.6 | 137.4 | -69.0 | 51.1 | 234.1 | -78.2 | ||||||||||||
Other Comprehensive Income | (1.6) | 0.0 | (6.3) | 0.5 | ||||||||||||||
(Net of Tax) | ||||||||||||||||||
Total Comprehensive Income | 41.0 | 137.4 | -70.2 | 44.9 | 234.6 | -80.9 | ||||||||||||
EPS (not annualised) (₹/share) | 1.94 | 6.28 | -69.1 | 2.34 | 10.70 | -78.1 |
- Net turnover declined by 3.3% in Q3 FY 25 and increased by 3.6% in 9M FY 25:
o Sugar revenues declined by 9.5% in Q3 FY 25 and 1.4% in 9M FY 25 due to lower sugar sales volume and lower realization price in Q3 FY 25.
o Alcohol revenues (net of excise duty) grew by 4.4% in Q3 FY 25 and 7.9% in 9M FY 25 mainly due to improved realisations driven by higher proportion of grain operations.
o Power Transmission business turnover grew by 3.3% and 13.1% in Q3 and 9M FY 25 respectively. The muted growth in Q3 was due to shifting of some large orders to the next quarter.
o Water business turnover declined by 7.6% and 22.1% in Q3 FY 25 and 9M FY 25 respectively due to
lower order booking in previous quarters along with challenges in certain projects under execution. - The profitability was impacted in Q3 FY 25 and 9M FY 25 due to:
- Lower contribution margins as subdued sugar prices could not fully offset higher cost of sugar (due to
increase in sugarcane price) produced in the preceding season SS 2023-24. 2
- Lower initial recoveries in the ongoing SS 2024-25 which resulted in inventory write down in view of high cost of production. It is expected to moderate in the remaining period of the season.
- Consolidation of the sugar results (losses) of the subsidiary, Sir Shadi Lal Enterprises Ltd (SSEL), which were impacted due to lower production in the SS 2023-24 and extensive repairs carried out. It includes
loss of ₹ 13.3 crore and ₹ 21.0 crore in Q3 FY 25 and 9M FY 25 respectively, from June 21, 2024 i.e. for the period post becoming a subsidiary of the Company.
- Lower profitability of Alcohol business due to:
- Lower sales volume of high margin ethanol produced from molasses in Q3 FY 25 and 9M FY 25 due to shortage of molasses-based feedstock resulting from the policy decision of GoI restricting diversion of sugar to B-Heavy Molasses (BHM) and sugarcane juice in the SS 2023-24. Apart from lower contribution, it also led to non-recovery of fixed expenses during the period the distilleries remained closed due to shortage of feedstocks.
- High margin FCI rice as a feedstock was substituted by maize in July 2023, consequent to a policy decision to stop supplies of FCI rice for the production of ethanol. Thus, there was a higher proportion of low margin maize operation in the overall grain operations - 97% in Q3 FY 25 and 89% in 9M FY 25.
- Consolidation of loss of ₹ 2.8 crore and ₹ 5.8 crore in Q3 FY 25 and 9M FY 25 pertaining to distillery
operations of the subsidiary SSEL.
- The profitability of Power Transmission business increased by 9% in 9M FY 25 but declined by 10.6% in Q3 FY 25 mainly due to increase in infrastructure expenses as required for the proposed increased capacity.
- Profitability of Water business improved in Q3 FY 25 and 9M FY 25 by 67.3% and 24.5% respectively due to reversal of provisions made in the earlier years, upon receipt of favourable arbitration award.
The net debt, after considering operations surplus funds held as fixed deposits, on a standalone basis as on December 31, 2024 increased to ₹ 753.9 crore as compared to ₹ 145.5 crore as on December 31, 2023. Standalone debt at the end of the period under review, comprises term loans of ₹ 225.7 crore, almost all such loans are with interest subvention. On a consolidated basis, the net debt after considering surplus funds held is at ₹ 960.4 crore as on December 31, 2024 as compared to ₹ 233.9 crore as on December 31, 2023, including ₹126.3 crore pertaining to the subsidiary SSEL. Overall average cost of funds (standalone) is at 5.6% during Q3 FY 25 as against 5.3% in the previous corresponding period.
Commenting on the Company's financial performance, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said:
"Overall profitability of the Company during the nine-month ended December 31, 2024 was subdued, mainly impacted by lower margins in Sugar and Alcohol businesses. Initial recovery trends in the ongoing sugar season are on the lower side due to inclement weather and inherent degeneration in Co0238 variety of sugarcane. We are intensifying our efforts to reduce the proportion of sugarcane variety Co0238 from 50-55% in the current
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season to 30-35% in the next season. Engineering businesses reported a combined closing order book of ₹ 2356.3 crore, which increased by 52.4% on year-on-year basis and reached an all-time high for the Company.
On the sugar realisation and profitability front, we believe the recent announcement by the Government permitting sugar exports of 1 million tonne and a favourable domestic sugar balance sheet, should lead to improvement from current levels and for which early signs are already visible. The industry also keenly awaits revision to Minimum Selling Price (MSP) of Sugar which is vital for the sustainability of the industry. The MSP has remained unchanged since 2019, while input costs, particularly the Sugarcane Price (FRP and SAP), have risen significantly.
In the Alcohol business, we welcome the Government's announcements pertaining to 1) procurement of rice through Open Market Sale Scheme (Domestic) (OMSS (D)) by distilleries for ethanol production at a fixed price of ₹ 2250/quintal, for the year 2024-25; 2) revision of ethanol price derived from C-Heavy Molasses (CHM) for the Ethanol Supply Year 2024-25 from ₹ 56.28 per litre to ₹ 57.97 per litre. Both these announcements are positive steps but more needs to be done in terms of ethanol price to make the grain operations viable for existing and future capacities to achieve Ethanol Blended Petrol (EBP) Programme on a sustainable basis.
In our Engineering businesses, the Power Transmission business continues to progress well with healthy demand from traditional segments and markets while making strides with new customers especially in global markets along with diversification of its solutions portfolio. In the Water business, we continue to selectively focus on projects with healthy returns, both in domestic and international markets. Water business has participated in many tenders and expects to receive orders of substantial value.
In December 2024, the Company announced the Scheme for amalgamation with SSEL and demerger of the Power Transmission business, which is expected to enhance value discovery and operational efficiencies. This development reflects an ongoing commitment to delivering sustainable growth and long-term returns to our stakeholders."
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Q3/9M FY 25: BUSINESS-WISE PERFORMANCE REVIEW
(all figures in ₹ crore, unless otherwise mentioned)
Sugar business
Triveni is one of the largest integrated sugar producers in the country, with eight sugar units located in the state of Uttar Pradesh of which seven sugar units are FSSC 22000 certified.
Performance
Triveni:
Sugar Season | Sugar Season | Change | |||
2024-25 | 2023-24 | (%) | |||
Oct - Dec | Oct - Dec | ||||
2024 | 2023 | ||||
Sugarcane Crush (Million Tonnes) | 3.2 | 3.3 | -5.5 | ||
Net Recovery (%) | 9.1 | 9.8 | -6.9 | ||
Sugar Production (Tonnes) | 286227 | 324959 | -11.9 | ||
SSEL: | |||||
Sugar Season | |||||
2024-25 | |||||
Oct - Dec | |||||
2024 | |||||
Sugarcane Crush (Million Tonnes) | 0.2 | ||||
Net Recovery (%) | 8.8 | ||||
Sugar Production (Tonnes) | 14867 | ||||
Consolidated: | |||||
Sugar Season | Sugar Season | Change | |||
2024-25 | 2023-24 | (%) | |||
Oct - Dec | Oct - Dec | ||||
2024 | 2023 | ||||
Sugarcane Crush (Million Tonnes) | 3.4 | 3.3 | 3.0 | ||
Net Recovery (%) | 9.1 | 9.8 | -7.0 | ||
Sugar Production (Tonnes) | 301094 | 324959 | -7.3 |
Triveni:
Q3 FY 25 | Q3 FY 24 | Change % | 9M FY 25 | 9M FY 24 | Change % | ||
Sugar Dispatches (Tonnes) | |||||||
- | Domestic | 189109 | 210861 | -10.3 | 653458 | 642880 | 1.6 |
- | Exports | - | - | - | 14531 | ||
- | Total | 189109 | 210861 | -10.3 | 653458 | 657411 | -0.6 |
Average Blended Realisation (₹/MT)* | 38907 | 39524 | -1.6 | 38849 | 38099 | 2.0 | |
Revenue (₹ crore) | 874.1 | 1027.0 | -14.9 | 2816.9 | 2930.4 | -3.9 | |
PBIT (₹ crore) | 55.2 | 119.9 | -53.9 | 63.9 | 147.3 | -56.6 | |
*including export realisations as applicable | |||||||
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SSEL:
Q3 FY 25 | 9M FY 25 | |
Sugar Dispatches (Tonnes) | ||
- Domestic | 13619 | 17504 |
Average Blended Realisation (₹/MT) | 36874 | 37182 |
Revenue (₹ crore) | 55.4 | 71.3 |
PBIT (₹ crore) | -13.3 | -21.0 |
Consolidated:
Q3 FY 25 | Q3 FY 24 | Change % | 9M FY 25 | 9M FY 24 | Change % | ||
Sugar Dispatches (Tonnes) | |||||||
- | Domestic | 202728 | 210861 | -3.9 | 670962 | 642880 | 4.4 |
- | Exports | 0 | - | 0 | 0 | 14531 | 0 |
- | Total | 202728 | 210861 | -3.9 | 670962 | 657411 | 2.1 |
Average Blended Realisation (₹/MT)* | 38770 | 39524 | -1.9 | 38806 | 38099 | 1.9 | |
Revenue (₹ crore) | 929.5 | 1027.0 | -9.5 | 2888.3 | 2930.4 | -1.4 | |
PBIT (₹ crore) | 41.83 | 119.9 | -65.1 | 42.9 | 147.3 | -70.9 |
*including export realisations as applicable
Note: Consolidated includes SSEL for the period from June 21, 2024 i.e. for the period post becoming a subsidiary of the Company and resultantly, the figures for the current periods are not comparable with previous periods.
- SS 2024-25 had a delayed start relative to SS 2023-24, for the Company.
- Lower contribution margins as subdued sugar realisations could not fully offset higher cost of sugar (due to increase in sugarcane price) produced in the preceding season SS 2023-24.
- Lower initial recoveries in the ongoing SS 2024-25 which resulted in inventory write down in view of high cost of production. It is expected to moderate in the remaining period of the season.
- Sugar Production pertaining to SS 2023-24 during the current year 2024-25 was much lower in view of early closure of SS 2023-24. It has resulted in higher charge of off-season expenses in 9M FY 25 by ₹ 20.5 crore.
- The results of the subsidiary, Sir Shadi Lal Enterprises Ltd (SSEL), which were impacted due to lower production in the SS 2023-24 and extensive repairs carried out. SSEL unit is now operating consistently at full capacity including the quarter under review.
- The sugar inventory as on December 31, 2024 was 29.46 lakh quintals, which is valued at ₹ 38.8/kg
- Co-generationoperations (including incidental co-generation) achieved external sales of ₹ 26 crore during 9M FY 25 as against ₹ 30.6 crore in 9M FY 24, a decline of 15%.
Industry Scenario - Domestic
- Lower Sugar Production: As of January 31, 2025, sugar production in India has seen a notable decline, with the total production falling to 16.5 million tonnes this season, down 12% from 18.8 million tonnes during the same period last season.
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- Exports in SS 2024-25: On January 20, 2025 the Government announced decision to allocate export quota of 1 million tonne of sugar for Sugar Season (SS) 2024-25. Triveni (including SSEL) has received allocation of 31883 tonnes as its export quota.
- Sugar balance sheet for Sugar Season (SS) 2024-25: With an estimated opening balance as on October 1, 2024 of around 8.4 million tonnes, sugar production of around 27 million tonnes, domestic sales of around 28 million tonnes, exports of around 1 million tonne, the closing stock is expected above 6.4 million tonnes. This is after considering diversion of about 4.0 million tonnes of sugar equivalent into ethanol.
Industry Scenario - International
- Global Sugar Balance Sheet pointing to deficit: As per international reports, Global Sugar Balance Sheet for 2024-25 shifted from balanced last month to a deficit of 721,000 tonnes due to downward revision in global production. For 2025-26, the deficit decreased by 514,000 tonnes.
- Lower Production in key export countries: CS Brazil's mills have processed around 614 million tonnes of sugarcane till mid-December, down by 4.75% y-o-y. This yielded around 39.78 million tonnes of sugar, a decrease of 5.42% over last year, according to UNICA data. This coupled with lower production in India, has pushed the Global Sugar balance to a deficit.
- International sugar prices: International sugar prices recently hit a low of US 17.79 cents/lb for NY #11, while London #5 prices dropped to $466.4 per tonne on January 21, 2025. However, expectation of tighter global stocks has led to a recent rally and as on January 29, 2025, the NY #11 front month contract was trading at US 19.3 cents/lb while London #5 was trading at $516.4 per tonne.
NY#11 & London#5 Price Trend
72026
680 | Post announcement of | 25 |
Indian sugar exports | 24 | |
640 | 23 | |
22 | ||
600 | 21 | |
560 | 20 | |
19 | ||
520 | 18 | |
17 |
480 | 16 |
440 | 15 |
14 | |
400
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1-Jan | 16-Jan | 31-Jan | 15-Feb | 1-Mar | 16-Mar | 31-Mar | 15-Apr | 30-Apr | 15-May | 30-May | 14-Jun 29-Jun 14-Jul | 29-Jul | 13-Aug | 28-Aug 12-Sep | 27-Sep | 12-Oct | 27-Oct | 11-Nov | 26-Nov | 11-Dec | 26-Dec | 10-Jan | 25-Jan | ||
London #5 | NY #11 | ||||||||||||||||||||||||
Note: London #5 on left hand side (LHS) in $/tonne; NY #11 on right hand side (RHS) in US cents/lb
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Alcohol (Distillery) business
The Company has state-of-the-art distilleries spread across Muzaffarnagar (MZN) - 2 facilities, Sabitgarh (SBT), Milak Narayanpur (MNP), Rani Nangal (RNG) and Shamli in Uttar Pradesh. These facilities have the capability to produce Ethanol, Extra Neutral Alcohol (ENA), Rectified Spirit (RS) and Denatured Spirit (SDS). The Company utilises a mix of sugarcane-based as well as grain-based feedstocks. Distillers Dried Grain Solubles (DDGS), a co- product produced on grain operations is also sold to premium Institutions and has been well accepted in market. The Company also manufactures Indian Made Indian Liquor (IMIL) and Indian Made Foreign Liquor (IMFL) at its MZN facility.
Performance
Triveni:
Q3 FY 25 | Q3 FY 24 | Change % | 9M FY 25 | 9M FY 24 | Change % | ||||
Operational details | |||||||||
Production (KL) | 42492 | 44313 | -4.1 | 136351 | 135281 | 0.8 | |||
Sales (KL) | 42505 | 43828 | -3.0 | 138312 | 137830 | 0.4 | |||
Avg. Realisation (₹/ ltr) | 62.3 | 59.1 | 5.5 | 62.5 | 58.3 | 7.3 | |||
IMIL Sales (Lakh Cases) | 16.4 | 11.7 | 40.3 | 40.9 | 33.0 | 24.1 | |||
Financial details | |||||||||
Gross Revenue (₹ crore) | 652.9 | 549.7 | 18.8 | 1838.3 | 1632.1 | 12.6 | |||
Revenue Net of Excise Duty (₹ crore) | 320.9 | 307.3 | 4.4 | 1015.6 | 946.8 | 7.3 | |||
PBIT (₹ crore) | 5.7 | 37.4 | -84.9 | 22.1 | 138.9 | -84.1 | |||
Consolidated: | |||||||||
Q3 FY 25 | Q3 FY 24 | Change % | 9M FY 25 | 9M FY 24 | Change % | ||||
Operational details | |||||||||
Production (KL) | 42492 | 44313 | -4.1 | 136351 | 135281 | 0.8 | |||
Sales (KL) | 42505 | 43828 | -3.0 | 139312 | 137830 | 1.1 | |||
Avg. Realisation (₹/ ltr) | 62.3 | 59.1 | 5.5 | 62.5 | 58.3 | 7.3 | |||
IMIL Sales (Lakh Cases) | 16.4 | 11.68 | 40.3 | 40.9 | 32.98 | 24.1 | |||
Financial details | |||||||||
Gross Revenue (₹ crore) | 652.8 | 549.7 | 18.8 | 1844.7 | 1632.1 | 13 | |||
Revenue Net of Excise Duty (₹ crore) | 320.9 | 307.3 | 4.4 | 1021.9 | 946.8 | 7.9 | |||
PBIT (₹ crore) | 2.8 | 37.4 | -92.4 | 16.3 | 138.9 | -88.2 |
Note: Consolidated includes SSEL for the period from June 21, 2024 i.e. for the period post becoming a subsidiary of the Company and resultantly, the figures for the current periods are not comparable with previous periods.
- The profitability of the Alcohol business was adversely affected in 9M FY 25 due to:
- Lower sales volume of high margin ethanol produced from molasses in Q3 FY 25 and 9M FY 25 due to shortage of molasses-based feedstock resulting from the policy decision of GoI restricting diversion of sugar to B-Heavy Molasses (BHM) and sugarcane juice in the SS 2023-24. Apart from lower contribution,
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it also led to non-recovery of fixed expenses during the period the distilleries remained closed due to shortage of feedstocks.
- High margin FCI rice as a feedstock was substituted by maize in July 2023, consequent to a policy decision to stop supplies of FCI rice for the production of ethanol. Thus, there was a higher proportion of low margin maize operation in the overall grain operations - 97% in Q3 FY 25 and 89% in 9M FY 25.
- Consolidation of loss of ₹ 2.8 crore and ₹ 5.8 crore in Q3 FY 25 and 9M FY 25 pertaining to distillery operations of the subsidiary SSEL.
- Alcohol from molasses-based feedstocks formed 48% and 49% of total sales in Q3 FY 25 and 9M FY 25 as against 73% and 67% in the corresponding periods of previous year. These primarily consist of relatively high-margin ethanol. On the other hand, the sales volume of low margin ethanol produced from maize operations increased substantially.
- Ethanol constituted 89% and 91% of alcohol sales during Q3 FY 25 and 9M FY 25, as compared to 92% and 93% in corresponding previous periods, respectively.
Domestic Industry Scenario
- For Ethanol Supply Year (ESY) 2024-25 (Nov-Oct), Oil Marketing Companies (OMCs) have executed contracts for 930 crore litres as compared to supplied quantities of 672 crore litres in ESY 2023-24, representing a ~38% y-o-y increase.
- The proportion of ethanol from grain-based feedstocks contracted in current ESY tender is 64% of which maize itself is 52% which is higher than ethanol from all sugarcane-based feedstocks put together.
- The achieved blending percentage in ESY 2024-25 as of December 31, 2024, stood at 16.4%, while blending percentage for the month of December 2024 stood at 18.2%.
- On January 17, 2025, the Department of Food and Public Distribution (DFPD) issued directions for sale of rice in the open market through Open Market Sale Scheme (Domestic) (OMSS (D)) for the year 2024 -25 where the reserve price of rice sold to distilleries for ethanol production was fixed at ₹2250 per quintal, thus improving the availability of feedstocks at reasonable prices.
- On January 29, 2025, the Cabinet Committee on Economic Affairs (CCEA) approved revision of ethanol procurement price for Public Sector Oil Marketing Companies (OMCs) for the Ethanol Supply Year (ESY) 2024-25 under the Ethanol Blended Petrol (EBP) Programme of the Government of India. Accordingly, the administered ex-mill price of ethanol for the EBP Programme derived from C Heavy Molasses (CHM) for the ESY 2024-25 has been fixed at ₹ 57.97 per litre from ₹ 56.28 per litre.
Power Transmission Business
Triveni Power Transmission Business (PTB) based at Mysuru involves manufacturing of high-speed gears and gearboxes up to 70MW capacity with speeds of 70,000 rpm and Defence products and solutions for the Indian Navy. This business was founded in 1976 to meet the increasing demand for high-speed gears for Steam Turbine Generator (STG) applications. Today, this business is synonymous with cutting-edge technology, knowledge, and expertise, covering installations in 80+ countries across a wide range of applications. The business has
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extensive expertise in the design and development of all sorts of gears and gearboxes, as well as a modern, globally benchmarked manufacturing facility. PTB has grown to become one of the leading turbo gears manufacturing companies in India with over 45 years of track record and a rich history. It has carved a niche for itself by being ubiquitous across industry segments and application spectrums.
Performance
Q3 FY 25 | Q3 FY 24 | Change % | 9M FY 25 | 9M FY 24 | Change % | |
Revenue (₹ crore) | 73.4 | 71.1 | 3.3 | 230.3 | 203.6 | 13.1 |
PBIT (₹ crore) | 23.7 | 26.5 | -10.6 | 80.4 | 73.7 | 9.0 |
Order Booking (₹ crore) | 105.0 | 85.6 | 23.1 | 319.7 | 240.5 | 32.9 |
Closing Order Book (₹ crore)* | 377.1 | 297.2 | 26.9 | 377.1 | 297.2 | 26.9 |
*including long duration orders
- Revenue growth in Q3 FY 25 was subdued at 3.3% due to shifting of certain large orders to next 1-2 quarters. Revenue growth in 9M FY 25 was relatively higher at 13.1%.
- During Q3 FY 25, defence business received a second order for 42 propulsion gearboxes for Fast Patrol Vessels (FPVs) from Mazagon Dock Shipbuilders Ltd. (MDL).
- Order booking grew 23.1% during the quarter with some slowdown witnessed in the domestic product segment.
- Order booking for 9M FY 25 grew at 32.9% to ₹ 319.7 crore driven by both product and aftermarket segments.
- Overall, the business is witnessing strong growth in exports driven by increased engagement with customers and receiving qualification orders across product lines.
- The outstanding order book reached an all-time high of ₹ 377.1 crore as on December 31, 2024 including long duration orders of ₹ 136.6 crore.
Outlook
- India's economic growth is likely to continue its momentum with major investments towards infrastructure. Thus, Steel, Cement, Oil & Gas and other process industries are likely to fuel growth in addition to India becoming an attractive manufacturing hub for the global majors.
- In addition to the overall economic growth providing growth potential, market share gains and venturing into new product applications are likely to be the major driver for growth.
- International markets offer high potential for aftermarket business as well and especially in retrofitting of existing installations.
- The Government of India's continuing thrust on Atmanirbhar Bharat and Make-In-India programme directly opens plethora of opportunities for indigenisation of imported gearbox installations and expect this to be growth driver for Aftermarket business as well as Defence.
- In the Defence segment, the business expects increased order booking from key segments of Gas Turbines packaging, propulsion gearboxes, propulsion shafting and special application pumps where
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Triveni Engineering & Industries Ltd. published this content on February 04, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 04, 2025 at 17:06:06.649.