TRITURBINENSE1 February 2022

Triveni Turbine Limited has informed the Exchange about Investor Presentation

Triveni Turbine Limited

-,.- -

1',11 •• ,

TURBINES

Date: February I, 2022

TRIVENI TURBINE LIMITED CORPORATE OFFICE 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida - 201301, U.P., India

T.: +91

1204308000

IF:

+91 1204311010-11 www.trivenHurbines.com

BSELtd. 1 st Floor, New Trading Ring, Rotunda Building, P.J. Tower,

Dalal Street, Fort, MUMBAI-400 00 I e-mail- corp.relations@bseindia.com Thru : BSE Listing Centre STOCK CODE: 533655

National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Plot No. Cll, G Block,

Bandra-Kurla Complex, Bandra (E), MUMBAl-400 051 e-mail cmlist@nse.co.in Thru : NEAPS STOCK CODE: TRITURBINE

Dear Sirs,

Subject: Investors' brief for Q3 & 9M FY2022

We send herewith a copy of Investors' brief on the performance of the Company for the third quarter and nine months ended December 31,2021 for your information. The same is also available on the web site of the Company i.e. www.triveniturbines.com.

Thanking You,

For Triveni Turbine Limited

Rajiv Sawhney Company Secretary Membership No A 8047

End: As above

Rcgd Office: A-44, Hosiery Complex, Phase-II Extn., Noida - 201 305 (U.P.) CIN: L29110UP1995PLC041834

Registered office: A-44, Hosiery Complex, Phase-II, NOIDA 201 305, Uttar Pradesh Corporate office: Express Trade Towers, 8th floor, Plot No.- 15-16, Sector 16A, Noida 201301 Manufacturing Facility: 12A, Peenya Industrial Area, Peenya, Bengaluru 560 058

CIN : L29110UP1995PLC041834

For immediate release

Key Highlights*:

➢ Revenue from Operations for 3Q FY 22 at ₹ 2.25 billion, an increase of 29.8%

y-o-y

➢ EBITDA for 3Q FY 22 at ₹ 534 million, up 33.2% y-o-y, with a margin of 23.7%

➢ PAT for 3Q FY 22 at ₹357 million, an increase of 29.8% y-o-y

➢ Record order booking of ₹ 3.21 billion for the quarter – highest in last 4 years

➢ Record outstanding carry forward order book as on December 31, 2021 – ₹ 9.24 billion

* For 9M FY 22 consolidated results include the impact of business combination of Triveni Energy Solutions Limited (TESL)

(Formerly known as GE Triveni Limited, and a joint venture earlier) as a wholly-owned subsidiary from September 6, 2021

i.e. date of acquisition of TESL

NOIDA, February 1, 2022: Triveni Turbine Limited (TTL), a focused and growing

corporation having core competency in the area of steam turbines manufacturing up to

100 MW and also a market leader in steam turbines up to 30 MW, today announced the

performance for the third quarter and nine month ended December 31, 2021 (Q3/9M

FY 22).

The Company has prepared the Financial Results for the third quarter and nine month

ended December 31, 2021 based on the Indian Accounting Standards (Ind AS) and has

been publishing and analyzing results on a consolidated basis. The consolidated result

includes the three 100% subsidiaries of TTL, based on the Ind AS, for the entire period,

however in case of Triveni Energy Solutions Limited) (TESL) (formerly known as GE

Triveni Limited), only the share of profits were considered in the consolidated net profit

up to September 6, 2021, until which TESL was a joint venture and thereafter becoming

a wholly owned subsidiary of the Company, TESL has been consolidated on a line-by-

line basis in the consolidated results.

PERFORMANCE OVERVIEW (Consolidated):

Apr 2021 – Dec 2021 v/s Apr 2020 - Dec 2020

(9M FY 22 v/s 9M FY 21)

• Net Income from Operations at ₹ 6.16 billion in 9M FY 22 as against ₹ 5.24 billion in

9M FY 21, an increase of 17.5%.

• EBITDA of ₹ 1.42 billion in 9M FY 22 as against ₹ 1.38 billion in 9M FY 21, an increase

of 3.4%

• Profit before Tax (PBT) before exceptional items at ₹ 1.27 billion in 9M FY 22 as

against ₹ 1.22 billion in 9M FY 21, an increase of 4.1%

• One-time exceptional net income of ₹ 1.98 billion in 9M FY 22 on account of

settlement agreement pertaining to Triveni Energy Solutions Limited (TESL)

(Formerly known as GE Triveni Limited) vs. net expense of ₹ 185 million on account

of manpower rationalisation in 9M FY 21

• Profit after tax (PAT) at ₹ 2.37 billion in 9M FY 22 as against ₹ 792 million in 9M FY

21, an increase of 199.5%

• EPS for 9M FY 22 at ₹ 7.34 per share

Oct 2021 – Dec 2021 v/s Oct 2020 - Dec 2020

(Q3 FY 22 v/s Q3 FY 21)

• Net Income from Operations at ₹ 2.25 billion in Q3 FY 22 as against ₹ 1.74 billion in

Q3 FY 21, an increase of 29.8%.

• EBITDA of ₹ 534 million in in Q3 FY 22 as against ₹ 401 million in Q3 FY 21, an

increase of 33.2%

• Profit before Tax (PBT) at ₹ 481 million in Q3 FY 22 as against ₹ 348 million in Q3

FY 21, an increase of 38.2%

• Profit after tax (PAT) at ₹ 357 million in Q3 FY 22 as against ₹ 275 million in Q3 FY

21, an increase of 29.8%

• EPS for Q3 FY 22 at ₹ 1.10 per share

Commenting on the Company’s financial performance and recent developments, Mr.

Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said:

“Though COVID-19 re-emerged this quarter with the new Omicron variant, Triveni

Turbines continued to strengthen and improve its market position especially in the

above 30 MW segment, where the Company is approaching the market

independently following the amicable resolution with General Electric and Baker

Hughes pertaining to Triveni Energy Solutions Limited (TESL) (formerly GETL) that

was announced in the previous quarter.

In this endeavor, we are pleased to announce that in such a short amount of time,

the Company has already won three international orders in >30 MW segment from

a prestigious customer that is an industry leader in its segment. We believe these

wins will strengthen the Company’s credibility further in the 30-100 MW segment

and these orders mark the beginning of our global ambitions in this lucrative

segment, where we are reinvigorated following our independent approach.

Overall, we continue to witness strong demand both in domestic and international

markets especially on the product side. This is evidenced both in enquiry generation

and order booking. In terms of enquiry generation in the nine-month period,

domestic enquiries have increased 56% and international enquiries have increased

49% over the corresponding period in the previous year. In terms of order booking,

in the nine-month period of FY 22, the Company has achieved order booking of over

₹ 9 billion which is 40% increase over FY 21’s order booking of ₹ 6.4 billion) of which

domestic order booking stands at over ₹ 5 billion (FY 21: ₹ 4.3 billion). This order

booking provides visibility for the good growth in FY 23. We remain confident that

the order booking momentum will continue in the coming quarters which will aid

sustained growth for the Company.

From a business perspective, the threat of another wave due to the new COVID-19

variant, led many countries to impose further travel restrictions which impacted our

travel. However, many developing and developed nations have introduced

vaccination programs and are moving towards “business-as-usual” scenario. And

thus we hope that any restrictions will not be prolonged as before and thus allowing

personnel to resume face to face interactions. Though, it must be highlighted that

in the last few years, the teams have adapted extremely well to a hybrid working

model and successfully closed numerous enquiries and won orders on a completely

virtual basis.

The Company is scaling up for the future with investments in facilities along with

enhancing our human capital, as we pursue more geographies with a broader

portfolio of products and aftermarket services. We also continue to pursue newer

segments such as API, enhance our product models to meet customer requirements,

invest in R&D projects such as efficiency enhancement, alternative energy

technologies which will open up new avenues for growth.”

- ENDS - Attached: Details to the Announcement and Results Table

About Triveni Turbine Limited

Triveni Turbines is the largest manufacturer of industrial steam turbines in >5 to 30 MW range

globally. The Company designs and manufactures steam turbines up to 100 MW, and delivers

robust, reliable and efficient end-to-end solutions.

Triveni Turbines manufactures steam turbines at its world-class manufacturing facilities in

Bengaluru, India and assists its customers with their aftermarket requirement through its global

servicing offices. With installations of 5000 steam turbines across over 20 industries, Triveni

Turbines is present in over 70 countries around the world. Triveni Turbine Limited offers steam

turbine solutions for Industrial Captive and Renewable Power. It was demerged from its parent

Company, Triveni Engineering and Industries Limited which holds 21.85% equity capital of TTL,

in 2010 to emerge as a pure-play turbine manufacturer.

The Company provides renewable power solutions specifically for Biomass, Independent Power

Producers, Sugar & Process Co-generation, Waste-to-Energy and District Heating. Its steam

turbines are used in diverse industries, ranging from Sugar, Steel, Textiles, Chemical, Oil & Gas,

Pulp & Paper, Petrochemicals, Fertilisers, Solvent Extraction, Metals, Palm Oil to Food Processing

and more. Apart from manufacturing, the Company also provides a wide range of aftermarket

services to its own fleet of turbines as well as turbines of other makes supported by its team of

highly experienced and qualified service engineers that operate through a network of service

centers.

Triveni Turbines market leadership has been built on a foundation of strong and continuously

evolving research, development and engineering capabilities. The customer centric approach to

R&D, along with a keen focus on delivered product and life-cycle cost has allowed Triveni

Turbines to set benchmarks for efficiency, robustness and up-time of the turbine. A strong

internal team, strengthened by collaborative associations with globally leading design and

research institutions, has placed Triveni at the forefront of a technically challenging field

dominated by large multi-nationals.

For

further

information on

the Company,

its products and services please visit

www.triveniturbines.com

Surabhi Chandna Triveni Turbine Limited Ph: +91 120 4308000 Fax: +91 120 4311010, 4311011 E-mail: ir@triveniturbines.com

Gavin Desa / Rishab Brar CDR India Ph: +91 22 6645 1237 / 6645 1235 Fax: +91 22 6645 1213 E-mail: gavin@cdr-india.com /rishab@cdr-india.com

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 Turbine Limited 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.

Q3/9M FY 22: PERFORMANCE REVIEW

TTL is the market leader in steam turbines up to 30 MW. It has maintained its dominance

consistently over the years and is the largest manufacturer worldwide in high and low-

pressure turbines in this range. The Company’s ability to provide high-tech precision

engineered-to-order solutions has made it one of the most trusted names within the sector.

The consolidated result of the Company includes the results of fully owned subsidiary, Triveni

Turbines (Europe) Pvt. Limited (TTE) based in UK with a 100% step down subsidiary called

Triveni Turbines DMCC (TTD), located in Dubai with a 100% step down subsidiary called

Triveni Turbines Africa (Pty) Ltd in South Africa. For Triveni Energy Solutions Limited

(formerly known as GE Triveni Limited), only the share of profits were considered in the

consolidated net profit until September 6, 2021 until which TESL was a joint venture and

thereafter becoming a wholly owned subsidiary of the Company, TESL has been consolidated

on a line-by-line basis in the consolidated results.

Performance Summary (Consolidated*)

(All figures in ₹ million, unless otherwise mentioned)

Revenue from Operations EBITDA EBITDA Margin Depreciation & Amortisation PBIT PBIT Margin Finance Cost PBT PBT Margin Exceptional Items PBT after Exceptional Items and share of JV income Consolidated PAT Consolidated PAT Margin EPS (₹/share)

Q3 FY 22 Q3 FY 21

2,252 534 23.7% 51 483 21.4% 2 481 21.4% -

1,735 401 23.1% 50 351 20.2% 3 348 20.1% -

481 357 15.8% 1.10

361 275 15.9% 0.85

% Change

9M FY 22

9M FY 21

29.8% 33.2%

6157 1425 6,157 23.1% 1,425

5,240 1,378 26.3%

% Change 17.5% 3.4%

37.6%

(33.3%) 38.2%

33.2% 29.8%

152 1273 152 20.7% 1,273

(315) bps 3.9%

(38.0%) (271) bps 4.1%

152 1,225 153 23.4% 8 1,217 23.2% (185)

5 1268 5 20.6% 1,268 1982 1,982 3,207

(265)

207.5% 199.5%

1,043 792 15.1% 2.45

2372 38.5% 2,372 7.34 7.33

*Triveni Energy Solutions Limited (formerly known as GE Triveni Limited) became a wholly-owned subsidiary w.e.f. September 6, 2021

• During the quarter, revenue for the Company grew 29.8% YoY to ₹ 2.25 billion driven by

domestic sales which grew 64% YoY to ₹ 1.62 billion, while the export sales were down

16% YoY.

• The mix of domestic and export sales was 72:28 in Q3 FY 22 as compared to 57:43 in

Q3 FY 21.

• EBITDA increased by 33.2% YoY to ₹ 534 million. EBITDA margins which improved by

~63 bps YoY to 23.7%.

• The improvement in EBITDA margin in Q3 FY22 over the last year is largely attributable

to lower admin and selling expenses driven by lower international travel and lower export

sales.

• Profit after tax grew 29.8% YoY to ₹ 357 million.

• Total consolidated outstanding order book stood at ₹ 9.24 billion as on December 31,

2021 which is higher by 12% when compared to previous quarter and 42% higher than

the previous year.

• The Company achieved a total order booking of ₹ 3.21 billion in Q3 FY 22, which is the

highest in the last four years, as against ₹ 1.56 billion during Q3 FY 21, an increase of

105%. Export order booking mainly in the product segment contributed to this growth.

• Order booking in 9M FY 22 stands at ₹ 9.01 billion as compared to ₹ 4.77 billion in

9M FY 21, which is an increase of 89%.

•

In Q3 FY 22, the domestic market under 30 MW is estimated to have increased by 69%

YoY while the international market is estimated to have increased by 16% YoY, in MW

terms.

• The domestic order booking during the quarter was ₹ 820 million, lower by 25% as

compared to last year. However, in the nine-month period, domestic order booking stood

at ₹ 5.07 billion, up 50% from the corresponding period in the previous year.

• The domestic outstanding order book stood at ₹ 5.05 billion, up 7% as on December 31,

2021 as compared to ₹ 4.71 billion in the corresponding period of previous year.

• The export order booking during the quarter was ₹ 2.39 billion, higher by 415% and

during the nine-month period export order booking stood at ₹ 3.94 billion, an increase of

184%, as compared to last year, driven by the international product orders.

• Export sales still continue to be impacted by COVID-19, and declined by 16% as compared

to last year, to ₹ 631 million during the quarter. The export outstanding order book stood

at ₹ 4.19 billion, up 131% as on December 31, 2021 as compared to ₹ 1.81 billion in the

corresponding period of previous year.

• On the Product side, order booking improved significantly to ₹ 2.71 billion, which was

higher by 155% when compared with the corresponding period of previous year. The

product segment turnover was ₹ 1.67 billion during the quarter, an increase of 43% over

previous year.

• Aftermarket segment registered order booking of ₹ 500 million, largely flat when

compared with the corresponding period of previous year. The aftermarket turnover was

₹ 577 million, a growth of 2% over previous year. Aftermarket contributed to 26% of the

total turnover in Q3 FY 22, down from 33% in the previous year. Enquiry generation

during Q3 FY 22 remains strong in domestic and international market on a year-on-year

basis. This we believe, is likely to support order booking in the coming quarters.

• During Q3 FY 22, the enquiry generation in the domestic market grew by 23% as

compared to corresponding period last year. These have been driven by distillery, process

co-generation and metals.

• During Q3 FY 22, the enquiry generation in the international segment grew by 68% as

compared to corresponding period of last year. These were dominated by Biomass,

Waste-to-energy (WtE) and other renewable IPP as well as process co-generation.

Summary of Consolidated Order book

(All figures in ₹ million, unless otherwise mentioned)

Particulars Opening Order Book

Consolidated Q3 FY 21 Q3 FY 22 % Var 9M FY 21 9M FY 22 % Var

Domestic

Exports

TOTAL

Mix of Exports

Product

After market

Total

4,591

2,098

5,849

2,435

27%

16%

4,085

2,899

4,229

2,161

6,689

8,284

24%

6,984

6,389

31%

5,239

1,451

29%

6,704

1,580

28%

42%

5,753

1,231

34%

5,057

1,332

6,689

8,284

24%

6,984

6,389

Mix of After market

22%

19%

18%

21%

Order booking

Domestic

Exports

TOTAL

Mix of Exports

Product

After market

Total

Mix of After market

Sales

Domestic

Exports

TOTAL

Mix of Exports

Product

After market

Total

Mix of After market

Closing Order book

Domestic

Exports

TOTAL

Mix of Exports

Product

After market

Total

Mix of After market

1,100

464

1,564

30%

1,063

501

1,564

32%

986

750

1,736

43%

1,170

566

1,736

33%

4,706

1,812

6,517

28%

5,132

1,386

6,517

21%

820

2,388

-25%

415%

3,386

1,387

3,208

105%

4,774

74%

2,709

500

155%

29%

3,159

1,615

3,208

105%

4,774

16%

1,620

631

2,252

28%

1,674

577

2,252

26%

5,049

4,191

9,240

45%

7,738

1,502

9,240

16%

64%

-16%

30%

43%

30%

131%

42%

51%

42%

34%

2,766

2,475

5,240

47%

3,780

1,460

5,240

28%

4,706

1,812

6,517

28%

5,132

1,386

6,517

21%

5,070

3,938

9,008

44%

7,194

1,813

9,008

20%

4,249

1,908

6,157

31%

4,513

1,644

6,157

27%

5,049

4,191

9,240

45%

7,738

1,502

9,240

16%

-25%

-9%

-12%

-9%

50%

184%

89%

128%

12%

89%

54%

-23%

18%

19%

13%

18%

131%

42%

51%

42%

Outlook

Based on advance estimates, the Indian economy is expected to witness real GDP expansion

of 9.2% in FY 22, after a sharp contraction in GDP of ~7.3% in FY 21, due to the impact of

COVID-19.

This suggests that economic activity overall has recovered to the pre-pandemic levels.

Advance estimates suggest that the GVA of Industry (including mining and construction) will

rise by 11.8% in 2021-22 after contracting by 7% in 2020-21. Gross Fixed Capital Formation

is expected to exceed pre-pandemic levels on the back of ramped up public expenditure on

infrastructure, which bodes well for companies like ours.

On the international front, in Q3 FY 22, our teams had resumed extensive overseas travel.

However, with the emergence of Omicron variant, we are again witnessing some setback

which we hope is temporary in nature. The enquiry generation remains strong across

segments and geographies which we aim to convert into orders with hybrid way of working

i.e. virtual along with face to face interaction, when feasible.

Increase in raw material costs along with lower mix of exports impacts the overall margins

and we continue to focus on cost control as well as to increase share of exports both in

product and aftermarket segment.

On the technology side, the Company continues to develop cost-competitive and increasingly

efficient models, with enhanced profiles and steam path to meet the global requirements.

These include drive turbines for the petrochemical industry (API) market and turbines

validated according to API standards. Our R&D also continues to be focused on alternative

energy technologies, such Supercritical CO2 power blocks, as compact footprint solutions for

the energy market. These initiatives include SCO2 micro size Turbo machinery development

for shipping and a test loop setup in association with a leading scientific institution in India.

With aggressive value engineering, cost-effective product development and efficiency

improvement, the Company is well positioned to maintain its market leadership position.

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 Turbine Limited 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 circumstance.

TRIVENI TURBINE LIMITED Regd. Office: A-44, Hosiery Complex, Phase II Extension, Noida, U.P. - 201305 Corp. Office: 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201301

CIN : L29110UP1995PLC041834

Statement of standalone unaudited financial

results for quarter and nine months ended December 31, 2021

Quarter ended

Nine Months ended

Year ended

(~ in lakhs, except per share data)

December 31,2021

September December December December March 31, 31,2021

30,2021

31,2020 Unaudited Unaudited Unaudited Unaudited Unaudited 52,220 1,503 53,723

. 17,372 556 17,928

58,543 2,027 60,570

18,639 737 19,376

21,681 746 22,427

31,2020

2021 Audited

Particulars

1. Revenue from operations 2. Other income Total income

3. Expenses

(a) Cost of materials consumed (b) Changes in inventories of finished goods and work-in-progress (c) Employee benefits expense (d) Finance costs (e) Depreciation and amortisation expenses (f) Other expenses

Total expenses

4. Profit from continuing operations before exceptional items and tax 5. Exceptional items (refer note 2) 6. Profit from continuing operations before tax 7. Tax expense:

- Current tax - Deferred tax Total tax expense 8. Profit from continuing operations after tax 9. Profit/ (loss) from discontinued operations 10. Tax expense of discontinued operations

11. Profit/(Ioss) from discontinued operations (after tax) 12. Profit for the period/year 13. Other comprehensive income A. (i) Items that will not be reclassified to profit or loss

(ii) Income tax relating to items that will not be reclassified to profit or loss

B. (i) Items that will be reclassified to profit or [055

(ii) Income tax relating to items that will be reclassified to profit or loss

14. Total comprehensive income for the period/year 15. Paid up equity share capital (face value H/-) 16. Other equity 17. Earnings per share of ~ 1/ - each (for continuing and total operations) - (not annualised)

(a) Basic (in ~) (b) Diluted (in ~)

See accompanymg notes to the standalone financial results

11,752 311 2,277 4 502 3,322 18,168

4,259

990 141 1,131 3,128

3,128

- -

9 (2) 7

10,363

(302) 2,261 14 499 2,768 15,603

3,773 18,890 22,663

6,240 (184) 6,056 16,607 - - - 16,607

- - 132 (33) 99

10,285 (1,634) 1,996 26 500 3,410 14,583

3,345

896 (41) 855 2,490 - -

2,490

(28) 7 (21)

29,839 2,135 6,703 39 1,496 8,915 49,127

11,443 18,890 30,333

8,111 (47) 8,064 22,269 - - - 22,269

93 (23) 70

3,135 3,233

16,706 3,233

2,469 3,233

22,339 3,233

25,898 (135) 5,966 77 1,523 8,815 42,144

11,579 (1,852) 9,727

2,850 (344) 2,506 7,221 - - - 7,221

394 (99) 295

7,516 3,233

69,693 1,969 71,662

35,659 (184) 8,015 112 2,017 12,228 57,847

13,815 (1,852) 11,963

3,330 (240) 3,090 8,873 - - - 8,873

148 (37) 522 (131) 502

9,375 3,233 56,010

0.97 0.97

5.14 5.14

0.77 0.77

6.89 6.89

2.23 2.23

2.74 2.74

Notes to the standalone unaudited financial results for the quarter and nine months ended December 31, 2021

1. The Company primarily operates in a single reportable segment - Power Generating Equipment and Solutions.

TRIVENI TURBINE LIMITED

2. Exceptional items consist of the following Income / (Expenses)

Particulars

(refer note 3)

Settlement consideration Associated expenses towards settlement (refer note 3) Voluntary Retirement Scheme expenses (refer note 4) Total

(~in lakhs)

Quarter ended

Nine months ended

Year ended

December 31,2021

September 30,2021

December 31,2020

Unaudited

- - - -

20,800 (1,910)

18,890

Unaudited - - - -

December 31,2021

Unaudited

20,800 (1,910) - 18,890

December 31,2020

Unaudited - - (1,852) (1,852)

March 31, 2021

Audited

- - (1,852) (1,852)

3. During the previous quarter, a Settlement Agreement had been executed on September 6, 2021 between the Company and General Electric Company and its affiliates including 01 Netherlands BV, its joint venture partner in the joint venture company, Triveni Energy Solutions Limited (TESL) (Formerly known as GE Triveni Limited) to fully and finally settle and resolve all ongoing disputes, litigations and arbitrations pending before various legal forums, which have been withdrawn from respective legal forum.

Pursuant to such agreement, the Joint Venture Agreement dated April 15, 2010, and other Ancillary Agreements entered into by the Company with GE/ Affiliate of GE has been terminated and entire equity stake of D1 Netherlands BV, in TESL had been purchased by the Company at ~ 800 lakhs and resultantly, TESL has become a wholly owned subsidiary of the Company with effect from September 6, 2021.

Further, 01 Netherlands Limited had paid a settlement consideration of ~ 20,800 lakhs to the Company. The settlement consideration, net of associated expenses aggregating to ~ 1910 lakhs towards settlement such as legal and professional charges of ~ 947 lakhs and provision for obsolete/non-usable inventories of ~ 963 lakhs, had been recognised in the statement of profit and loss during the previous quarter and presented as an exceptional item.

4. During the year ended March 31, 2021, the Company had implemented a Voluntary Retirement Scheme (VRS) for Workmen and total

expenditure of ~ l,852lakhs for VRS had been recognised in the Statement of Profit and Loss and presented as an Exceptional Item.

5. Interim dividend @ 40% (i.e. ~ 0.40 per equity share of ~ 1/ - each) for the financial year 2021-22 and a special dividend @ 60%(i.e.

0.60 per

equity share of ~ 1 each) aggregating to ~ 3,233 lakhs has been paid during the quarter ended December 31,2021.

6. The above unaudited standalone financial

results of the Company for the quarter and nine months ended December 31, 2021 have been reviewed and recommended for adoption by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on February 01,2022. The Statutory Auditors have carried out limited review of the above financial results.

7. Previous period/year figures have been re-grouped/ reclassified wherever necessary, to match current period classification

Place: Noida (U.P.) Date: February oi. 2022

For Triveni Turbine Limited

DHRUV MANMOHAN

SAWHNEY

Digitally signed by DHRUV MANMOHAN SAWHNEY Date: 2022.02.01 14:38:03 +05'30'

Dhruv M. Sawhney Chairman & Managing Director

TRIVENI TURBINE LIMITED Regd. Office: A-44, Hosiery Complex, Phase II Extension, Noida, U.P. - 201 305 Corp. Office: 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201301

CIN : L29110UP1995PLC041834

Statement of consolidated unaudited financial results for the quarter and nine months ended December 31, 2021

Quarter ended

Nine Months ended

Year ended

in lakhs, except per share data)

Particulars

1. Revenue from operations (refer note 2) 2. Other income Total income 3. Expenses

(a) Cost of materials consumed (b) Changes in inventories of finished goods and work-in-progress (refer note 2) (c) Employee benefits expense (d) Finance costs (e) Depreciation and amortisation expense (f) Other expenses

Total expenses

4. Profit from continuing operations before share of profit! (loss) from a joint venture, exceptional items and tax 5. Share of profit/ (loss) of joint venture [refer note 5 (i)l 6. Profit from continuing operations before exceptional items and tax 7. Exceptional items (refer note 3) 8. Profit from continuing operations before tax 9. Tax expense:

- Current tax - Deferred tax Total tax expense

10. Profit from continuing operations after tax 11. Profil/(loss) from discontinued operations 12. Tax expense of discontinued operations 13. Profit/floss) from discontinued operations (after tax) 14. Profit for the period/year

Profit for the period attributable to: - Owners of the parent - Non-controlling interest

15. Other comprehensive income A. (i) Items that will not be reclassified to profit or loss [refer note 5 (ii)l

(ii) Income tax relating to items that will not be reclassified to profit or loss

B. (i) Items that will be reclassified to profit or loss

(ii) Income tax relating to items that will be reclassified to profit or loss

Other comprehensive income attributable to: - Owners of the parent - Non-controlling interest

16. Total comprehensive income for the period/year Total comprehensive income attributable to: - Owriors of the parent - Non-controlling interest

17. Paid up equity share capital (face value ~ 1/-) '18. Other equity 19. Earnings per share of < 1/ - each (for continuing and total operations) - (not annualised)

(a) Basic (in ~) (b) Diluted (in ~)

See accompanylllg notes to the consolidated financial

results

December September December December December March 31, 31,2021 Unaudited

31,2020 Unaudited

30,2021 Unaudited

2021 Audite'd

31,2021 Unaudited 61,567 2,174 63,741

31,2020 Unaudited 52,405 1,486 53,891

22,515 837 23,352

12,314 126 2,572 17 513 2,998 18,540

20,646 782 21,428

8,070 3,406 2,471 14 505 2,707 17,173

4,812

4,255

4,812

1,140 105 1,245 3,567 - - - 3,567

3,567 -

32 (2) 30

3,597

3,233

(463) 3,792 , 19,819 23,611

6,779 (544) 6,235 17,376 - - - 17,376

17,376 -

1,907

115 (33)

1,989

1,989 - 19,365

19,365 - 3,233

17,356 541 17,897

10,318 (1,667) 2,157 27 500 3,080 14,415

3,482

128 3,610

3,610

897 (41) 856 2,754 - - - 2,754

2,754 -

(14) 7 (7)

(7) - 2,747

2,747 - 3,233

28,299 5,609 7,394 52 1,516 8,192 51,062

12,679

(424) 12,255 19,819 32,074

8,800 (444) 8,356 23,718 - - - 23,718

23,718 -

1,907

132 (23) 2,016

2,016 - 25,734

25,734 - 3,233

26,017 (142) 6,421 78 1,524 7,819 41,717

12,174

110 12,284 (1,852) 10,432

2,857 (343) 2,514 7,918 - - - 7,918

7,918 -

376 (99) 277

277

8,195

8,195 - 3,233

70,258 1,910 72,168

35,824 (201) 8,695 114 2,021 11,179 57,632

14,536

525 15,061 (1,852) 13,209

3,341 (378) 2,963 10,246 - - - 10,246

10,246 -

148 (37) 514 (131) 494

494 - 10,740

10,740 - 3,233 60,525

1.10 1.10

5.37 5.37

0.85 0.85

7.34 7.34

2.45 2.45

3.17 3.17

Notes to the consolidated unaudited financial results for the quarter and nine months ended December 31, 2021

TRIVENI TURBINE LIMITED

1. The Company and its subsidiaries (together referred to as the 'Group') primarily operate in a single reportable segment - Power Generating

Equipment and Solutions.

2. Revenue from operations of the Company for the quarter ended September 30,2021 and nine month ended December 31, 2021 includes product

sales of ~ 2,574 lakhs made by the Cornpany to its joint venture company, Triveni Energy Solutions Limited (TESL) (Formerly known as GE Triveni Limited.) before September 06, 2021 i.e. date of acquisition of TESL. Subsequent to the acquisition of balance shares in TESL, the same the Group has eliminated this transaction between the Company and TESL in product was sold by TESL to its Customer. Accordingly, results to disclose the actual performance of the Group by reducing both revenue from operations and changes in consolidated

financial

inventories of finished goods and work-in-progress

to that extent.

3. Exceptional items consist of the following Income / (Expenses)

Quarter ended

Nine months ended

Year ended

(~in lakhs)

Particulars

(refer note 4 )

Settlement consideration Associated expenses towards settlement (refer note 4) Associated Income towards settlement (refer note 4) Gain on previously held interest (refer note 5) Voluntary Retirement Scheme expenses (refer note 6) Total

December 31,2021 Unaudited

September 30,2021 Unaudited

- -

20,800 (1,910) 368 561 -

19,819

December 31,2020

Unaudited - - - -

- -

December 31,2021

Unaudited

December March 31,

31,2020

20,800 (1,910) 368 561 -

19,819

Unaudited - - - - (1,852) (1,852)

2021

Audited

- -

(1,852) (1,852)

4. During the previous quarter, a Settlement Agreement had been executed on September 6, 2021 between the Company and General Electric Company and its affiliates including DI Netherlands BV, its joint venture partner in the joint venture company, Triveni Energy Solutions Limited (TESL) (Formerly known as GE Triveni Limited) to fully and finally settle and resolve all such disputes, litigations and arbitrations pending before various legal forums, which have been withdrawn from respective legal forum.

Pursuant to such agreement, the Joint Venture Agreement dated April IS, 2010, and other Ancillary Agreements entered into by the Company with GE/ Affiliate of GE has been terminated and entire equity stake of DI Netherlands BV, in TESL had been purchased by the Company at ~ 800 lakhs and resultantly, TESL has become a wholly owned subsidiary of the Company with effect from September 6, 2021. Also, refer note 5 below for further details.

Further, OJ Netherlands Limited had paid a settlement consideration of ~ 20,800 lakhs to the Company. The settlement consideration, net of associated expenses aggregating to ~ 1910 lakhs towards settlement such as legal and professional charges of ~ 947 lakhs and provision for obsolete/non-usable inventories of ~ 963 lakhs and associated income of ~ 368 lakhs due to write back of liability no longer required, has been recognised in the Statement of Profit and Loss during the previous quarter and presented as an exceptional item.

(i) Pursuant to Share Purchase Agreement dated September 6, 202L the Company has acquired remaining shares in TESL from existing shareholder. Consequently, TESL has been considered as a joint venture till September 6,2021. During the previous quarter until September 6, 2021, the Company had recognised its share of loss in TESL amounting to ~ 463 lakhs. These losses are mainly on account of impairment of certain non-current assets and reduction in profit after tax of TESL based on the adoption of audited financial statements for FY 2019-20 by the Board of Directors of TESL in the previous quarter.

(ii) The Group had accounted acquisition of remaining share in TESL as Business Combination as per Ind AS 103 and consolidated TESL from September 6, 2021 onwards. The fair value of the acquired assets and liabilities as on the date of acquisition has been determined by the Independent Valuer appointed by the Company. Consequently, the Group had recognised bargain purchase gain of ~ 1,907 lakhs in capital reserve through Other Comprehensive Income and recognised a gain on previously held interest in TESL amounting ~ 561 lakhs in the statement of profit and loss which had been presented as an exceptional item.

6. During the year ended March 31, 2021, the Company had implemented a Voluntary Retirement Scheme (VRS) for Workmen and total

expenditure of ~ 1,852 lakhs for VRS had been recognised in the Statement of Profit and Loss and presented as an Exceptional Item.

Interim dividend @ 40% (i.e. ~ 0.40 per equity share of ~ 1/ - each) for the financial year 2021-22 and a special dividend @ 60%(i.e. equity share of ~ 1 each) aggregating to ~ 3233 lakhs has been paid during the quarter ended December 31,2021.

0.60 per

8. The unaudited standalone results of the Company are available on the Company's website (www.triveniturbines.com). website of BSE

(www.bseindia.com) and NSE (www.nseindia.com). Summarised standalone financial performance of the Parent Company is as under:

Quarter ended

Nine months ended

Year ended

(~in lakhs)

Particulars

Revenue from operations Profit before tax

Net profit after tax Total comprehensive income

December 31,2021 Unaudited

21,681 4,259 3,128 3,135

September December December December March 31, 31,2021

31,2020

30,2021 Unaudited Unaudited Unaudited Unaudited 52,220 9,727 7,221 7,516

58,543 30,333 22,269 22,339

18,639 22,663 16,607 16,706

17,372 3,345 2,490 2,469

2021 Audited

69,693 11,963 8,873 9,375

9. The above unaudited consolidated financial

10. Previous period/year figures have been re-grouped/ reclassified wherever necessary, to match current period classification

Place: Noida (U.P.) Date: February 01, 2022

For Triveni Turbine Limited

DHRUV MAN MOHAN SAWHNEY /

Digitally signed by DHRUV MANMDHAN SAWHNEY Date: 2022.02.01 14:38:31 +05'30'

Dhruv M. Sawhney Chairman & Managing Director

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