TRITURBINENSE2 November 2023

Triveni Turbine Limited has informed the Exchange about Investor Presentation

Triveni Turbine Limited

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TRIVENI TURBINE LIMITED CORPORATE OFFICE 8 FIor, Express Trade Towers, 15-16, Sector-16A, Noida - 201301, U.P., India T.: +91120 4308000 ] F;+91 120 4311010-11 ww.triveniturbines.com

By E-filing

REF:TIL:SE:

Date:02 November ,2023

BSE Limited P.J. Tower, Dalal Street, Fort, MUMBAI- 400 00 I STOCK CODE: 533655 Sub: Presentation for Q2 & H1 FY24 ended September 30, 2023

National Stock Exchange of India Ltd., Exchange Plaza, Bandra-Kurla Complex, Bandra (E), MUMBAI - 400 051 STOCK CODE: TRITURBINE

Dear Sirs,

We send herewith a copy of Presentation on the performance ofthe Company for the Q2 & HI

FY24 (consolidated) ended September 30, 2023 for your infonnation. The same is also being made available on the Company's website www.triveniturbines.com

Thanking you,

Yours Faithfully,

For Triveni Turbine Limited

TC.- C><

Rajiv Sawhney Company Secretary A-8047

Encl: As above

Regd Office : A-44, Hosiery Complex, Phase-II Extn., Noida - 201 305 (U.P) CIN : L29110UP1995PLC041834

Imagine. Innovate. Inspire Investor Presentation

Q2 / H1 FY 24 November 2023

Contents

01 Global and Domestic Overview

02 Company Overview

03 FY 23 Performance Review

04 Q2 / H1 FY 24 Performance Review

05 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…

Overall Global Steam Turbine Market (in GW)

The global steam turbine market declined from

131

120

115

109

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

Source: McCoy Report 2022

115 GW in 2012 to 74 GW in 2022

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

…However Below 100 MW Segment where Triveni Turbines operates is largely flat

Steam Turbine Market Below 100 MW (in GW)

10.8

9.5

11.0

9.7 12.1

8.9

CAGR -0.1% p.a.

13.3

12.2

12.5

11.9

8.8

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

Source: McCoy Report 2022

Steep Decline in over 100 MW

segment from 106 GW to 66 GW

translating to -5% p.a.

…while below 100 MW where Triveni

Turbines operates is largely flat

at 8.8 GW over a period of 10 years

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

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

While Indian economy is showing

signs of recovery in last 1-2 years…

3.0

2.5

) x (

2.0

1.5

1.0

0.5

Source: Ambit Capital Research

60%

50%

40%

30%

20%

10%

-10%

…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

Company Overview

Triveni Turbines at a Glance

Top 2 globally in its addressable market*

Domestic market leader

50 years of designing, manufacturing & supplying industrial steam turbines

Closing Order Book: ₹14.8 bn as on Sep 2023 up 30% YoY

Industrial and Renewable Heat and Power Solutions <100 MW

Global presence in >80 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

*Source: McCoy Report, 2022

* Source: McCoy Report 2022

Key Growth Drivers

Energy Transition

Innovation & Technological Advancements

Focus on Sustainability

Expansion into New Markets

Increasing Industrial Energy Demand

Strong Execution Capabilities

Diverse Customer Base and Market Presence

Customer-Centric Approach

Global Leadership

Engineering Excellence

Refurbishment Solutions

Dynamic and Collaborative Workforce

Our Founding Principles

Impact

Product Quality

Technology

▪ Aims to make a positive impact to

▪ Best-in-class manufacturing at

all our stakeholders

▪ Enhance market share with a

compelling value proposition

▪ Propel sustainable development through our strategic priorities

two-world class facilities at Peenya and Sompura in Bengaluru

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

business practices

▪ Strong focus on Environment, Social and Governance (ESG)

▪ Sustainable solutions that create a

high degree of value for our customers

▪ Supports environment sustainability with significant focus on thermal efficiency improvements

▪ Strong networks in place to enable

smooth business operations

▪

Leadership in all our business lines with sustainability at the core

▪ Customer centricity with focus on continuous modernisation, with regular upgrades and efficiency improvements

▪ 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 1300 KW capacity with net metering facility

▪ ~350 MWH of electrical power saved during FY 23 through energy conservation efforts

▪ Educational initiatives such as sponsorship on education and training programmes for differently-abled students

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

▪ Board comprises of 10 members which include 5 Non-Executive Independent Directors including one Women Director, 2 Non-Executive Non-Independent Directors and 3 Executive Directors ▪ Committees of the Board: i. Audit Committee ii. Nomination and Remuneration

Committee

iii.Stakeholders’ Relationship Committee iv.Corporate Social Responsibility

Committee

v. Risk Management Committee

A Differentiated Product Portfolio Catering To Wide Range Of Applications

Drive Applications

• Petroleum Refineries • Chemicals • Petrochemicals • Fertilisers

Upto 100 MW

Condensing Steam Turbines

• Straight Condensing

• Uncontrolled Extraction Condensing

• Controlled Extraction Condensing

• Double Extraction Condensing

•

Injection Condensing

• Reheat Condensing Axial Turbines

Back Pressure Steam Turbines

• Straight Back Pressure

• Uncontrolled Extraction Back Pressure

• Controlled Extraction Back Pressure

Power Generation Applications

Independent Power Producers (IPP)

• Biomass

• Waste to Energy

• Waste Heat Recovery

• Combined Cycle

Power Plant

Combined Heat & Power Applications

Industrial Segments

• Sugar & Distillery

• Food

Processing

• Paper • Textile • Palm • Oil • Cement • Steel • Chemicals • Petrochemicals

• Petroleum

Refineries, etc.

Strong Global Footprint

80 Countries of Presence

A Diversified Base Of End Use Industries

Sugar

Chemicals

Distilleries

Oil & Gas

Steel

Pulp & Paper

Solvent Extraction

Metals

Palm Oil

Cement

Textiles

Petrochemicals

Food Processing

Fertilisers

…and many more!

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)

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

Our Value Proposition

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 brands of turbines

Pillars of our Growth with focus on Enhancing Addressable Markets

Maintaining Leadership position in small turbines segment

Continued focus in the small

range turbines where

Company is among the Top 2

globally and

has dominant share in the

Indian market

Making strides in the larger turbine segment

Gaining Traction in API Turbines

Augment the Aftermarket segment

Making good progress in its

Significant

Expanding capabilities in the

strategic objective of

gaining a strong foothold in

the larger turbine segment

internationally in the coming

years

strides made with several key

Aftermarket segment to

orders on the ability to supply

refurbish other rotating

energy-efficient

equipment

API 611 and 612 compliant

beyond industrial steam

steam turbines, ranging from

turbines,

10 kW to 100 MW

such as geothermal,

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)

7,511

8,400

8,179

0 3 9 , 1

1 8 5 , 5

9 5 0 , 2

1 4 3 , 6

8 5 8 , 1

1 2 3 , 6

7,446

0 8 7 , 1

6 6 6 , 5

FY 17

FY 18

FY 19

FY 20

Product

Aftermarket

7,026

0 2 9 , 1

6 0 1 , 5

FY 21

Total

12,476

6 1 1 , 4

9 5 3 , 8

8,522

3 6 2 , 2

9 5 2 , 6

FY 22

FY 23

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

Strong Performance in FY 23 in both Domestic & International Markets

Order Booking

(₹ in Million)

8,278

8,540

3 6 1 , 4

7 7 3 , 4

7,935 0 1 2 , 3

5 2 7 , 4

6,431

0 1 1 , 2

1 2 3 , 4

7,104 5 9 9 , 2

9 0 1 , 4

2 9 1 , 4

6 8 0 , 4

FY 17

FY 18

16,054

Revenue From Operations

12,476

11,836

8 7 6 , 4

8 5 1 , 7

7 4 7 , 6

7 0 3 , 9

(₹ in Million)

7,446

7,511

8,400

8,179

7,026

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

8,522

9 1 5 , 2

4 0 0 , 6

4 7 5 , 5

1 0 9 , 6

FY 19 Domestic

FY 20

FY 21

FY 22

FY 23

FY 17

FY 18

FY 19

FY 20

FY 21

FY 22

FY 23

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)

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

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

Aftermarket Contribution to Sales

(₹ in Million)

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

0 2 9 1

6 0 1 5

33%

27%

6 1 1 4

3 6 2 2

9 5 2 6

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

Annual Maintenance Contracts (AMCs) for steam turbines

Health survey and condition assessment

State-of- the-art equipment

Efficiency restoration

Highly skilled team

Re- engineering

TTL’s customer- centric value proposition

Remote monitoring

Reverse Engineering

Quick and quality refurbishment

Original Equipment Manufacturer (OEM)

Overhauling Expertise

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)

6 7 4 , 2 1

0 0 4 , 8

9 7 1 , 8

2 2 5 , 8

6 2 0 , 7

4 6 7 , 2

5 7 6 , 1

3 0 7 , 1

7 6 6 , 1

1 2 9 , 1

2 6 4 , 1

9 6 4 , 1

4 5 4 , 1

8 0 7 , 1

5 5 5 , 2

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

Highest ever turnover:

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

Highest ever EBITDA and EBITDA Margins:

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

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

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

9 2 9 , 1

9 1 2 , 1

2 2 Y F

3 2 Y F

3 6 1 , 1

1 2 Y F

PAT*

2 0 0 , 1

9 1 Y F

8 1 2 , 1

0 2 Y F

Robust Profitability:

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

(₹ in Million)

% 4 3

% 2 3

% 6 2

% 3 2

% 6 3

% 4 2

% 5 2

% 3 2

% 8 1

4 2 . 3

2 2 . 3

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

4 5 . 4

1 4 . 3

2 2 Y F

3 2 Y F

2 8 . 2

1 2 Y F

6 0 5 , 7

3 1 7 , 6

4 4 8 , 3

1 2 Y F

2 2 Y F

3 2 Y F

9 7 9 , 1

0 2 Y F

2 2 3

9 1 Y F

ROCE

ROE

Asset Turnover

Investments including Cash

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

4.54 Times Making strides Focus on high-value engineering while remaining asset- globally in the larger light. Thus, Company enjoys a healthy asset turnover turbine segment in the last 1-2 years

₹ 6,713 Million

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

Note: Commentary for FY 23

Q2 / H1 FY 24 Performance Review

Comments from the Chairman & Managing Director on Q2 / H1 FY 24 Performance and Outlook for the Company

•

In the quarter and half year ending September 30, Triveni Turbines has

reported yet another strong set of results across all key metrics of revenues,

profitability and order booking. Revenues for H1 FY 24 grew 38%, with

improved margins leading to higher Profit Before Tax (PBT) growth of

44% and Profit After Tax growth of 48%, over the previous year.

•

The Company had a record closing order book of ₹ 14.8 billion, up 30%

year-on-year as on Sep 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 Making strides globally in the larger poised to enhance its global market position in the years to come. turbine segment in the last 1-2 years

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

Q2 / H1 FY 24 : Performance Review

(₹ in Million)

Q2 FY 24

Q2 FY 23 % Change

H1 FY 24

H1 FY 23 % Change

Revenue from Operations

3,878

EBITDA

889

2,930

664

32.4%

33.9%

7,642

1,732

5,520

1,226

38.4%

41.3%

EBITDA Margin

22.9%

22.7%

22.2%

Depreciation & Amortisation

PBT

832

614

35.5%

PBT Margin

21.5%

21.0%

Consolidated PAT

640

463

38.2%

Consolidated PAT Margin

16.5%

15.8%

EPS (₹/share)

2.02

1.43

100

1,618

21.2%

1,250

16.4%

3.93

100

1,121

20.3%

44.3%

847

47.6%

15.3%

2.61

Note: EPS is not annualized

Reaching New Highs

8 9 6 , 3

4 6 7 , 3

8 7 8 , 3

8 5 2 , 3

0 3 9 , 2

8 8 7

0 5 7

4 6 6

9 8 8

3 4 8

6 5 5

6 2 5

3 6 4

0 1 6

0 4 6

3 6 6 , 4

2 3 5 , 4

7 8 5 , 4

4 0 2 , 4 7 0 6 , 3

(₹ in Million)

8 5 7 , 4 1

0 5 0 , 4 1

2 8 2 , 3 1

6 1 3 , 2 1

9 6 3 , 1 1

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

4 2 Q 2

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

4 2 Q 2

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

4 2 Q 2

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

4 2 Q 2

3 2 Q 2

3 2 Q 3

3 2 Q 4

4 2 Q 1

4 2 Q 2

REVENUE

EBITDA

PAT

Order Booking

Closing Order Book

32.4% YoY Growth in Net Sales Higher international and aftermarket sales led to the overall growth

33.9% and 38.2% YoY Growth in EBITDA and Profit After Tax (PAT) EBITDA margins grew 25 bps YoY to 22.9%

₹ 14,758 Million Record Closing Order Book, an increase of 30% YoY Record closing order book driven by strong demand across sectors and geographies

Note: Commentary for latest period i.e.2Q 24

Shareholding Pattern

As on Sep 30, 2022

As on Sep 30, 2023

22.30%

27.68%

55.94%

55.84%

16.08%

Promoter Group Mutual Funds + AIF Others

3.90%

1.78%

Foreign Portfolio Investors Resident Individuals

Promoter Group Mutual Funds + AIF Others

11.60%

4.02%

0.86%

Foreign Portfolio Investors Resident Individuals

Increased free float of 44.16%, following sale by Triveni Engineering & Industries Ltd. As on Sep 30, 2023 Foreign Portfolio Investors (FPI) increased holding y-o-y

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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