Transformers And Rectifiers (India) Limited has informed the Exchange about Investor Presentation
Date: 4th May, 2022 Ref: TRIL/SECT/2023-24/NSE-BSE/COMPL/12
To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Security Code : 532928
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 Trading Symbol : TRIL
Dear Sir/Madam,
Sub: Presentation
With reference to the captioned subject, we send herewith Presentation of the Audited Standalone and Consolidated Financial Results of the Company for the quarter and financial year ended 31st March, 2023 pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Please take the same on your record.
Thanking you,
Yours faithfully, For Transformers and Rectifiers (India) Limited
Rakesh Kiri Company Secretary
Encl.: As above
T & R is one of the leading manufacturers of a wide range of transformers globally. Today T & R is second largest Transformer manufacturing company based on Capacity in India. It has capability to develop world class power, distribution, furnace and specialty transformers with world class infrastructure at three plants around the city of Ahmedabad (Gujarat, India). T & R is managed by a highly skilled and experienced team of approximately 1200 employees, who consistently ensure that each and every activity factors in an adherence to high quality benchmarks established by the organisation.
An ISO 9001:2015, ISO 14001:2015 & ISO 45001 : 2018 CERTIFIED Q4 FY 2022-23 – Investor Presentation 4th May, 2023
DISCLAIMER
This presentation and the discussion that follows may contain certain words or phrases that are
forward - looking statements, based on current expectations of the management of Transformers and
Rectifiers (India) Limited or any of its subsidiaries and associate companies (“TRIL”). Actual results may vary
significantly from the forward-looking statements contained in this presentation due to various risks and
uncertainties. These risks and uncertainties include the effect of economical and political conditions in and
outside India, volatility in interest rates and the securities market, new regulations and Government policies
that may impact the businesses of TRIL as well as its ability to implement the strategy.
The information contained herein is as of the date referenced and TRIL does not undertake any obligation to
update these statements. TRIL has obtained all market data and other information from sources believed to
be reliable or its internal estimates, although its accuracy or completeness can not be guaranteed. This
presentation is for information purposes only and does not constitute an offer or recommendation to buy or
sell any securities of TRIL. This presentation also does not constitute an offer or recommendation to buy or
sell any financial products offered by TRIL. Any action taken by you on the basis of the information contained
herein is your responsibility alone and TRIL or its Directors or employees will not be liable in any manner for
the consequences of such action taken by you. TRIL and/or its Directors and/or its employees may have
interests or positions, financial or otherwise, in the securities mentioned in this presentation.
ISO 45001 : 2018
Our USP Today
•
Leading manufacturer of transformers up to 1200 kV class.
• A wide range of transformers: Power and Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers, creating a unique positioning in the country.
•
Strong in-house design & technical expertise; collaboration/Joint Venture relationship for 765 kV Transformers & Reactors.
combined with technical
• Vision to become largest manufacturer of Transformers for Green Energy.
•
Technical collaboration with Fuji, Japan for 400/765 kV reactors and 400 kV generator transformer.
• A diversified Pan India customer base, coupled with International presence in over
25 countries.
• Vision to become a leading global player in Transformer Industry.
•
Fully integrated manufacturing set up - creating economies and improving efficiency.
ISO 45001 : 2018
3
Key Milestones
1981
Mr. Jitendra Mamtora, Started Transformer Manufacturing upto 33kV class
1984
Started Transformer Manufacturing upto 33kV class
1994
Incorporated as Triveni Electric Co. Ltd.
1995
Rechristened to Transformers & Rectifiers (India) Ltd.
1997
Expanded upto 110 kV Class transformers at the new plant at Changodar, Ahmedabad
Manufactured transformers 2000 • Manufactured transformers 100 MVA, 245 kV class upto 100 MVA, 245 kV class
TRIL Listed in both 2007 National Stock Exchange (NSE) & • Manufactured transformers upto 100 MVA, 245 kV class Bombay Stock Exchange (BSE)
2008
Crossed Turnover of INR 300 Crore
Best Supplier Award from GETCO 2009 • Manufactured transformers upto 100 MVA, 245 kV class
Development of 400kV Transformer
2010 • Manufactured transformers upto 100 MVA, 245 kV class
Commenced Production at Moraiya Plant
Crossed Turnover of Rs. 500 Cr.
ISO 45001 : 2018
Key Milestones
Entered into strategic alliance with Ukraine Company for 765 kV Class Transformer
2011 • Manufactured transformers upto 100 MVA, 245 kV class
Supply of 315 MVA 400 kV class transformer to State Utility
Successfully manufactured and tested 2012 • Manufactured transformers upto 100 MVA, 245 kV class 765kv class Transformer
2013
Awarded “Best under a Billion” company for The Region’s Top 200 SME Size Companies by FORBES ASIA
Development of 890kV Shunt Reactor
Crossed Turnover of Rs. 700 Cr.
2014 100 MVA, 245 kV class
Development of 75MVA, 115kV Green Transformer filled with Ester fluid
2015 • Manufactured transformers upto 100 MVA, 245 kV class
Entered into Technology License agreement with Fuji Electric Co. Ltd.
Received Order worth INR 400 Crore for Third Party Export
2015
Successful short circuit testing of 315 MVA, 400/220/33 kV 3 Phase auto transformers by KEMA Netherlands
2015
Developed and manufactured 70 MVA EAF Transformers for Iran
2016
New JV with Jiangsu Jingke Smart Electric Co. Ltd, PRC for manufacturing of Switchgears
2016
Successfully commissioning of 1150 kV X’mer at PGCIL site
2017
Supplied 2x500 MVA, 400 KV Auto Transformers for Karnataka’s first highest rating installation
ISO 45001 : 2018
Key Milestones
2017
Developed and Manufactured 132 MVA EAF Transformer for Mexico
2018
Export of highest rating Power Transformer of 250 MVA, 130KV to Russia.
2018
Successfully type tested OIP Bushing up to 145 KV
2018
Successfully executed 80 numbers of GREEN Transformers using natural ester fluid
2019
1. Developed and Manufactured 170 MVA EAF transformer for Gulf Countries 2. Received order for World’s first 50MVAr Reactor with Synthetic Ester Oil, From PGCIL
2022
1. Achieved Milestone of INR 1100+ Cr turnover including all time high Exports of INR 209 Cr.
2. First 500MVA/400KV Auto transformer supplied and commissioned in M.P.
2023
Achieved Milestone of INR 1350+ Cr turnover with all time high PAT.
ISO 45001 : 2018
Product Mix
Power Transformers
Shunt Reactors
Distribution Transformers
Furnace Transformers
Rectifier Transformers
Classification of transformers
Range
Types
Power Transformer
Upto 1200 kV class
Generator transformer, Unit Auxiliary transformers, Step up & Step down transformers, Interconnecting Auto transformers, Dual Voltage Primary or Secondary Three winding transformers
Shunt Reactor
Upto 765 kV class
Reactors upto 765 kV class
Distribution Transformers
160 kVA and above
Furnace Transformers
220MVA/101KA
Earthing transformers, Three winding transformers, Step up & Step down transformers, Dual voltage Primary or Secondary
Arc Furnace, Induction Furnace, Submerged Arc Furnace transformers
Laddle Arc Furnace and
Rectifier Transformers
100 KA DC
For DC power sources for Melt and Chemical Industries
ISO 45001 : 2018
STATE OF THE ART TESTING LAB FACILITY
INFRASTRUCTURE
1000 Sq. meter, 25 meter high test bay with shielding suitable for partial discharge measurements
Test Sources • 3000 kW 50/60 Hz Generator • 250kV Transformer for High Voltage
test
• 0-170kV Source Transformer for
losses measurement
• 1500 kW 200Hz Generator • 50 MVAr Capacitor Bank • 800kV Source Transformer
(provision to increase upto 100MVAr)
ISO 45001 : 2018
Competitive Strengths
In-house technical & design capabilities
Design & engineering capabilities developed indigenously enabling the company to achieve greater Design & engineering capabilities developed indigenously enabling the company to achieve greater
customization and cater to niche segments. customization and cater to niche segments.
Designs structured so as to minimize losses occurring within the transformer. Designs structured so as to minimize losses occurring within the transformer.
Unique distinction of being approved by utilities for power transformers up to 765 kV class without any Unique distinction of being approved by utilities for power transformers up to 765 kV class without any
external technological support. This becomes an entry barrier for new units. external technological support. This becomes an entry barrier for new units.
Cost Advantage
Backward integration providing timely & cost-effective access to critical raw material components. Backward integration providing timely & cost-effective access to critical raw material components.
Installation of new machines (oven) has helped reduce cycle time to manufacture transformers. Installation of new machines (oven) has helped reduce cycle time to manufacture transformers.
Manufacturing entire range of transformers including power generation, T&D, industrial and certain Manufacturing entire range of transformers including power generation, T&D, industrial and certain
special transformers. special transformers.
Wide product portfolio and customer base
One of the largest manufacturers of furnace transformers. One of the largest manufacturers of furnace transformers.
Preferred supplier to many utilities & industrial companies in India. Preferred supplier to many utilities & industrial companies in India.
Exported transformers to countries such as USA, England, Canada, Russia GCC., South Africa, Saudi Exported transformers to countries such as USA, England, Canada, Russia GCC., South Africa, Saudi
Arabia, Australia, West Africa & Indonesia. Arabia, Australia, West Africa & Indonesia.
Well positioned to move up the value chain
Manufacturing customized transformers & providing requisite on-site and after-sales service support. Manufacturing customized transformers & providing requisite on-site and after-sales service support.
Robust business model with revenues split almost equally between utilities & industries. Robust business model with revenues split almost equally between utilities & industries.
Supported with strong technical collaboration with Fuji for 400/765 KV reactors and 400 Kv generator Supported with strong technical collaboration with Fuji for 400/765 KV reactors and 400 Kv generator
transformer. transformer.
KEMA, Netherlands BV, the world renowned short circuit testing laboratory, Successfully tested our 315 KEMA, Netherlands BV, the world renowned short circuit testing laboratory, Successfully tested our 315
MVA, 400/220/33 kV, 3 phase auto transformer. MVA, 400/220/33 kV, 3 phase auto transformer.
ISO 45001 : 2018
Growth Strategy
Further developing niche business segments of private players which offer better margins
Increasing market share in Furnace & Rectifier Transformers
Increasing its presence in International Markets
Optimal utilization of Manufacturing facilities
Maintaining a judicious mix of Generation, T & D and Industrial Transformers
Backward integration of products with higher markup
10
ISO 45001 : 2018
Q4 FY 2022-23 RESULT SUMMARY - STANDALONE
QoQ - Q4FY2023 YoY -12MFY2023
Revenue up by
30%
EBIDTA up by
40%
PBT up by
PAT up by
118%
163%
20%
50%
131%
185%
ISO 45001 : 2018
11
FINANCIALS – STANDALONE
Particulars (Rs. in Lakhs)
Revenue from Operations Other Income Total Income Expenditure Cost of Raw Materials Cost of Trading Goods Employee Cost Finance Cost Depreciation Other Expenditure Total Expenses Profit Before Tax Less : Tax Add: Other Comprehensive Income PAT after Comprehensive Income EBITDA EBITDA Margin PAT Margin
Q4
Q3
Q4
12M
12M
FY 2022-23 FY 2022-23 FY 2021-22
FY 2022-23 FY 2021-22
42,547 287 42,834
33,538 1,121 1,206 1,161 645 3,898 41,568 1,266 384 3 885 3,071 7.17% 2.1%
31,953 450 32,403
23,349 1,090 1,039 1,206 884 3,736 31,304 1,099 (86) 4 1,189 3,189 9.84% 3.7%
32,801 516 33,317
26,777 - 746 1,311 303 3,599 32,736 581 246 (13) 322 2,195 6.59% 1.0%
1,35,985 1,186 1,37,172
1,12,898 1,246 1,14,144
1,04,031 4,942 3,807 4,663 2,257 12,630 1,32,330 4,842 1,133 14 3,723 11,762 8.57% 2.7% ISO 45001 : 2018
92,039 - 2,987 4,227 1,531 11,265 1,12,048 2,096 793 3 1,306 7,854 6.88% 1.1%
FINANCIALS – ASSETS & LIABILITIES STANDALONE
Particulars (Rs. in Lakhs)
Share Holders Fund Long Term Borrowing Other Non Current Liabilities Short Term Borrowing Current Liabilities Current Tax Liabilities (net) Total Equity and Liabilities
Property, Plant & Equipment Other Non Current Assets Cash and Bank Balances Other Current Assets Total Assets
As at 31st March 2023 38,247 6,278 1,307 25,899 42,006 1,108 1,14,846
As at 31st March 2022 34,723 5,442 1,790 26,081 38,931 401 1,07,368
13,361 4,441 2,298 94,746 1,14,846
14,563 4,362 4,464 83,978 1,07,368
ISO 45001 : 2018
Q4 FY 2022-23 RESULT SUMMARY - CONSOLIDATED
QoQ - Q4FY2023
YoY -12MFY2023
Revenue up by
27%
EBIDTA up by
77%
PBT up by
PAT up by
556%
3925%
19%
54%
145%
198%
ISO 45001 : 2018
14
FINANCIALS – CONSOLIDATED
Particulars (Rs. in Lakhs)
Revenue from Operations Other Income Total Income Expenditure Cost of Raw Materials Cost of Trading Goods Employee Cost Finance Cost Depreciation Other Expenditure Total Expenses Profit Before Tax Less : Tax Add: Other Comprehensive Income PAT after Comprehensive Income EBITDA EBITDA Margin PAT Margin
Q4
Q3
Q4
12M
12M
FY 2022-23 FY 2022-23 FY 2021-22
FY 2022-23 FY 2021-22
43,375 64 43,439
33,242 1,121 1,316 1,199 694 4,391 41,963 1,476 516 6 966 3,369 7.76% 2.2%
32,829 409 33,238
23,282 1,090 1,112 1,234 934 4,201 31,853 1,385 (27) 4 1,416 3,553 10.69% 4.3%
34,062 289 34,351
27,793 - 815 1,336 348 3,834 34,126 225 188 (13) 24 1,908 5.55% 0.1%
1,38,085 816 1,38,901
1,16,174 985 1,17,159
1,02,357 4,942 4,118 4,796 2,453 14,528 1,33,194 5,707 1,472 17 4,252 12,956 9.33% 3.1% ISO 45001 : 2018
92,397 - 3,244 4,359 1,699 13,130 1,14,829 2,330 902 (3) 1,425 8,388 7.16% 1.2%
FINANCIALS – ASSETS & LIABILITIES CONSOLIDATED
Particulars (Rs. in Lakhs)
Share Holders Fund Long Term Borrowing Other Non Current Liabilities Short Term Borrowing Current Liabilities Current Tax Liabilities (net) Total Equity and Liabilities
Property, Plant & Equipment Other Non Current Assets Cash and Bank Balances Other Current Assets Total Assets
As at 31st March 2023 40,087 6,425 1,334 26,525 42,989 1,208 1,18,569
As at 31st March 2022 36,327 5,553 1,870 26,775 39,912 495 1,10,931
15,059 4,085 2,745 96,680 1,18,569
16,376 3,659 4,638 86,259 1,10,931
ISO 45001 : 2018
OPERATIONAL PERFORMANCE STANDALONE
Particulars
Sales MVA Upto 220kV Above 220kV
Particulars
Sales Breakup - Customer Segment Utilities (SEBs, Rail and Utilities etc.)
Industrial (incl. renewables)
Exports (Incl. Third Party Exports - Utilities & Power, SEZ)
Q4 FY 2022-23
Q4 FY 2021-22
FY 2022-23
FY 2021-22
2221 3695
3815 3028
7212 13725
10508 14248
Q4 FY 2022-23
Q4 FY 2021-22
FY 2022-23
FY 2021-22
In Crore % In Crore % In Crore % In Crore %
219
52%
174 53%
694 51%
634 56%
186
44%
109 33%
585 43%
288 26%
20
5%
45 14%
80
6%
206 18%
Total
425 100%
328 100%
1,359 100%
1,129 100%
ISO 45001 : 2018
FUTURE BUSINESS PROSPECTS
Orders on Hand - Rs. 1773 Crs. as on 31st March, 2023.
Major Event during in Q4 2022-23.
Company have received order inflow of Rs. 393 Cr during the Quarter, out of which Rs. 164 Cr belongs to a Central Utility and Rs. 96 Cr belongs to 2 well known Indian Private Companies.
Company has participated under bidding process of state utilities, central utilities, EPC’s, Private, TBCB tenders etc. for more than Rs. 3000 Cr. during the quarter.
ISO 45001 : 2018
OUTLOOK 2023-24
There are challenges with uncertainty due to tense situation in Russia – Ukraine Border, China – Taiwan Border, frequent changes in repo rate by RBI, depreciating rupee, uncertainty in forex market due to rising acceptance of Yuan and fluctuations in copper and CRGO prices.
However with our continuous focus & efforts on existing customers to get repetitive business, gaining opportunities in new market / level, we are optimistic to segment and improving margins at all achieve a double digit growth in revenue, and corresponding increase in PAT levels in FY 2023-24.
To achieve the higher growth in sales and margins, the company has planned Capex to the tune of 70 Cr. for enhancing the production capacity in the Changodar Plant in FY 2023-24.
ISO 45001 : 2018
An ISO 9001:2015, ISO 14001:2015 & ISO 45001 : 2018 CERTIFIED
THANK YOU
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