Triveni Turbine Limited (TTL), the market leader in steam turbines up to 30 MW, today announced the performance for the third quarter and nine months ended 31st December 2019 (Q3/9M FY 20).
The Company has prepared the Financial Results for the third quarter and nine months 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 (Consolidated):
April – December 2019 v/s April – December 2018
(9M FY 20 v/s 9M FY 19)
- Net Income from Operations at ` 664 crores in 9M FY 20 as against ` 600 crores in 9M FY 19, a growth of 11%
- EBITDA of ` 149 crores in 9M FY 20 as against ` 122 crores in 9M FY 19, a growth of 22%
- Profit before Tax (PBT) at ` 138 crores in 9M FY 20 as against ` 107 crores in 9M FY 19, a growth of 28%
- Profit after tax (PAT) at ` 108 crores in 9M FY 20 as against ` 72 crores in 9M FY 19, a growth of 50%
- EPS (not annualized) for 9M FY 20 at ` 3.34 per share
October – December 2019 v/s October – December 2018
(Q3 FY 20 v/s Q3 FY 19)
- Net Income from Operations at ` 203 crores in Q3 FY 20 as against ` 211 crores in Q3 FY 19, a marginal decline of 4%
- EBITDA of ` 44.1 crores in Q3 FY 20 as against ` 37.7 crores in Q3 FY 19, a growth of 17%
- Profit before Tax (PBT) at ` 37.2 crores in Q3 FY 20 as against ` 33.3 crores in Q3 FY 19, a growth of 12%
- Profit after tax (PAT) at ` 27.1 crores in Q3 FY 20 as against ` 22.8 crores in Q3 FY 19, a growth of 19%
- EPS (not annualized) for Q3 FY 20 at ` 0.84 per share
Commenting on the Company’s financial performance, Mr. Dhruv M. Sawhney, Chairman, and Managing Director, Triveni Turbine Limited, said:
“The performance of the Company has been in line with our expectations and the Company achieved a strong net profit for the quarter and nine months period under review. The phenomenal increase in nine-month PAT was on account of improved turnover, higher margins together with reduced tax provisioning resulting from the recent changes in Corporate Taxes.
Total order booking during the quarter which stood at ` 210 crores, a growth of 11% y-o-y, which enabled the Company to bridge the gap in order booking for the nine months period. The order booking for the nine-month period stood at ` 636 crore, which is marginally lower than the corresponding period of last year and is expected to improve by the end of the year.
In the domestic market, the order booking during the quarter and nine months have been quite good. The order booking for nine months has increased by 21% as compared to the corresponding period of last year. The domestic order booking came from a cross-section of applications – both renewable including sugar co-generation, Biomass IPP, waste-to-energy, and process co-generation segments.
In the international market, order booking for the quarter achieved a growth of 28% y-o-y, which helped to bridge the gap in the year on year order booking at 25% from 43% up to the H1 FY 20. Similarly, the inquiry pipeline is strong in the international market whereas the order finalization has been slow. The Company expects many of these inquiries to get finalized during Q4 and we believe that the overall international order booking for the full year will be quite strong as last year. The order booking in the international market is primarily from across renewable segments including waste to energy projects.
During 9M FY 20, the Aftermarket registered an order booking of ` 165 crore, which was lower by 6% when compared with the corresponding period of the previous year. Similar to product order booking, quarter-wise order booking for the aftermarket is lumpy and we expect the coming quarters to have stronger order inflow from aftermarket segment.
The outstanding consolidated order book as on 31st December 2019 stood at ` 694 crores.
As regards the JV, GETL, as communicated in June, Triveni had filed a petition in the National Company Law Tribunal and the matter is sub-judice. This is not affecting our current business and JV received orders of ` 82.9 crores and the performance of the JV in the quarter under review has also been good.
As per an International report, the Company held the second position globally in terms of no. of units sold, for the period Jan – Sept 2019. With TTL’s strong carry-forward order book and inquiry pipeline, we believe FY 20 will be a better year in terms of the overall performance of the Company. The cost control and value engineering efforts started last year are showing results and production of our new high-efficiency product line has stabilized which is already reflected in the margins. The increased focus and market penetration in new geographies have mitigated regional market risks and have strengthened the Company’s performance in the export market. We aim to achieve the best margins and market share in the global market in our business segments and all these factors augur well for overall growth for our business going forward.”