TRITURBINENSE13 May 2022

Triveni Turbine Limited has informed the Exchange about Investor Presentation

Triveni Turbine Limited

-1-- - ",V.",

TURBINES

Date: May 13, 2022

BSE Ltd. I 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

Dear Sir/ Madam,

8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida - 201301, U.P.,

TRIVENI TURBINE LIMITED CORPORATE OFFICE India T.: +91 1204308000 IF: +91 1204311010-11 www.triveniturbines.com

By E-filing

National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Plot No. CII, G Block, Bandra-Kurla Complex, Bandra (E), MUMBAf-400 051 e-mail cmlist@nse.co.in Thru : NEAPS STOCK CODE: TRITURBINE

Subject: Investor's brief for Quarter 4 FY 2022 ended March 31 ,2022

We send herewith a copy of Investors' brief on the performance of the Company for the

Q4 FY 2022 ended March 3 I, 2022 for your information. The same has also been placed on the

web site of the Company i.e. www.triveniturbines.com

Thanking you,

Yours faithfully,

For Triveni Turbine Limited

~oj\"_' ~c:.__./L~

Rajiv Sawhney Company Secretary

EncI: As above

Rcgd Office: A-44, Hosiery Complex, Phase-II Extn., Naida - 201 305 (U.P.) CIN: L2911 OUP1995PLC041834

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

Key Highlights*:

➢ Revenue from Operations for FY 22 at ₹ 8.52 billion, an increase of 21% y-o-y

➢ EBITDA for FY 22 at ₹ 1.92 billion, up 15% y-o-y, with a margin of 22.5%

➢ PAT for FY 22 at ₹ 2.7 billion, an increase of 164% y-o-y

➢ Highest ever annual order booking of ₹ 11.8 billion in FY 22

➢ Record outstanding carry forward order book as on March 31, 2022 of ₹ 9.7 billion

➢ Acquired 70% stake in TSE Engineering (Pty.) Ltd. (TSE) in South Africa for a

cash consideration of ZAR 11.9 million (₹ 57.6 million) to further strengthen the

Company’s position in aftermarket business in the South African Development

Community (SADC) region

➢ The Board of Directors has recommended payment of final dividend @ 85% (₹

0.85 per equity share of ₹ 1 each) and 2nd special dividend @ 70% (₹ 0.70 per

equity share of ₹ 1 each) for the financial year 2021-22, subject to shareholders’

approval.

* For 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 and TSE Engineering (Pty.) Ltd (TSE) as a subsidiary from 1st March 2022 i.e date of acquisition of TSE

NOIDA, May 13, 2022: Triveni Turbine Limited (TTL) a focused and growing

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

100 MW size and amongst the leading players globally in the 0-30 MW segment, today

announced the performance for the fourth quarter and full year ended March 31, 2022

(Q4/ FY 22).

The Company has prepared the Financial Results for the fourth quarter and full year

ended March 31, 2022 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. Further, in case of TSE Engineering (Pty.) Ltd

become a subsidiary of the Company, TSE has been consolidated on a line-by-line basis

in the consolidated results from 1st March’2022.

PERFORMANCE OVERVIEW (Consolidated):

Apr 2021 – Mar 2022 v/s Apr 2020 - Mar 2021

(FY 22 v/s FY 21)

• Revenue from Operations at ₹ 8.52 billion in FY 22 as against ₹ 7.03 billion in FY 21,

an increase of 21%.

• EBITDA of ₹ 1.92 billion in FY 22 as against ₹ 1.67 billion in FY 21, an increase of

15%

• EBITDA margin of 22.5% in FY 22 as against 23.7% in FY 21, a margin compression

of ~120 bps

• Profit before Tax (PBT) before exceptional items at ₹ 1.71 billion in FY 22 as against

₹ 1.45 billion in FY 21, an increase of 18%

• One-time exceptional net income of ₹ 1.98 billion in 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 FY 21

• Profit after tax (PAT) at ₹ 2.70 billion in FY 22 as against ₹ 1.02 billion in FY 21, an

increase of 164%

• EPS for FY 22 at ₹ 8.36 per share

Jan 2022 – Mar 2022 v/s Jan 2021 - Mar 2021

(Q4 FY 22 v/s Q4 FY 21)

• Revenue from Operations at ₹ 2.37 billion in Q4 FY 22 as against ₹ 1.79 billion in Q4

FY 21, an increase of 33%.

• EBITDA of ₹ 497 million (margin at 21.0%) in Q4 FY 22 as against ₹ 290 million

(margin at 16.2%) in Q4 FY 21, an increase of 71%

• Profit before Tax (PBT) at ₹ 441 million in Q4 FY 22 as against ₹ 236 million in Q4

FY 21, an increase of 87%

• Profit after tax (PAT) at ₹ 330 million in Q4 FY 22 as against ₹ 233 million in Q4 FY

21, an increase of 42%

• EPS for Q4 FY 22 at ₹ 1.02 per share

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

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

“FY 22 has been a year of many milestones for Triveni Turbines. The Company

achieved its highest ever turnover at ₹ 8.52 billion, which is a growth of 21% over

the previous financial year. Similarly, on the order booking front, the Company

reported its highest ever order booking of ₹ 11.8 billion which provides good visibility

for growth in FY 23.

During Q4 FY 22, the Company has completed acquisition of 70% stake in TSE

Engineering (Pty.) Ltd. (TSE) in South Africa for a cash consideration of ZAR 11.9

million (₹ 57.6 million). This acquisition will get us closer to the customer base in

the South African Development Community (SADC) region and further the

Company’s position in aftermarket segment.

As announced before, the Company is independently approaching the above 30-100

MW segment, following the amicable resolution with General Electric and Baker

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

was announced earlier in the financial year. This segment will increase our

addressable market considerably and we remain confident of increasing our market

share rapidly as a ‘challenger’ in this segment in the coming years.

Coming to the other highlights of the year, in FY 22, the Company’s domestic enquiry

book showed an increase of 57% compared to the previous financial year with

enquiries generated from the key sectors such as process co-generation, Food

Processing, Distillery, Pulp & Paper, Chemicals etc. followed by Cement, Sugar and

Oil & Gas segment. West region garnered higher enquiry base followed by South

and North regions.

International enquiry generation increased by 25% compared to FY 21. Southeast

Asia generated more enquiries followed by Europe and Turkey regions. Among

industry segments, IPP segment led to the higher enquiry base followed by Process

industries and Oil & Gas segment.

Triveni Turbines currently has orders/installations in 75 countries and enquiries from

~110 countries and the Company will be focusing on underserved markets such as

North America, East Asia etc. in the coming years.

The Company’s product portfolio is well poised in the near term with a large enquiry

pipeline both in the domestic and export markets. We are witnessing good traction

in the API segment, which presents a sizeable growth opportunity for the Company.

In the aftermarket segment, the Company’s is enhancing its offerings in the year

gone by with notable firsts such as refurbishment of geothermal turbines. With an

increase in enquiry pipeline across its three sub-segments of refurbishment, spares

and services, along with relaxed travel restrictions, we expect this segment to also

grow well in the coming years and increase its contribution to turnover.

The Company is also adding capabilities across functions such as Human Resources

through talent acquisition; Manufacturing through expansion of facilities;

Technology through industry associations with a focus on innovation towards a

sustainable future, among others.”

STEAM TURBINE MARKET

Based on international power reports, the Global Steam Turbine market for 5-100 MW

has increased from a level of 8.9 GW in CY 2012 to 11.7 GW in CY 2021, which is an

annual increase of 3.1% over a period of 9 years. However, this does not cover Triveni’s

entire addressable market, as the Company operates upto 100 MW i.e. including the

below 5 MW- segment not covered under these reports.

Overall, Triveni Turbines market share has improved significantly over the last 5 years

(i.e. from CY 2017 to CY 2021) in both MW and in Unit terms.

Global Steam Turbine Market 5-100 MW (in GW)

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Source: International Power Report, 2021

Fossil fuel-based power generation, which was earlier the main source of fuel, declined

from 74% in 2012 to 58% in CY 2021, whereas thermal renewable fuel based power

generation increased from 4% in CY 2012 to 15% in CY 2021.

Global Steam Turbine Market, By Fuel

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Thermal Renewables

Nuclear

GTCC

Fossil

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Source: International Power Report, 2021

In terms of number of MWs sold during the last 5 years (CY 2017 to CY 2021), global

Steam Turbines market has seen the sharpest decline at 7.0% CAGR in the >100.1 MW

range. In the <30 MW range, the market has been steady and registered a CAGR of

0.4%. In the 30.1 to 100 MW range, the market has seen a decline of 1.9% CAGR.

Global Steam Turbine Market, By Power Rating

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

>100.1 MW

30.1 to 100 MW <30 MW

2017

2018

2019

2020

2021

Source: International Power Report, 2021

Unlike global steam turbine market, wherein fossil fuel dominates in the <30 MW range,

the growth of thermal renewables has been quite consistent and strong. Of overall

market, share of fossil to 17% in 2021 from 20% in 2017; while the dominance of

thermal renewables share is quite significant at 80% in 2021 compared to 67% in CY

2017.

Global Steam Turbine Market (<30 MW range), By Fuel

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Thermal Renewables

GTCC Fossil

2017

2018

2019

2020

2021

Source: International Power Report, 2021

Q4/ FY 22: PERFORMANCE REVIEW

Triveni Turbine Limited (TTL) a focused and growing corporation having core

competency in the area of steam turbines manufacturing up to 100 MW size and

amongst the leading players globally in the up to 30 MW segment. 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. Further,

in case of TSE Engineering (Pty.) Ltd become a subsidiary of the Company, TSE has

been consolidated on a line-by-line basis in the consolidated results from 1st March’2022.

Performance Summary (Consolidated*)

(All figures in ₹ million, unless otherwise mentioned)

Q4 FY 22 Q4 FY 21 % Change

FY 22

FY 21 % Change

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)

2,366 497 21.0% 51 446 18.8% 5 441 18.6% -

441

330 14.0% 1.02

1,785 290 16.2% 50 240 13.4% 4 236 13.2% -

278

233 13.0% 0.72

32.5% 71.4%

2.0% 85.8%

25.0% 86.9%

58.6%

41.6%

8,522 1,921 22.5% 203 1,719 20.2% 10 1,708 20.0% 1,982

3,648

2,702 31.7% 8.36

7,026 1,667 23.7% 202 1,465 20.9% 11 1,454 20.7% (185)

1,321

1,025 14.6% 3.17

21.3% 15.2%

0.4% 17.3%

(9.1%) 17.5%

176.2%

163.6%

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

• During the year, revenue from operations grew by 21% as compared to previous

year, with domestic sales showing an increase of 60% while the export turnover

declined 23% reflecting the lower order book of the previous year due to impact of

pandemic.

• As a result, the mix of domestic and export sales changed to 70:30 in FY 22 as

compared to 54:46 in FY 21.

• EBITDA increased by 15% to ₹ 1.92 billion in FY 22 as against ₹ 1.67 billion in FY

• EBITDA margins declined by ~120 bps to 22.5% in FY 22 as against 23.7% in FY

• The decline in EBITDA margin in FY 22 over the last year is largely attributable to

higher raw material costs and sales mix which was more skewed towards domestic

which has lower margins relative to exports

• Profit after tax grew 164% YoY to ₹ 2.7 billion.

• The Board of Directors has recommended payment of final dividend @ 85% (₹ 0.85

per equity share of ₹ 1 each) and 2nd special dividend @ 70% (₹ 0.70 per equity

share of ₹ 1 each) for the financial year 2021-22.

• Together with the interim and 1st special dividend of 100% (₹ 1 per equity share of

₹ 1 each) paid during previous quarter, the total dividend for the financial year 2021-

22 is 255% (₹ 2.55 per equity share of ₹ 1 each). Final dividend and 2nd special

dividend are subject to approval of shareholders.

• Total consolidated outstanding order book stood at ₹ 9.7 billion as on March 31,

2022 which is higher by 52% when compared to the previous year. The domestic

outstanding order book stood at ₹ 5.4 billion. The export outstanding order book

has doubled in FY 22 and stood at ₹ 4.3 billion as on March 31, 2022.

• The export order booking during the quarter was ₹ 740 million, higher by 2% and

during the full year period export order booking stood at ₹ 4.7 billion, an increase

of 122%, as compared to last year, driven by the international product orders.

• The Company achieved a total order booking of ₹ 11.8 billion in FY 22, which is the

highest ever in its history, as against ₹ 6.4 billion during FY 21, an increase of 84%.

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

•

In FY 22, the domestic market under 30 MW is estimated to have increased by 71%

YoY while the international market is estimated to have decreased by 24% YoY, in

MW terms.

• The domestic order booking during the quarter was ₹ 2.1 billion, higher by 124%

and during the full year domestic order booking stood at ₹ 7.2 billion, an increase

of 66%, as compared to last year.

• Export sales still continue to be impacted by COVID-19, and declined by 23% as

compared to last year, to ₹ 611 million during the quarter.

• On the Product side, order booking during the quarter improved significantly to ₹

2.2 billion, which was higher by 75% when compared with the corresponding period

of previous year. The product segment turnover was ₹ 1.7 billion during the quarter,

an increase of 32% over previous year.

• Aftermarket segment registered order booking of ₹ 639 million during the quarter,

growing by 57% when compared with the corresponding period of previous year.

The aftermarket turnover was ₹ 619 million during the quarter, a growth of 35%

over previous year.

• Aftermarket contributed to 26% of the total turnover in Q4 FY 22 and 27% in FY 22,

largely similar to previous year levels.

• Enquiry generation during Q4 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.

Summary of Consolidated Order book

(All figures in ₹ million, unless otherwise mentioned)

Particulars

Consolidated

Opening Order Book

Q4 FY 21 Q4 FY 22 % Var

FY 21

FY 22 % Var

Domestic

Exports

TOTAL

Mix of Exports

Product

After market

Total

4548

1969

6517

30%

5,132

1,385

5,049

4,191

11%

113%

3,927

3,057

4,229

2,161

9,240

42%

6,984

6,389

45%

7,738

1,502

51%

44%

5,753

1,231

34%

5,057

1,332

6,517

9,240

42%

6,984

6,389

Mix of After market

21%

16%

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

934

723

1,657

44%

1,251

406

1,657

25%

996

789

1,785

44%

1,326

459

1,785

26%

4,486

1,903

6,389

30%

5,057

1,332

6,389

21%

2,088

124%

740

4,321

2,110

7,158

4,678

2,828

71%

6,431

11,836

26%

2,189

639

2,828

23%

1,755

611

2,366

26%

1,747

619

2,366

26%

5,383

4,320

9,703

45%

8,181

1,522

9,703

16%

75%

57%

71%

76%

-23%

32%

35%

32%

20%

127%

52%

62%

14%

52%

29%

33%

4,410

2,021

6,431

31%

3,762

3,264

7,026

46%

5,106

1,920

7,026

27%

4,486

1,903

6,389

30%

5,057

1,332

6,389

21%

40%

9,383

2,453

11,836

21%

6,004

2,519

8,522

30%

6,260

2,263

8,522

27%

5,383

4,320

9,703

45%

8,181

1,522

9,703

16%

-29%

-9%

-12%

-9%

66%

122%

84%

113%

21%

84%

60%

-23%

21%

23%

18%

21%

20%

127%

52%

62%

14%

52%

Note: Post acquisition of balance shares of TESL in FY 22, an order of 257 million was re-classified as export order. According opening order book for FY22 has been revised to reflect the same.

Outlook

The pandemic resulted in a severe economic contraction in global economy which was

at 3.4% in 2020. Recently, International Monetary Fund has projected global growth

forecast for 2022 and 2023 at 3.6%. These projections factor in the impact of the war

in Ukraine. The Russia - Ukraine war is seen as a major setback to global economic

recovery while also adding to inflationary pressures. There is also the threat from the

virus that could prompt new lockdowns and production disruptions. Growth could slow

down further if sanctions are extended to Russian energy exports. Inflation is expected

to remain elevated for much longer, prompting aggressive monetary policy tightening.

Economic risks have risen sharply and policy trade-offs have become even more

challenging. Risks of a sharp tightening of global financial conditions and capital outflows

have risen.

It is estimated that the advanced economies would grow at the rate of 3.3% in 2022,

while USA and Europe are expected to grow at 3.7% and 2.8% respectively. Emerging

and developing economies are estimated to grow at the rate of 3.8%, while China is

expected to grow at 4.4%.

India’s economy is poised for a rebound after enduring a multiple wave of COVID-19

and expected to grow at 8.2% respectively. Thus we believe, we will continue to see

investments across end-user industries such as distillery, oil & gas, cement, steel,

fertilizers, textile, etc.

With strong carry forward order book at the beginning of the FY 23, the Company is

well positioned to achieve robust performance levels. Its entry in to new segments, such

as API turbines for oil & gas industry and turbines of more than 30MW, is also providing

opportunities to widen its net of addressable market.

The Company will continue to focus on its efficient sourcing and manufacturing practices

to counter higher input and logistics costs. Also, manufacturing, subcontracting and

supply chain capacities are being scaled up to address increased number of turbines.

However, fallout of recent global turmoil will be watched closely to anticipate impact on

the Company’s business and respond with appropriate control measures to maintain its

market leadership position and grow internationally.

About Triveni Turbine Limited

Triveni Turbine Limited (TTL) a focused and growing corporation having core competency in the

area of steam turbines manufacturing up to 100 MW size and amongst the leading players

globally in the up to 30 MW segment. 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 75 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.

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 audited financial results for quarter and year ended March 31, 2022

Quarter ended

Year ended

(~ in lakhs, except per share datal

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 4) 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/ (loss) 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 loss

(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 n/-) 16. Other equity 17. Earnings per share of ~ 1/ - each (for continuing and total operations)- (not annualised)

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

See accompanying notes to the standalone financial results

March 31, December March 31, March 31, March 31, 2021

31,2021

2022 Audited

2021 Audited

Unaudited Audited

2022 Audited

22,594 622 23,216

14,558 (1,539) 2,455 40 506 3,556 19,576

3,640

992 (33) 959 2,681 - - - 2,681

(37) 9 (3) 1 (30) 2,651 3,233

21,681 746 22,427

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

4,259 - 4,259

990 141 1,131 3,128 - - - 3,128

- -

9 (2) 7 3,135 3,233

17,473 466 17,939

9,761 (49) 2,049 35 494 3,413 15,703

2,236 - 2,236

480 104 584 1,652 - - - 1,652

148 (37) 128 (32\ 207 1,859 3,233

81,137 2,649 83,786

44,397 596 9,158 79 2,002 12,471 68,703

15,083 18,890 33,973

9,103 (80) 9,023 24,950 - - - 24,950

(37) 9 90 (22) 40 24,990 3,233 73,886

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

0.83 0.83

0.97 0.97

0.51 0.51

7.72 7.72

2.74 2.74

TRIVENI TURBINE LIMITED Statement of standalone cash flows

Particulars

Cash flows from operating activities Profit before tax Adjustments for

Depreciation and amortisation expenses Loss/ (profit) on sale/write off of property, plant and equipment Net profit on sale/redemption of current investments Net fair value gID..t1S on current investments Interest income Provision for doubtful advances Amount written off of non financial assets Allowance for non moving inventories Impairment loss on financial assets (including reversals of impairment losses) Finance costs Unrealised foreign exchange (gains)/ losses Credit balances written back Mark-to-market (gains)/losses on derivatives

Working capital adjustments: Change in inventories Change in trade receivables Change in other financial assets Change in other assets Change in trade payables Change in other financial liabilities Change in other liabilities Change in provisions Cash generated from operations Income tax paid (net of refunds) Net cash inflow from operating activities

Cash flows from investing activities Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Net increase in current investment Purchase of equity shares in subsidiary Investment in deposits with financial institutions Investment in bank deposits Interest received Net cash outflow from investing activities

Cash flows from financing activities Repayment of long term borrowings Payment of principal portion of lease liabilities Interest paid on lease liabilities Interest paid Dividend paid to Company's shareholders Net cash outflow from financing activities

Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

Reconciliation of liabilities arising from financing activities:

(~in lakhs)

Year ended

March 31, 2022 March 31, 2021

(Audited)

33,973

11,963

2,002 39 (546) (973) (812) 25

1,002 242 79 (44) (129) 93

(413) (1,775) 412 (375) 3,288 7 11,014 317 47A26 (8,351) 39,075

(2,024) 91 (14,595) (800) (1,900) (13,540) 399 (32,369)

(96) (45) (23) (57) (7,111) (7,332)

(626) 1,291 665

2,017 (6) (885) (395) (167) 84 21 223 590 112 (79) (60) (201)

1,107 4,046 (292) 623 1,007 783 560 (441) 20,610 (3,145) 17,465

(1,319) 23 (12,163)

(400) (7,288) 130 (21,017)

(21) (46) (27) (86) (2) (182)

(3,734) 5,025 1,291

Balance as at April 1, 2020 Cash flows Finance costs accruals Non cash movement (addition/ disposal) Divided distributions Balance as at March 31, 2021

Cash flows Finance costs accruals Non cash movement (addition/ disposal) Divided distributions - Balance as at March 31, 2022

Lease liabilities

Non-current borrowings (including current maturities)

Interest payable on borrowings

Dividend paid to Company's shareholders

288 (73) 27 6

248

(68) 23

202

117 (21)

(96)

1 (85) 85 -

- 1

(57) 56

- -

(2) -

- 11

(7,111)

7,112 12

TRIVENI TURBINE LIMITED

Statement of standalone assets and liabilities

Particulars

ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Intangible assets Intangible assets under development Investments in subsidiaries and joint venture ( refer note 5) Financial assets

i. Trade receivables ii. Other financial assets Other non-current assets Income tax assets (net) Total non-current assets

Current assets Inventories Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than cash and cash equivalents v. Loans vi. Other financial assets Other current assets Total current assets TOTAL ASSETS

EQUITY AND LIABILITIES

EQUITY Equity share capital Other equity Total equity

LIABILITIES

Financial liabilities i. Borrowings ii. Lease liabilities Provisions Deferred tax liabilities (net) Total non-current liabilities

Current liabilities Financial liabilities i. Borrowings ii. Lease liabilities iii. Trade payables

a) Total outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises iv. Other financial liabilities Other current liabilities Provisions Income tax liabilities (net). Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

(~in lakhs)

As at March 31, 2022

As at March 31, 2021

Audited

23,640 325 314 8 1,785

- 886 427 375 27,760

15,330

44,807 9,211 665 20,045 2 774 3,393 94,227 121,987

3,233 73,886 77,119

- 155 522 443 1,120

- 48

1,292

9,196

2,129 28,349 1,403 1,331 43,748 44,868 121,987

24,374 - 395 95 985

- 89 44 374 26,356

15,919

26,793 7,636 1,291 7,299 - 779 3,033 62,750 89,106

3,233 56,010 59,243

- 203 298 509 1,010

96 45

1,118

6,212

2,196 17,335 1,273 578 28,853 29,863 89,106

TRIVENI TURBINE LIMITED

Notes to the standalone audited financial results for the quarter and year ended March 31, 2022

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

2. The figures for the quarter ended March 31, 2022 and March 31, 2021 are the balancing figures between the audited figures in respect of the full financial years and the published unaudited year to date figures upto third quarter of the respective financial years. Also the figures upto the end of the third quarter were only reviewed and not subjected to audit.

3. The Board of Directors has recommended payment of final dividend @ 85% (~0.85 per equity share of ~ 1 each) and 2nd special dividend @ 70% (~ 0.70 per equity share of ~ 1 each) for the financial year 2021-22. Together with the interim and 1st special dividend of 100% (~ 1 per equity share of ~ 1 each) paid during previous quarter, the total dividend for the financial year 2021-22 is 255% (~2.55 per equity share of ~ 1 each) . Final dividend and 2nd special dividend are subject to approval of shareholders.

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

(~ in

Particulars

Settlement consideration (refer note 5) Associated expenses towards settlement (refer note 5) Voluntary Retirement Scheme expenses (refer note 6) Total

Quarter ended

Year ended

March 31, 2022 Audited - - - -

December March 31, March 31, March 31,

31,2021

2021

Unaudited Audited - - - -

- - - -

2022 Audited

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

2021 Audited - - (1,852) (1,852)

5. During the ended March 31,2022, 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 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 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.

Further, DI 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 ~ 947lakhs and provision for obsolete/non-usable inventories of ~ 963lakhs, had been recognised in the statement of profit and loss and 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.

7. The above audited standalone financial results of the Company for the quarter and year ended March 31, 2022 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 May 13, 2022. The Statutory Auditors have carried out audit of the above financial results.

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

Place: Noida (U.P.) Date : May 13, 2022

For Triveni Turbine Limited

Dhruv M. Sawhney Chairman & Managing Director

TRIVENI TURBINE LIMITED Regd. Office: AM, 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 consolidated audited financial results for the quarter and year ended March 31, 2022

Quarter ended

Year ended

(~in lakhs, except per share data)

Particulars

1. Revenue from operations (refer note 5) 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 5) (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 8 (i)l 6. Profit from continuing operations before exceptional items and tax 7. Exceptional items (refer note 6) 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. Profit I (loss) from discontinued operations 12. Tax expense of discontinued operations 13. Profit/ (loss) 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 8 (ii)]

(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: - Owners of the parent - Non-controlling interest

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

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

See accompanying notes to the consolidated financial results

March 31, December March 31, March 31, March 31, 2021 Audited

2022 Audited

2021 Audited

2022 Audited

31,2021 Unaudited 22,515 837 23,352

23,657 775 24,432

15,000 (1,881) 2,899 50 512 3,447 20,027

4,405

- 4,405

4,405

1,115 (12\ 1,103 3,302 - - - 3,302

3,301 1

(37) 9 (5) 1 (32)

(23) (9) 3,270

3,278 (8)

3,233

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

4,812

4,812 - 4,812

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

3,567 -

32 (2) 30

30 - 3,597

3,597 - 3,233

17,853 424 18,277

9,807 (59) 2,274 36 497 3,360 15,915

2,362

415 2,777

2,777

484 (35\ 449 2,328 - - - 2,328

2,328 -

148 (37) 138 (32) 217

217 - 2,545

2,545

3,233

85,224 2,949 88,173

43,299 3,728 10,293 102 2,028 11,639 71,089

17,084

(424) 16,660 19,819 36,479

9,915 (456\ 9,459 27,020 - - - 27,020

27,019 1

1,870 9 127 (22) 1,984

1,993 (9) 29,004

29,012 (8) 3,233 82,424

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

1.02 1.02

1.10 1.10

0.72 0.72

8.36 8.36

3.17 3.17

TRIVENI TURBINE LIMITED Statement of consolidated cash flows

Particulars

Cash flows from operating activities Profit before tax Adjustments for

Share of net loss of joint venture accounted for using the equity method Gain on previously held interest in joint venture [refer 8(ii)] Depreciation and amortisation expenses Loss on sale(write off of property, plant and equipment Net profit on sale( redemption of current investments Net fair value gains on current investments Interest income Provision for doubtful advances Amount written off of non financial assets Allowance for non moving inventories Impairment loss on financial assets (including reversals of impairment losses) Finance costs Unrealised foreign exchange (gains) Credit balances written back Mark-to-market (gains)(losses on derivatives

Increase in cash and cash equivalents due to foreign exchange variation Net (decrease)(increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents acquired in business combination [refer note 8(ii)] Cash and cash equivalents at the end of the year

Reconciliation of liabilities arising from financing activities:

(~ inlakhs)

Year ended March 31, 2022 March 31, 2021

(Audited)

36,479

13,209

424 (561) 2,028 42 (546) (1,020) (859) 25

987 114 102 (30) (614) 93

2,719 (2,903) 599 737 2,517 (40) 11,703 367 52,363 (9,019) 43,344

(1,569) 91 (17,495) (1,402) (1,900) (16,772) 427

(38,620)

(200) (47) (22) (81) (7,111) (7,461)

61 (2,676) 3,705 2,225 3,254

(525)

2,021 (6) (885) (395) (171) 84 21 223 651 114 (79) (60) (201)

1,095 4,339 (306) 623 1,304 828 482 (410) 21,956 (3,228) 18,728

(1,344) 23 (12,163)

(400) (7,693) 134 (21,443)

(21) (48) (27) (87) (2) (185)

24 (2,876) 6,581

3,705

Balance as at April 1, 2020 Cash flows Finance costs accruals Non cash movement (addition( disposal) Divided distributions Balance as at March 31;'2021

Cash flows Finance costs accruals Non cash movement (addition/ disposal) Divided distributions Balance as at March 31, 2022

Lease Liabilities

Non-current borrowings (including current maturities)

Interest payable on borrowings

Dividend paid to Company's shareholders

288 (75) 27 25

265 (69) 22 (15)

203

117 (21)

96 (200)

119

1 (87) 87

- 1 (81) 80

13 (2)

11 (7,111)

7,112 12

TRIVENI TURBINE LIMITED

Statement of consolidated assets and liabilities

Particulars

ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Goodwill (refer note 4)

Intangible assets Intangible assets under development

Investments accounted for using the equity method [refer note 7&8(i)] Financial assets i. Trade receivables ii. Other financial assets Other non-current assets Income tax assets (net) Total non-current assets

EQUITY AND LIABILITIES

EQUITY Equity share capital Other equity Non controlling interest - Total equity

LIABILITIES Non-current liabilities Financial liabilities i. Borrowings ii. Lease liabilities Provisions Deferred tax liabilities (net) Total non-current liabilities

Current liabilities Financial liabilities i. Borrowings ii. Lease liabilities iii. Trade payables

a) Total outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises iv. Other financial liabilities Other current liabilities Provisions Income tax liabilities (net) Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

(~in lakhs)

As at March 31, 2022

As at March 31, 2021

Audited

23,783 325 365 531 8 -

- 886 427 602 26,927

16,169

47,754 10,148 3,254 24,054 2 841 4,333 106,555 133,482

3,233 82,424 81 85,738

- 155 723 347 1,225

15 48

1,311

9,595

2,381 30,014 1,728 1,427 46,519 47,744 133,482

24,397 -

395 95 2,816

- 90 45 375 28,213

15,962

26,793 7,713 3,705 7,938 - 785 3,076 65,972 94,185

3,233 60,525 - 63,758

- 203 439 509 1,151

96 62

1,118

6,331

2,261 17,556 1,273 579 29,276 30,427 94,185

Notes to the consolidated audited financial results for the quarter and year ended March 31, 2022

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.

4. During the quarter, the Group has acquired 70% equity stake in TSE Engineering Pty. Ltd. (TSE), a company in South Africa with effect from March" 1, 2022 at a price consideration of ~ 576 lakhs. With the said acquisition, TSE has become a step down subsidiary of Triveni Turbine Limited from that date.

The Group had accounted acquisition of in TSE as Business Combination as per Ind AS 103 and consolidated TSE from March 1, 2022 . 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 goodwill of ~ 365 lakhs.

5. Revenue from operations of the Company for the year ended March 31,2022 includes product sales of ~ 2,5741akhs made by the Company 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 product was sold by TESL to its Customer. Accordingly, the Group has eliminated this transaction between the Company and TESL in consolidated financial results to disclose the actual performance of the Group by reducing both revenue from operations and changes in inventories of finished goods and work-in-progress to that extent.

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

Quarter ended

Year ended

(~in lakhs)

Particulars

Settlement consideration (refer note 7) Associated expenses towards settlement (refer note 7) Associated Income towards settlement (refer note 7) Gain on previously held interest (refer note 8) Voluntary Retirement Scheme expenses (refer note 9) Total

March 31, December March 31, March 31, March 31, 2021

31,2021

2022 Audited - - - -

- -

Unaudited Audited - - - - - -

- - - - - -

2022 Audited

2021 Audited - - - -

(1,852) (1,852)

20,800 (1,910)

368 561 - 19,819

7. During the year ended March 31,2022, 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 15, 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 8 below for further details.

Further, DI 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 and presented as an exceptional item.

8. (i) Pursuant to Share Purchase Agreement dated September 6, 2021, 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 year until September 6, 2021, the Company had recognised its share of loss in TESL amounting to ~ 424 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 during the year ended March 31,2022.

(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 ~ 561lakhs in the statement of profit and loss which had been presented as an exceptional item.

9. 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.

10. The audited 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

Year ended

Particulars

Revenue from operations Profit before tax

Net profit after tax

Total comprehensive income

March 31, 2022 Audited

December 31,2021 Unaudited

March 31, March 31, March 31, 2022 Audited

2021 Audited

22,594 3,640

2,681

2,651

21,681 4,259

3,128

3,135

17,473 2,236

1,652

1,859

81,137 33,973

24,950

24,990

69,693 11,963

8,873

9,375

11. The above audited consolidated financial results of the Company for the quarter and year ended March 31, 2022 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 May 13, 2022. The Statutory Auditors have carried audit of the above financial results.

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

For Triveni Turbine Limited

Place: Noida (UP.)

Date : May 13, 2022

Dhruv M. Sawhney

Chairman & Managing Director

← All Transcripts TRITURBINE Stock Page →

Triveni Turbine Limited has informed the Exchange about Investor Presentation

Market Movers