TRITURBINENSE16 May 2023

Triveni Turbine Limited has informed the Exchange about Investor Presentation

Triveni Turbine Limited

SE a = Piven TURBINES

TRIVENI TURBINE LIMITED CORPORATE OFFICE 8" Floor, Express Trade Towers, 15-16, Sector-16A, Noida - 201301, U.P, India F : +91 120 4311010-11 www.triveniturbines.com

T: +91 120 4308000 |

REF:TTL:SE:

Date: 16" May 2023

BSE Limited Department of Corporate Services, Rotunda Building, P.J. Tower, Dalal Street, Fort, MUMBAI - 400 001 Thru: BSE Listing Centre

National Stock Exchange of India Ltd., Listing Department Exchange Plaza, 5" Floor, Bandra-Kurla Complex, Bandra (E), MUMBAI - 400 051 Thru: NEAPS

STOCK CODE: 533655

Sub:

Investor's brief for Quarter 4 & 12M FY 2023 ended March 31, 2023

STOCK CODE: TRITURBINE

Dear Sir/ Madam,

We send herewith a copy of Investors’ brief on the performance of the Company for the Q4 & 12M FY 2023 ended March 31, 2023 for your information. The same has also been placed on the website of the Company i.e. www.triveniturbines.com

You are requested to take the above on record.

Thanking you,

Yours faithfully, For Triveni Turbine Ltd.

Pe, ov

ovum, taleoes

Rajiv Sawhney Company Secretary M.No.8047

Enc: As above

Regd Office : A-44, Hosiery Complex, Phase-Il 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*:

➢ Highest ever annual Revenue, EBITDA and Order Booking along with a record Closing Order

Book providing visibility for FY 24

➢ Highest ever Revenue for FY 23 at ₹ 12.48 billion, an increase of 46.4% y-o-y

➢ Highest ever EBITDA for the year at ₹ 2.76 billion, up 43.9% y-o-y, with a margin of 22.2%

➢ PAT for the year at ₹ 1.93 billion, an increase of 57.7% y-o-y #

➢ Highest ever annual order booking of ₹ 16.05 billion during FY 23, an increase of 35.6% y-o-y

➢ Record outstanding carry forward order book as on March 31, 2023 of ₹ 13.28 billion, an

increase of 36.9% y-o-y

➢ During FY 23, the Company has completed the buyback of shares for an aggregate

consideration of ₹ 1.90 billion and paid dividend of ₹ 0.50 billion

➢ Investments including Cash at ₹ 6.71 billion, a decrease of 11.5% from March 31, 2022 mainly

due to buyback and dividend payments

# PAT adjusting for exceptional income and share of loss from erstwhile Joint Venture (JV) i.e. TESL in FY 22

NOIDA, May 16, 2023: Triveni Turbine Limited (TTL) a focused, growing and market-leading

corporation having core competency in the area of industrial heat & power solutions and decentralized

steam-based renewable turbines up to 100 MW size; today announced the performance for the fourth

quarter and twelve months ended March 31, 2023 (Q4/FY 23).

Performance Summary (Consolidated*) (All figures in ₹ million, unless otherwise mentioned)

Q4 FY 23

Q4 FY 22

Revenue from Operations EBITDA EBITDA Margin PBT PBT Margin Consolidated PAT Consolidated PAT Margin EPS (₹/share)

3,698 788 21.3% 733 19.8% 556 15.0% 1.73

2,366 497 21.0% 441 18.6% 330 14.0% 1.02

% Change 56.3% 58.6%

66.2%

68.5%

FY 23

FY 22

12,476 2,764 22.2% 2,555 20.5% 1,929 15.5% 5.97

8,522 1,921 22.5% 1,708 20.0% 1,223** 14.4%** 3.78**

% Change 46.4% 43.9%

49.6%

57.7

*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 FY 22 results also included share of loss of the JV up to that date **Adjusting for exceptional items and share of loss from JV – FY 22 Reported PAT: ₹ 2,702 million & Reported EPS: ₹ 8.36 per share

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

Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said:

“Triveni Turbines has delivered yet another record year in FY 23, building upon the strong

foundation of the previous year. In the year gone by, the Company achieved its highest ever

turnover at ₹ 12.48 billion, with an impressive growth of 46% over the previous financial year.

Similarly, on the order booking front, the Company’s performance has been the highest ever with

total order booking of ₹16.05 billion, providing visibility and confidence for sustainable growth in

the next few years.

During the year, the Company continued its growth both in domestic and export sales, however

export sales reported relatively higher increase of 121% in current year. The exports during the

year were higher than last year due to appropriate product profile and deeper market penetration.

As a result, the contribution of exports in total turnover has increased to 45% in FY 23 vs. 30%

in FY 22. Exports are core focus for the Company, as we believe a significant part of the long-

term growth will be derived from our initiatives in international markets.

Despite uncertainty in the global economy, the Company performed well in terms of overall order

booking in FY 23. In the product segment, finalization of orders from industrial customers followed

by power producers and API drive turbines led to the higher order booking growth in the year.

The Company received orders from 27 countries as compared to 22 in the previous financial year.

Product order booking for FY 23 increased by 22% y-o-y to ₹11.43 billion, highest in the

Company’s history. The Company witnessed strong contribution in the domestic market from

sectors such as Sugar, Distillery, Food Processing, Pulp & Paper, Chemicals and Waste Heat

Recovery (comprising Steel and Cement). In the international market, the Company was able to

close key milestone orders in both small and large power ranges of turbines from regions like

Europe, Africa, Central & South America and North America. Overall enquiry generation increased

41% y-o-y in FY 23.

In FY 23, the aftermarket segment experienced strong growth owing to a significant influx of new

orders. This has further strengthened the segment’s already diversified portfolio of revenue

streams dedicated to servicing and optimizing turbine performance globally. To reinforce its

customer-centric philosophy, the Company has strategically located service offices throughout

India and international offices in Europe, West Asia, Southeast Asia, and Africa. The success of

the aftermarket business is evident in the order booking and sales growth in FY 23, which saw

increases of 88% and 82% y-o-y, to ₹4.62 billion and ₹4.12 billion respectively. With aftermarket

contributing to 29% of order booking for the year (up from 21% in FY 22), the Company is

confident that this segment will continue to provide a significant share of its overall growth in the

coming years.

The Company had a record closing order book of ₹ 13.28 billion, up 36.9% year-on-year as on

Mar 31, 2023. With a rise in the Company's export and aftermarket order booking, as well as a

strong carry-forward order book and a robust enquiry pipeline, we anticipate a solid year ahead

in terms of overall performance. In the domestic market, the Company has a substantial pipeline

of enquiries across key end-user industries, which we anticipate will result in good order booking

in the coming year. Our intensified focus on market penetration in new geographies has already

yielded promising results, which will bolster the Company's growth in the export market moving

forward. Additionally, our expanded presence in different countries is enhancing our enquiries and

overall addressable market. By diversifying our order booking across various geographies and

product/aftermarket segments, we can mitigate the risks associated with market volatility to a

significant extent.

The Company's global focus and outreach are evident in its constant efforts to file for patents and

industrial design registrations in various international jurisdictions while simultaneously expanding

its Intellectual Property (IP) portfolio in India. The Company has filed for IP protection in both

India and various key markets where it serves, underscoring its commitment to safeguarding its

innovations. The Company enhanced its Intellectual Property Rights (IPR) filings to 338 IPR in the

market globally till 31 March 2023, up from 316 last year. As a forward-thinking organization,

Triveni Turbines remains committed to spearheading the energy transition through research and

development. We believe these efforts will continue to drive sustainable growth for years to come.”

Q4/FY 23: PERFORMANCE REVIEW

Triveni Turbine Limited (TTL) is a focused, growing and market-leading corporation having core

competency in the area of industrial heat & power solutions and decentralized steam-based renewable

turbines up to 100 MW size . TTL is 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 Details (Consolidated*) (All figures in ₹ million, unless otherwise mentioned)

Revenue from Operations EBITDA EBITDA Margin Depreciation & Amortisation PBIT PBIT Margin Finance Cost PBT PBT Margin Exceptional Items 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

Q4 FY 23

Q4 FY 22

3,698 788 21.3% 50 738 20.0% 5 733 19.8% - -

733

556

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

441

330

% Change 56.3% 58.6%

(2.0%) 65.5%

66.2%

% Change 46.4% 43.9%

(1.9%) 49.2%

49.6%

FY 23

FY 22

12,476 2,764 22.2% 199 2,565 20.6% 10 2,555 20.5% -

8,522 1,921 22.5% 203 1,719 20.2% 10 1,708 20.0% 1,982 42

66.2%

2,555

3,648

(30.0%)

68.5%

1,929

2,702

(28.6%)

68.5%

1,929

1,223

57.7

15.0%

14.0%

15.5%

14.4%

1.73

1.02

5.97

8.36

3.78

Q4 FY 23 Performance Review:

• During the quarter under review, revenue from operations grew by 56% as compared to previous year

to ₹ 3.70 billion, which were the highest ever achieved in a quarter.

• Domestic sales increased by 2% to ₹ 1.78 billion while the export turnover increased by 213% to ₹

1.92 billion, driven by the Company success in international markets especially in the aftermarket

segment.

• As a result, the mix of domestic and export sales changed to 48:52 in Q4 FY 23 as compared to 74:26

in Q4 FY 22.

• EBITDA increased by 59% to ₹ 788 million in Q4 FY 23 as against ₹ 497 million in Q4 FY 22. EBITDA

margins increased by ~30 bps to 21.3% in Q4 FY 23 as against 21.0% in Q4 FY 22 driven by higher

international sales.

• Profit After Tax grew 68.5% y-o-y to ₹ 556 million during the quarter.

• The Company achieved highest-ever total order booking of ₹ 4.66 billion in Q4 FY 23 as against ₹ 2.83

billion during Q4 FY 22, an increase of 65%.

• The domestic order booking during the quarter was ₹ 2.65 billion, increasing by 27% as compared to

last year.

• The export order booking during the quarter was ₹ 2.01 billion, growing by 172% as compared to last

year.

• On the Product side, order booking during the quarter was the highest ever ₹ 3.09 billion, an increase

of 41% when compared with the corresponding period of previous year. The product segment turnover

was ₹ 2.22 billion during the quarter, an increase of 27% over previous year.

• Aftermarket segment registered order booking of ₹ 1.57 billion during the quarter, growing significantly

by 146% when compared with the corresponding period of previous year. The aftermarket turnover

was ₹ 1.48 billion during the quarter, a growth of 139% over previous year.

• Aftermarket contributed to 40% of the total turnover in Q4 FY 23 vs. 26% in Q4 FY 22.

• Total consolidated outstanding order book stood at a record ₹ 13.28 billion as on Mar 31, 2023 which

is higher by 37% when compared to the previous year. The domestic outstanding order book stood at

₹ 7.79 billion, up 45%. The export outstanding order book stood at ₹ 5.49 billion as on Mar 31, 2023,

up 27% and contributing to 41% of the closing order book.

FY 23 Performance Review:

• During the year under review, the Company achieved a record turnover of ₹ 12.48 billion, growing by

an impressive 46% as compared to previous year. The performance of the Company was boosted by

higher international and aftermarket sales.

• Domestic sales increased by 15% to ₹ 6.90 billion while the export turnover increased by 121% to ₹

5.57 billion.

• As a result, the mix of domestic and export sales changed to 55:45 in FY 23 as compared to 70:30 in

FY 22.

• EBITDA increased by 44% to ₹ 2.76 billion in FY 23 as against ₹ 1.92 billion in FY 22. EBITDA margins

declined marginally by ~30 bps to 22.2% in FY 23 as against 22.5% in FY 22.

• Profit After Tax (adjusting for exceptional income and share of loss from erstwhile Joint Venture (JV))

grew 57.7% y-o-y to ₹ 1.93 billion during the year.

• Order booking for the year reached an all-time high of ₹ 16.05 billion in FY 23 as against ₹ 11.84 billion

during FY 22, an increase of 36%.

• Domestic order booking during the year was ₹ 9.31 billion, increasing by 30% as compared to last

year.

• The export order booking during the year was ₹ 6.74 billion, growing by 44% as compared to last

year.

• On the Product side, order booking during the year was the highest ever ₹ 11.43 billion, an increase

of 22% when compared with the previous year. The product segment turnover was ₹ 8.36 billion

during the year, an increase of 34% over previous year.

• Aftermarket segment registered order booking of ₹ 4.62 billion during the year, growing by 88% when

compared with the previous year. The aftermarket turnover was ₹ 4.12 billion during the year, a growth

of 82% over previous year.

• Aftermarket contributed to 33% of the total turnover in FY 23 vs. 27% in FY 22.

OUTLOOK

• For Triveni Turbines, strong business performance for FY 23 is expected to continue in FY 24. This is

on account of strong carry-forward order book and continued development of new product market

segments of API turbines and turbines between 30.1-100 MW. Prospects for the aftermarket segment

are bright as well with an increasing portfolio of offerings viz. services, refurbishment and spares across

a wider customer base of steam turbines, utility turbines, geothermal rotors. Strong domestic supply

chain guarantees competitive advantage and business continuity, even when global supply chains and

economies are going through a rough patch. In order to continue generating value for customers,

managing inflation-induced impact will be one of the key areas of focus.

• The outlook for India’s economy is bright albeit moderate compared to its own past performance.

Thus, relatively stronger domestic conditions – higher growth, better conditions for business, credit

availability, etc. will create more domestic business opportunities for the Company.

• While, slowdown in advanced economies, higher interest rates and increased complexities of trade

restrictions pose a challenge to maximize opportunities in international business, the increasing

demands for renewable energy, waste to energy (Wte) and decentralized power solutions continue to

present significant opportunities for companies like ours to provide innovative solutions in these areas.

• We believe these opportunities both in domestic and international markets, will help Triveni Turbines

sustain growth and margins in the coming years.

Summary of Consolidated Order book

(All figures in ₹ million, unless otherwise mentioned)

Particulars

Opening Order Book

Q4 FY 23 Q4 FY 22 % Var

FY 23

FY 22 % Var

Domestic

Exports

TOTAL

Mix of Exports

Product

After market

Total

Mix of After market

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

6,918

5,398

5,049

4,191

37%

29%

5,383

4,320

4,229

2,161

12,316

9,240

33%

9,703

6,389

44%

10,381

1,935

12,316

16%

45%

7,738

1,502

9,240

16%

45%

8,181

1,522

34%

5,057

1,332

34%

29%

33%

9,703

6,389

52%

16%

21%

27%

100%

52%

62%

14%

2,655

2,009

4,663

43%

3,093

1,570

4,663

34%

1,783

1,915

3,698

52%

2,219

1,478

3,698

40%

7,789

5,492

2,088

740

27%

172%

9,307

6,747

7,158

4,678

30%

44%

2,828

65%

16,054 11,836

36%

26%

2,189

639

2,828

23%

42%

41%

11,433

146%

4,621

40%

9,383

2,453

22%

88%

65%

16,054 11,836

36%

29%

21%

1,755

611

213%

6,901

5,574

6,004

2,519

2,366

56%

12,476

8,522

26%

1,747

619

2,366

26%

27%

139%

45%

8,359

4,116

30%

6,260

2,263

56%

12,476

8,522

46%

33%

27%

15%

121%

46%

34%

82%

5,383

4,320

45%

27%

7,789

5,492

5,383

4,320

45%

27%

13,282

9,703

37%

13,282

9,703

37%

41%

11,255

2,027

13,282

15%

45%

8,181

1,522

9,703

16%

41%

11,255

2,027

45%

8,181

1,522

38%

33%

38%

33%

37%

13,282

9,703

37%

15%

16%

About Triveni Turbine Limited

Triveni Turbine Limited (TTL) is a focused, growing and market-leading corporation having core competency in

the area of industrial heat & power solutions and decentralized steam-based renewable turbines up to 100 MW

size. The Company is a dominant player in industrial steam turbines in India and also among the leading

manufacturers of industrial steam turbines 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

6000+ 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.

TRIVENl"fURBINE LIMITED Regd. Office: A44, 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 ClN : L29110UP1995PLC041834

Statement of standalone audited financial 'results for quarter and year ended March 31, 2023

( in lakhs, except per share data)

Quarter ended

Year ended

Particulars

M arch 31, 2023

A udited

1. Revenue from operations 2. Other income Total

income

3. Expenses

(n) Cost of materi als consumed (b) Changes In inventories of finished goods and w ork-in-progress (e) Employee benefits expens e (d) Finance costs (e) Depreciation and amortisation expenses (D Other expe nses

Total expenses

4. Profit from continuing operations before exce ptional items and tax 5, Exceptional item s (refer note 3) 6. Profit from cont in uing operation s b efore tax 7. 'Tax expense:

- Current tax • Deferred tax Total tax expense

8. Profil from continuing operations after lax 9, Profi t/(loss) from discontinued opera tions 10. Tax expense ol discontinued operations

11. I'm/it/ flossl from discontinued opera lions (after tax) 12. Profit for the period/year 13. O ther comprehensive income A. (i) Items that will not be rec lassified to profit or loss

(ii) Income tax relating to item s that w ill not be reclassi fied to profit or loss

B. () items that w ill be reclassified to profit or loss

(ii) income ta x rel ating to items that will be recl assified lo profit or loss

14. Total comorehens lve income for the pcrio<l,'vear 15. Paid up equity sharo capital (face value U/ ·) 16. O ther equity 17. Ea rni ngs per share of (not nnnualised)

1/ - each (for continuing and total operati ons)

December M arci , 31, M arch 31, M arch 31, 31, 2022

2023

2022

Unaudited 29,287 1,115 30,402

A udited 22,594 622 23,216

A udited 1,08,325 3,914 112,239

19,713 (2,319) 2,872 6 471 3,801 24,544

5,858

1,422 58 1,480

4,378

- - - 4,378

(506) 127 (379) 3,999 3,233

14,558 (1,539) 2,455

40, 506 3,556 19,576

3,640 - 3,640

992 (331 959

2,681 . - - 2,681

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

67,252 (3,312) 11,060 99 1,876 15,727 92,702

19,537 - 19,537

4,864 186 5,050

14 487

- - - 14,487

(148) 37 (577) 145 (543) 13,944 3,179 59,313

A udited

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

28,728 1,094 29,822

16,467 557 3,025 51 478 4,143 24,721

5,101 - 5,101

1,266 111 1,377

3,724

- - - 3,724

(148) 37 337 (85) 141 3,865 3,179

(0) Basic (in ) (b) D iluted (in )

S e accompanying notes to the standalone financial results

1.16 1.16

1.35 1.35

0.83. 0.83

4.49 4.49

7.72 7.72

TRIVENI TURBINE LIMITED

Statement of standalone assets and liabilities

Particulars

ASSETS Non-«:urrent assets l'ropcrty, plant and equipment Capital work-in-progress Intangible assets lnti'lnglbl!.! ;1ssels undl>f dcvclopmcnl lnvl.'Shncnts in subsidiaries and join t venture Financial assets i. Other financial assets Other non-currentass ets Income tax assets (net) Total non-current assets

Current assets lm•cntorics Financial assets i. lnvcstmcnls ii. Trade receivables Ill. C., sh i'lnd cash equivalents iv. Bank balances other than cash and cash equivalents v. Loal'\S vi. 01hcr finand.il assets Other current t1sscls Total current assets TOTAL ASSETS

EQ UITY AND LIA BILITIES

EQUITY Equity share capital Other equity Total equity

LIABILITIES

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

curnmt llabllUles Financial liabilities i, Borrowi ngs ii. Lease liabilities Ill. Trade payables

a) Total outstanding dues of micro enterprises and small enterprises b) Total oulstanding dues of cr~Jitors other than micro l'l'Hl'rprjSt:'s and small ent erprises Iv. Other nn,uu:i,il llab illllcii Other current llabllltlcs Provisions Inc ome tax liabilities (net) Total current liabilities Total liabil ll lcs TOTAL EQ UITY AND LIABILITIES

( in lakhs\

Asal M arch 31, 2023

Asal M arch 31, 2022

Audited

AtJdited

25,258 543 371 - 1,785

791 118 617 29,483

19,678

31,446 9,788 796 19,881 - 1,110 2,711 85,410 1,14,893

3,179 59,313 62,492

277 692 447 1,416

- 94

2,479

8,254

3,044 33,647 2,142 1,325 50,985 52,401 1,14,893

2.'\, 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 1,21,987

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 1,21,987

TRIV EN I TU RBIN E LIM ITED Statement of standalom• cash flows

rarlkulars

•

(tin lakhs)

Year ended

March 31, 2023 (Au d llod )

M u ch 31, 2021 {Audited)

C.uh flows from opcnting activltks Profit bef ore tax Ad justments for

Ocrn.1<inlion nd amortisation exp enses L,•ss/(prnfil) on sale/write nil of prnpcrl)', plant and equipment Nf.'l profll on s.11<'/rl'dcmrtion or curu.ont ln\'t'l-1ml•nl5 Net fair value gains on current in\'cstmenls lntcr4..'Sl income Provision ror doubtful advanc es Allowance (or non moving invent ories Impai rme nt loss on financialnssets (inclu ding reversals of impairment losses) Fini'ln('(' cosls Unrealised foreign exchange (gains)/ losses Credit balances written back Mark-to·market (gains)/ losses on derivatives

Working capital adjustments :

Change in in\'cnlorics Chang e in trad e receivables Change in other financial assets C h an g e in oth er assets Chan ge in trad e payables Change in other Cin.indal liabi1itil's Ch:mgc ln 01hcr llnhllllll's Change in pr ovision s Cash generated fromopt'r•tions lncumc t11x paid (et of refunds) Nd c,u h ln rlow fr om o per.llin g .aclivili,i

C.u h flows from in vestin g •ctlv ilies Purchase of prupc.-rtr, pL,nl and c..-qulJlmL•nt rrc-...·1o.~ds. (rom s.>lc of property, plantand equipment Net increase in current investment Pu rch ase of equity shares in subsidiary Jn vcstm.mt in deposits with nnancl;:al lnstllu tlons In vestmentin bank deposits Interest received Net ash outflow from investing activ ities

C a.sh flow,from €1mmdng .activilies Repay ment of lo ng ter m borrowings Paymentof prini pal p ortion of lease liabilities Interest paid on lease liabilities Transaction cost paid related lo 8U)'·b,1ck o(Shdn:s (inclwJlng lilXL'S pilid pi.•rt.iinin~ tu bu) layment towards buyback of equity shares Int erest paid Dividend paid to C omp any's shareholders Net c,u h outflow from financing activities

Net (decrease)/ inc rease in casha nd cash equivalents Cash and cash cquh •alcnts al thl- beginning of the year C .ish .1nd c,11h eq u iv•len ts ,1t lh e en d of th e year

ltec:o n cl1l;al1o n of ll;abilltles u lJln g from (ln o1ncln g -1d iv ltiu :

19,537

1,876 (7) (l,+18) (770) (1,411) 45 35 329 99 (81) (14) (212)

(4,383) (790) (155) 5811 226 591 5,298 760 20,113 (5,062\ 15,051

(3,130) 13 14 ,40 9

1,170 260 1,113 13,835

(34) (2.1) (4,611) (19,000) (76) f5,0lll {28,755)

131 665 7%

33,973

2,002 39 (546) (973) (812) 25 1,0U2 242 79 (41) (129) 93

(413) (1,775) 412 (375) 3,'IBS 7 11,014 317 47,426 (8,351\ 39,075

(2,024) 91 (14,595) (800) (1,900) (13,510) 399 (32,369)

(96) (45) (23) . (57) (7,111) (7,3321

(626) 1,291 665

Balance as at \ ril 1,2021 C ash flows Fin.,1K'l' cost,Mcruals Divid ed d istribu tions B alance as at M arch Jl, 2022 Balance as at April 1, 2022 CuhClows Noncash movement (ad d itio n/d isp osal) Fini'II\CC CO!SIS ,l(Cru.ils Oh•ldcJ distrihulions Hillancc ;as a.l M,nth 31,1023

Le ase liab ilities

Non -<u rr en l borrowlng.s (In clu din g curr cnl mo1lurillu)

Interest payable on borrowings

b ivid en d paid to Company's shareholders

248 (69) 2.1

202 202 (57) 203 23

371

96 (96)

. .

1 (57) 56 . .

(76)

II (7,111)

7,112 12

12 (5,011)

5.011 12

TRIVENI TURBINE LIMITED

Notes to the standalone audited financial results for the quarter and year ended March 31, 2023

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

2. The Board of Directors of the Company at their meeting held on November 2, 2022 approved a proposal to buy back up to 5,428,571 equity shares at a price of 350 per equity share for an aggregate amount not exceeding 19,000 lakhs, through tender offer on proportionate basis in accordance with the provisions of SEBI (Buy back of Securities) Regulations, 2018 and Companies Act, 2013. Subsequently, the shareholders of the Company approved the buyback through postal ballot bye-voting on December 11, 2022.

Post approval, a Letter of Offer was made to all eligible shareholders. The tendering period of the buyback commenced on January 17, 2023 and closed on January 31, 2023. During the quarter ended March 31, 2023, the Company has completed the buyback of shares by extinguishing 5,428,571 paid up equity shares of face value of 1 each at a price of 350 per equity share paid in cash for an aggregate consideration of 19,000 lakhs. The extinguishment date for the buyback was February 08, 2023. The excess cost of buy-back i.e. transaction cost (net of taxes) of z 147 lakhs and corresponding income tax on buy-back amounting to 4,413 lakhs were offset from retained earnings. Further in accordance with section 69 of the Companies Act, 2013, as at March 31, 2023, the Company has created 'Capital Redemption Reserve' of 54.29 lakhs equal to the nominal value of the shares bought back as an appropriation from retained earnings.

3. Exceptional items as shown in comparative period for the year ended March 31, 2022, represents settlement consideration of

18,890 lakhs (net of associated expense of'{ 1,910 lakhs) received by the Company from DI Netherlands BV (DI), the erstwhile joint venture partner in the Triveni Energy Solutions Limited (TESL) (formerly known as GE Triveni 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.

4. The above audited standalone financial results of the Company for the quarter and year ended March 31, 2023 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 May 16, 2023. The Statutory Auditors have carried out audit of the above financial results.

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

6. The figures for the quarter ended March 31, 2023 and March 31, 2022 are the balancing figures between the audited figures in respect of the full financial year and the published yearto date figures up to third quarter of the financial year. Also figure upto the end of the third quarter were only reviewed and not subject to audit.

Place : Noida (U.P) Date : May 16, 2023

For Triveni Turbine Limited

Dhruv M. Sawhney · Chairman & Managing Director

TRIVENI TURUINE 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 consolidated audited financial results for the quarter and year ended March 31, 2023

Particulars

1. Revenue from operations 2. Other income Total income 3. Expenses

(a) Cost of materials consume d (b) Changes in inventories of finished goods and work-in-progress (c) Employee benefits expense (d) Finance costs (e) Depreciationand amortisation expense (fl Other expenses I refer note 3)

Grand Total Total exp enses

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 (rcfor note 5] 6. Profit from continuing operations before exceptional Items and tax 7. Exceptional items (refer note 4) 8. Profi t from continuing operations before tax 9. 'Tax expense:

- Current tax • Deferred tax Total tax expense

10. Profi t from continuing operations after tax 11. l'rofit/(loss) from discontinued operations 12. fax expense of discontinued operations 13, Profil/ (loss) from discontinued operations (ofter lax) 14. Profit for the period/vear

•

Profit for the period attributable to: - Owners of the parent - Non-controlling interest 15, Other comprehensive income A. (i) lle ms that will not be reclassifil-d to profit or loss (refer note 5) ►

(ii) Income tax relating to Items that will not be reclassified to profit or Joss

• () Hems 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 allrlbutable lo: - Owners of the parent - Non-controlling interest

16. Total comprehensive income for the cerlod/vear Total comprehensive income attributable to: - Owners of the parent - Non-controlli ng interest 17. Paid up equity share capital (face value 1/ -) 18. Other equity

1/ - each (for cont inuing and total operati ons)

19. Earni ngs per share of (not annualised)

() Basic (in ) (b) Diluted (in )

See accompanyingnotes to the consolidated financial results

March 31, 2023 Audited

36,976 1,248 38,224

16,748 1,059 3,538 50 499 8,997

Quarter ended

Year ended

(in lakhs, except per share data)

December March 31, March 31, March 31, 31, 2022 Unaudited 32,578 1,192 33,770

2022 Audited 23,657 775 24,432

2023 Audited 1,24,755 4,262 1,29,017

2022 Audited

85,224 2,949 88173

19,385 (2,639) 3,334 7 491 6,188

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

67,512 (2,798) 12,854 99 1,990 23,810

30,891

26,766

20,027

1,03,467

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 . 122 1,984

1,993 (9'

29,004

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

7,004

4,405

25,550

7,004

1,685 59 1,744

5,260 . . . 5,260

5,257 3

. . (447) 127 (320)

(331) 11

4,940

4,926 14 3,233

4,405 . 4,405

1,115 12) 1,103

3,302' . . . 3,302

3,301 1

(37) 9 (5) 1 (32)

(23) (9'

25,550 . 25,550

5,982 281 6,263 19,287 . . . 19,287

19,254 33

(150) 38 (338 ) 145 (305)

(2 90) 115)

3,270

18,982

3,278 (8)

3,233

18,964 18 3,179 72,856

7,333

1,622 149 1,771

5,562 . .

5,562

5,551 11

(150) 38 272 (85) 75

5,637

5,626 11 3,179

1.73 1.73

1.63 1.63

1.02 1.02

5.97 5.97

8.36 8.36

TRIVENI TURBINE LIMITED

Statement ofconsolidated assets and liabilities

Particulars

AS S ET S Non-current assets Property, plant and equipment Capital wnrk-in-pmgress Goodwill Int angible assets Intangibleassets under development Financial assets i. Other Clnand,,I asscls Other non-current asses Income tax assets (et) Total non-current assels

Current assets Jn w n lo rlL"S Financial assets i. Investment s ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other th,,n cash and cash equivalents v. Loans vi. Other fi nanc ial assels Other current assets Total current usel5 TOTAL ASSETS

.,.

EQUITYAND LIABILITIES

EQUITY Equity share capital Other equity Nonc ontrolling interest Tol•I equity

LIABILITIES Non-current liabilities fin,mcinl liabilitit's i. Lease liabilities Pro\'isions (kofcm.-d 1o1x liabilitic.s (ncl} Tot3l non-current liabilities

Current liabilities Finandal liabililh!s I. Borrowings ii. Lease liabi lities iii. Trade payables

) Total ou tstan d in g d u cs of micro en terpr ise» an d sma ll enter ries b) Total outstanding dues of cn.'t.lllors olht!r lhan micro t:'nlcrpriscs and small enterprises iv. Other financial liabilities Other current liabilities Provisions Income tax liabilities (et) Totol curnnt ll•blllti•• Tut.11 li.&bilities TOTAL EQUITY AND LIABILITIES

It in lokhsl

Asal March 31, 2023

As at March 31, 2022

Audited

26,056 543 349 520 -

791 118 935 29,312

20,003

37,931 12,928 2,971 25,523 - 1,563 3,757 1,04,676 1 33,988

3,179 72,856 99 76,134

277 928 436 1,641

- 94

2,493

8,941

3,271 37,537 2,461 1,416 56,213 57,854 1,33,988

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 1,06,555 1,33,482

3,233 82,424 81 85738

155 723 347 1,225

15 48

1,3 11

9,595

2,381 30,014 1,728 1,427 46,519 47,744 1,33,482

TRIVENITURBINE LIMITED Stoltcment ol consolidnlcd tash llows

r.artlcub u

(t In 1,,kh.<)

Yr:uudrd

M.rch31, 201)

t.bt(h 31, 2011

(Audited)

IAudltrd)

C.uh flo,n (rom opli!rillng~cllvillcs l'wfitb-:furcl.lx ,\Jju,111umtsfnr

Sh"rl! .,,IWI fos, ,,..~11111 \~tu,ri\CCOUnlnlforu:.ing,the ~Uil)' lllClhnJ c..,ll,'1n prc:'Vinw.ly held in1cmt in joint \'ffltu rc tmcr SJ keptiation and amrtis lion expenses Ls on sale/write olfofproperty, plnt and equipment Nrt rront on s.>lc/ml rmpllon of cum·nt in\'cslmc nts Nd f.iirvJIW g,dn, on ,urrm t ln\'cslnlL'flts 11111,.•n-jl inrutnl' l'wision fr doubtful advances Alluw.1ncL• for mm muvins im'..-nlUfio.'J lupuirent loss on financial assets (indudingreversals of impairmentls«es) J=in.snrt c,N:I Un realised foreignewhne(ains) Cr~Jit bali\1\C(':'o writlcn Nek Mark-1,.,-rn.ukcl (!;ahu)/ loSli~ un derl\•ativc,

\\'orLln,;npll.11.1dfu•tmcnb.:

<.:h.,ng..- in inw11ti1th-:4 C hange in trade neivables CI\Jl'IJ;~in ,,n lwr fln.ln<l.ll ,uscts Change in wller ael Change in trade pwyables Ch,1ngc in t)llll.-r fh~ncl.U 11,,hllit~ Change intler liabilities Clung'-' in pnwblons C ash gener ated fr om operations lo ve tax paid (etf refu nds) N11I u ,h InflowfNm npcntln1 ad lviliu

C.>,h flaw~ from lnvHtlng 1rtMtics purchase of property, plantand eq uipment Pr e«els fromsle of property, plant and equipment Ncl ll\ttil-l-'IC: In curra1t tn,·c~llncnt l'md \;l,lM,!O( toqtaity sh,.ucs lnsu hsi,IL'lry lnestent in deposits with financial ins titutions lwvestment in bunk deposits tterest received Ncl c.1,h oulflow fromfnvnlin~,ulivllio

C.uhflows from flnM1clns ,utMllu Repaymen t of long term borrowings Pol)'h'Hlftlof princl1'1JI ro,rtlon of lNSC 11.lbllfUcs lnkn-s-1 p,:iid un lc.1ic ll,1bllllk,;: lterest paid ro1)'t1Wlll llt\\'M\ls bu)'biKk ,'rf e.JUll)' sh.1rcs Tr.m,..u·tion C'OSI r.1ld n.•b tcd lo Ruy-bJck of Sh.nu(lncludln~IJX('S rJid f'('rt.ilnJni; lo buytuck) Uh•ldi:nJ p;:akl to C omu-,n)"s~u rr hulLk'N- Ntl ,.,,h auttlow frcm fln•nd ng ,1cti"ll1u

lurerin «ah and as h quialens due to frelgn exchange variation N'et (decrease)/increase in ash and cashequivalent C,uh .ind ,:,,sh,-quh·,11,"f'llS .1t 1hc bq;lnnln~ol lhc )'1.'.1t t.'.uh ,1nJ ,:,;,sh.:quh•,1lcnts acmrin-d In busin~, <'C'fflhlnallon IC.uh and c.nh cq,11lv,1ltnlt1'1 lhe en4 of the year

lkomclli•llaoof 11.tbllillc-s .arlsh1gfrom Otiand ng Jdlvllle,:

2.:.,550

1/)')Q (7) (1,466) (I.Iii') (1J,7h) ,s 15 J l-1

..,

(81) (:>I) (211)

(3,958) P.OS7J (519) '71 5SI 55 7Ai1 775 15,8,&9

(6.280) 19,569

(.l,857) ll 11,132

1,170

11,107)

l,l.'5

8,616

(13) (35) 12.l) (76) (19.1100)

(·1.611)

(5,11111 lll,169)

JOI ilSl) 3,?S-1

2,971

36,47':J

424 151\1) 2,028 42 (;16) (l,OW) (K51JJ

2.5 9"7

102 13-0) (6U) Yl

2.719 (2,90.l) S99 m 2,517

(10) 11,itt.\ ,t,7 52,313 (9,019) 43.314

,,,,,..)

91 (17.•0S) (1.402) (1,'JUO) (16,772) 427 138,620)

(10\l) (17) (2.l) pll)

(7,111 1

(7 ,"1 )

(2.676) J ,705 U2.'i 3,15...

IJ;alinet u ;al April 1, 2021

Flu;toc., cm,1, ;attruals Non(,uhnto\-cmcnl (,11JJitlon/disroul) Divided distributions R,11l.1ntt- u J I M .itth 31, 2022 BJl•ntc: u•I April I, 2022

Fin.mct"aisbJ«TUJb Man ash movement (addition/disposal) Ui\•hk J Jii-lribuU,111,- U.il,1ncc u,11 hbtth ll, 2.0ll

Le.ucli.1bililit',

Non"1i'.wfl011 bonowlnS, Clndudlng(urttnl tN111rUlcs)

Interest p.ay.1blcon borowlg

Dividend p.1ld 10Compm)", shareholdt"II

265 (69) 22 ()5)

llll 2113 (58) 2l 203

91, 121'<1)

1]1J

15 15

(15)

l i/11)

(76) 7h

ll 13.>179)

3,s0 12

12 (Mll)

5,011 11

TRIVENI TURBINE LIMITED

Notes to the consolidated audited financial results for the year ended March31, 2023

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

Generating Equipment and Solutions.

2. The Board of Directors of the Company at their meeting held on November 2, 2022 approved a proposal to buy back up to 5,428,571 equity shares at a price of 350 per equity share for an aggregate amount not exceeding 19,000 lakhs, thr ough tender offer on proportionate basis in accordance with the provisions of SEBl (Buy back of Securities) Regulations, 2018 and Companies Act, 2013. Subsequently, the shareholders of the Company approved the buyback through postal ballot by e-voting on December 11, 2022.

Post approval, a Letter of Offer was made to all eligible shareholders. The tendering period of the buyback commenced on January 17, 2023 and closed on January 31, 2023. During the quarter ended March 31, 2023, the Company has completed the buyback of shares by extinguishing 5,428,571 paid up equity shares of face value of 1 each at a price of 350 per equity share paid in cash for an aggregate consideration of 19,000 lakhs. The extinguishment date for the buyback was February 08, 2023. The excess cost of buy-back i.e. transaction cost (net of taxes) of 147 lak,hs and corresponding income tax on buy-back amounting to 4,413 lakhs were offset from retained earnings. Further in accordance with section 69 of the Companies Act, 2013, as at March 31, 2023, the Company has created 'Capital Redemption Reserve' of 54.29 lakhs equal to the nominal value of the shares bought back as an appropriation from retained earnings.

3. Other expense includes subcontracting charges of

4,778.16 lakhs and 8645.05 lakhs for the quarter and year ended March 31, 2023 towards execution of maintenance and overhauling contract for large utility turbines in South African Development Authority (SADC) region by its subsidiary. Accordingly, other expense for the quarter and year ended March 31, 2023 is not comparable with its prior period financial results.

4. Exceptiona l

19,258 lakhs (net of associated expense of

items as shown in comparative period for

settlement 1,542 lakhs) and gain on previously held interest in consideration received of 561 lakhs accounted in accordance with Triveni Energy Solutions Limited (TESL) (formerly known as GE Triveni Limited) of Ind AS 103. Such consideration was received by the Company from DI Netherlands BV (DI) , the erstwhile joint venture partner in TESL in accordanc e with the Settlement Agreeme nt 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 S for further details.

the year ended March 31, 2022,

represents sum of

5. TESL was a joint venture till September 6, 2021, the remaining shares were acquired by the Company on aforesaid date. The Company had recognised its share of loss in TESL of 424 lakhs during the previous year ended March 31, 2022. This acquisition in TESL had been 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 561 lakhs in profit and loss as exceptional item in the previous year ended March 31, 2022.

Investor Presentation 4Q/FY 23

May 2023

www.triveniturbines.com

AGENDA

GLOBAL AND DOMESTIC OVERVIEW

COMPANY OVERVIEW

4Q/FY 23 PERFORMANCE REVIEW

SHAREHOLDING PATTERN

GLOBAL AND DOMESTIC OVERVIEW

Global Energy Consumption Is Driven By Heating and Cooling

Thermal energy uses, which include space and water heating, space cooling, and industrial process heat, represent more than half (51%) of Global Total Final Energy Consumption

Source: : Renewables 2022 Global Status Report

Industry as a sector is one of the largest energy users globally

The industry sector is one of the largest energy users, accounting for 29% of Global Total Final Energy Consumption

Source: : Renewables 2022 Global Status Report

Overall Global Steam Turbine Market Has Been Declining Over The Years…

140

120

100

Overall Global Steam Turbine Market (in GW)

131

120

115

109

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

The global steam turbine market declined from

115 GW in 2012 to 74 GW in 2022

a decline of 4% p.a. yearly during 2012 - 22

Source: McCoy Report, 2022

…However Below 100 MW Segment where Triveni Turbines

operates is largely flat

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

Steam Turbine Market Below 100 MW (in GW)

10.8

11.0

9.5

12.1

9.7

8.9

13.3

12.2

12.5

11.9

CAGR -0.1% p.a.

8.8

Steep Decline in over 100 MW segment from 106 GW to 66 GW translating to

-5% p.a.

2 1 0 2

3 1 0 2

4 1 0 2

5 1 0 2

6 1 0 2

7 1 0 2

8 1 0 2

9 1 0 2

0 2 0 2

1 2 0 2

2 2 0 2

…while below 100 MW where Triveni Turbines operates is largely flat at 8.8 GW over a period of 10 years

Source: McCoy Report, 2022

...And India Capacity Utilization is yet to return to its peak levels

Fixed Asset turnover Capex growth (RHS)

Average FA turnover since FY98 Capex CAGR over FY97-22 (RHS)

8 9 Y F

9 9 Y F

0 0 Y F

1 0 Y F

2 0 Y F

3 0 Y F

4 0 Y F

5 0 Y F

6 0 Y F

7 0 Y F

8 0 Y F

9 0 Y F

0 1 Y F

1 1 Y F

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

Source: Ambit Capital Research

60%

50%

40%

30%

20%

10%

-10%

While Indian economy is showing signs of recovery in last 1-2 years…

…we are still trending below average in terms of fixed asset turnover which was at 1.9x in FY 22 vs. average of 2.1 and well below peak of 2.75x, suggesting the Indian economy still has room to grow

) x (

3.0

2.5

2.0

1.5

1.0

0.5

COMPANY OVERVIEW

Domestic market leader

Industrial and Renewable Heat and Power Solutions <100 MW

Top 2 globally in its addressable market*

Closing Order Book: ₹13.3 bn as on Mar 2023 up 37% YoY

Global presence in >75 countries

Dominant player in renewable steam turbines

Caters to a diverse base of customers and end- users

6000+ global installations with power generation capacity of 16+GW

Triveni Turbine At A Glance

*Source: McCoy Report, 2022

Our Founding Principles

Impact

Product Quality

Technology

▪ Aims to make a positive

impact to all our stakeholders

▪ Enhance market share with a compelling value proposition

▪ Propel sustainable

development through our strategic priorities

▪ Best-in-class manufacturing at

two-world class facilities at Peenya and Sompura in Bengaluru

▪ Both the plants are certified for AS 9100, ISO 14001 and ISO 45001 ISO 9001, standards Quality Management, for Environmental Management and Safety Management respectively

▪ Consistent R&D of technology to surpass

customer needs and keeping up with changing business requirements

▪ Leveraged in-house R&D expertise along with institutional association reputed technical institutes such as IISc, etc.

▪ An organization driven by Intellectual Property

(IP)

Our Founding Principles

Ethics

Strong Relationships

Sustainability

▪ Professional and transparent

▪ Sustainable solutions that create a high

business practices

degree of value for our customers

▪ Strong focus on Environment,

▪ Strong networks in place to enable

Social and Governance (ESG)

smooth business operations

▪ Customer centricity with focus on

continuous modernisation, with regular upgrades and efficiency improvements

▪ Supports environment sustainability with significant focus on thermal efficiency improvements

▪ Leadership in all our business lines

with sustainability at the core

▪ Enabling Environmentally responsive

operations

Continued ESG Focus

Environmental

Social

Governance

▪ Manufacturing Facilities

at both Peenya and Sompura are Green Factories

▪

Installation of roof top solar power plant of 300 KW capacity with net metering facility

▪ 400 MWH of electrical power saved through energy

during last year conservation efforts

▪ Educational

as initiatives sponsorship on education and training differently-abled programmes students

such

for

▪ Provided financial support

to a non- profit organisation, focusses on value based leadership development and open dialogue on important issues facing the Indian society, to help its transformation

that

▪ Board comprises of 10 members which include 5 Non-Executive Independent Directors one Women Non- Director, Independent Directors and 3 Executive Directors

including 2

Non-Executive

Audit Committee

▪ Committees of the Board: i. ii. Nomination Committee

and

Remuneration

iii. Stakeholders’ Relationship Committee iv. Corporate Responsibility Social Committee

v. Risk Management Committee

A Differentiated Product Portfolio Catering To Wide Range Of Applications

Up to 100 MW

CONDENSING STEAM TURBINES

• Straight Condensing

• Uncontrolled Extraction Condensing

• Controlled Extraction Condensing

• Double Extraction Condensing

• Injection Condensing

• Reheat Condensing

BACK PRESSURE STEAM TURBINES

• Straight Back Pressure

• Uncontrolled Extraction Back Pressure

• Controlled Extraction Back Pressure

POWER GENERATION APPLICATIONS

COMBINED HEAT & POWER APPLICATIONS

DRIVE APPLICATIONS

Independent

Industrial segments

Power Producers

(IPP) such as

Biomass, Waste

to Energy, Waste

Heat Recovery &

Combined Cycle

Power Plant

such as Sugar &

Distillery, Food

Processing,

Paper, Textile,

Palm Oil, Cement,

Steel, Chemicals,

Petrochemicals,

Petroleum

Refineries, etc.

Petroleum

Refineries,

Chemicals,

Petrochemicals

and Fertilisers

Strong Global Footprint

>75

Present in 75+ Countries Countries of presence

Enquiries from ~110 countries

A Diversified Base Of End Use Industries

1116

Supplying turbine solutions to renewable energy space

Biomass (bagasse, palm oil, residues, wood pellets, rice husk

Waste-to-energy (WtE) (Industrial and municipal waste) facilities

Waste Heat Recovery (WHR) (Steel, Cement)

Increasing Demand for Renewable Power Generation Globally

The turbine industry, with its large manufacturing base, is also moving aggressively towards energy conservation and use of renewable sources in line with the global trends.

The growing Government push towards Swachh Bharat is expected to lead to further pick-up in municipal solid waste incineration and Waste-to- Energy (WtE) in India too.

Due to increased environmental awareness, the Governments in North America and Europe are pushing for reduction in Hydrofluoro Carbon (HFC) and their replacement with natural refrigerants

RENEWABLE ENERGY OPPURTUNITY MATRIX

Globally, Governments are shifting from conventional to renewable sources of energy to attain their renewable energy goals.

In India too, the Government has been consistently promoting biomass power such as bagasse based cogeneration programmes, as well as Waste Heat Recovery (WHR) and municipal solid waste power generating solutions

A strong uptick is visible in gross fixed capital formation in industries such as steel and cement, as well as chemical waste heat recovery around the world.

Our Value Proposition

Continued investment in R&D

Strong R&D and Innovation, backed by continuous investments in Digitalisation and Automation

Focus on alternative energy technologies

Manufacturing excellence Two state-of-the-art manufacturing facilities

Triveni is amongst the few turbine manufacturers worldwide, which conducts mechanical steam run tests

Cost and value proposition

Cost leadership and on-time delivery performance ensure quick Return on Investment (ROI)

Growing installed base

Growing installed turbine base provides opportunity for aftermarket services which contributes significantly to customer lifetime value

Expanding addressable market

Foray into API (American Petroleum Institute), Geothermal, aftermarket services for turbines of other make

Independent approach to >30.1-100 MW expanding addressable market

Market share in Renewables

Strong market share in renewables globally, a growing segment

0919

Our Business Model

Customer Centricity

Experienced and reliable partner with proven expertise

Innovation Strength

Strong Research & Development (R&D) capabilities to innovate new products and solutions designed to

meet our customer needs; 338 filed, 249 granted Total IP (Intellectual Property) rights (as at end FY 23)

Sales & Marketing Efficiency

Extensive Sales & Marketing network, comprising in-house team and hired agents

Engineering Excellence

Expert teams to drive precision excellence across the value chain

Sustainable Sourcing

‘Responsible Sourcing’ programme for all vendors to upgrade their units from “Standard” to

“World-Class” level

Manufacturing Prowess • World-class manufacturing facilities with best-in-class machinery and equipment

Aftermarket Strength • Delivering to customer needs across applications, sectors and geographies, as well as different

0920

brands of turbines

Pillars of our Growth with focus on Enhancing Addressable Markets

Maintaining Leadership position in small turbines segment

Making strides in the larger turbine segment

Gaining Traction in API Turbines

Augment the Aftermarket segment

Continued focus in the

Significant

Expanding

small range turbines

Making good progress

strides made with

capabilities in the

where Company is

among the Top 2

globally and

in its strategic

objective of

gaining a strong

has dominant share in

foothold in the larger

the Indian market

turbine segment

internationally in the

coming years

several key orders on

Aftermarket segment

the ability to supply

to refurbish other

energy-efficient

rotating equipment

API 611 and 612

beyond industrial

compliant steam

steam turbines,

turbines, ranging from

such as geothermal,

10 kW to 100 MW

compressors, etc.

4Q/FY 23 PERFORMANCE REVIEW

Comments from the Chairman & Managing Director on FY 23 Performance and Outlook for the Company

• Triveni Turbines has delivered yet another record year in FY 23, building upon the

strong foundation of the previous year.

•

In the year gone by, the Company achieved its highest ever turnover at ₹ 12.48

billion, with an impressive growth of 46% over the previous financial year.

• On the order booking front, the Company’s performance has been the highest

ever with total order booking of ₹16.05 billion, providing visibility and confidence

for sustainable growth in the next few years.

• The Company had a record closing order book of ₹ 13.28 billion, up 36.9%

year-on-year as on Mar 31, 2023.

• With a rise in the Company's export and aftermarket order booking, as well as a

strong carry-forward order book and a robust enquiry pipeline, we anticipate a

solid year ahead in terms of overall performance.

• As a forward-thinking organization, Triveni Turbines remains committed to

spearheading the energy transition through research and development. We

believe these efforts will continue to drive sustainable growth for years to come.

Mr. Dhruv Sawhney, Chairman & Managing Director Triveni Turbine Limited

Highest-ever Revenue in FY 23; an increase of 46.4% y-o-y

14,000

12,000

10,000

8,000

6,000

4,000

2,000

Revenue From Operations (₹ in Million)

12,476

14,000

8,400 9 5 0 , 2

8,179 8 5 8 , 1

1 4 3 , 6

1 2 3 , 6

7,511 0 3 9 , 1

1 8 5 , 5

8,522

3 6 2 , 2

9 5 2 , 6

7,026 0 2 9 , 1

6 0 1 , 5

6 1 1 , 4

9 5 3 , 8

12,000

10,000

8,000

6,000

4,000

2,000

FY 18

FY 19

FY 20

FY 21

FY 22

FY 23

Product

Aftermarket

Total

Increasing contribution from drive turbines in the last 2-3 years

Making strides globally in the larger turbine segment in the last 1-2 years

Expanding aftermarket portfolio to include geothermal, gas turbines, other rotating equipment and servicing of utility turbines

Solid Performance in FY 23 in both Domestic And International Markets

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

Order Booking (₹ in Million)

11,836

7,104

5 9 9 , 2

9 0 1 , 4

8,278 8,540

7,935 6,431

2 9 1 , 4

6 8 0 , 4

3 6 1 , 4

7 7 3 , 4

0 1 2 , 3

5 2 7 , 4

0 1 1 , 2

1 2 3 , 4

8 7 6 , 4

8 5 1 , 7

16,054

7 4 7 , 6

7 0 3 , 9

14,000

12,000

10,000

Revenue From Operations (₹ in Million)

7,446

7,511

4 1 9 , 3

2 3 5 , 3

0 7 3 , 3

1 4 1 , 4

8,000

6,000

4,000

2,000

12,476

4 7 5 , 5

1 0 9 , 6

8,400 8,179 7,026 8,522

0 4 9 , 3

0 6 4 , 4

2 2 9 , 3

7 5 2 , 4

4 6 2 , 3

2 6 7 , 3

9 1 5 , 2

4 0 0 , 6

FY 17

FY 18

FY 19

FY 20

FY 21

FY 22

FY 23

Domestic

Exports

FY 17

FY 18

FY 19

FY 20

FY 21

FY 22

FY 23

Domestic

Exports

Order booking up 36% y-o-y (Domestic +30% y-o-y; Exports +44% y-o-y)

Revenues up 46% y-o-y (Domestic +15% y-o-y; Exports +121% y-o-y)

Exports as 45% of sales in FY 23, up from 30% in FY 22)

Increasing Contribution Of Aftermarket

14,000

12,000

10,000

8,000

6,000

4,000

2,000

26%

25%

24%

0 8 7 , 1

6 6 6 , 5

0 3 9 , 1

1 8 5 , 5

9 5 0 , 2

1 4 3 , 6

23%

8 5 8 , 1

1 2 3 , 6

27%

3 6 2 , 2

9 5 2 , 6

0 2 9 , 1

6 0 1 , 5

33%

6 1 1 , 4

9 5 3 , 8

35%

30%

25%

20%

15%

10%

FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23

Product

Aftermarket

Aftermarket as % of Sales (RHS)

Aftermarket Sales (₹ in Million)

Refurbishment

Spares

Services

Aftermarket Sales up 82% y-o-y in FY 23 Aftermarket contribution increased to 33% of Sales in FY 23 (up from 27% in FY 22)

Financial Highlights FY 23: A record year with many all-time highs

(₹ in Million)

12,476

8,400 8,179

8,522

7,026

14,000

12,000

10,000

8,000

6,000

4,000

2,000

3,000

2,500

2,000

1,500

1,000

500

2,764

1,675 1,703 1,667

1,921

3,000

2,500

2,000

1,500

1,000

500

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

2,555

1,462 1,469 1,454

1,708

1,929

1,163 1,219

1,218

1,002

2,500

2,000

1,500

1,000

500

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

REVENUE

EBITDA

PBT

PAT*

Highest ever turnover:

Highest ever EBITDA and EBITDA Margins:

Robust Profitability:

Achieved a record turnover of ₹ 12.48 billion, increase of 46.4% in FY 23

EBITDA increased by 43.9% to ₹ 2.76 billion in FY 23

EBITDA margins of 22.2% in FY 23 (vs. 22.5% in FY 22)

PBT grew by 49.6% with a PBT margin of 20.5% as compared to 20.0% in FY 22

PAT (ex-exceptionals) grew by 57.7% in FY 23

*PAT (excluding exceptional items) FY 22 reported PAT was ₹ 2,702 million

Financial Highlights: Healthy Ratios & Strong Cash Position

34%

32%

26%

23%

40%

35%

30%

25%

20%

15%

10%

36%

25%

23%

24%

18%

40%

35%

30%

25%

20%

15%

10%

5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 -

4.54

3.24

3.22

3.41

2.82

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

7,506

6,713

3,844

1,979

322

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

ROCE (%)

ROE (%)

Asset Turnover Ratio (x times)

Closing Investments including Cash (₹ in million)

32% & 24% Healthy Return Ratios – Return on Capital Employed (ROCE) and Return On Equity (ROE) respectively. ROE lower due to exceptional items in FY 22

Note: Commentary for FY 23

4.54 Times Focus on high-value engineering while remaining asset-light. Thus, Company enjoys a healthy asset turnover

₹ 6,713 Million

Healthy cash flow position following buyback of ₹ 1.90 billion and dividend of ₹ 0.50 billion in FY 23

Reaching New Highs Quarter after Quarter

(₹ in Million)

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

3,698

3,258

2,930

2,590

2,366

788

750

664

561

497

900

800

700

600

500

400

300

200

100

2 2 Q 4

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

2 2 Q 4

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

600

500

400

300

200

100

4,663

4,204

3,580 3,607

2,828

556

526

463

383

330

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 -

2 2 Q 4

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

2 2 Q 4

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

12,000

10,000

8,000

6,000

4,000

2,000

13,282

12,316

11,369

10,692

9,703

2 2 Q 4

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

REVENUE

EBITDA

PAT

ORDER BOOKING

CLOSING ORDER BOOK

56.3% YoY Growth in Net Sales Higher international and aftermarket sales led to the overall growth

64.9% YoY Growth in Order Booking Driven by higher exports and aftermarket segment

₹ 13,282 Million Record Closing Order Book, an increase of 36.9% YoY Record closing order book driven by strong demand across sectors and geographies

Note: Commentary for latest period i.e.4Q 23

29 20

FY 23 and FY 22: Performance Review *

(₹ in Million)

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**

Consolidated PAT Margin**

EPS (₹/share)

EPS (₹/share)**

Q4 FY 23

Q4 FY 22

% Change

56.3%

58.6%

(2.0%)

65.5%

66.2%

68.5%

3,698

788

21.3%

738

2,366

497

21.0%

446

20.0%

18.8%

733

441

19.8%

18.6%

733

556

15.0%

1.73

441

330

14.0%

1.02

FY 23

12,476

2,764

22.2%

199

2,565

20.6%

2,555

20.5%

2,555

1,929

15.5%

5.97

% Change

46.4%

43.9%

(1.9%)

49.2%

49.6%

(30.0%)

(28.6%)

57.7

FY 22

8,522

1,921

22.5%

203

1,719

20.2%

1,708

20.0%

1,982

3,648

2,702

1,223**

14.4%**

8.36

3.78**

*TESL (Triveni Energy Solutions Limited (formerly known as GE Triveni Limited)) & 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 9M FY22 results also included share of loss of the JV up to that date **Adjusting for exceptional items and share of loss from JV – FY 22 Reported PAT: ₹ 2,702 million & Reported EPS: ₹ 8.36 per share

SHAREHOLDING PATTERN

Shareholding Pattern

•

Increased free float in FY 23 by 11.85% to 44.06%, following sale by Triveni Engineering & Industries Ltd.

•

Increased ownership of Foreign Portfolio Investors (FPI), Mutual Funds (MF)

Note: Others comprise of Corporate Bodies, Clearing members, NRI, HUF, Trust, IEPF, etc.

Investor Relations Contact

Visit us: www.triveniturbines.com

Surabhi Chandna Investor Relations & Value Creation

ir@triveniturbines.com

+91 - 120 - 4308000

8th Floor, Express Trade Towers Plot No. 15 & 16, Sector 16-A, Noida – 201 301, India.

Some of the statements in this presentation that are not historical facts are forward looking statements. These forward-looking statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and beliefs concerning our business and the markets in which we operate.

These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-looking statements. These risks include, but are not limited to, the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to industry.

Further, this presentation may make references to reports and publications available in the public domain. Triveni Turbine Ltd. makes no representation as to their accuracy or that the company subscribes to those views / findings.

THANK YOU

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