TRITURBINENSE1 August 2023

Triveni Turbine Limited has informed the Exchange about Investor Presentation

Triveni Turbine Limited

7 ·

'PIVEnI TURBINES

TRIVENI TURBINE LIMITED CORPORATE OFFICE 8" Floor, Express Trade Towers , 15-16, Sector-16A4, Noida - 201301, U.P., India T.: +91 120 4308000 I F: +91120 4311010-11 www .triveniturbines.com

Date : August 1, 2023

By E- Filing

The Deputy General Manager Department of Corporate Services, BSE Limited MUMBAI - 400 00 I Thru: BSE Listing Centre

The Asst. Vice President, Listing Department National Stock Exchange oflndia Ltd., MUMBAI - 400 051 Thru:NEAPS

STOCK CODE: 533655 Sub: Investors' brief & Presentation for Q1 FY24 ended June 30, 2023

STOCK CODE: TRITURBTNE

Dear Sirs,

We send herewith a copy oflnvestors' brief & Presentation on the perfonnance of the Company for the QI FY24 (consolidated) ended June 30, 2023 for your information. The same is also being made available on the Company's website www.triveniturbines.com

Thanking you,

Yours faithfully,

For TRIVENI TURBINE LTD.,

Rajiv Sawhney Company Secretary

Encl : As above

Regd Office : A-44, Hosiery Complex. Phase-II Extn .• Noida - 201 305 (U.P.) CIN : L29110UP 1995PLC041834

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*:

➢ Growth momentum maintained with highest ever quarterly Revenue and EBITDA along with a

record Closing Order Book

➢ Record revenue of ₹ 3.76 billion in Q1 FY 24, an increase of 45.3% y-o-y

➢ Highest ever EBITDA at ₹ 843 million, up 50.3% with a margin of 22.4%, an increase of

~70 bps y-o-y

➢ PAT for the quarter at ₹ 610 million, an increase of 59.3% y-o-y

➢ Robust Order booking of ₹ 4.53 billion during Q1 FY 24, an increase of 26.6% y-o-y

➢ Record outstanding carry forward order book as on June 30, 2023 of ₹ 14.05 billion, an increase

of 31.4% y-o-y

➢ Investments including Cash at ₹ 7.47 billion, an increase of 11.3% from March 31, 2023

Bengaluru, August 1, 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 first quarter ended June 30, 2023 (Q1 FY 24).

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

Q1 FY 24 Q1 FY 23

Revenue from Operations

3,764

EBITDA

843

2,590

561

EBITDA Margin

22.4%

21.7%

Depreciation & Amortisation

PBT

PBT Margin

786

508

20.9%

19.6%

Change

45.3%

50.3%

54.7%

Consolidated PAT

610

383

59.3%

Consolidated PAT Margin

16.2%

14.8%

EPS (₹/share)

1.91

1.18

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

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

“In the first quarter of FY 24, Triveni Turbines has delivered yet another impressive performance.

The momentum in revenue growth remained strong during the quarter with 45% growth over the

previous corresponding period. The Company has made concerted efforts in the last few years to

expand its international presence and enhance its aftermarket portfolio. These efforts continue to

yield results and the same was witnessed during the quarter with EBITDA and Profit After Tax

registering higher growth of 50% and 59% respectively as compared to the previous

corresponding period.

Following stellar order booking in the last year, export sales grew at 88% during Q1 FY 24 and

the contribution to the overall sales inched up to 48% as compared to 37% in the previous

corresponding quarter. We are also enthused by our order booking in the international markets

during the quarter which grew by 128% and contributing to more than half (53%) of the overall

order booking. This progressive improvement bodes well for future sales where a healthy mix

uplifts the profitability along with creating more future business opportunities for the Company.

The product demand remains robust, in both the domestic and global markets. Our wide

geographic reach is captured in our order booking in the quarter where we received orders from

Europe, South East Asia, Africa and the Americas. Both industrial and API drive turbines

contributed to these orders. Order booking for Q1 FY 24 increased by 20% y-o-y to ₹3.08 billion

with demand from a diverse set of industries such as Sugar, Distillery, Steel, Independent Power

Producers, Oil & Gas, to name a few. Despite macroeconomic concerns, the Company boasts of

robust enquiry pipeline which increased 22% y-o-y in Q1 FY 24 with a noticeable improvement in

the domestic enquiries. Our interactions with customers indicate sustainable demand and the need

for industrial heat and power solutions along with the need for decentralized renewable energy

solutions which places the Company in a favourable position in the medium-term.

Our aftermarket business has been expanding its horizons through a wider array of customer

solutions going beyond industrial steam turbines to other rotating equipment, while expanding its

global footprint. As a result, during Q1 FY 24, sales from the segment grew a remarkable 91%

over the previous corresponding period and contributed to 34% of total sales, up from 26% at

the same time last year. The segment has been focusing on driving growth in the higher value-

added components such as refurbishment and garnered good success in upgradation and

efficiency enhancement orders in the quarter under review. Coupled with contribution from the

order in the SADC region for servicing utility turbines, order booking for the aftermarket segment

grew 43% year-on-year to ₹ 1.46 billion during Q1 FY 24.

At the end of the quarter, the Company had a record closing order book of ₹ 14.1 billion, up 31%

year-on-year. With a formidable product and aftermarket portfolio, underlying demand drivers in

place, continued focus of innovation and sustainability, amplifying people strength, digital

transformation underway, the Company is well poised to enhance its global market position in the

years to come.”

Q1 FY 24: 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 among the leading manufacturers of industrial steam turbines in

globally. 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.

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 wholly owned foreign subsidiaries

namely Triveni Turbines (Europe) Pvt. Limited (TTE), based in UK, with a 100% step down subsidiary

Triveni Turbines DMCC (TTD), based in Dubai, with a 100% step down subsidiary Triveni Turbines

Africa (Pty) Ltd (TTAPL), based in South Africa. Further, results also includes the results of TSE

Engineering (Pty.) Ltd, (TSE) (70% owned step-down foreign subsidiary) based in South Africa. The

consolidated results also include the results of domestic wholly owned subsidiary namely Triveni Energy

Solutions Limited (TESL) (formerly known as GE Triveni Limited).

During the quarter, the Company incorporated a new joint venture Company namely Triveni Sports

Private Limited (TSPL), based in India. The Company owns a 50% equity stake in the joint venture

company, the balance being owned by Triveni Engineering & Industries Limited and hence only the

share of profit/loss were considered in the consolidated results.

• During the quarter under review, revenue from operations grew by 45% as compared to previous

year to ₹ 3.76 billion, which were the highest ever achieved in a quarter.

• Domestic sales increased by 20% to ₹ 1.94 billion while the export turnover increased by 88% to ₹

1.82 billion, driven by the Company’s success in international markets especially in the aftermarket

segment.

• The mix of domestic and export sales improved in favour of exports from 63:37 in previous

corresponding quarter to 52:48 in Q1 FY 24.

• EBITDA increased by 50% to ₹ 843 million in Q1 FY 24 as against ₹ 561 million in Q1 FY 23.

• EBITDA margins increased by ~70 bps to 22.4% in Q1 FY 24 as against 21.7% in the last

corresponding quarter driven by the favourable sales mix with higher exports.

• Profit After Tax grew 59% y-o-y to ₹ 610 million during the quarter.

• The Company achieved robust order booking of ₹ 4.53 billion in Q1 FY 24 as against ₹ 3.58 billion

during Q1 FY 23, an increase of 27%.

• The domestic order booking during the quarter was ₹ 2.11 billion, a decline of 16% y-o-y, mainly

due to lower product orders.

• The export order booking during the quarter was ₹ 2.41 billion, growing by 128% as compared to

last year, boosted by both product and aftermarket segment.

• On the Product side, despite lower domestic orders, overall order booking for the segment increased

by 20% y-o-y to ₹ 3.08 billion, due to high volume of orders in the international markets. The

product segment turnover was ₹ 2.47 billion during the quarter, an increase of 29% over previous

year.

• Aftermarket segment registered order booking of ₹ 1.46 billion during the quarter, growing by 43%

when compared with the corresponding period of previous year. The aftermarket turnover grew

handsomely coming in at ₹ 1.29 billion during the quarter, a growth of 91% over previous year.

• Aftermarket contributed to 34% of the total turnover in Q1 FY 24 vs. 26% in Q1 FY 23.

• Total consolidated outstanding order book stood at a record ₹ 14.05 billion as on Jun 30, 2023

which is higher by 31% when compared to the previous year. The domestic outstanding order book

stood at ₹ 7.96 billion, up 27%. The export outstanding order book stood at ₹ 6.09 billion as on

Jun 30, 2023, up 38% and contributing to 43% of the closing order book.

OUTLOOK

• Rising global energy demand particularly in the industrial segment are expected to support demand

for heating and cooling solutions in the medium turn

• Despite inflationary pressures and recessionary fears, momentum in enquiry generation remains

strong boosted by the transition towards cleaner and more sustainable energy sources. With a

strong presence in the renewable segment, outlook for the Company remains favourable

• Continued focus on developing the entire value chain from human resources, supply chain partners,

technological collaborations position the Company well for growth and expansions

• Wide portfolio of products and services, addressing large number of international markets aiding

diversified revenue and profitability streams

Summary of Consolidated Order book

(All figures in ₹ million, unless otherwise mentioned)

Particulars

Opening Order Book

Q1 FY 24 Q1 FY 23 % 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

7,789

5,493

5,383

4,320

45%

27%

13,282

9,703

37%

41%

11,255

2,027

13,282

15%

2,118

2,414

4,532

53%

3,076

1,456

4,532

32%

1,946

1,818

3,764

48%

2,472

1,292

3,764

34%

7,962

6,088

45%

8,181

1,522

9,703

16%

2,521

1,058

3,580

30%

2,564

1,016

3,580

28%

38%

33%

37%

-16%

128%

27%

20%

43%

27%

1,625

966

20%

88%

2,590

45%

37%

1,914

677

2,590

26%

29%

91%

45%

6,280

4,412

27%

38%

14,050

10,692

31%

43%

11,859

2,191

41%

8,831

1,861

34%

18%

14,050

10,692

31%

Mix of After market

16%

17%

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.

TRIVENI TURBINE 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 CIN· L29110UP1995PLC041834

Statement of standalone unaudited financial results for quarter ended June 30, 2023

Particulars

1. Revenue from operations 2. Other income Total income

3. Expenses

(a) Cost of materials consumed (b) Changes in inventories of finished goods and work-in-progress (c) Employee benefits expense (d) Finance costs (e) Depreciation and amortisation expenses (D) Other exoenses

Total expenses 4. Profit before tax 5. Tax expense:

- Current tax - Deferred tax Total tax exoense 6. Profit after tax for the period/ year 7. Other comprehensive income A. (i) Items that will not be reclassified to profit or loss

(ii) Income tax relating to items that will not be reclassified to profit or loss

B. (i) Items that will be reclassified to profit or loss

(ii) Income tax relating to items that will be reclassified to profit or loss

8. Total comorehensive income for the neriocl/vear 9. Paid up equity share capital (face value 1/-) HJ. Other equity 11. Earnings per share of 1/-each

(not annualised)

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

See accompanying notes to the standalone financial results

Quarter ended

( in lakhs, except per share data) Year ended June 30, March 31,

June 30, March 31,

2023

2022

2023

Unaudited Audited Unaudited Audited 1,08,325 3,914 1,12,239

24,455 683 25,138

28,728 1.094 29,822

30,131 1088 31.219

18,870 (1,854) 3,608 74 468 4,254 25,420 5,799

1,538 (75) 1,463 4,336

- 344 /87) 257 4,593 3,179

16,467 557 3,025 51 478 4,143 24,721 5,101

1,266 111 1,377 3,724

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

1.36 1.36

1.16 1.16

14,355 (180) 2,503 23 470 3,685 20,856 4,282

1,086 8 1,094 3,188

- - (416) 105 {311) 2,877 3,233

0.99 0.99

67,252 (3,312) 11,060 99 1,876 15,727 92,702 19,537

4,864 186 5,050 14,487

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

4.49 4.49

Notes to the standalone unaudited financial results for the quarter ended June 30, 2023

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

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

3 During the quarter,

the Company incorporated a new joint venture company namely Triveni Sports Private Limited. The Company owns a 50% equity stake in the joint venture company, the balance being owned by Triveni Engineering & Industries Limited.

4 The above unaudited standalone financial results of the Company for the quarter ended June 30, 2023 have been reviewed and recommended for adoption by the Audit Committee at their meeting held on July 31, 2023 and approved by the Board of Directors of the Company at their meeting held on August 1, 2023. The Statutory Auditors have carried out limited review of the above financial results.

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

Place : Bengaluru Date : August 1, 2023

Dhruv M. Sawhney Chairman & Managing Director

For Triveni Turbine Limited

TRIVENI TURBINE 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 CIN : L29110UP1995PLC041834

Statement of consolidated unaudited financial results for the quarter ended June 30, 2023

Particulars

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

Total expenses

4. Profit before share of profit/ (loss) from a joint venture and tax

5. Share of profit/ (loss) of joint venture 6. Profit before tax 7. Tax expense:

- Current tax - Deferred tax Total tax expense

8. Profit after tax for the period/ year

Profit for the period attributable to: - Owners of the parent - Non-controlling interest

9. Other comprehensive income A. (i) Items that will not be reclassified to profit or loss

(ii) Income tax relating to items that will not be reclassified to profit or loss (i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss

Other comprehensive income attributable to: - Owners of the parent - Non-controlling interest

10. Total comprehensive income for the period/year Total comprehensive income attributable to: - Owners of the parent - Non-controlling interest

11. Paid up equity share capital (face value 1/-) 12. Other equity 13. Earnings per share of 1/- each - (not annualised)

(a) Basic (in ) (b) Diluted (in z)

See accompanying notes to the consolidated financial results

Quarter ended

( in lakhs, except per share data) Year ended June 30, March 31,

June 30, March 31,

2022

2023

2023 Unaudited Audited Unaudited 25,904 745 26,649

36,976 1.248 38.224

37,642 1.335 38,977

19,982 (1,714) 4,056 74 488 8.,227 31,113

16,748 1,059 3,538 so 499 8,997 30,891

14,565 186 2,906 24 513 3,380 21,574

7,864

(3.00) 7,861

1,840 (75) 1,765 6,096

6,075 21

- - 166 (87) 79

63 16 6,175

6,138 37 3,179

1.91 1.91

7,333

- 7,333

1,622 149 1,771 5,562

5,551 11

(150) 38 272 (85) 75

5,637

5,626 11 3,179

1.73 1.73

5,075

- 5,075

1,229 13 1,242 3,833

3,825 8

- - (265) 105 (160)

(143) (17 3,673

3,683 (10) 3,233

1.18 1.18

2023 Audited

1,24,755 4.262 1.29,017

67,512 (2,798) 12,854 99 1,990 23,810 1,03,467

25,550

- 25,550

5,982 281 6,263 19,287

19,254 33

(150) 38 (338) 145 (305)

(290) (15) 18,982

18,964 18 3,179 72,856

5.97 5.97

Notes to the consolidated unaudited financial results for the quarter ended June 30, 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 figures for the quarter ended March 31, 2023 are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to third quarter of the relevant financial year. Also the figure upto the end of the third quarter were only reviewed and not subject to audit.

3 Other expense includes subcontracting charges of ? 3,913.67 lakhs for the quarter ended June 30, 2023 (June 30, 2022: 207.14 lakhs) 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 is not comparable with its June 30, 2022 results.

4 The unaudited standalone results of the Company are available on the Company's website (www.triveniturbines.com), website of BSE (www.bseindia.com) and NSE (www.nseindia.com). Summarised standalone financial performance of the Parent Company is as under:

Particulars

Revenue from operations Profit before tax Net profit after tax Total comprehensive income

Quarter ended

( in lakhs)

Year ended

June 30, March 31,

2023

2022

2023

Unaudited Audited Unaudited

Audited

30,131 5,799 4.336 4,593

28,728 5,101 3,724 3,865

I I I

24,455 4.282 3,188 2.877

1,08,325 19,537 14,487 13,944

5 The above unaudited consolidated financial results of the Company for the quarter ended June 30, 2023 have been reviewed and recommended for adoption by the Audit Committee at their meeting held on July 31, 2023 and approved by the Board of Directors of the Company at their meeting held on August 1, 2023. The Statutory Auditors have carried out limited review of the above financial results.

6 During the quarter,

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

Place : Bengaluru, Karnataka Date : August 1, 2023

For Triveni Turbine Limited

Dhruv M. Sawhney Chairman & Managing Director

# '· <f s9> z2

Investor Presentation Q1 FY 24

August 2023

www.triveniturbines.com

AGENDA

GLOBAL AND DOMESTIC OVERVIEW

COMPANY OVERVIEW

FY 23 PERFORMANCE REVIEW

Q1 FY 24 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: ₹14.1 bn as on Jun 2023 up 31% 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 Turbines 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 the larger industrial steam turbine 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.

FY 23 PERFORMANCE REVIEW

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

Revenue From Operations (₹ in Million)

12,476

14,000

7,511 0 3 9 , 1

1 8 5 , 5

8,400 9 5 0 , 2

8,179 8 5 8 , 1

1 4 3 , 6

1 2 3 , 6

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

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

7,446

7,511

8,400

8,179

7,026

8,522

Revenue From Operations (₹ in Million)

4 1 9 , 3

2 3 5 , 3

0 7 3 , 3

1 4 1 , 4

0 4 9 , 3

0 6 4 , 4

2 2 9 , 3

7 5 2 , 4

4 6 2 , 3

2 6 7 , 3

12,476

4 7 5 , 5

1 0 9 , 6

9 1 5 , 2

4 0 0 , 6

FY 17

FY 18

FY 19

FY 20

FY 21

FY 22

FY 23

FY 17

FY 18

FY 19

FY 20

FY 21

FY 22

FY 23

Domestic

Exports

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

2,764

2,555

8,400

8,179

8,522

7,026

1,675

1,703

1,667

1,921

1,462

1,469

1,454

1,708

1,218

1,002

1,929

1,163

1,219

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

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

Q1 FY 24 PERFORMANCE REVIEW

Comments from the Chairman & Managing Director on Q1 FY 24 Performance and Outlook for the Company

•

In Q1 FY 24, Triveni Turbines has delivered yet another impressive performance.

The momentum in revenue growth remained strong during the quarter with

45% growth over the previous corresponding period.

• The Company has made concerted efforts in the last few years to expand its

international presence and enhance its aftermarket portfolio. These efforts continue

to yield results with EBITDA and Profit After Tax registering higher growth of

50% and 59% respectively as compared to the previous corresponding

period.

• The Company had a record closing order book of ₹ 14.1 billion, up 31% year-

on-year as on Jun 30, 2023.

• With a formidable product and aftermarket portfolio, underlying demand drivers in

place, continued focus of innovation and sustainability, amplifying people strength,

digital transformation underway, the Company is well poised to enhance its

global market position in the years to come.

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

Q1 FY 24 and Q1 FY 23: Performance Review

Revenue from Operations

EBITDA

EBITDA Margin

Depreciation & Amortisation

PBT

PBT Margin

Consolidated PAT

Consolidated PAT Margin

EPS (₹/share)

Q1 FY 24

Q1 FY 23

% Change

(₹ in Million)

3,764

843

22.4%

786

20.9%

610

16.2%

1.91

45.3%

50.3%

54.7%

59.3%

2,590

561

21.7%

508

19.6%

383

14.8%

1.18

Reaching New Highs Quarter after Quarter

(₹ in Million)

3,698 3,764

3,258

2,930

2,590

843

788

750

664

561

463

383

610

556

526

4,663 4,532

4,204

3,580 3,607

14,050

13,282

12,316

11,369

10,692

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

3 2 Q 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

REVENUE

EBITDA

PAT

ORDER BOOKING

CLOSING ORDER BOOK

45.3% YoY Growth in Net Sales Higher international and aftermarket sales led to the overall growth

50.3% and 59.3% YoY Growth in EBITDA and Profit After Tax (PAT) EBITDA margins grew 70 bps YoY to 22.4%

₹ 14,050 Million Record Closing Order Book, an increase of 31.4% YoY Record closing order book driven by strong demand across sectors and geographies

Note: Commentary for latest period i.e.1Q 24

31 20

SHAREHOLDING PATTERN

Shareholding Pattern

•

Increased free float of 44.16%, following sale by Triveni Engineering & Industries Ltd.

•

Increased ownership of Foreign Portfolio Investors (FPI), Mutual Funds (MF) and Alternative Investment Funds (AIF)

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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