TRIVENINSE30 July 2025

Triveni Engineering & Industries Limited has informed the Exchange about Investor Presentation

Triveni Engineering & Industries Limited

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l"IVeRI ENGINEERING & INDUSTRIES L TO.

REF TElL SE SSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai - 40000 I Thru: SSE Listing Centre

'- +91 1204308100 ~ +911204311010/11 e www.trivenigroup.com

2025

D t "oth J I

a e: .)

uIY_,

National Stock Exchange of India Limited Exchange Plaza, C-I, Block G Sandra Kurla Complex, Sandra (E) Murnbai - 400051 Thru: NEAPS

Scrip Code: 532356 Sub: Presentation for Ql FY26 ended June 30, 2025

Symbol: TRIVENI

Dear Sirs,

We send herewith a copy of investors' Presentation on the performance of the Company The same is for the Q I FY26 (consolidated) ended June 30, 2025 for your information. also being made available on the Company's website www.trivenigroup.com.

Thanking YOLl,

Yours faithfully, For Triveni Engineering & Industries Ltd.

GEETA BHALLA Group Vice President & Company Secretary M.No.A9475

Encl: As above

Corporate Office: 8'" Floor, Express Trade Towers, Plot 15 & 16, Sector 16-A, Noida, Uttar Pradesh - 201301 , India. Registered Office: A-44, Hosiery Complex, Phase-II Extension, Noida-201 305, Uttar Pradesh. GIN No.: L 15421 UP1932PLG02217 4

GEETA BHALLADigitally signed by GEETA BHALLA Date: 2025.07.30 11:22:18 +05'30'INVESTOR PRESENTATION Q1 FY 26 JULY 2025

CONTENTS

COMPANY OVERVIEW

RESTRUCTURING

OUR FINANCIAL HIGHLIGHTS

OUR BUSINESSES

SHAREHOLDING PATTERN

TRIVENI AT A GLANCE

LOCATIONS* 23 world-class facilities including: 8 Sugar plants 5 Distillery facilities at four locations #

~ ₹ 8,308 Crore Market Capitalization

39.02% Free Float

70,500 Tonnes per day Sugarcane crushing capacity*

860 KLPD Kilo Liter Per Day (KLPD) Alcohol/Distillery capacity#

104.5 Mega Watt Power Co-generation

>12,000 PTB installations across the world

>12,000 MLD Water & Wastewater treated through Triveni projects

Note: Market Capitalization and Free Float as on June 30, 2025 for Triveni Engineering & Industries Ltd. (TEIL) * Including Sir Shadi Lal Enterprises Ltd. (SSEL) which is a subsidiary of TEIL # Not including SSEL’s distillery of 100 KLPD

OUR STRENGTHS

Strong Leadership & Governance

Market Leadership

Financial Strength & Resilience

Stakeholder Trust & Ecosystem Integration

Strategic Tailwinds & Growth Drivers

•

Experienced management team with a proven track record of value creation across diverse sectors.

Robust corporate governance with a majority- independent board comprising members with diverse and distinguished backgrounds.

•

Among the leading players in the India’s sugar industry with best- in-class infrastructure and forward integration into distilleries.

• Dominant position in

high-speed gearboxes domestically and expanding international footprint.

• Operating in industries

with high entry barriers and long gestation periods, ensuring sustainable competitive advantage.

•

Significantly strengthened balance sheet over the past five years, enhancing the Company’s risk- return profile.

• Demonstrated ability to incubate and scale businesses, reflecting strategic foresight and execution capability.

• Deep-rooted relationships with

external stakeholders, including suppliers, customers, and regulatory bodies, fostering long-term stability and growth.

• Well-positioned to benefit from rising rural prosperity and increasing Government focus on agriculture and rural development.

•

Import substitution opportunities in both ethanol (biofuel) and engineering segments, aligning with national priorities.

OUR BUSINESS-WISE OUTLOOK

SUGAR

•

Initial monsoon trends have been encouraging and are likely to benefit the agricultural sector, particularly the sugarcane crop in UP.

• Our field surveys indicate a healthy crop with minimal pest or disease incidence to date. •

These positive developments, coupled with our continued efforts in varietal substitution, enhancement of agronomic practices, proactive crop protection measures, improved plant efficiencies, and stronger sales realizations, position us well for improved operating performance in FY26.

• However, these expectations are contingent on external factors such as moderate progress of the monsoon,

minimal waterlogging, and low incidence of pest outbreaks over next three months

ALCOHOL

•

Focus on profitability enhancement in Alcohol segment supported by correction in input costs, particularly maize, supply chain enhancements and optimized costs Formation of an inter-ministerial group to work on roadmap beyond EBP-20, showcases Government’s continued commitment towards ethanol and hopeful that feedstock and profitability challenges will be addressed. In IMIL, continue to enhance market position and focus on improving profitability through combination of topline growth and enhancing contribution margins. In IMFL, focus is to strengthen distribution channels to enhance market presence and accessibility.

OUR BUSINESS-WISE OUTLOOK

POWER TRANSMISSION

• Outlook for the domestic product segment within high speed gears is promising with robust industrial capex

and economic growth

• As of June 30, 2025, the order book crossed the ₹ 400 crore mark, standing at ₹ 423 crore—underscoring strong

•

market momentum and providing healthy visibility for near-term performance. The Gears business remains focused on exports to support its strategic objective of expanding its global footprint. Our acceptability in the overseas market is on the rise due to continuous marketing efforts, opening of European sales office and enlistment in approved vendor list. Traction in Defence business gaining momentum as large orders nearing decision, positive developments across multiple product lines with orders received in last few months

WATER

•

Supported by funding from Central & State governments including from external sources, new opportunities are emerging in recycle, reuse and Zero Liquid Discharge kind of business on EPC as well as PPP model and wherever industries are available as off-takers for buying treated sewage, this model is expected to emerge significantly predominantly in thermal power sector. The Company is also evaluating select international opportunities in Water & Wastewater treatment projects mostly wherever it possesses pre-qualifications preferably on its own and funding is assured through multilateral and reputed agencies, etc.

ENVIRONTMENT, SOCIAL, GOVERNANCE (ESG) GUIDING PRINCIPLES

Highest level of ethical and corporate governance standards, with stringent compliances

Best-in-class sustainable processes and solutions across our operations and units

Allocation of capital with focus on reducing carbon footprint and promoting energy efficiency

Maintaining ecological balance while ensuring business excellence

Harnessing co-products to become raw materials for other products, thus promoting circular economy

Fostering community development and social empowerment

RESTRUCTURING

CORPORATE STRUCTURE SIMPLIFICATION UNDERWAY

(TEIL/Amalgamated On 10 December 2024, the Board of Directors of Triveni Engineering & Company/Demerged Company), Sir Shadi Lal Enterprises Limited (SSEL/Amalgamating Company) and Triveni Power Transmission Ltd. (TPTL/ Resulting Company) have approved a Composite Scheme of Arrangement (Scheme).

Industries Limited

Amalgamation of Sir Shadi Lal Enterprises Limited (SSEL) with Triveni Engineering & Industries Limited (TEIL). SSEL is a subsidiary of TEIL, in which TEIL holds a 61.77% stake presently.

Transfer and vesting of PTB Undertaking (as defined in the Scheme) of TEIL to Triveni Power Transmission Limited (TPTL). TPTL is a wholly- owned subsidiary of TEIL presently.

Note: Please see Annexures for more details

EXISTING AND RESULTANT STRUCTURE OF ENTITIES: TEIL and SSEL

Before Amalgamation of SSEL with TEIL

After Amalgamation of SSEL with TEIL

39.02%

60.98%

38.23%

39.42%

61.77%

60.58%

Promoters

Public

TEIL (Promoter)

Public

Promoters

Public

~21.89 cr shares of INR 1 each

~52.5 lakh shares of INR 10 each

~22.04 cr shares of INR 1 each

• •

Shareholding held by TEIL in SSEL (i.e. SSEL Promoter Shareholding) shall get cancelled pursuant to the Scheme SSEL shall stand dissolved without following the procedure of winding up, upon the Scheme becoming effective

EXISTING AND RESULTANT STRUCTURE OF ENTITIES: TEIL and TPTL

After Amalgamation of SSEL with TEIL and before PTB Demerger

After PTB Demerger

39.42%

60.58%

39.42%

27.64%

42.48%

100.00%

60.58%

29.88%

72.36% Total Promote r Holding

Promoters Public

TEIL (Promoter)

Promoters Public

Existing Promoters of TEIL (Promoter) TEIL (Promoter) Public

~22.04 cr shares of INR 1 each

~3.13 cr shares of INR 2 each

~22.04 cr shares of INR 1 each

~10.48 cr shares of INR 2 each

RATIONALE FOR DEMERGER OF POWER TRANSMISSION BUSINESS & RATIO OF ISSUE OF EQUITY SHARES BY TPTL

Sharpened focus

The transfer of the PTB Undertaking (as defined in the Scheme) into TPTL will enable each business to sharpen its focus and organize its activities and resources to improve its offerings to their respective customers. This would help to improve its competitiveness, operational efficiency, agility and strengthen its position in relevant markets resulting in more sustainable growth and competitive advantage

Competitive position and market penetration

PTB has attained a significant size, scale and has a large headroom for growth in its market. As PTB is entering the next phase of growth, the transfer and vesting of the PTB Undertaking into the Resulting Company pursuant to this Scheme would result in focused management attention and efficient administration to maximize its potential

Value unlocking

Further, as PTB has separate growth trajectories, risk profile and capital requirement, the segregation of the PTB Undertaking and the Residual Business will enable independent value discovery and lead to unlocking of value for each business

TPTL will issue 1 equity share of face value INR 2 each to shareholders of TEIL for every 3 equity shares of face value INR 1 each held in TEIL, provided that the Existing Equity Shares held by TEIL shall continue to be held by TEIL in TPTL.

OUR FINANCIAL HIGHLIGHTS

OUR LONG-TERM HIGHLIGHTS

Well Diversified and Growing Revenues FY 20-25 Gross Revenue CAGR 8.9%

• • Rising revenue contribution from

non-sugar business from 21% to 38% during FY 2020-25

Key Business Highlights

•

Judicious investment in Sugar facilities to enhance sugarcane crush rate, sugar quality and efficiencies. Enhanced Alcohol distillation capacities over the years in alignment with Government’s Ethanol Blended Petrol Program Power Transmission Business continues its long term growth journey with FY 25 as another record year in terms of revenues, profits and order booking

$ Placed on ratings watch with developing implications on December 19, 2024.

Strong balance sheet position

• Improved leverage and cost of funds

over the period

• ICRA Long Term Credit Rating of AA+ $

Consistent focus on returns

• Long history of returning cash through

combination of dividend and buybacks including record buyback of ₹ 800 crore in FY 23 and sustained dividends over the years

Focused on Value Creation

• Restructuring aimed at corporate structure simplification and value creation

• Divested 21.85% stake in Triveni Turbine Limited to monetize non-core assets and unbundle businesses in Sep 2022 • Announced Amalgamation of SSEL and

Demerger of PTB in Dec 2024

ROBUST FINANCIAL PERFORMANCE

Revenue from Operations (Gross)*

Profit Before Interest and Tax (PBIT)

₹ Crore

6310

6151

6808

4437

4703

4694

576

603

584

505

510

408

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

Robust revenue growth of 8.9% p.a. during FY 2020-2025 with increasing contribution from non-sugar businesses

Note: * Revenue from Operations (Gross) include Excise duty of ₹ 1118.7 crore in FY 25, ₹ 931.31 crore in FY 24, ₹ 693.26 crore in FY 23, ₹ 403.10 crore in FY 22 and ₹ 29.18 crore in FY 21 on account of IMIL sales # Percentages calculated on Net Revenue from Operations excluding aforesaid excise duty. Intersegmental revenue adjusted from Sugar as these are largely due to sale of sugar by-products

STRONG BALANCE SHEET POSITION

Total Consolidated Debt (₹ Crore)

Total Consolidated Debt To Equity (x times)

1558

994

1568

1411

914

1969

1.16

0.64

0.82

0.35

0.49

0.63

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

Average Cost of Debt (Standalone)

Long-term credit rating

6.3%

6.1%

5.0%

5.1%

6.5%

6.9%

ICRA AA- (Stable)

ICRA AA (Stable)

ICRA AA (Stable)*

ICRA AA+ (Stable)*

ICRA AA+ 3

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

Note: *Upgraded to ICRA AA- (Positive) on April 6, 2021 and further upgraded to ICRA AA (Stable) on November 23, 2021. Reaffirmed on March 24, 2023. Upgraded to ICRA AA+ (Stable) on March 27, 2024. $ Placed on ratings watch with developing implications on December 19, 2024.

CREATING SHAREHOLDER VALUE

Cash Generation during FY 20-25 ₹ 4,202 crore

Dividends & Buybacks (incl. taxes) ₹ 1,574 crore (37% of cash generation)

Funds Retained for Working Capital ₹ 1,452 crore (35% of cash generation)

Capital Expenditure* ₹ 1,176 crore (28% of cash generation)

Healthy mix of investments in business for future growth and returns to shareholders

Note: Based on Standalone Statement of Cash Flows from FY 20 to FY 25 *Capital Expenditure: Purchase of property, plant and equipment and intangible assets, net of term loans availed/paid

ENHANCING SHAREHOLDER RETURNS THROUGH COMBINATION OF BUYBACKS & DIVIDENDS

Buyback of Shares (₹ Crore)

Dividend (₹ Crore)

Dividend Payout Ratio (%)

800

100

12%

27.3

42.3

125.9

78.6

71.1

54.7

15%

10%

21%

17% 20% 22%

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

FY 20 FY 21 FY 23

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

Interim + Final

Special

Past history of returning cash through combination of dividend and buybacks

• • Concluded record buyback of ₹ 800 crore in FY 23 • Dividend of ₹ 2.50 per equity share for FY 25 • Dividend Policy: Payout ratio of the dividend is in the range of 15-25% of the normal business income after deduction of

tax

Note: The Company completed buyback of ₹ 100 crore, ₹ 65 crore and ₹ 800 crore in August 2019, August 2020 and February 2023 respectively. Buybacks under FY 20 and FY 21 were announced in preceding year. Dividend and buyback amounts are excluding taxes FY 24 Dividend payout ratio of 12% represents special dividend of ₹ 2.25 per equity share FY 25 Dividend is subject to approval from shareholders

CONSOLIDATED FINANCIAL HIGHLIGHTS Q1 FY 26

Revenue from Operations (Gross)

Revenue from Operations (Net of excise duty)

EBITDA

EBITDA Margin

Profit Before Tax (PBT)

Profit After Tax (PAT)

EPS (not annualised) (₹/share)

Q1 FY 26

1,954.5

1,598.2

76.5

4.8%

2.9

2.1

0.20

Q1 FY 25

1,534.0

1,300.7

97.1

7.5%

41.8

31.0

1.42

₹ Crore

Change %

27.4

22.9

-21.2

-93.2

-85.8

• Delivered strong double-digit YoY consolidated revenue growth, driven by:

• •

53% increase in alcohol dispatches 14% increase in consolidated sugar dispatches

•

Engineering Business Highlights:

• •

Power Transmission Business (PTB) achieved 15% growth in order bookings. Recorded a closing order book of ₹423 crore, up 38% YoY Closing order book for the engineering business (including PTB) stood at ₹ 1,975 crore, up 32% YoY

• Operational performance impacted by:

•

Sugar segment: Despite higher volumes and realizations, profitability declined due to elevated cost of production (COP) for sugar sold in Q1 FY26

• Distillery segment: Faced a ₹2 crore loss (PBIT) in subsidiary SSEL and a higher share of grain-based ethanol (FCI Rice, which has

comparatively lower margins) in the mix PTB: Profitability affected by lower turnover and increased costs

•

OUR BUSINESSES

SUGAR

OUR SUGAR BUSINESS PROFILE Strategic Manufacturing Presence

CENTRAL UP

1. Rani Nangal (Sulphitation)#

2. Milak Narayanpur (Refined)

3. Chandanpur (Sulphitation)*#

EASTERN UP

1. Ramkola (Sulphitation)

WESTERN UP

1. Deoband (Refined Sugar)

2. Khatauli (Refined Sugar)*

3. Sabitgarh (Refined, Pharmaceutical Sugar)

4. Shamli (SSEL) (Sulphitation)

* Bonsucro Certified # Largely selling to institutional clients

WE MANUFACTURE

Refined sugar for high-grade end users

Various grades of pharmaceutical sugar, which can be customised as per user requirements

White crystal sugar

OUR USPs

Strategic Location

Strong Sugar Recoveries

Product Mix and Price Benefit

Prestigious Customer base

360K+ farmer relationships

SUGAR BUSINESS PERFORMANCE OVER THE YEARS

Area under Sugarcane (Lakh Hectares)

Sugarcane Crushed (LQ)

7 5 1

6 1 - 5 1 0 2

7 6 1

7 1 - 6 1 0 2

3 8 1

8 1 - 7 1 0 2

4 9 1

2 9 1

6 9 1

8 9 1

4 0 2

6 0 2

4 1 2

- 9 1 0 2

0 2

9 1 - 8 1 0 2

1 2 - 0 2 0 2

2 2 - 1 2 0 2

- 2 2 0 2

3 2

- 3 2 0 2

4 2

- 4 2 0 2

5 2

7 3 8 0 4 6

7 1 - 6 1 0 2

8 1 - 7 1 0 2

8 9 7

9 1 - 8 1 0 2

2 5 4

6 1 - 5 1 0 2

4 7 8

4 5 8

1 4 8

2 3 9

5 0 9

5 2 8

- 9 1 0 2

0 2

1 2 - 0 2 0 2

2 2 - 1 2 0 2

- 2 2 0 2

3 2

- 3 2 0 2

4 2

- 4 2 0 2

5 2

Sugar Produced (Lakh Quintals)

Gross Recovery (%)

1 7

7 1 - 6 1 0 2

9 4

6 1 - 5 1 0 2

5 9

4 9

1 0 1

4 9

5 9 9 8

9 8

2 9

8 1 - 7 1 0 2

9 1 - 8 1 0 2

0 2 - 9 1 0 2

1 2 - 0 2 0 2

2 2 - 1 2 0 2

3 2 - 2 2 0 2

4 2 - 3 2 0 2

5 2 - 4 2 0 2

0 8 0 1

6 1 - 5 1 0 2

6 0 1 1

7 1 - 6 1 0 2

8 3 1 1

8 1 - 7 1 0 2

9 7 1 1

9 1 - 8 1 0 2

7 9 1 1

0 2 - 9 1 0 2

6 8 1 1

1 2 - 0 2 0 2

0 7 1 1

2 2 - 1 2 0 2

7 4 1 1

3 2 - 2 2 0 2

9 4 1 1

4 2 - 3 2 0 2

0 8 0 1

5 2 - 4 2 0 2

Note: Data for Sugar Seasons; Gross recoveries (after adjustment on account of B-heavy molasses and syrup diversion) SS 2024-25 depicted for Triveni on consolidated basis i.e. including SSEL Recent crush and recoveries impacted by climatic factors across the state of UP

SUGAR REALISATIONS SET TO STRENGTHEN

Triveni Sugar Realization (Domestic) (Rs./Qtl)

4,200

4,000

4,100

3,879

3,800

3,717

3,600

3,523

4,089

3,956

3,685

3,570

4,008

3,917

3,696

3,526

3,931

3,840

3,851 3,851

3,713

3,737

3,593

3,732

3,505

3,394

3,340

3,307

3,276

3,478

3,568

3,986 3,934

4,062

3,912

3,761

3,615

3,989

3,872

3,932

3,816

3,653

4,088

4,098

3,855

3,620

3,639

3,521

3,511

3,517

3,527

3,539

3,488

3,513

3,224

3,168

3,289

3,339

3,333

3,327

3,274

3,311

3,263

3,257

3,267

3,203

April

May

June

July

August

September October November December

January

February

March

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

FY 2026

3,400

3,200

3,000

• Over the years sugar realisations have moved up significantly •

Sugar realisations have also been supported by an increasing share of refined sugar in institutional supplies, along with a higher proportion of pharma-grade sugar

Sugar Industry: Structural Shift Driving Margin Stability

We believe Sugar Industry has undergone significant changes in last few years, which has in turn significantly reduced the cyclical nature of the industry

s e r u s a e M y c i l

o P y e K

Fair and Remunerative Price (FRP) of sugarcane

Minimum Selling Price (MSP) of sugar to prevent fall in ex-mill sugar prices

Diversion of surplus sugar to production of ethanol

Progressive export policies

Focus on Sugarcane seed development leading to emergence of better varieties

Resulting in an improved and stable margin profile

Sugar Segment Average EBIT Margin

Max: 14.3% Min: 2.8%

7.9%

Max 11.1% Min:6.7%

8.4%

Max: 3.3% Min:-5.6%

-0.7%

FY11-15

FY16-20

FY21-25

A combination of supportive policy reforms and strategic diversification into ethanol has transformed the sugar industry from a cyclical to a structurally stable sector

SUGAR: VOLUMES AND REALISATIONS DRIVE TOPLINE GROWTH

Sugar Dispatches (Tonnes)

Average Realisation (₹/MT)

+13.6% (Total)

258196

Q1 FY 26

Domestic Exports Total

227186

Q1 FY 25

+3.6%

40421

39035

Q1 FY 25

Q1 FY 26

•

Excluding the SSEL, volume dispatches improved by 5.7%, compared to same quarter last year

Sugar realisations improved 3.6% y-o-y to ₹ 40,421/tonne in Q1 FY 26

Note: Consolidated include SSEL for the period from June 21, 2024 i.e. for the period post becoming a subsidiary of the Company and resultantly, the figures for the current periods are not comparable with previous periods

SUGAR: PROFITABILITY IMPACTED BY HIGHER COSTS

REVENUE

+17.0%

1,169.6

999.5

Q1 FY 25

Q1 FY 26

₹ Crore

PBIT

-79.2%

36.5

Q1 FY 25

7.6

Q1 FY 26

•

Segment profit, despite higher volume and realization, declined 80% y-o-y to ₹ 7.6 crore, due to higher cost of sugar (COP) of sugar sold in Q1 FY 26, which could not be offset by increased sugar realization price. The cost of sugar sold during the quarter pertains to SS 2024-25 (produced till 31-03-2025) and was impacted by lower gross recovery.

The sugar inventory as on June 30, 2025 was 44.5 lakh quintals (including sugar inventory of 3.6 lakh quintals pertaining to SSEL), which is valued at ₹ 37.4/kg.

INDIA SUGAR BALANCE SHEET: COMFORTABLE CLOSING STOCKS OF 5.8 MILLION TONNES FOR SS 2024-25

in million tonnes

+3.8*

+2.0*

+3.5*

32.8

31.9

26.4

27.9

29.0

28.0

7.0

5.6

8.4

Opening Stock as on 1st Oct

Production

Internal Consumption

6.4

0.1

1.0

Exports

8.4

5.8

5.6

Closing Stock as on 30th Sep

2022-23

2023-24

2024-25e

•

SS 2024-25: Deficit of 1.6 MMT, driven by lower production in Maharashtra and Karnataka due to poor acreage and weak yields

Note: Opening stock for SS 2022-23 revised as per GOI numbers *Sugar diversion to ethanol production in million tonnes

SUGARCANE DEVELOPMENT PROGRAMME – KEY HIGHLIGHTS

A Structured Varietal Substitution Programme for the mutual benefit of the Company and the farmers

Active engagement with farmers through model demonstration (demo) plots

Crop Protection from different Pests & Diseases using a structured surveillance programme

Various digital initiatives towards sugarcane development programme

Significant focus on Yield improvement through various agronomic interventions

Soil Health Improvement for application of balanced dosage of fertilizers & nutrients as per soil analysis reports and recommendations

Farm implements and mechanization for enhancing inter-cultural operations, etc.

ALCOHOL

OUR ALCOHOL BUSINESS PROFILE Strategic Manufacturing Presence

WESTERN UP

1. Muzaffarnagar 2 Facilities: Molasses 200 KLPD and Grain 60 KLPD

2. Sabitgarh Facility: Molasses 200 KLPD

CENTRAL UP

1. Rani Nangal Facility: Multi-feed 200 KLPD

Bio-ethanol

WE PRODUCE

2. Milak Narayanpur Facility: Multi- feed 200 KLPD

Extra Neutral Alcohol (ENA), Rectified Spirit (RS) and Denatured Spirit (SDS)

Co-products such as DDGS, Potash-rich ash, CO2,

OUR STRENGTHS

Integrated Operations

Flexibility of feedstock

High Operational Efficiencies

Modern & Efficient Technology

Focus on Environment, Health and Safety

High-quality by-products

Note: Not including SSEL’s distillery of 100 KLPD as it has not operated in the SS 2024-25 in view of extensive repairs

ALCOHOL BUSINESS PERFORMANCE OVER THE YEARS

Alcohol Production (in KL)

Alcohol Sales (in KL)

6 2 8 3 9

0 2 Y F

7 2 0 7 0 1

1 2 Y F

4 0 6 7 0 1

2 2 Y F

4 9 1 1 8 1

3 2 Y F

1 5 3 4 8 1

4 2 Y F

3 8 0 0 0 2

5 2 Y F

6 6 5 4 8

0 2 Y F

7 3 6 3 0 1

1 2 Y F

7 3 8 7 1 1

2 2 Y F

3 2 4 0 8 1

3 2 Y F

7 0 7 2 8 1

4 2 Y F

8 6 5 1 0 2

5 2 Y F

Average Realisation (₹/ ltr)

IMIL Sales (Lakh Cases)

46.1

48.9

54.1

57.3

59.0

62.6

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

4 2 Y F

5 2 Y F

33.4

3 2 Y F

17.8

2 2 Y F

55.7

44.7

4 2 Y F

5 2 Y F

•

Enhanced alcohol distillation capacity over the years in alignment with Ethanol Blended Petrol (EBP) Programme

AMONG TOP 5 PLAYERS IN UP IN INDIAN MADE INDIAN LIQUOR BUSINESS

• We produce premium-quality molasses-based IMIL (Indian Made Indian Liquor) and grain-based

UPML (UP Made Liquor), catering to the Uttar Pradesh market through an extensive distributor and retail network.

• Following capex announcements in FY 25, enhanced our capacity to produce 7.5 lac cases per

month/ 90 lac cases per annum.

•

In a short duration of 4 years, the Company has garnered a healthy market share in UP. It is also the fastest-growing IMIL liquor Company in UP with CAGR of more than 30% and among the top 5 players in the industry, committed to quality, innovation, and market leadership.

INDIAN MADE FOREIGN LIQUOR WINS MULTIPLE AWARDS IN 1st YEAR OF LAUNCH

MATSYA AWARDS

Spiritz Achievers Awards 2024

INDSPIRIT 2025

World Whiskies Award Design

THE CRAFTER STAMP

Spiritz Achievers Awards 2024

World Whiskies Award Design

ALCOHOL: INCREASED VOLUMES DRIVEN BY CAPACITY ADDITION

Alcohol Production (KL)

Alcohol Sales (KL)

Avg. Realisation (₹/litre)

+18.9%

9 6 9 4 6

1 2 6 4 5

6 2 6 0 4

+53.4%

3 3 3 2 6

-1.8%

60.5

59.4

Q1 FY 25

Q1 FY 26

Q1 FY 25

Q1 FY 26

Q1 FY 25

Q1 FY 26

• Achieved one of the highest-ever quarterly production driven by full quarter impact of new distillery in Rani Nangal.

•

Sales volume for the quarter increased by 53% YoY, as last year sales was impacted by inventory built up of ethanol for

scheduled deliveries in follow up quarters

• Average realization price during Q1 FY 26 is lower due to sale of Ethanol FCI rice (comprising 27% of total alcohol sales)

which carries lower selling price as compared to other grain based feedstocks

Note: The above include SSEL for the period from June 21, 2024 i.e. for the period post becoming a subsidiary of the Company and resultantly, the figures for the current periods are not comparable with previous periods.

ALCOHOL: PROFITABILITY IMPACTED

NET REVENUE*

PBIT

+48.1%

428.1

289.0

19.3

₹ Crore

+19.8%

23.1

Q1 FY 25

Q1 FY 26

* Revenue net of excise duty

Q1 FY 25

Q1 FY 26

•

Sales volume for the quarter stood at 6.2 crore litres, an increase of 53% YoY, as last year sales was impacted by

inventory built up of ethanol for scheduled deliveries in follow up quarters

• Average realization price during Q1 FY 26 is lower due to sale of Ethanol FCI rice (comprising 27% of total alcohol sales)

which carries lower selling price as compared to other grain based feedstocks.

•

The profitability has been impacted due to higher proportion of low margin FCI -rice (27% in current quarter vs nil in the

previous quarter), increase in internal transfer price of C-heavy molasses and increased fuel expenses.

Note: Consolidated includes SSEL for the period from June 21, 2024 i.e. for the period post becoming a subsidiary of the Company and resultantly, the figures for the current periods are not comparable with previous periods.

EBP PROGRAMME DRIVING ETHANOL DEMAND

Ethanol Supplied (Cr. Litres)

Contracted Quantity for ESY 2024-25 ➔

1,077

1000 900 800 700 600 500 400 300 200 100 0

10.0

361

8.1

261

12.1

137

369

14.6

402

270

4.2

151

4.9

10 179

5.0

16 157

2.1

18.9

255.9

381.5

20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

2023-24

2024-25*

Ethanol from Sugarcane-based feedstocks

Ethanol from Grain-based feedstocks

Blending % achieved

• Under EBP Programme, ethanol blending with petrol increased from ~189 crore litres in ESY 2018-19 to more than 670 crore litres in ESY 2023-24 with corresponding increase in blending percentage from 5% in ESY 2018-19 to approximately 14.6% in ESY 2023-24.

• NITI Aayog coordinating Inter-ministerial group working on roadmap beyond EBP 20 reinforces Government’s commitment

Note: Data pertains to Ethanol Supply Year (ESY) * Till 30 June 2025

CONTINUED ETHANOL PRICING IMPROVEMENTS

• Government has been incentivizing the industry through supportive ethanol prices under the EBP Programme • •

In ESY 2024-25, prices have been revised for ethanol produced from C-heavy molasses In ESY 2023-24, prices were revised for ethanol produced from Maize and C-heavy molasses

India Ethanol Pricing (₹/litre)

75.00

70.00

65.00

60.00

55.00

50.00

45.00

40.00

Sugarcane Juice / Sugar / Sugar Syrup

B-Heavy Molasses

C-Heavy Molasses

Damaged Food Grain

Surplus Rice sourced from FCI

Maize

ESY 21-22

ESY 22-23*

ESY 23-24*

ESY 24-25

Note: Ethanol Supply Year (ESY) has also been redefined as a period of ethanol supply from 1st November of a year to 31st October of next year from 1st November 2023 onwards. In view of the above change in ESY period, the ESY 22-23 period will be considered from 1st December 2022 to 31st October 2023 i.e. 11 months * Above ethanol prices for ESY refer to the last revised prices in that year

POWER TRANSMISSION

DIVERSE PRODUCT & SOLUTIONS PORTFOLIO

OUR GEARS PORTFOLIO

• High power & high speed gears designed for steam turbines, gas turbines, compressors, pumps, blowers,

and other special purpose industry applications

• Niche low speed gearboxes for mini hydel turbines, steel mills, sugar mills, rubber mixers and extruders,

cement mills, thermal plants, plastics etc.

• Marine gearing solutions

• Spares and Aftermarket solutions

• Naval and Defence products

POWER TRANSMISSION BUSINESS HIGHLIGHTS

One of the largest engineered-to- order turbo gear manufacturers in India

Largest domestic market share across OEMs & patronised by global OEMs across application spectrum like STG/GTG/ Compressor / Pumps / Blower / ID-FD Fans

One of the few companies globally catering to AGMA & API standards and supplying gearboxes to hazardous and sub-zero temperatures

Reliable aftermarket services throughout the product life cycle at the lowest cost, thus maximising uptime and performance

Cost and Quality leadership are the major differentiators

Industry leading Product delivery cycle: Ranging from few weeks to 6 months for full gearboxes

Strong focus on value engineering, low cost manufacturing, R&D for new product and expertise in reverse engineering & replacement solutions

Providing critical technology and engineered solutions on multiple fronts to Indian Navy and Indian Defence industry

SERVING A MULTITUDE OF INDUSTRIES

Industries We Serve

Power Generation (IPPs)

Oil & Gas

Refinery & Petrochemicals

Chemical & Fertilisers

Sugar

Cement

Rubber & Plastics

Steel

Marine

Note: Sample list

ENABLING OEMS CONSISTENTLY

>50,000 MW globally installed gears capacity

Steam Turbines

Gas Turbines

Centrifugal Compressors

Reciprocating Compressors

Centrifugal Pumps

Fans and Blowers

Hydel Turbines

OUR POWER TRANSMISSION BUSINESS CLIENTELE

Steam Turbines

Gas Turbines

Compressors

Pumps

Fans and Blowers

Defence

OUR POWER TRANSMISSION BUSINESS CLIENTELE

Other Key Clients

FORAY INTO DEFENCE

OUR DEFENCE PORTFOLIO

OUR DEFENCE ADVANTAGE

• Marine Propulsion Gearboxes and other

critical gearboxes

• Special Application Pumps

• Special Application Motor-driven Pumps

• Gas Turbine Generators for Auxiliary Power

• Complex Turbo-Auxiliaries

• Propulsion System Integration

• Propulsion Shafting for Surface Ships

• Propulsion Shafting for Submarines

• Solutions for Steering Systems / Stabilisers

• Winches and Deck Machinery

• Aero Auxiliary Transmission

R&D expertise on critical turbo products

Stringent adherence to quality standards

Design, engineering & analysis capability

Best-in-class manufacturing infrastructure

Compliance with dynamic defence market demands in india

Technological prowess

Experience in reverse engineering, retrofitting & customisation

Note: Sample list

OUR MARINE PRODUCT PROFILE

Propulsion Shafting System

Engine

Winches and Deck Machinery

Propeller

Gearbox

Gas Turbine Generator

Fin Stabiliser

Steering Gear

Rudder

POWER TRANSMISSION BUSINESS PERFORMANCE OVER THE YEARS

Revenue CAGR of 19% p.a. between FY 20-25

PBIT CAGR of 21% p.a. between FY 20-25

370

292

225

185

154

130

31.5%

31.4%

34.8%

33.9%

36.7%

34.3%

127

107

140.0

120.0

100.0

80.0

60.0

40.0

20.0

₹ crore

40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

Profit Before Interest & Tax (PBIT)

PBIT Margin

Order Booking CAGR of 25% p.a. between FY 20-25

475

375

251

264

157

158

FY 20

FY 21

FY 22

FY 23

FY 24

FY 25

POWER TRANSMISSION: IMPACTED BY POSTPONEMENT OF ORDER EXECUTION

₹ Crore

REVENUE

PBIT

-8.2%

50.3

54.8

18.2

-33.8%

12.0

Q1 FY 25

Q1 FY 26

Q1 FY 25

Q1 FY 26

•

The decline in revenue was mainly account of deferment of certain key deliveries by the customer and longer execution

time for certain orders. Expect the demand momentum to recover going forward

The profitability of the PTB was adversely affected by lower turnover, expenses incurred towards maintaining higher

staffing levels to meet increased activities and higher depreciation

POWER TRANSMISSION: RECORD CLOSING ORDER BOOK

₹ Crore

ORDER BOOKING

CLOSING ORDER BOOK

+15.2%

84.2

+38.3%

423.0

73.1

305.8

Q1 FY 25

Q1 FY 26

Q1 FY 25

Q1 FY 26

• Order book continued to grow indicating strong traction across markets and geographies. • Order booking during the quarter included breakthrough new international orders with eminent customers. Among

notable order wins, secured orders for compressors to be used by Abu Dhabi National Oil Company (ADNOC) in their oil and gas operations. During the quarter the business also secured its first breakthrough order from Siemens Brazil for Weyerhaeuser project. The outstanding order book as on June 30, 2025 crossed the ₹ 400 crore milestone and stood at ₹ 423 crore including long duration orders of ₹ 182 crore.

•

POWER TRANSMISSION BUSINESS INITIATIVES

The Power Transmission business is executing capacity additions that would take the Gears capacity (not including Defence) to ₹700 crore by September 2026. The existing capacity is ₹400 crore.

GEARING FOR FUTURE GROWTH

Investments towards new bay (grinder/ hobber/ equipment) for both power transmission & defence products

Expansions include setting up dedicated Aftermarket bay at existing facility

Expansions include setting up a new multi-modal facility, dedicated to Defence products

WATER SOLUTIONS

OUR WATER BUSINESS PROFILE

• A water solutions platform, with capabilities across the water and wastewater treatment value chain – EPC projects,

products, solutions, concessions and O&M

• The division has been operating for 40+ years, with a history of inhouse product development, relationships with key

Indian institutions and global partnerships

Business Highlights

12,000+ MLD Wastewater treated

100+ Projects executed

1,500+ Pan-India Installations

Wastewater Treatment • Municipal sewage • Industrial effluent • Sludge treatment • Biogas handling

Key Offerings

Water Treatment • Municipal water • Sea water •

Industrial process water

• High purity water • Intake works

Water Recycle, ZLD & Desalination

• Municipal sewage

•

recycling Industrial wastewater recycling

• Water desalination

OUR WATER BUSINESS HIGHLIGHTS

• Offers a complete range of water & wastewater treatment solutions to both industrial & municipal segments in EPC and

PPP models

• Undertakes specialized projects across desalination, recycling, ZLD and utility management for water & sewerage

networks

• Recurring revenue streams via long-term O&M contracts

• Key Project Offerings:

• EPC: End to End Turnkey offerings (100+ projects)

• DBO: EPC and operational management (60+ projects)

• PPP: Portfolio of 2 HAM projects operational

• Key Industries: Municipal STP/WTP, Power, Oil & Gas, Chemicals, Textiles, Steel, Non-ferrous and Desalination Industries

• Key Regions: India, SAARC, Middle East, Europe and Africa

•

Inhouse manufacturing capacity in NCR for specific equipment manufacturing

PROMISING LONG-TERM GROWTH OUTLOOK FOR WATER TREATMENT IN INDIA

Strong Regulatory Push

Increasing Urbanization with Focus on Quality

Increasing Demand for Recycled Water

Resurgence of Traditional Industrial Segments

Increased Sewage Treatment Capacities

Industrial Wastewater Treatment Compliance

Desalination Opportunity

WATER: HEALTHY CLOSING ORDER BOOK

REVENUE

+6.3%

PBIT

+80.3%

CLOSING ORDER BOOK*

₹ Crore

+30.9%

51.1

54.3

6.1

11.0

1186.0

1552.0

Q1 FY 25

Q1 FY 26

Q1 FY 25

Q1 FY 26

Q1 FY 25

Q4 FY 26

•

PBIT for the quarter includes a gain of ₹ 8 crore related to previous year in respect of Mathura PPP/HAM. Please note that

corresponding quarter of last year included project cost saving of Rs 8 crore.

The outstanding order book as on June 30, 2025 stood at ₹ 1,552 crore, which includes ₹ 1,106 crore towards O&M contracts

for a longer period of time.

Note: These results are based on consolidated results including wholly owned SPVs executing (i) Mathura PPP/HAM Project awarded by UP Jal Nigam, funded by National Mission of Clean Ganga (NMCG) under Namami Gange Programme and (ii) Pali ZLD Pvt. Ltd. *Including long duration orders for Operations & Maintenance (O&M)

SHAREHOLDING PATTERN

Promoter Group, 60.98%

Foreign Portfolio Investors, 6.21%

Mutual Funds + AIF, 8.87%

Resident Individuals, 19.46%

Corporate Bodies, 1.92%

NRI, 1.90%

Others, 0.65%

Note: As at end of the quarter ending June 30, 2025. Others comprise of Clearing members, HUF, Trust, IEPF, Key Managerial Personnel, Banks, NBFCs, Insurance Companies, etc.

ANNEXURES

RATIONALE FOR TEIL AMALGAMATION WITH SSEL & SWAP RATIO

Synergies The proposed amalgamation will create and provide operational synergies, economies of scale, optimum utilization of resources, simplification of business processes, elimination of duplication and rationalization of administrative expenses, which will lead to savings in the costs

Reducing compliance related costs It will result in reduction of multiplicity of entities, thereby reducing compliance cost of multiple entities viz., statutory filings, regulatory compliances, labour law/ establishment related compliances

Consolidation of Operations Both the companies have manufacturing verticals of sugar and distillery; therefore, the proposed amalgamation of the Amalgamating Company into the Amalgamated Company would lead to the consolidation of all operations pertaining to the manufacture of the sugar, alcohol, ethanol in one entity

Value Creation It will help in achieving consolidation, greater integration and flexibility that will maximize overall shareholder's value and improve the competitive position and negotiating power of the combined entity

(A) TEIL will issue 100 equity shares of face value of INR 1 each to shareholders of SSEL for every 137 equity shares held in SSEL of

face value of INR 10 each

(B) Shareholding held by TEIL in SSEL (i.e. SSEL Promoter Shareholding) shall get cancelled pursuant to the Scheme

RATIONALE FOR DEMERGER OF POWER TRANSMISSION BUSINESS & RATIO OF ISSUE OF EQUITY SHARES BY TPTL

Sharpened Focus The PTB and the Residual Business (defined in the Scheme) address different market segments with unique opportunities and dynamics in terms of business strategy, customer set, geographic focus, competition, capabilities set, talent needs and distinct capital requirements. The transfer of the PTB Undertaking into the Resulting Company will enable each business to sharpen its focus and organize its activities and resources to improve its offerings to their respective customers. This would help to improve its competitiveness, operational efficiency, agility and strengthen its position in relevant markets resulting in more sustainable growth and competitive advantage

Competitive Position and Market Penetration PTB has attained a significant size, scale and has a large headroom for growth in its market. As PTB is entering the next phase of growth, the transfer and vesting of the PTB Undertaking into the Resulting Company pursuant to this Scheme would result in focused management attention and efficient administration to maximize its potential

Value Unlocking Further, as PTB has separate growth trajectories, risk profile and capital requirement, the segregation of the PTB Undertaking and the Residual Business will enable independent value discovery and lead to unlocking of value for each business

CHRONOLOGICAL TRANSACTION MILESTONES

• Approval of the Board of Directors on recommendation of Audit Committee & Independent Directors

to the Scheme

• Filing of Application with Stock Exchanges for No Objection • Filing the Scheme along with Application with NCLT for issuance of summons for directions on

convening/ conducting/ dispensing meetings of shareholders and creditors; Hearing and receipt of the NCLT order

• Meetings of shareholders & creditors (where required) • Filing of petition with NCLT for sanction of the Scheme • Listing of matter before NCLT and Issuing of Notices to relevant statutory authorities and publication in

the newspapers

• Filing of replies/NOC by the relevant statutory authorities • Final hearing of NCLT for approval of Scheme • Filing of NCLT order with Registrar of Companies • Filing of Listing Application with the Stock Exchanges for listing and trading of shares allotted pursuant

to the Scheme

• Listing and Trading of Equity shares of Resulting Company and new shares of Amalgamated Company

[Kindly note that these consist of only the key steps of the process involved in the Scheme, and is not exhaustive in nature]

INVESTOR CONTACT

Surabhi Chandna/Himanshu Sharma Triveni Engineering & Industries Ltd. Tel. +91 120 430 8000 Fax : +91 120 431 1010 ir@trivenigroup.com www.trivenigroup.com

Gavin Desa/ Rishab Brar Citigate Dewe Rogerson Tel: +91 22 66451237/1235 gavin@cdr-india.com / rishab@cdr-india.com

SAFE HARBOUR/LEGAL DISCLAIMER

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 Engineering & Industries Ltd. makes no representation as to their accuracy or that the company subscribes to those views / findings.

COMMONLY USED TERMS

Term

AGMA

Alcohol

API

ASP

Bagasse

Definition

American Gear Manufacturers Association (AGMA)

Colourless liquid produced by natural fermentation of sugary feedstocks and used as an intoxicating

constituent of potable spirits, industrial solvent and as fuel

American Petroleum Institute

Activated Sludge Process

Cane fibre leaving cane mill after extraction of juice

B-Heavy Molasses

These are molasses produced from 2nd stage (B-massecuite) pan boiling during production of sugar

Bio-ethanol

Ethanol used for blending in low concentration in gasoline

BNR

BOD

Biological Nutrient Removal

Biological oxygen demand

Cane development

Activities for improving quality and quantity of cane in sugarcane command area of factory

Cane yield

Cane produced per acre/hectare

C-Heavy Molasses

COD

Co-product

Also known as final molasses, blackstrap molasses, treacle. This is the end by-product of the processing in the

sugar factory.

Chemical oxygen demand

Products of the sugar industry essentially e.g. bagasse, press cake, molasses, simultaneously produced during

sugar production

Co-generation

Production of electricity and usable steam in same plant

CSR

DDGS

Corporate Social Responsibility

Distillers Dried Grain Solubles. A co-product of a grain ethanol facility which contains higher protein and is sold

as an animal feed, poultry and swine feed.

COMMONLY USED TERMS

Term

Definition

Denatured spirit

Ethanol that has additives to make it poisonous, bad tasting, foul smelling or nauseating to discourage its

recreational consumption.

Distillation

Process of separating alcohol from water via evaporation and condensation

EBP

EHS

ENA

Fly ash

Grain distillery

GTG

HAM

ID-FD

IMIL

MBBR

MEE

MoEF & CC

Molasses

Ethanol Blended Petrol. The EBP programme seeks to achieve blending of ethanol with petrol with a view to

reducing pollution, conserve foreign exchange and increase value addition in the sugar industry enabling them

to clear cane price arrears of farmers.

Environment, Health & Safety

Extra Neutral Alcohol. Colourless food grade alcohol without any impurity, used in alcoholic beverages.

Fine solid particles of ashes, dust and soot carried out from burning fuel

Distillery producing Ethanol / Alcohol using grain as a feedstock. Starch available in grain is converted with

enzymes to sugar and fermented with yeast to produce grain alcohol

Gas Turbine Generator

Hybrid Annuity Model

Induced Draft/Forced Draft

Indian Made Indian Liquor

Moving Bed Biofilm Reactor

Multi Effect Evaporator

Ministry of Environment, Forests & Climate Change

A co-product/by-product of sugar manufacturing process used mainly for ethanol production

COMMONLY USED TERMS

Term

Definition

Multi-feed distillery

NGT

O&M

OMC

Distillery producing Ethanol / Alcohol using various feedstocks such as sugarcane juice/syrup, B-Heavy

molasses, C-Heavy molasses, grains such as maize, surplus rice, broken rice and other damaged food grains

National Green Tribunal

Operations & Maintenance

Oil Marketing Companies

Potable alcohol

Highly purified alcohol with very neutral odor and taste

Rectified spirit

SBR

SLOP

Steam cycle

STG

STP

Sugarcane juice

Sugarcane syrup

WTP

ZLD

Alcohol of 95 concentration which is used for Industrial purpose as well as for manufacturing Potable Alcohol &

Ethanol

Reverse Osmosis

Sequencing Batch Reactor

Slop is the concentrated spent-wash which is an effluent generated during alcohol manufacturing in distilleries,

which is used as fuel in incineration boilers

A process in which steam is generated in a boiler, produced steam is expanded through a turbine to extract

mechanical work, steam is condensed into water and water is feed to the boiler to produce steam.

Steam Turbine Generator

Sewage Treatment Plant

Juice obtained from sugarcane after crushing it in mills

Sugar solutions of higher concentration obtained after evaporating water of juice in evaporators

Water Treatment Plant

Zero Liquid Discharge

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