Triveni Turbine Limited has informed the Exchange about Investor Presentation
8" Floor, Express Trade Towers, 15-16, Sector-16A, Noida - 201301, U.P.,
TRIVENI TURBINE LIMITED CORPORATE OFFICE India T.: +91 120 4308000 I F: +91 120 4311010-11 www.triveniturbines.com
Date: 2.11.2022
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E) Mumbai - 400 051
Scrip Code: 533655
Symbol: TRITURBINE
Dear Sirs,
Subject: Investors' brief for Q2 & Half year ended 30"" September 2022
We send herewith a copy of Investors' brief on the performance of the Company for the Quarter (02) and half year ended 30" September, 2022 for the financial year 2022-23 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
Encl: As above
Regd 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
Key Highlights*:
➢ Revenue from Operations for Q2 FY 23 at ₹ 2.93 billion, an increase of 41.9% y-o-y, an all-
time high on a quarterly basis
➢ EBITDA for the quarter at ₹ 664 million, up 39.2% y-o-y, with a margin of 22.7%
➢ PAT for the quarter at ₹ 463 million, an increase of 53.8% y-o-y#
➢ Highest ever quarterly order booking of ₹ 3.6 billion during Q2 FY 23
➢ Order booking of ₹ 7.19 billion during H1 FY 23, an increase of 23.9% y-o-y
➢ Record outstanding carry forward order book as on September 30, 2022 of ₹ 11.37 billion, an
increase of 37.3% y-o-y
➢ Investments including Cash at ₹ 7.83 billion, an increase of 4.3% from March 31, 2022
➢ The Board of Directors of the Company, subject to approval of shareholders, has approved a
proposal to buy back from equity shareholders of the Company upto 5,428,571 equity shares
at a price of ₹ 350 per equity share for an aggregate amount not exceeding ₹ 190 crore,
through tender offer on proportionate basis in accordance with the provisions of SEBI (Buy
Back of Securities) Regulations, 2018 and Companies Act, 2013
* For Q2 and H1 FY 23 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
# Adjusting for exceptional income in Q2 FY 22 and share of loss from erstwhile Joint Venture (JV) i.e. TESL in Q2 FY 22
NOIDA, November 2, 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; a dominant
player in industrial steam turbines up to 30 MW in India and also among the leading manufacturers of
industrial steam turbines in >5 to 30 MW range globally*, today announced the performance for the
second quarter and half year ended September 30, 2022 (Q2/ H1 FY 23).
Source: *McCoy Reports
PERFORMANCE OVERVIEW (Consolidated):
Apr 2022 – Sep 2022 v/s Apr 2021 - Sep 2021 (H1 FY 23 v/s H1 FY 22)
• Revenue from Operations at ₹ 5.52 billion in H1 FY 23 as against ₹ 3.91 billion in H1 FY 22, an
increase of 41.4%.
• EBITDA of ₹ 1.23 billion in H1 FY 23 as against ₹ 891 million in H1 FY 22, an increase of 37.6%
• Profit before Tax (PBT) before exceptional items and share of loss from JV at ₹ 1.12 billion in H1
FY 23 as against ₹ 787 million in H1 FY 22, an increase of 42.4%
• Profit after tax (PAT) adjusting for exceptional items and share of loss from JV at ₹ 847 million in
H1 FY 23 as against ₹ 574 million in H1 FY 22, an increase of 47.5%
• EPS for H1 FY 23 at ₹ 2.61 per share
Jul 2022 – Sep 2022 v/s Jul 2021 - Sep 2021 (Q2 FY 23 v/s Q2 FY 22)
• Revenue from Operations at ₹ 2.93 billion in Q2 FY 23 as against ₹ 2.07 billion in Q2 FY 22, an
increase of 41.9%.
• EBITDA of ₹ 664 million in Q2 FY 23 as against ₹ 477 million in Q2 FY 22, an increase of 39.2%
• EBITDA margin of 22.7% in Q2 FY 23 as against 23.1% in Q2 FY 22, a margin compression of ~40
bps
• Profit before Tax (PBT) before exceptional items and share of loss from JV at ₹ 614 million in Q2
FY 23 as against ₹ 426 million in Q2 FY 22, an increase of 44.1%
• Profit after tax (PAT) adjusting for exceptional items and share of loss from JV at ₹ 463 million in
Q2 FY 23 as against ₹ 301 million in Q2 FY 22, an increase of 53.8%
• EPS for Q2 FY 23 at ₹ 1.43 per share
Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M.
Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said:
“The performance of the Company during the quarter under review has been impressive with
turnover and profitability growing 41.9% and 53.8% respectively when compared to
corresponding quarter last year. The Company is well on track for a strong multi-year growth
trajectory aided by positive momentum in its addressable markets, ably supported by focused
business strategy and execution.
Order booking which is a harbinger for future operational and financial performance has been
growing successively and touching new highs quarter after quarter. In the quarter under review,
order booking was over ₹ 3.61 billion with export order booking more than doubling as compared
to last year.
At the half year mark, order booking in H1 FY 23 reached ₹ 7.19 billion, growing a healthy 23.9%
over the last year. Notably export contribution has increased to 39.5% and order booking for the
aftermarket segment has also shown solid growth of 44.7% over the last year, reaching ₹ 1.90
billion in H1 FY 23. A higher contribution from exports bodes well for the Company as it enhances
international market share and the strong growth in aftermarket business helps enhance lifetime
customer value. Both of these also contribute positively to the margin profile of the Company,
which is an added bonus.
In the product segment, we are witnessing higher enquiries especially from international markets
such as Southeast Asia, Europe, West Asia, North America. Among industry segments, process
industries led to the higher enquiry base followed by Independent Power Producers (IPP) segment.
The ongoing global energy crisis is also likely to hasten the energy transition through renewable
sources and methods, thereby providing immense opportunities for companies like ours. The
Company is also actively strengthening its product portfolio in the domestic and international API
markets. This includes energy efficient drive turbines with single stage and multi-stage designs.
On the aftermarket side, the Company continues to drive growth across the three sub-segments
of refurbishment, spares and service. In the traditional business, efficiency enhancements and
upgrades have significantly contributed to both international and domestic market orders. In the
newer forays, we have previously announced acquisition of 70% stake in TSE Engineering which
has yielded good results in a short period of time in the form of large services contract in the
South African Development Community (SADC) region apart from enhancing our on-ground
presence. The Company continues to develop references in this new segment of servicing large
utility steam turbines which is expected to generate further business for spares and refurbishment.
With strong focus in enquiry generation and aggressive coverage plans, both in domestic and
international markets, we expect to convert large opportunities in the imminent future.”
Q2/H1 FY 23: PERFORMANCE REVIEW
Triveni Turbine Limited (TTL) is a focused and growing corporation having core competency in the
area of steam turbines manufacturing up to 100 MW size; a dominant player in industrial steam
turbines up to 30 MW in India and also among the leading manufacturers of industrial steam turbines
in >5 to 30 MW range globally. 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 subsidiaries, 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 March 1, 2022.
Performance Summary (Consolidated*) (All figures in ₹ million, unless otherwise mentioned)
%
Q2 FY 23 Q2 FY 22
Revenue from Operations EBITDA EBITDA Margin Depreciation & Amortisation PBIT PBIT Margin Finance Cost PBT PBT Margin Exceptional Items Share of loss from Joint Venture (JV) PBT after exceptional items and share of JV Consolidated PAT Consolidated PAT adjusting for exceptional items and share of loss from JV Consolidated PAT Margin (after adjusting for exceptional items and share of loss from JV) EPS (₹/share) EPS (₹/share) without exceptional items and share of loss from JV
Change H1 FY 23 H1 FY 22 5,520 41.9% 1,226 39.2% 22.2% 100 1,126 20.4% 4 1,121 20.3%
44.1%
44.3%
3,905 891 22.8% 100 790 20.2% 4 787 20.2% 1,982 (41) 2,726 2,015
(73.3%)
1,121 847
% Change 41.4% 37.6%
42.5%
42.4%
(58.0%)
2,065 477 23.1% 51 427 20.7% 1 426 20.6% 1,982 (45) 2,361 1,738
301
53.8%
847
574
47.5%
2,930 664 22.7% 49 616 21.0% 2 614 21.0%
614 463
463
15.8% 1.43
14.6% 5.37
15.3% 2.61
14.7% 6.23
1.43
0.93
2.61
1.77
* TESL & TSE have been consolidated on a line-by-line basis w.e.f. September 6, 2021 and March 1, 2022 respectively after becoming subsidiaries of the Company. Further, TESL ceased to be a joint venture with effect from September 6, 2021 thus Q2/H1 FY22 results also included share of loss of the JV up to that date
• During the quarter under review, revenue from operations grew by 42% as compared to previous
year, with domestic sales showing an increase of 17% to ₹ 1.64 billion while the export turnover
increased by 93% to ₹ 1.29 billion, driven by the Company success in international markets both in
<30 and 30.1-100 MW segments and the post-pandemic increase in economic activity.
• As a result, the mix of domestic and export sales changed to 56:44 in Q2 FY 23 as compared to 68:32
in Q2 FY 22.
• EBITDA increased by 39% to ₹ 664 million in Q2 FY 23 as against ₹ 477 million in Q2 FY 22. EBITDA
margins declined by ~40 bps to 22.7% in Q2 FY 23 as against 23.1% in Q2 FY 22.
• Profit After Tax (adjusted for exceptional items and share of loss from JV) grew 53.8% y-o-y to ₹ 463
million during the quarter.
• The Company achieved yet another quarterly high in total order booking, of ₹ 3.61 billion in Q2 FY 23
as against ₹ 3.07 billion during Q2 FY 22, an increase of 18%.
• The domestic order booking during the quarter was ₹ 1.82 billion, lower by 19% as compared to last
year.
• The export order booking during the quarter was ₹ 1.78 billion and has more than doubled as compared
to last year, driven by the substantial increase in international orders in both products and aftermarket.
• On the Product side, order booking during the quarter was ₹ 2.72 billion, which was higher by 17%
when compared with the corresponding period of previous year. This is the sixth consecutive quarter
of the Company clocking over ₹ 2 billion in a quarter in product order booking. The product segment
turnover was ₹ 2.23 billion during the quarter, an increase of 48% over previous year.
• Aftermarket segment registered order booking of ₹ 886 million during the quarter, growing by 18%
when compared with the corresponding period of previous year. The aftermarket turnover was ₹ 700
million during the quarter, a growth of 25% over previous year.
• Aftermarket contributed to 24% of the total turnover in Q2 FY 23 vs. 27% in Q2 FY 22.
• Total consolidated outstanding order book stood at ₹ 11.37 billion as on Sep 30, 2022 which is higher
by 37% when compared to the previous year. The domestic outstanding order book stood at ₹ 6.46
billion. The export outstanding order book has grown more than 100% over the corresponding period
in the last year and stood at ₹ 4.91 billion as on Sep 30, 2022, contributing to 43% of the closing order
book.
OUTLOOK
The addressable market for the Company’s products has registered strong growth in H1 FY 23 as
compared to H1 FY 22 especially in the Sub 30 MW segment, driven by a strong economic rebound
after the Covid‐19 pandemic in 2021. The growth trends are being witnessed across a broad range of
sectors with a sharp focus on decarbonization driven by climate policies and net zero commitments.
Our enquiry pipeline for both products and aftermarket reflect the pressing need globally for efficient
power generation especially in the current global energy crisis. There is increasing demand for district
heating systems in cold countries, which is another area where we see great potential on the strength
of our ability to provide competitive steam turbine solutions for district heating. On the whole, we are
well placed to meet growing demand across a variety of sectors with our portfolio of efficient products
ranging from 3 MW to 100 MW.
The Company is at the forefront of innovating and leading energy transition and is working with
premier Indian educational institutes, such as Indian Institute of Science (IISc), towards development
of emerging technologies. We believe these will lead to variety of marine and industrial applications
for cooling, heating and power needs including recovery of waste heat.
We remain excited with recent initiatives by the Company to increase its portfolio of offerings in the
aftermarket segment such as service, refurbishment of large utility turbines and other rotating
equipment which opens up new avenues of growth for the future.
The Company is aiming for sustainable growth and our strategic and innovation efforts are crafted to
address the same.
Summary of Consolidated Order book
(All figures in ₹ million, unless otherwise mentioned)
Particulars
Consolidated
Opening Order Book Q2 FY 23 Q2 FY 22 % Var H1 FY 23 H1 FY 22 % Var
Domestic
Exports
TOTAL
Mix of Exports
Product
After market
Total
6,280
4,412
4,994
2,286
26%
93%
5,383
4,320
10,692
7,280
47%
9,703
41%
8,831
1,861
31%
5,894
1,386
50%
34%
45%
8,181
1,522
4,229
2,161
6,389
34%
5,057
1,332
27%
100%
52%
62%
14%
10,692
7,280
47%
9,703
6,389
52%
Mix of After market
17%
19%
16%
21%
1,824
1,783
3,607
49%
2,721
886
3,607
25%
1,641
1,289
2,930
44%
2,229
700
2,930
24%
6,463
4,906
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
2,252
817
3,069
27%
2,316
753
-19%
118%
18%
17%
18%
4,345
2,841
7,186
40%
5,285
1,902
4,249
1,551
2%
83%
5,800
24%
27%
4,486
1,314
18%
45%
3,069
18%
7,186
5,800
24%
25%
1,397
668
26%
23%
17%
93%
3,266
2,255
2,629
1,276
24%
77%
2,065
42%
5,520
3,905
41%
32%
1,506
559
48%
25%
41%
4,143
1,377
33%
2,839
1,066
46%
29%
2,065
42%
5,520
3,905
41%
27%
5,849
2,435
11,369
8,284
43%
9,323
2,047
29%
6,704
1,580
25%
27%
11%
101%
37%
6,463
4,906
5,849
2,435
11,369
8,284
39%
30%
43%
9,323
2,047
29%
6,704
1,580
11%
101%
37%
39%
30%
Mix of After market
18%
19%
18%
19%
11,369
8,284
37%
11,369
8,284
37%
About Triveni Turbine Limited
Triveni Turbine Limited (TTL) is a focused and growing corporation having core competency in the area of
industrial steam turbines designing and manufacturing up to 100 MW size. The Company is a dominant player
in industrial steam turbines up to 30 MW in India and also among the leading manufacturers of industrial steam
turbines in >5 to 30 MW range globally. The Company delivers robust, reliable and efficient end-to-end solutions.
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.
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 75 countries around the
world. It was demerged from its parent Company, Triveni Engineering and Industries Limited (TEIL) which held
21.85% equity capital of TTL from 2010 until recently. On September 21, 2022 TEIL has fully divested its stake
in TTL.
Triveni Turbine Limited offers steam turbine solutions for Industrial Captive and Renewable Power. The Company
provides renewable power solutions specifically for Biomass, Independent Power Producers, Process Co-
generation, Waste-to-Energy, Waste Heat Recovery and District Heating. Its steam turbines are used in diverse
industries, ranging from Sugar, Distilleries, Steel, Cement, Textiles, Chemicals, 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 and other rotating equipments such as compressors, rotors, etc. of other makes supported by
its team of highly experienced and qualified service engineers.
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 66451237/66451235 Fax: +91 22 66451213 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.- 201 305 Corp. Office : 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P- 201 301 CIN · L29110UP1995PLC041834
Statement of standalone unaudited financial results for quarter and six months ended September 30, 2022
Particulars
1. Revenue from operations 2. Other in come Total income
3. Expenses
(a) Cost of materials consumed (b ) C h an ges in in ventories of finished good san d w ork -in -pr ogress (c) Employee benefits expense (d) Finance cnsts (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
S. Profit from continuing operations after tax 9. Profit/(loss) from discontinued operations 10. Tax expense of discontinued operations
11.Profit/ (loss) fromd iscontinued 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 lax relating to items that will not be reclassified to profit or loss
B. (i) Items that w ill 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 1 /-) 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
Quarter ended
June 30, 2022
( in lakhs, except per share data)
Six Months ended
Year ended
September September September March 31,
30, 2021
30, 2022
30, 2021
Unaudited Unaudited Unaudited Unaudited 36,862 1,281 38,143
50,310 1,705 52,015
18,639 737 19,376
24,455 683 25,138
September 30, 2022 Unaudited 25,855 1,022 26,877
2022 Audited
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 (SO) 9,023 24,950 - - - 24,950
(37) 9 90 (22) 40 24,990 3,233 73,886
7.72 7.72
16,717 (1,370) 2,660 19 457 4,098 22,581
4,296 - 4,296
1,090 9 1,099 3,197 - - - 3,197
- -
8 (2)
6 3,203 3,233
14,355 (180) 2,503 23 470 3,685 20,856
4,282 - 4,282
1,086 8 1,094 3,188 - - - 3,188
-
(416) 105 (311) 2,877 3,233
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 16,706 3,233
31,072 (1,550) 5,163 42 927 7,783 43,437
8,578 - 8,578
2,176 17 2,193 6,385 - - - 6,385
(408) 103 (305) 6,080 3,233
18,087 1,824 4,426 35 994 5,593 30,959
7,184 18,890 26,074
7,121 (188) 6,933 19,141 - - - 19,141
- -
84 (21) 63 19,204 3,233
0.99 0.99
0.99 0.99
5.14 5.14
1.98 1.98
5.92 5.92
TRIVENI TURBINE LIMITED
Statement of standalone assets and liabilities
Particu lars
ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Intangible assets In tan gible assets un d er development Investments in subsidiaries
Financial assets i. Other financial assets
Oth er non-curr en t assets Income tax assets (net)
Total non -cu rren t assets
C u rr en t assets
Inventories Financial assets i. In vestments ii. Trad e rec eivab les iii. Cash an d cash equ ivalen ts iv. Bank balances othe r than cash an d cash equivalents
\'. Loans
vi. Other finan c ial assets
Oth er cu rrent assets Total current assets TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY Equity share capital Other equity Total equity
LIABILITIES
Financial liabilities i. Lease liabi litie s Provisions Deferred tax liabilities (net) Total non -cu rr en t liab ilities
Current liabilities Financial liabilities i. Borrowings
ii. Lease lia bilitie s iii. Trade payables
a) Total outstanding dues of micro enterprises and small enterprises ) Total outstanding dues of creditors other than micro enterprises and small enterprises
iv. Other financial liabi li ties Other current liabilities
Provision s Income tax liabilities (net) Total current liabilities Total liabilities TOTAL EQUITY AND LIABJLITIES
( in lakhs)
As at September 30, 2022
Asat March 31, 2022
Unaudited
Audited
24,910 280 451 12 1,785
92 44 647 28,221
19,119
43,384 7,886 431 22,620 2 835 4,243 98,520 126,741
3,233 74,957 78,190
140 576 357 1,073
. 47
2,301
9,185
2,190 30,932 1,492 1,331 47,478 48,551 126,741
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
TRIVENI TURBINE LIMITED Statement of standalone cash flows
Particulars
(tin lakhs)
Six month ended
September 30, 2022
(Unaudited)
September 30, 2021
(U n au d ited )
Cash flow s from op eratin g activities Profit before tax A djustmen ts for
Depreciation and amorti sation expenses Loss/(profit) on sale/ write oif of property, plant and equipment Net profit on sale/ redemption of current investments Net fair value gains on current investment, Interest income Provision for doubtful advances Allowance for non moving inventories Imp airment loss on fin an ci al assets (in cluding reversal s of impairmen t losses)
Finance costs Unrealised foreign exchange (gains)/ losses Credit balances written back Mark-to-market (gains)/losses on derivatives
Workin g cap ital ad justments :
Chan ge in in ventories Chan ge in trad e receivables Change in other financial assets C han ge in other assets Change in trade payables Change in other financial liabilities Change in other liabilities Change in provisions
C ash gen erated from op erations Income tax paid (net of refunds) N et cash in flow from op eratin g activities
Cash flows from investing activities Purchase of property, plant and equipment N et increase in curren t in vestment Purchase of equity sh ares in su bsidiary Investment in deposits with Financial Investment in bank dep osits In terest rec eived
in stitu tions
N et cash ou tflow from in vestin g activities
C ash flow s from finan ci n g activities
Repayment of long term borrowings Payment of princi p al portion of lease liab ilities Interest paid on lease liabilities In terest paid Divid end paid to Company's sharehold ers
N et cash outflow from fin an ci n g activities
N et (dec rease)/ increase in cash an d cash eq u ivalents Cash and cash eq u ivalents at th e beginni ng of the year
C as h an d cash eq u ivalen ts al th e en d of th e year
Recon ciliation of liab ilities arisin g from fin an ci n g activities:
8,578
927 - (338) (506) (728) -
53 62 42 (48) - (48)
(3,842) 1,324 867 (847) 987
(549) 2,584 142
8,660 (2,449)
6,211
(1,545) 3,992 - (1,725) (2,577) 479
(1,376)
- (16) (9) (33) (5,011)
(5,069)
(234) 665
431
26,074
994 22 (268) (452) (283) 18 1,032 39 35 (65) (114) 104
1,162 (1,987) (5,254) 625 698 477 7,236 (147
29,946
(3,900)
26,046
(403) (15,236) .(800) (1,200) (7,976) 164
(25,451)
(11) (22) (12) (24) fl\ (70)
525 1,291
1,816
Balance as at April 1, 2021 C ash flows
Finance costs accruals Divided distributions Balance as at September 30, 2021 Balance as al April 1, 2022 Cash flows Finance costs accruals Divided distributions Balance as at September 30, 2022
Lease liab ilities
N on -cu rr en t borr ow in gs (in cl u d in g cu rren t matu rities)
In terest p ayab le on borrow in gs
D ivid en d p aid to C omp an y's sh areh old ers
248
(34)
11
225
202 (23) 9
187
96
(12)
84 - - - - -
1 (23)
23 - 1
- (33) 33
- -
11
(1)
3,880
3,889
12 5,010 - (5,011)
11
TRIVENI TURBINE LIMITED
Notes to the standalone unaudited financial results for the quarter and six months ended September 30, 2022
1. The Company primarily operates in a single reportable segment - Power Generating Equipment and Solutions.
2. The Board of Directors of the Company, subject to approval of shareholders, has approved a proposal to buy back from equity shareholders of the Company upto 5,428,571 equity shares at a price of ~ 350 per equity share for an aggregate amount not exceeding 190 crores, through tender offer on proportionate basis in accordance with the provisions of SEBI (Buy back of Securities) Regulations, 2018 and Companies Act,
2013.
3. The Company had declared fin.ii dividend @ 85% (i.e.
0.85 per equity share oft 1 each) and special dividend @ 70% (i.e. 0.70 per equity share of z 1 each) aggregating to 5,011 lakhs for the year ended March 31, 2022, which has been approved in the annual general meeting of the Company held on August 24, 2022 and the same has been paid to the shareholders during the quarter.
4. Exceptional items as shown in comparative period for the quarter and six months ended September 30, 2021 and year ended March 31, 2022, received by the Company from DI represents settlement consideration of (formerly known as GE Triveni Netherlands BV (DI), the erstwhile joint venture partner in the Triveni Energy Solutions Limited (TESL) Limited) in accordance with the Settlement Agreement between the Company and General Electric Company and its affiliates including DI, to fully and finally settle and resolve and withdraw all ongoing disputes, litigations and arbitrations from various legal forum.
18,890 lakhs (net of associated expense of
1,910 lakhs)
5. The above unaudited standalone financial results of the Company for the quarter and six months ended September 30, 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 meeting held on November 2,2022. The Statutory Auditors have carried out limited review of the above financial results.
6. Previous period/year figures have been re-grouped/ reclassified wherever necessary, to match current period classification
Place : Noida (U.P) Date : November 02, 2022
,.-- ---«UR8s
For Triveni Turbine Limited
\ D»\j.6, <
-
_
Dhruv M. Sawhney Chairman & Managing Director
TRIVENI TURBINE LlMITED 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 - 201 301 CIN · L29110UP1995PLC041834
Statement of consolidate d unaudited financial results for the quarter and six months ended September 30, 2022
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 expense (f) Other expenses ( refer note 4)
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 joinI venture (refer note 6 ] 6. Profit from continuing operations before exceptional items and tax 7. Exceptional items (refer note 5 and 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/(loss) from discontinued operations 12. Tax expense of discontinued operations I3, 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) ltems that will not be reclassified to profit or loss [refer note 6]
(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 - N on-c ontrolling interest
16. Total comprehensive income for the period/vear Total comprehensive income attributable to: - Owners of the parent - Non-controlling interest
17. Paid up equity share capital (face value 1/-) 18. Other equity
1/ - each (for continuing and total operations)
19. Earnings per share of (not annualised)
(a) Basic (in ) (b) Diluted (in )
See accompanying notes to the consolidated financial results
Quarter ended
September 30, 2022 Unaudited 29,297 1,077 30,374
June 30, 2022 Unaudited 25,904 745 26,649
17,021 (1.404) 3,076 18 487 5,03S 24,236
14,358 186 2,906 24 513 3,587 21,574
6,138 - 6,138 - 6,138
1,446 60 1,506
4,632 - - - 4,632
4,621 11
- - 102 2) 100
109 (9) 4,732
4,730 2
3,233
5,075 - 5,075 - 5,075
1,229 13 1,242 3,833 - - - 3,833
3.825 8
- - (265) 105 (160)
(143) {1 7)
3,673
3,682 19\
3,233
( in lakhs, except per share data) Year ended Six Months ended September September September March 31,
30, 2021 30, 2022 30, 2021 Unaudited Unaudited Unaudited 39,052 1,337 40,389
20,646 782 21,428
55,201 1,822 57,023
8,070 3,406 2,471 14 505 2,707 17,173
4,255
(463) 3,792 19,819 23,611
6,779 1544) 6,235 17,376 - - - 17,376
17,376 -
1,907 - 115 (33) 1,989
1,989 - 19,365
19,365 - 3,233
31,379 (1,218) 5,982 42 1,000 8,625 45,810
11,213
- 11,213 - 11,213
2,675 73 2,748 8,465 - - - 8,465
8,446 19
- (163) 103 (60)
(34) 126\ 8,405
8,412 l7l
3,233
15,985 5,483 4,822 35 1,003 5,194 32,522
7,867
(424) 7,443 19,819 27,262
7,660 1549) 7,111 20,151 - - - 2.0,151
20,151 -
1,907 - 100 (21) 1,986
1,986 - 22,137
22,137 - 3,233
2022 Audited
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
2.7,019 1
1,870 9 127 (22) 1,984
1,993 19) 29,004
29,012 18\
3,233 82,424
1.43 1.43
1.18 1.18
5.37 5.37
2.61 2.61
6.23 6.23
8.36 8.36
TRIVENI TURBINE LIMITED
Statement uf consolidated assets and liabilities
Particulars
ASSETS N on -cu rren t assets Property, plant and equipment
Capi tal work-in-progress
Goodwill Intangible assets Intangible assets under development
Financial asse ts i. Other financial assets Other non-current assets Income tax assets (net) Total non-current assets
C urr en t assets
In ven tories
Financial assets i. In vestments ii. Trade receivables iii. Cash and cash equivalents
iv. Bank balances other than cash and cash equ ivalents
v. Loans
\'i. Other financial assets
Oth er current assets Tota I current assets TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY
Equity share capi tal Other equity N on con trollin g in terest Total equity
LIABILITIES Non-current liabilities Financial lia bilitie s i. Lease liabilities Provisions Deferred tax liabilities (net) Total non-current liabilities
C u rren t liab ilities
Fi nancial liabi lities i. Borrowings ii. Lease liabilities
iii. Trade payabl es
a) Total ou tstan d ing dues of mi cro en terp ri ses and small en terp rises b) Total ou tstan d in g dues of creditors oth er than micro enterprises and small enterprises iv. Other financial liabilities Other current liabilities
Provisions ln,·omc lax liabilities (net)
Tola) cu rren t liab ilities Total liabilities TOTAL EQUITYAND LIABILITIES
( in lakhs)
As at September 30, 2022
As at March 31, 2022
Unaudited
Audited
25,585 280 387 598 12
92 44 881 27,879
19,626
47,727 9,305 2,020 28,515 2 1,321 4,835 113,351 141,230
3,233 85,773 75 89,081
140 789 309 1,238
11 47
2,379
9,817
2,401 32,941 1,811 1,504 50,911 52,149 141,230
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
T RlVENI T URBINE LIM ITED Statement of consolidated cash flows
Particulars
Cash Ouws from operating activities Profit before tax Adjustments for
Share of net loss of joint vent ure accounted for using the equity method G."lin on previ ously held interest in juinl vent ure [refer 8(ii)] Depreciation and amortisation ex penses Loss on sale/write off of property, plant and equipment Ncl profit on salc/n,,kmption of current investments N et fair value gains on current investments Interest income Provision for doubtful advances J\llnw ancc for non moving inventorite>S Impairment loss on financial assets (including reversals of impairment losses) Finance costs UnrcaliSt?d foreign ec hange (gains) Credit b.., lances written back Ma rk-to-market (gains)/ losse s on derivatives
Working capital adj us tments :
Ch.mgt.? in inventories Change in trade receivables Change in other financial assets Change in other asset s Change in trade payables Change in other financial liabilities Change in other liabilities Change in provisions C.uh generated from operations Income tapaid (net of refunds) Nel cash inflow from operating activities
Cash flow s from investing ;,ctivities Purchase of propert y, plant and equipment Net increase in current investment Purchase of equity sh.:sn:.s in subsidiary investment in deposits with financi al institutions Investme nt in bank deposits lntcrL>st rn:dved Net cash outflow frum in\•a::sting activities
Cash flows from financing acti vities Repayment of long term borrowings Pay ment of principal portion ot lease liabilities Interest paid on lease liabilities lnll'rL'SI paid Dividend paid to Company's sha reholders Net cash outflow from financing activities
Increase in cash and cash equivalents due to foreign exchange variation Net (decrease)/ increase in cash and cash equivalents Ca:-.h and cash equivalents at the beginnins of the year ash and cash equivalents acquired in business combinati on [reter note M(ii)] Cash and co1sh cquiv.ilcnts at the end of the :year
Reconciliation of li.1bilities .irising from financing activities:
(& in lakhs )
Six month ended
September 30, 2022 (Unouditedl
September 30, 2021 (Unaudited)
ll,213
27,262
- 1,000
(338) (S8U) (819) l 52 10 42 (49) (4) (48)
(3,590) 727 433 (566) 1,469 (598) 2,978 135 11,468 (2,882)
8,586
(2,131) 2.670
(1,725) (4,296) 57R (4,904)
(2) (18) (9) (33) (5,011) (5 ,0 7 3 )
157 (1,23) 3,254
2,020
424 (561) 1,003
22
(268) (452) (2.86) 18 1,032 86 35 (92) (482) 104
4,819 (4,469) (5,246) 855 769 339 7,727 (92)
.
32,547 H,111)
28,436
(403) (16,236) (800) (1,200) (9,576) 167 (28,048)
(1 2) (24) (11) (24) Ill (7 2)
(15) 301 3,705 2,225 6,231
Ila lance as at April 1, 2021
flows
Cash Finance costs acc ruals Divided di!-tributions. Balance as at Septe mber 30, 2021
Balo nee as at April 1, 2022
Cash flows Finance costs acc ruals Nonca sh movement (addit ion/ disposal) Divided distributions
Balance as at September 30, 2022
Lease Liab ilities
Non.,currcnt bonowings (including current maturities)
Interest payab le on borrow ings
Dividen d paid lo Compan y's shareholders
265 (42)
11
234 203
(25)
9
18i
96 (12)
- 84
15
(4)
11
1 (24)
24 - l
(33) 33
-
11 (2)
3,880
3,88 9
12
(5,011) - - 5,010
11
TRIVENI TURBINE LIMITED
Notes to the consolidated unaudited financial results for the quarter and six months ended September 30, 2022
1. The Company and its subsidiaries (together referred lo as the 'Group') primarily operate in a single reportable segment - Power Generating
Equipment and Solutions.
2. The Board of Directors of the Company, subject to approval of shareholders, has approved a proposal to buy back from equity shareholders of the Company upto 5,428,571 equity shares at a price of t 350 per equity share for an aggregate amount not exceeding 190 crores, through tender offer on proportionate basis in accordance with the provisions of SEBI (Buy back of Securities) Regulations, 2018 and Companies Act,
2013.
3. The Company had declared final dividend @ 85'½, (i.e. t 0.85 per equity share of, 1 each) and special dividend @ 70% (i.e. 0.70 per equity share of t 1 each) aggregating to 5,011 lakhs for the year ended March 31, 2022, which has been approved in the annual general meeting of the Company held on August 24, 2022 and the same has been paid lo the shareholders during the quarter.
4. Other expense includes subcontracting charges of
1,343 lakhs for the quarter and six months ended September 30, 2022 respectively towards execution of maintenance and overhauling contract for large utility turbines inSouth African Development Community (SADC) region by its subsidiary. Accordingly, other expense for the quarter and six months ended September 30, 2022 is not comparable with its prior period financial results.
1,136 lakhs and
5. Exceptional items as shown in comparative period for the quarter and six months ended September 30, 2021 and for the year ended March 31, 1,542 lakhs) and gain on 2022, represents sum of settlement consideration received of previously held interest in Triveni Energy Solutions Limited (TESL) (formerly known as GE Triveni Limited) of 561 lakhs accounted in accordance with Ind AS 103. Such consideration was received by the Company from DI Netherlands BV (DI) , the erstwhile joint venture partner in TES L in accordance with the Settlement Agreement between the Company and General Electric Company and its affiliates including DI, to fully and finally settle and resolve and withdraw all ongoing disputes, litigations and arbitrations from various legal forum. Refer note 6 for further details.
19,258 lakhs (net of associated expense of
6. TESL was a joint venture till September 6, 2021, the remaining shares were acquired by the Company on aforesaid date. The Company had z424 lakhs during the previous year ended March 31, 2022. This acquisition in TESL had been recognised its share of loss in TESL of accounted by the Group as Business combination according to Ind AS 103 and recognised bargain purchase gain of 1,907 lakhs in capital reserve through Other Comprehensive Income and gain on previously held interest in TESL amounting to z 561 lakhs in profit and loss as exceptional item in the previous year ended March 31, 2022.
7. The unaudited standalone results of the Company are available on the Company's website (yw.triyeniturbines.com), website of BSE (ww,v.bscindia.com) and NSE (www.nseindia.com). Summarised standalone financial performance of the Parent Company is as under:
( in lakhs)
Particulars
Revenue from operations Profit before lax Net profit after tax Tota l comprehensive income
September 30, 2022 Unaudited 25,855
Quarter ended June 30, 2022 Unaudited 24,455
September 30. 2021 Unaudited 18,639
September 30 2022 Unaudited 50,310
4,296
3,197
3,203
4,282
3,188
2,877
22,663 16,607 16,706
8,578
6,385
6,080
Six Month Ended
Year ended September March 31,
30 2021 Unaudited 36,862
26,074 19,141 19,204
2022 Audited
81,137
33,973 24,950 24,990
S. The ~bove unaudited consolidated financial results of the Company for the quarter and six months ended September 30, 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 November 2,2022. The Statutory Auditors have carried out limited review of the above financial results.
9. Previous period/year figures have been re-grouped/ reclassified wherever necessary, to match current period classification
Place : Noida (U.P) Date : November 02, 2022
For Triveni Turbine Limited
Dhruv M. Sawhney Chairman & Managing Director