INVESTOR PRESENTATION Q4 / FY 25
1
MAY 2025
CONTENTS
03
COMPANY OVERVIEW
RESTRUCTURING
08
13
OUR FINANCIAL HIGHLIGHTS
OUR BUSINESSES
22
59
SHAREHOLDING PATTERN
TRIVENI AT A GLANCE
LOCATIONS*
23 world-class facilities including:
8 Sugar plants
5 Distillery facilities at four locations #
~ ₹ 8,416 Crore
Market Capitalization
39.02%
Free Float
70,500
Tonnes per day Sugarcane crushing capacity*
860 KLPD
Kilo Liter Per Day (KLPD) Alcohol/Distillery capacity#
104.5
Mega Watt
Power Co-generation
>12,000
PTB installations across the world
>12,000 MLD
Water & Wastewater treated through Triveni projects
Note:
Market Capitalization and Free Float as on March 31, 2025 for Triveni Engineering & Industries Ltd. (TEIL)
* Including Sir Shadi Lal Enterprises Ltd. (SSEL) which is a subsidiary of TEIL
# Not including SSEL's distillery of 100 KLPD
OUR STRENGTHS
Strong Leadership & Governance
Market Leadership
Financial Strength & Resilience
Stakeholder Trust & Ecosystem Integration
Strategic Tailwinds & Growth Drivers
Experienced management
team with a proven track record of value creation across diverse sectors.
Robust corporate governance with a majority-independent board comprising members with diverse and distinguished backgrounds.
Among the leading players in the India's sugar industry with best-in-class infrastructure and forward integration into distilleries.
Dominant position in high-speed gearboxes domestically and expanding international footprint.
Operating in industries with high entry barriers and long gestation periods, ensuring sustainable competitive advantage.
Significantly strengthened balance sheet over the past five years, enhancing the Company's risk-return profile.
Demonstrated ability to incubate and scale businesses, reflecting strategic foresight and execution capability.
Deep-rooted relationships with external stakeholders, including suppliers, customers, and regulatory bodies, fostering long-term stability and growth.
Well-positioned to benefit from rising rural prosperity and increasing Government focus on agriculture and rural development.
Import substitution opportunities in both ethanol (biofuel) and engineering segments, aligning with national priorities.
OUR BUSINESS-WISE OUTLOOKSUGAR
SS 2025-26 expected to commence earlier with favourable monsoon forecasts
Improvement in area under sugarcane expected in SS 2025-26 driven by higher spring planting
Focus on yield enhancement and crop management through a structured sugarcane development and extensive
farmer engagement programme
Continued push for varietal substitution reduce the proportion of vulnerable variety Co238
Plant improvements over the last few years leading to higher crush rates, higher percentage of refined sugar production and lower steam consumption in most units. These include conversion of existing extraction cum condensing turbines to backpressure turbines to further enhance bagasse savings.
ALCOHOL
Focus on profitability enhancement in Alcohol segment driven by optimizing costs through a robust grain feedstock procurement and warehousing programme
Formation of an inter-ministerial group to work on roadmap beyond EBP-20 i.e. 20% blending targets by 2025-26 showcases Government's continued commitment towards ethanol and hopeful that feedstock and profitability challenges will be addressed.
In IMIL, continue to enhance market position and focus on improving profitability through combination of topline
growth and enhancing contribution margins.
In IMFL, focus is to strengthen distribution channels to enhance market presence and accessibility.
OUR BUSINESS-WISE OUTLOOKPOWER TRANSMISSION
Outlook for the domestic product segment within high speed gears is extremely promising with robust industrial capex and economic growth
Several breakthrough qualification orders in the last 1-2 years establish acceptance by global OEMs
Overall, the Gears business remains focused on exports to support its strategic objective of expanding its global footprint
Traction in Defence business gaining momentum as large orders nearing decision, positive developments across
multiple product lines with orders received in last few months
Increasing footprint to capture high-growth opportunities for Aftermarket segment
WATER
Supported by funding from Central & State governments including from external sources, new opportunities are emerging in recycle, reuse and Zero Liquid Discharge kind of business on EPC as well as PPP model and wherever industries are available as off-takers for buying treated sewage, this model is expected to emerge significantly predominantly in thermal power sector.
The Company is also evaluating select international opportunities in Water & Wastewater treatment projects mostly wherever it possesses pre-qualifications preferably on its own and funding is assured through multilateral and reputed agencies, etc.
ENVIRONTMENT, SOCIAL, GOVERNANCE (ESG) GUIDING PRINCIPLES
Highest level of ethical and corporate governance standards, with stringent compliances
Best-in-class sustainable processes and solutions across our operations and units
Allocation of capital with focus on reducing carbon
footprint and promoting energy efficiency
Maintaining ecological balance while ensuring business excellence
Harnessing co-products to become raw materials for other products, thus promoting circular economy
Fostering community development and social
empowerment
RESTRUCTURINGCORPORATE STRUCTURE SIMPLIFICATION UNDERWAY
On 10 December 2024, the Board of Directors of Triveni Engineering & Industries Limited (TEIL/Amalgamated Company/Demerged Company), Sir Shadi Lal Enterprises Limited (SSEL/Amalgamating Company) and Triveni Power Transmission Ltd. (TPTL/ Resulting Company) have approved a Composite Scheme of Arrangement (Scheme).
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.
Transfer and vesting of PTB Undertaking (as defined in the Scheme) of TEIL to Triveni Power Transmission Limited (TPTL). TPTL is a wholly-owned subsidiary of TEIL presently.
EXISTING AND RESULTANT STRUCTURE OF ENTITIES: TEIL and SSEL
Before Amalgamation of SSEL with TEIL
After Amalgamation of SSEL with TEIL
39.02%
60.98%
38.23%
61.77%
39.42%
60.58%
~21.89 cr shares of INR 1 each
~52.5 lakh shares of INR 10 each
~22.04 cr shares of INR 1 each
Shareholding held by TEIL in SSEL (i.e. SSEL Promoter Shareholding) shall get cancelled pursuant to the Scheme
SSEL shall stand dissolved without following the procedure of winding up, upon the Scheme becoming effective
10
After PTB Demerger
EXISTING AND RESULTANT STRUCTURE OF ENTITIES: TEIL and TPTLAfter Amalgamation of SSEL with TEIL and before PTB Demerger
100.00%
39.42%
60.58%
27.64%
42.48%
29.88%
72.36%
Total Promoter Holding
39.42%
60.58%
~22.04 cr shares of INR 1 each
~3.13 cr shares of INR 2 each
~22.04 cr shares of INR 1 each
~10.48 cr shares of INR 2 each
RATIONALE FOR DEMERGER OF POWER TRANSMISSION BUSINESS & RATIO OF ISSUE OF EQUITY SHARES BY TPTL
Sharpened focus
The transfer of the PTB Undertaking (as defined in the Scheme) into TPTL will enable each business to sharpen its focus and organize its activities and resources to improve its offerings to their respective customers. This would help to improve its competitiveness, operational efficiency, agility and strengthen its position in relevant markets resulting in more sustainable growth and competitive advantage
Competitive position and market penetration
PTB has attained a significant size, scale and has a large headroom for growth in its market. As PTB is entering the next phase of growth, the transfer and vesting of the PTB Undertaking into the Resulting Company pursuant to this Scheme would result in focused management attention and efficient administration to maximize its potential
Value unlocking
Further, as PTB has separate growth trajectories, risk profile and capital requirement, the segregation of the PTB Undertaking and the Residual Business will enable independent value discovery and lead to unlocking of value for each business
TPTL will issue 1 equity share of face value INR 2 each to shareholders of TEIL for every 3 equity shares of face value INR 1 each held in TEIL, provided that the Existing Equity Shares held by TEIL shall continue to be held by TEIL in TPTL.
OUR LONG-TERM HIGHLIGHTS
Well Diversified and Growing Revenues 01
FY 20-25 Gross Revenue CAGR 8.9%
Rising revenue contribution from non-sugar business from 21% to 38% during FY 2020-25
Strong balance sheet position
Improved leverage and cost of funds
over the period
ICRA Long Term Credit Rating of AA+ $
Consistent focus on returns
Key Business Highlights 02
Judicious investment in Sugar facilities to enhance sugarcane crush rate, sugar quality and efficiencies.
Enhanced Alcohol distillation capacities over the years in alignment with Government's Ethanol Blended Petrol Program
Power Transmission Business continues its long term growth journey with FY 25 as another record year in terms of revenues, profits and order booking
$ Placed on ratings watch with developing implications on December 19, 2024.
Long history of returning cash through combination of dividend and buybacks including record buyback of ₹ 800 crore in FY 23 and sustained dividends over the years
Focused on Value Creation
05
Restructuring aimed at corporate structure simplification and value creation
Divested 21.85% stake in Triveni Turbine Limited to monetize non-core assets and unbundle businesses in Sep 2022
Announced Amalgamation of SSEL and Demerger of PTB in Dec 2024
14
ROBUST FINANCIAL PERFORMANCE₹ Crore
Revenue from Operations (Gross)*
Profit Before Interest and Tax (PBIT)
6808
6310
6151
4703
4694
4437
505
576
603
584
510
408
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
Robust revenue growth of 8.9% p.a. during FY 2020-2025 with increasing contribution from non-sugar businesses
Note: * Revenue from Operations (Gross) include Excise duty of ₹ 1118.7 crore in FY 25, ₹ 931.31 crore in FY 24, ₹ 693.26 crore in FY 23, ₹ 403.10 crore in FY 22 and ₹ 29.18 crore in FY 21 on account of IMIL sales
# Percentages calculated on Net Revenue from Operations excluding aforesaid excise duty. Intersegmental revenue adjusted from Sugar as these are largely due to sale of sugar by-products
STRONG BALANCE SHEET POSITION
Total Consolidated Debt (₹ Crore) Total Consolidated Debt To Equity (x times)
1558
994
1568
914
1411
1969
1.16
0.64
0.82
0.35
0.49
0.63
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
Average Cost of Debt (Standalone) Long-term credit rating
5.0%
5.1%
6.1%
6.3%
6.5%
6.9%
ICRA AA-
(Stable)
ICRA AA-
ICRA AA
(Stable)*
ICRA AA
(Stable)
ICRA AA+
ICRA AA+
(Stable)*
(Stable)
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
Note: *Upgraded to ICRA AA- (Positive) on April 6, 2021 and further upgraded to ICRA AA (Stable) on November 23, 2021. Reaffirmed on March 24, 2023. Upgraded to ICRA AA+ (Stable) on March 27, 2024. $ Placed on ratings watch with developing implications on December 19, 2024.
Cash Generation during FY 20-25
₹ 4,202 crore
Dividends & Buybacks (incl. taxes)
₹ 1,574 crore
(37% of cash
generation)
Funds Retained for Working Capital
₹ 1,452 crore
(35% of cash generation)
Capital
Expenditure*
₹ 1,176 crore
(28% of cash generation)
CREATING SHAREHOLDER VALUE
Healthy mix of investments in business for future growth and returns to shareholders
Note: Based on Standalone Statement of Cash Flows from FY 20 to FY 25
*Capital Expenditure: Purchase of property, plant and equipment and intangible assets, net of term loans availed/paid
ENHANCING SHAREHOLDER RETURNS THROUGH COMBINATION OF BUYBACKS & DIVIDENDS
Buyback of Shares (₹ Crore)
Dividend (₹ Crore)
Dividend Payout Ratio (%)
12%
20%
800
27.3
42.3
54.7
10%
71.1
78.6
15%
17%
21%
22%
125.9
100 65
FY 20 FY 21 FY 23
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
Past history of returning cash through combination of dividend and buybacks
Concluded record buyback of ₹ 800 crore in FY 23
Dividend of ₹ 2.50 per equity share for FY 25
Dividend Policy: Payout ratio of the dividend is in the range of 15-25% of the normal business income after deduction of tax
Note: The Company completed buyback of ₹ 100 crore, ₹ 65 crore and ₹ 800 crore in August 2019, August 2020 and February 2023 respectively. Buybacks under FY 20 and FY 21 were announced in preceding year.
Dividend and buyback amounts are excluding taxes
FY 24 Dividend payout ratio of 12% represents special dividend of ₹ 2.25 per equity share
FY 25: OVERALL LOWER PROFITABILITY; POWER TRANSMISSION BUSINESS CONTINUED ITS STELLAR PERFORMANCE
Revenues & Profitability 01
Revenue from Operations (Net of excise
duty) at ₹ 5689.2 crore, an increase of 9.0%
Profit Before Tax at ₹ 324.2 crore
Profit After Tax at ₹ 238.3 crore
Power Transmission Business Updates
Power Transmission business reported record turnover and profitability - turnover increased by 26.8% and segment profits by 18.4%.
Order booking for the year stood at ₹ 475.4 crore, up 26.6% y-o-y while closing order book grew 35.5% and stood at ₹389.4 crore as on March 31, 2025.
SS 2024-25 Updates 02
There was a general trend of lower yields and recovery in UP in the Sugar Season (SS) 2024-25 wherein overall crush was lower by ~3% and recovery lower by 90 basis points, according to the Company's estimates. Relatively, the Company (on a standalone basis) achieved sugarcane crush almost at the same level as previous season with gross recovery lower by 69 basis points.
Khatauli sugar unit achieved the highest sugarcane crush and sugar production in India this year and has also overtaken its previous highest historical crush. Deoband sugar unit also achieved its second highest historical crush.
Water Business Updates
Water business closing order book of ₹ 1600.8 crore at the end of the financial year, up 30.8% y-o-y.
Outcome of Board Meeting
05
The Board of Directors recommended final dividend of 250% (₹ 2.50 per equity share) for the financial year 2024-25)
FY 25: SEGMENT-WISE CONTRIBUTION TO REVENUES AND PROFITS (PBIT)
FY 25: Segment-wise Revenues and Contribution*
FY 25: Segment-wise PBIT and Contribution
27%
62%
7%
4%
3%
9%
57%
27%
7%
Rising revenue and profit contribution from non-sugar business to 38% and 43% in FY 25
* Percentages calculated on Net Revenue from Operations excluding excise duty. Intersegmental revenue adjusted from Sugar segment as these are largely due
CONSOLIDATED FINANCIAL HIGHLIGHTS Q4 / FY 25
₹ Crore
Q4 FY 25 | Q4 FY 24 | Change % | FY 25 | FY 24 | Change % | |
Revenue from Operations (Gross) | 1,925.3 | 1,548.1 | 24.4 | 6,807.9 | 6,151.4 | 10.7 |
Revenue from Operations (Net of excise duty) | 1,629.3 | 1,302.1 | 25.1 | 5,689.2 | 5,220.1 | 9.0 |
EBITDA | 317.4 | 261.2 | 21.5 | 533.8 | 688.4 | -22.5 |
EBITDA Margin | 19.5% | 20.1% | 9.4% | 13.2% | ||
Profit Before Tax (PBT) | 255.2 | 216.7 | 17.7 | 324.2 | 529.0 | -38.7 |
Profit After Tax (PAT) | 187.1 | 161.0 | 16.2 | 238.3 | 395.2 | -39.7 |
EPS (not annualised) (₹/share) | 8.55 | 7.36 | 16.1 | 10.88 | 18.05 | -39.7 |
SUGAR
OUR SUGAR BUSINESS PROFILE
Strategic Manufacturing Presence
White crystal sugar
Various grades of pharmaceutical sugar, which can be customised as per user requirements
Refined sugar for high-grade end users
WE MANUFACTURE
CENTRAL UP |
1. Rani Nangal (Sulphitation)# |
2. Milak Narayanpur (Refined) |
3. Chandanpur (Sulphitation)*# |
WESTERN UP |
1. Deoband (Refined Sugar) |
2. Khatauli (Refined Sugar)* |
3. Sabitgarh (Refined, Pharmaceutical Sugar) |
4. Shamli (SSEL) (Sulphitation) |
1
1
2
3
2
3
4
1
1. Ramkola (Sulphitation)
EASTERN UP
OUR USPs |
Strategic Location |
Strong Sugar Recoveries |
Product Mix and Price Benefit |
Prestigious Customer base |
360K+ farmer relationships |
* Bonsucro Certified
# Largely selling to institutional clients
24
49
71
95
94
2015-16
2016-17
2017-18
2018-19
2019-20 | 101 |
2020-21 | 94 |
2021-22 | 89 |
2022-23 | 95 |
10.80
2015-16
2015-16
2016-17 | 1.67 | |
2017-18 | 1.83 | |
2018-19 | 1.94 | |
2019-20 | 1.92 | |
2020-21 | 1.96 | |
2021-22 | 1.98 | |
2022-23 | 2.04 |
1.57
2.06
2.14
452
640
SUGAR BUSINESS PERFORMANCE OVER THE YEARSArea under Sugarcane (Lakh Hectares)
Sugar Produced (Lakh Quintals)
Note: Data for Sugar Seasons; Gross recoveries (after adjustment on account of B-heavy molasses and syrup diversion) SS 2024-25 depicted for Triveni on consolidated basis i.e. including SSEL
Recent crush and recoveries impacted by climatic factors across the state of UP
2023-24 | 89 | 2023-24 | |
2024-25 | 92 | 2024-25 |
2015-16
Sugarcane Crushed (LQ)
Gross Recovery (%)
25
2016-17
2016-17 | 11.06 |
2017-18 | 11.38 |
2018-19 | 11.79 |
2019-20 | 11.97 |
2020-21 | 11.86 |
2021-22 | 11.70 |
2022-23 | 11.47 |
2023-24 | 11.49 |
2024-25 | 10.80 |
2017-18 | 837 |
2018-19 | 798 |
2019-20 | 874 |
2020-21 | 854 |
2021-22 | 841 |
2022-23 | 932 |
2023-24 | 825 |
2024-25 | 905 |
SUGAR REALISATIONS SET TO STRENGTHEN
4,200
4,100 4,099
Triveni Sugar Realisation (Domestic) (₹/Quintal)
3,986 4,062
3,989
4,088 4,098
4,000
3,879
3,956 3,917
3,840
3,931
3,851
3,934
3,912
3,932
3,816
3,872 3,855 3,855
3,800
3,600
3,717 3,685 3,696 3,713 3,737
3,570 3,593
3,523 3,526 3,505
3,732 3,761
3,620 3,615 3,653
3,568
3,639
3,521 3,511 3,517
3,400
3,200
3,000
3,394
3,224
3,339
3,340
3,307 3,276
3,289
3,168
3,478
3,333 3,327 3,274 3,311
3,527 3,539 3,488 3,513
3,263 3,257 3,267
3,203
April May June July August September October November December January February March
Sugar realisations have remained robust in FY 25
Expect strengthening given improvement in Sugar Balance sheet
SS 2024-25: TREND OF LOWER RECOVERIES
11.49
10.80
Sugarcane Crushed (Million Tonnes) Gross Recovery (%) Sugar Production (Tonnes)
+9.6%
-69 bps
+2.9%
9.05
8.26
890126
916060
SS 2023-24 SS 2024-25
SS 2023-24 SS 2024-25
SS 2023-24 SS 2024-25
Trend of lower yield and recoveries observed in UP in SS 2024-25 with recoveries in the state declining by an estimated 90 bps
Triveni has fared relatively better with gross recovery declining by 69 bps
For Triveni (including SSEL), sugarcane crush during Sugar Season (SS) 2024-25 is 9.6% higher at 9.05 million tonnes
Note: Consolidated include 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
SUGAR: IMPROVED BLENDED REALISATIONS IN FY 25
Sugar Dispatches (Tonnes)
Average Blended Realisation (₹/MT)*
+8.8% (Total)
+3.6% (Total)
+5.1%
+2.7%
855615
14531 841084
886558
886558
198204 215595
198204 215595
Q4 FY 24 Q4 FY 25 FY 24 FY 25
38175
38429
39192
40395
Q4 FY 24 Q4 FY 25 FY 24 FY 25
Blended sugar realisations improved 2.7% y-o-y to ₹ 39,192/tonne in FY 25
Income through third party exports - ₹ 15.4 crore at TEIL and ₹ 1.5 crore at SSEL
*including export realisations as applicable
Note: Consolidated include 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
SUGAR: LOWER PROFITABILITY DUE TO HIGHER COST OF PRODUCTION₹ Crore
REVENUE
PBIT
+2.8%
+41.3%
-12.8%
+16.3%
1078.7
3857.9
3967.0
927.5
Q4 FY 24 Q4 FY 25 FY 24 FY 25
158.3
223.6
266.5
305.6
Q4 FY 24 Q4 FY 25 FY 24 FY 25
Consolidated segment PBIT declined 12.8% y-o-y at ₹ 266.5 crore due to higher cost of sugar sold during the year resulting from (a) higher cost of sugar produced in SS 2023-24 factoring in increased sugarcane price, and (b) higher cost of production of sugar produced in Sugar Season (SS) 2024-25 on account of lower recovery by 69 bps.
The sugar inventory as on March 31, 2025 was 60.4 lakh quintals (including sugar inventory of 3.6 lakh quintals pertaining
to SSEL), which is valued at ₹ 37.62/kg.
SUGARCANE DEVELOPMENT PROGRAMME - KEY HIGHLIGHTS
A Structured Varietal Substitution Programme for the mutual benefit of the Company and the farmers
Active engagement with farmers through model demonstration (demo) plots
Crop Protection from different Pests & Diseases using a structured surveillance programme
Various digital initiatives towards sugarcane development programme
V
Significant focus on Yield improvement through various agronomic interventions
Soil Health Improvement for application of balanced dosage of fertilizers & nutrients as per soil analysis reports and recommendations
Farm implements and mechanization for enhancing inter-cultural operations, etc.
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Triveni Engineering & Industries Ltd. published this content on May 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 28, 2025 at 07:23 UTC.
