Triveni Engineering & Industries : Gross Revenue at Rs. 925.39 crore

Registered office: Deoband, District Saharanpur, Uttar Pradesh 247554.

Corporate office: Express Trade Towers, 8th floor, 15-16, Sector 16A, Noida 201301, Ph: 0120-4308000, Fax: [phone]

CIN : L15421UP1932PLC022174

For immediate release

Q1 FY 20 Consolidated Results ended June 30, 2019

Gross Revenue at ` 925.39 crore

Profit after Tax at ` 34.06 crore

•  Sugar Businesses

  •  The Country's total sugar production in SS 2018-19 recorded at ~ 33 million tonnes

  •  As per preliminary estimates Country's sugar production for SS-2019-20 is estimated at 28.2 million tonnes

  •  Historically highest recovery recorded by all the units and the Company

  •  Export obligations have been completed. Subsidies / benefits to be accounted for after filing export claims

•  Engineering Businesses

  •  Gears business registered higher turnover & profitability

  •  Water business continued to perform better resulting in higher turnover & profitability

  •  Outstanding order book of ` 1431.15 crore for combined Engineering Businesses.

•  Other Matters

  •  Update on Buy Back of Equity shares.

NOIDA, August 3, 2019: Triveni Engineering & Industries Ltd. ('Triveni'), one of the largest integrated sugar producers in the country; a market leader of engineered-to-order high speed gears & gearboxes and a leading player in water and wastewater management business, today announced its performance for the first quarter ended Jun 30, 2019 (Q1 FY 20). The Company has prepared the Financial Results for the first quarter 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: Q1 FY 20 (Consolidated)

In ` crore

Q1 FY 20	Q1 FY 19	Change (%)
Gross Revenue	925.39	706.61	31%
EBITDA (before exceptional items)	97.61	78.53	24%
EBIDTA Margin	11%	11%
Share of income from Associates	1.94	3.29	(41%)
Profit / (Loss) Before Tax	46.93	45.01	4%
Profit / (Loss) After Tax (PAT) Consolidated	34.06	37.12	(8%)
Other Comprehensive Income (Net of Tax)	(0.26)	(0.37)
Total Comprehensive Income	33.80	36.75	(8%)
EPS (not annualized) (`/share)	1.32	1.44

•  While domestic sugar sales volumes are lower by 18%, sugar prices are higher by 14%.

•  Significant volume (85331 MT) of sugar exported during the quarter at much lower prices. Export losses of ` 30.97 crore booked in the quarter.

•  The Distillery and Co-generation business have performed well, especially the former in view of significantly higher production / sales volume, low raw material cost and higher ethanol price.

•  The performance of the Engineering businesses, Gears & Water, continued to be in line with our expectation - both in terms of turnover and profitability.

•  The results of the corresponding quarter of the previous year includes deferment of off-season expenses of ` 31.11 crore and accordingly, its profitability is higher to that extent

•  The Company has availed loans of ` 310 crore during the quarter under the scheme for extending soft loans to sugar mills notified by the Central Government wherein subvention will be provided to the extent of 7% for a period of 1 year.

  BUY-BACK

  The Board of Directors of the Company at its meeting held on June 3, 2019 approved buyback of upto 1 crore fully paid-up equity shares of face value ₹ 1 each of the Company at a price of ₹ 100 per equity share for an aggregate amount not exceeding ₹ 100 crore (being 3.88% of the total paid-up equity share capital) through the tender offer route, using stock exchange mechanism from the shareholders of the Company on proportionate basis in accordance with the provisions of the Companies Act, 2013 (as amended) and rules made thereunder, SEBI (Buyback of Securities)

  Regulations, 2018 and other applicable circulars & notifications. The tender period for the buyback opened on July 22, 2019 and closed on August 2, 2019.

Commenting on the Company's financial performance, Mr. Dhruv M. Sawhney, Chairman and

Managing Director, Triveni Engineering & Industries Ltd, said:

"We are pleased that our Sugar business has become stronger with high productivity and increased level of integration through setting up of a new greenfield distillery of 160 KLPD which has been commissioned during the quarter under review. We will continue to evaluate all opportunities to make our sugar business more value additive and achieve further integration through increased distillation capacities.

Sugar industry has changed a lot in the last few years. It is a new normal that the sugar production in the country will outstrip consumption and in the next few years, India may continue to be a significant exporter. With its high cost of production of sugar, Sugar Industry in India is in no position to compete internationally. The Government has been pro-active in supporting the industry with several offsetting benefits in the past but the industry would like to be self-sufficient in this regard. It is only possible if the cane price fixation is rationalized in line with the sugar prices. With the strong Government in place, both at State and Center, we have hopes for major changes / reforms to make this industry self-sustainable. It is possible to evolve a mechanism through which the portion of the cane price which cannot be realistically met from the prevalent sugar prices should be directly paid by the Government to the farmers through some funding mechanism. It would be a game changer and will promote considerable investment in view of long term clarity and viability.

The sugar co-products, Co-generation and Distillery businesses, have performed well, especially the latter with the support of significantly high productivity, sales volume and low raw material pricing.

We have started supplies of Ethanol to OMCs under EBP from our newly commissioned Distillery from June 2019. It is understood that power tariff rates may be substantially reduced, which will have a significant impact on the Co-generation business going forward.

Both the engineering businesses have performed in line with our expectation. The Water Business has registered better performance in terms of turnover & profitability on account of healthy carry forward order book which is under execution. The Gears business, during the period under review, has performed well in terms of turnover, profitability and the order booking.

Overall, there is a positive traction in all our business segments.

- ENDS -

Attached: Details to the Announcement and Results Table

About Triveni Engineering & Industries Limited

Triveni Engineering & Industries Limited is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is one amongst the largest integrated sugar manufacturers in India and the market leader in its engineering businesses comprising high speed gears, gearboxes, and water treatment solutions.

Triveni currently has seven sugar mills in operation at Khatauli, Deoband, Sabitgarh, (all in western Uttar Pradesh),

Chandanpur, Rani Nangal and Milak Narayanpur (all in central Uttar Pradesh) and Ramkola (eastern Uttar Pradesh).

While the Company's Gears manufacturing facility is located at Mysuru, the Water & Wastewater treatment business is located at Noida. The Company currently operates three grid connected co-generation plants and three incidental co-generation plants located across five sugar units and two molasses based distilleries in India, located at Muzaffarnagar and Sabitgarh.

The Company produces premium quality multi-grade plantation white, refined and pharmaceutical sugar. All of the Sugar units are FSSC-2000:2010 certified. The sugar is supplied not only to household consumers but also to bulk consumers. The Company has supply chain relationship with leading multinational beverage, food & FMCG companies, pharmaceutical companies and leading confectionery producers. It also has a strong presence in branded sugar market through its brand "Shagun". The distillery at Muzaffarnagar has a flexible manufacturing process allowing it to produce Ethanol, Extra Neutral Alcohol (ENA), Rectified Spirit (RS) and Special Denatured Spirit (SDS) all of which are renowned for their high quality. Triveni currently operates 104.5 MW grid connected co-generation capacity.

The Company delivers robust and reliable Gears solutions which cover a range of applications and industries to meet the ever-changing operating conditions and customers' requirements. The Company has become a dominant supplier to all major OEMs in the country, offering solutions to all industrial segments including Oil and Gas as per AGMA, API-613 and API-677 standards. It remains the market leader in high-speed Gears and Gearboxes up to 70 MW capacity and speed of 70,000 rpm. The major product portfolio includes steam turbines, gas turbines, and compressor gearboxes under the High Power High Speed segment. In the Low Speed segment, the Company focuses on the gearboxes used in applications such as reciprocating pumps and compressors, hydel turbines, mill and extruder drives for metal, sugar, rubber and plastic industries, marine applications, etc. Its robust and reliable products are backed by 360-degree service solutions which minimise the downtime for its customers. The Company provides health monitoring services for all types of critical gearboxes, high speed and low speed, as well as maintains an inventory of dimension ready sites for immediate solution.

The Company is also one of the leading solutions providers for water treatment, wastewater treatment and the recycle of water. Advanced Solutions offered for total water management include turnkey / EPC, customer care, operations and maintenance, life cycle models such as Design, Build Own & Operate (DBOO), Design, Build Own Operate and Transfer (DBOOT), BOOT, equipment supply for unit processes like screening, grit separation, clarification and sludge handling. The Customer Care Division offers value added services for operation management and performance optimisation. The quality service offerings are tailored to customers' requirements, which in many cases form an integral part of the main contract - operations and maintenance, annual maintenance contracts, product & process audit, health check-up and overhauling, pilot experiments, refreshment, upgradation and automation of existing plants, spares and service consumables and chemicals and on-site training and assistance.

The turbine business of the Company, located at Bengaluru has been demerged through a scheme of arrangement into Triveni Turbine Limited (TTL) from the appointed date on 1st October 2010, and the same has become effective w.e.f. 21st April, 2011. Triveni Engineering & Industries Limited holds 21.85% equity capital of Triveni Turbine Limited.

For further information on the Company, its products and services please visitwww.trivenigroup.com

C N Narayanan	Neha Arora
Triveni Engineering & Industries Ltd	Triveni Engineering & Industries Ltd
Ph: [phone]	Ph: [phone]
Fax: [phone]	Fax: [phone]
E-mail:[e-mail]	E-mail:[e-mail]

Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Triveni Engineering & Industries Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.