Transformers And Rectifiers (India) Limited has informed the Exchange about Investor Presentation

An ISO 9001:2015, ISO 14001:2015 & ISO 45001 : 2018 CERTIFIED Q2 - FY 2022-23 – Investor Presentation 10th November, 2022

DISCLAIMER

This presentation and the discussion that follows may contain certain words or phrases that are

forward - looking statements, based on current expectations of the management of Transformers and

Rectifiers (India) Limited or any of its subsidiaries and associate companies (“TRIL”). Actual results may vary

significantly from the forward-looking statements contained in this presentation due to various risks and

uncertainties. These risks and uncertainties include the effect of economical and political conditions in and

outside India, volatility in interest rates and the securities market, new regulations and Government policies

that may impact the businesses of TRIL as well as its ability to implement the strategy.

The information contained herein is as of the date referenced and TRIL does not undertake any obligation to

update these statements. TRIL has obtained all market data and other information from sources believed to

be reliable or its internal estimates, although its accuracy or completeness can not be guaranteed. This

presentation is for information purposes only and does not constitute an offer or recommendation to buy or

sell any securities of TRIL. This presentation also does not constitute an offer or recommendation to buy or

sell any financial products offered by TRIL. Any action taken by you on the basis of the information contained

herein is your responsibility alone and TRIL or its Directors or employees will not be liable in any manner for

the consequences of such action taken by you. TRIL and/or its Directors and/or its employees may have

interests or positions, financial or otherwise, in the securities mentioned in this presentation.

ISO 45001 : 2018

Our USP Today

•

Leading manufacturer of transformers up to 1200 kV class.

• A wide range of transformers: Power and Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers, creating a unique positioning in the country.

•

•

Strong in-house design & technical expertise; collaboration/Joint Venture relationship for 765 kV Transformers & Reactors.

combined with technical

Technical collaboration with Fuji, Japan for 400/765 kV reactors and 400 kV generator transformer.

• A diversified customer base in India, coupled with International presence in over 20

countries.

• Vision to become a leading global player in Transformer Industry.

•

Fully integrated manufacturing set up - creating economies and improving efficiency.

3

Key Milestones

1981

Mr. Jitendra Mamtora, Started Transformer Manufacturing upto 33kV class

1984

Started Transformer Manufacturing upto 33kV class

1994

Incorporated as Triveni Electric Co. Ltd.

1995

Rechristened to Transformers & Rectifiers (India) Ltd.

1997

Expanded upto 110 kV Class transformers at the new plant at Changodar, Ahmedabad

Manufactured transformers 2000 • Manufactured transformers 100 MVA, 245 kV class upto 100 MVA, 245 kV class

TRIL Listed in both 2007 National Stock Exchange (NSE) & • Manufactured transformers upto 100 MVA, 245 kV class Bombay Stock Exchange (BSE)

2008

Crossed Turnover of INR 300 Crore

Best Supplier Award from GETCO 2009 • Manufactured transformers upto 100 MVA, 245 kV class

Development of 400kV Transformer

2010 • Manufactured transformers upto 100 MVA, 245 kV class

Commenced Production at Moraiya Plant

Crossed Turnover of Rs. 500 Cr.

Key Milestones

Entered into strategic alliance with Ukraine Company for 765 kV Class Transformer

2011 • Manufactured transformers upto 100 MVA, 245 kV class

Supply of 315 MVA 400 kV class transformer to State Utility

2012 • Manufactured transformers upto 100 MVA, 245 kV class

Successfully manufactured and tested 765kv class Transformer

2013

Awarded “Best under a Billion” company for The Region’s Top 200 SME Size Companies by FORBES ASIA

Development of 890kV Shunt Reactor

Crossed Turnover of Rs. 700 Cr.

2014 100 MVA, 245 kV class

Development of 75MVA, 115kV Green Transformer filled with Ester fluid

2015 • Manufactured transformers upto 100 MVA, 245 kV class

Entered into Technology License agreement with Fuji Electric Co. Ltd.

Received Order worth INR 400 Crore for Third Party Export

2015

Successful short circuit testing of 315 MVA, 400/220/33 kV 3 Phase auto transformers by KEMA Netherlands

2015

Developed and manufactured 70 MVA EAF Transformers for Iran

2016

New JV with Jiangsu Jingke Smart Electric Co. Ltd, PRC for manufacturing of Switchgears

Key Milestones

2016

Successfully commissioning of 1150 kV X’mer at PGCIL site

2017

Supplied 2x500 MVA, 400 KV Auto Transformers for Karnataka’s first highest rating installation

2017

Developed and Manufactured 132 MVA EAF Transformer for Mexico

2018

Export of highest rating Power Transformer of 250 MVA, 130KV to Russia.

2018

Successfully type tested OIP Bushing up to 145 KV

2018

Successfully executed 80 numbers of GREEN Transformers using natural ester fluid

2019

1. Developed and Manufactured 170 MVA EAF transformer for Gulf Countries

2. Received order for World’s first 50MVAr Reactor with Synthetic Ester Oil, From PGCIL

2022

1. Achieved Milestone of INR 1100+ Cr turnover including all time high Exports of INR 209 Cr.

2. First 500MVA/400KV Auto transformer supplied and commissioned in M.P.

Product Mix

Power Transformers

Shunt Reactors

Distribution Transformers

Furnace Transformers

Rectifier Transformers

Classification of transformers

Range

Types

Power Transformer

Upto 1200 kV class

Generator transformer, Unit Auxiliary transformers, Step up & Step down transformers, Interconnecting Auto transformers, Dual Voltage Primary or Secondary Three winding transformers

Shunt Reactor

Upto 765 kV class

Reactors upto 765 kV class

Distribution Transformers

160 kVA and above

Furnace Transformers

220MVA/101KA

Earthing transformers, Three winding transformers, Step up & Step down transformers, Dual voltage Primary or Secondary

Arc Furnace, Induction Furnace, Submerged Arc Furnace transformers

Laddle Arc Furnace and

Rectifier Transformers

90 KA DC

For DC power sources for Melt and Chemical Industries

STATE OF THE ART TESTING LAB FACILITY

INFRASTRUCTURE

1000 Sq. meter, 25 meter high test bay with shielding suitable for partial discharge measurements

Test Sources • 3000 kW 50/60 Hz Generator • 250kV Transformer for High Voltage

test

• 0-170kV Source Transformer for

losses measurement

• 1500 kW 200Hz Generator • 50 MVAr Capacitor Bank • 800kV Source Transformer

(provision to increase upto 100MVAr)

ISO 45001 : 2018

Competitive Strengths

In-house technical & design capabilities

 Design & engineering capabilities developed indigenously enabling the company to achieve greater

customization and cater to niche segments.

 Designs structured so as to minimize losses occurring within the transformer.

 Unique distinction of being approved by utilities for power transformers up to 765 kV class without any

external technological support. This becomes an entry barrier for new units.

Cost Advantage

 Installation of new machines (oven) has helped reduce cycle time to manufacture transformers.

 Backward integration providing timely & cost-effective access to critical raw material components.

 Manufacturing entire range of transformers including power generation, T&D, industrial and certain

special transformers.

Wide product portfolio and customer base

 One of the largest manufacturers of furnace transformers.

 Preferred supplier to many utilities & industrial companies in India.

 Exported transformers to countries such as USA, England, Canada, GCC., South Africa, Saudi Arabia,

Australia, West Africa & Indonesia.

Well positioned to move up the value chain

 Manufacturing customized transformers & providing requisite on-site and after-sales service support.

 Robust business model with revenues split almost equally between utilities & industries.

 Supported with strong technical collaboration with Fuji for 400/765 KV reactors and 400 Kv generator

transformer.

 KEMA, Netherlands BV, the world renowned short circuit testing laboratory, Successfully tested our 315

MVA, 400/220/33 kV, 3 phase auto transformer.

Growth Strategy

Further developing niche business segments of private players which offer better margins

Increasing market share in Furnace & Rectifier Transformers

Increasing its presence in International Markets

Optimal utilization of Manufacturing facilities

Maintaining a judicious mix of Generation, T & D and Industrial Transformers

Backward integration of products with higher markup

10

Q2 FY 2022-23 HIGHLIGHTS- STANDALONE

11

Revenue up by20%25%EBIDTA up by77%51%PBT up by235%186%PAT up by261%198%Q2FY2023H1FY2023FINANCIALS – STANDALONE

ISO 45001 : 2018

Q2 Q1 Q2 H1 H1 F Y FY 2022-23FY 2022-23FY 2021-22FY 2022-23FY 2021-222021-22Revenue from Operations30,984 27,771 25,803 58,756 47,122 112,898 Other Income245 204 145 449 431 1,246 Total Income31,229 27,975 25,948 59,204 47,553 114,144 ExpenditureCost of Raw Materials24,012 23,133 21,323 47,145 38,127 92,038 Employee Cost815 747 746 1,562 1,500 2,987 Finance Cost1,321 975 982 2,296 1,974 4,227 Depreciation366 362 389 728 797 1,531 Other Expenditure3,140 1,856 2,038 4,996 4,288 11,265 Total Expenses29,655 27,073 25,478 56,727 46,686 112,048 Profit Before Tax1,575 902 470 2,477 867 2,096 Less : Tax521 314 181 845 320 793 Add: Other Comprehensive Income3 4 4 7 7 (3) PAT after Comprehensive Income1,057 592 293 1,639 554 1,300 EBITDA3,262 2,239 1,841 5,501 3,639 7,854 EBITDA Margin10.44%8.00%7.09%9.29%7.65%6.88%PAT Margin3.4%2.1%1.1%2.8%1.2%1.14%Particulars (Rs. in Lakhs)FINANCIALS – ASSETS & LIABILITIES STANDALONE

ISO 45001 : 2018

Particulars (Rs. in Lakhs)As at 30th September 2022As at 31st March 2022Share Holders Fund 36,173 34,723 Long Term Borrowing 6,476 5,442 Other Non Current Liabilities 1,639 1,790 Short Term Borrowing 16,388 26,081 Current Liabilities 36,716 38,931 Current Tax Liabilities' (net) 781 401 Total Equity and Liabilities 98,172 107,368 Property, Plant & Equipment 14,029 14,383 Other Non Current Assets 4,635 4,543 Cash and Bank Balances 2,306 4,464 Other Current Assets 77,202 83,978 Total Assets 98,172 107,368 Q2 FY 2022-23 HIGHLIGHTS - CONSOLIDATED

14

Revenue up by15%21%EBIDTA up by58%44%PBT up by122%125%PAT up by121%122%Q2FY2023H1FY2023FINANCIALS - CONSOLIDATED

ISO 45001 : 2018

Q2 Q1 Q2 H1 H1 F Y FY 2022-23FY 2022-23FY 2021-22FY 2022-23FY 2021-222021-22Revenue from Operations30,746 28,193 26,712 58,939 48,411 116,174 Other Income180 163 145 343 417 985 Total Income30,926 28,356 26,857 59,282 48,828 117,159 ExpenditureCost of Raw Materials22,742 22,880 20,966 45,622 37,697 92,397 Employee Cost885 805 811 1,690 1,625 3,244 Finance Cost1,343 1,020 1,013 2,363 2,040 4,359 Depreciation416 409 432 825 881 1,699 Other Expenditure3,700 2,236 2,806 5,936 5,319 13,130 Total Expenses29,086 27,350 26,028 56,436 47,562 114,829 Profit Before Tax1,840 1,006 829 2,846 1,266 2,330 Less : Tax620 363 280 983 432 902 Add: Other Comprehensive Income3 4 4 7 7 (3) PAT after Comprehensive Income1,223 647 553 1,870 841 1,425 EBITDA3,599 2,435 2,274 6,034 4,187 8,388 EBITDA Margin11.64%8.59%8.47%10.18%8.57%7.16%PAT Margin4.0%2.3%2.1%3.2%1.7%1.22%Particulars (Rs. in Lakhs)FINANCIALS – ASSETS & LIABILITIES CONSOLIDATED

ISO 45001 : 2018

Particulars (Rs. in Lakhs)As at 30th September 2022As at 31st March 2022Share Holders Fund 38,236 36,327 Long Term Borrowing 6,663 5,553 Other Non Current Liabilities 1,733 1,870 Short Term Borrowing 16,941 26,775 Current Liabilities 38,700 39,911 Current Tax Liabilities' (net) 938 495 Total Equity and Liabilities 103,211 110,931 Property, Plant & Equipment 16,193 16,196 Other Non Current Assets 4,052 3,839 Cash and Bank Balances 2,938 4,638 Other Current Assets 80,028 86,258 Total Assets 103,211 110,931 OPERATIONAL PERFORMANCE

ISO 45001 : 2018

Sales MVA Upto 220kV Above 220kVSales Breakup -Customer SegmentUtilities (SEBs, Rail and Utilities etc.) 177 57%12950% 333 57% 240 51% 576 51%Industrial (incl. deemed export and renewables) 100 32%11545% 219 37% 168 36% 344 30%Exports 33 11%145% 36 6% 63 13% 209 19%Total 310 100% 258 100% 588 100% 471 100% 1,129 100%ParticularsFY 2021-22FY 2022-23FY 2021-22FY 2021-22Q2H1FY 2022-23143914133323105082229ParticularsFY 2021-22H1FY 2022-23Q2339845856585142488091In Crore%FY 2022-23FY 2021-22FY 2021-22In Crore%In Crore%In Crore%In Crore%FUTURE BUSINESS

Orders on Hand - Rs. 1476 Crs. as on 31st October, 2022.

Major Event during in Q2 2022-23.

Company have received order inflow of INR 331 Crs. during the Quarter.

Company has currently participated under bidding process of state utilities, central utilities, EPC’s, Private, TBCB tenders etc. for more than Rs. 9000 Crs.

ISO 45001 : 2018

OUTLOOK 2022-23

There are challenges with uncertainty due to tense situation in Russia – Ukraine Border, China – Taiwan Border, frequent changes in repo rate by RBI, depreciating rupee and increase in petroleum prices.

However with our continuous focus & efforts on existing customers to get repetitive business, gaining opportunities in new market / segment and improving margins at all level, we are optimistic to achieve a healthy growth in revenue during the year 2022-23.

REVENUE

Rs. 1250-1300 Crs.

EBITDA

Rs. 100-110 Crs.

PAT

Rs. 45-50 Crs.

ISO 45001 : 2018

An ISO 9001:2015, ISO 14001:2015 & ISO 45001 : 2018 CERTIFIED

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