Transformers And Rectifiers (India) Limited has informed the Exchange about Investor Presentation
Date: 22nd January, 2024 Ref: TRIL/SECT/2023-24/NSE-BSE/COMPL/116
To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Security Code : 532928
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 Trading Symbol : TRIL
Dear Sir/Madam,
Sub: Investor Presentation- Q3-2023-24
With reference to the captioned subject, we send herewith Investor Presentation of the Unaudited Standalone Financial Results of the Company for the quarter and nine month ended 31st December, 2023 pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Please take the same on your record.
Thanking you,
Yours faithfully, For Transformers and Rectifiers (India) Limited
Rakesh Kiri Company Secretary
Encl.: As above.
T & R is one of the leading manufacturers of a wide range of transformers globally. Today T & R is second largest Transformer manufacturing company based on Capacity in India. It has capability to develop world class power, distribution, furnace and specialty transformers with world class infrastructure at three plants around the city of Ahmedabad (Gujarat, India). T & R is managed by a highly skilled and experienced team of approximately 1200 employees, who consistently ensure that each and every activity factors in an adherence to high quality benchmarks established by the organisation.
TRANSFORMERS & RECTIFIERS (INDIA) LTD
An ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certified Company
‘INVESTOR PRESENTATION’ 22 January 2024
TOPICS TO COVER
• TRIL AT A GLANCE
• FINANCIAL HIGHLIGHTS
• DRIVERS THAT TRANSCENDED TRIL’S GROWTH
STORY OVER THE YEARS
• KEY STRENGTHS AND BUSINESS GROWTH
STRATEGY
• INDUSTRY OUTLOOK
‘TRIL AT A GLANCE’
Transformers & Rectifiers (India) Limited (TRIL) - At a glance
❑ First-generation company started by Mr. Jitendra Mamtora, a bachelor’s in electrical engineering, running successfully for over 4 decades under the leadership of Mr. Jitendra Mamtora, Chairman and Mr. Satyen Mamtora, Managing Director of TRIL
❑ Most preferred Indian Brand, known for manufacturing High Voltage Transformers viz. 220 kV 400 kV, 765
kV, 1200 kV indigenously
❑ TRIL has expertise in designing and manufacturing transformers from 5kV up to 1,200kV class
transformers and from 3MVA to 500MVA; thereby having significant presence across the value chain
❑ Manufactures entire range of transformers viz. Power, Distribution, Furnace, Rectifier Transformers &
Shunt Reactors, creating a unique positioning for itself in the transformer industry
❑ Supported by backward integrated manufacturing facilities housed in Gujarat
❑ International presence in 25+ countries
As on 31 March 2023
As on 31 December 2023
During Q3FY24
₹1,499 crore Order Book
BBB+; Stable Credit Rating
₹2,572 crore Order Book
₹701 crore Order Inflow
* Based on standalone financial numbers
Robust 3-year CAGR Growth Rate FY20-FY23*
26%
Revenue from Operations
23% EBITDA
309% PAT
312% EPS
Financial Highlights
(Standalone)
Quarterly Financial Highlights – Q3FY24 & 9MFY24
Q3FY24 Highlights (Rs. Cr)
Revenue
EBITDA & EBITDA Margin
PAT & PAT Margin
323
254
365
Q3FY23
Q2FY24
Q3FY24
9MFY24 Highlights (Rs. Cr)
Revenue
945
773
40
35
30
25
20
15
10
5
-
100
90
80
70
60
50
40
30
20
10
-
32
9.7%
21
8.2%
37
10.0%
15.0%
16
13.0%
14
11.0%
12
9.0%
10
7.0%
8
5.0%
6
3.0%
4
1.0%
2
-1.0%
-
12
3.6%
13
3.7%
9.9%
8.9%
7.9%
6.9%
5.9%
4.9%
3.9%
2.9%
1.9%
0.9%
-0.1%
3
1.2%
EPS
0.89
0.95
0.23
Q3FY23
Q2FY24
Q3FY24
Q3FY23
Q2FY24
Q3FY24
Q3FY23
Q2FY24
Q3FY24
EBITDA & EBITDA Margin
PAT & PAT Margin
EPS
87
9.1%
28
3.0%
64
8.2%
30
9.2%
9.0%
25
8.8%
8.6%
20
15
8.4%
8.2%
10
8.0%
7.8%
5
-
7.6%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
6
0.7%
9MFY24
2.13
0.40
9MFY23
9MFY24
9MFY23
9MFY24
9MFY23
9MFY24
9MFY23
Financial Highlights – Q3FY24 & 9MFY24
Particulars (₹ Cr)
Q3FY24
Q3FY23
YoY (%)
Q2FY24
QoQ (%)
9MFY24
9MFY23
YoY (%)
Revenue from Operations
365.30
322.76
13%
254.37
44%
773.03
944.93
-18%
Other Income
Total Income
Expenditure
2.50
4.50
367.80
327.26
Cost of material consumed
281.96
244.39
Employee Cost
Finance Cost
Depreciation
Other Expenses
Total Expenses
EBITDA
EBITDA Margin
Profit Before Tax
PAT after Comprehensive Income
9.57
12.98
5.81
39.50
10.39
12.06
8.84
40.59
349.82
316.27
36.77
31.89
10.00%
9.74%
17.98
13.44
10.99
11.89
11%
15%
64%
13%
1.89
256.26
199.72
8.81
11.20
5.71
26.69
252.13
21.04
8.21%
4.13
3.07
6.39
8.99
779.42
953.92
596.04
743.15
27.15
38.64
17.19
92.62
26.01
35.02
16.12
97.86
771.64
918.16
63.61
86.90
8.16%
9.11%
7.78
5.57
35.76
28.38
39%
75%
335%
338%
-16%
-27%
-78%
-80%
Key Operational Highlights of the Quarter
Operational Highlights – Q3FY24
₹2,572 crore Unexecuted Order Book
₹701 crore New Order Inflow
₹72 crore New Export Orders
Inquiries under Negotiation Domestic - ₹4,256 crore Export - $127 million
‘Dynamic Short Circuit Test’ of 50MVA, 53MVA, 105MVA, 250MVA
FAT tested 210X3 MVA High voltage Generator Transformers
Key Financial Highlights of the Quarter
₹365 crore Revenue from Operation
₹37 crore EBITDA
10% EBITDA margin
₹13 crore Profit after Tax
13% YoY
15% YoY
25 bps
13% YoY
Annualized Financial Highlights – FY19 to FY23
Particulars (₹ Cr)
FY19
FY20
FY21
FY22
FY23 9MFY24
Robust CaGR Growth From FY20 to FY23
Revenue from Operations
EBIDTA
833
70
683
63
727
73
1,123
1,360
79
118
773
64
EBIDTA %
8.26%
9.01%
9.95%
6.88%
8.48%
8.16%
Profit after tax
5
1
7
13
37
6
PAT %
EPS
0.58%
0.08%
0.94%
1.14%
2.67%
0.71%
0.37
0.04
0.52
0.98
2.80
0.40
Revenue from Operations
EBITDA & EBITDA Margin
PAT & PAT Margin
1,360
1,123
833
683
727
773
140
120
100
80
60
40
20
0
9.95%
9.01%
70
73
63
8.26%
79
6.88%
118
12.00%
10.00%
8.16%
8.48%
64
8.00%
6.00%
4.00%
2.00%
0.00%
40
35
30
25
20
15
10
0.58% 5
5
0
37
2.67%
13
0.94%
0.08%
1
7
1.14%
6 0.71%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
₹ PAT 309%
₹ EBITDA 23%
₹ Revenue 26%
EPS
2.80
0.52
0.37
0.04
0.98
0.40
FY19
FY20
FY21
FY22
FY23 9MFY24
FY19
FY20
FY21
FY22
FY23 9MFY24
FY19 FY20 FY21 FY22 FY23 9MFY24
FY19
FY20
FY21
FY22
FY23 9MFY24
Drivers that transcended TRIL’s growth story over the years
Strong In-House Capabilities and Collaboration led to Growth over the years
Incorporated TRIL and began manufacturing upto 110 kV class transformers at Changodar plant
• Strategic alliance with
ZTR Ukraine for 765 kV Transformer
• Technology License agreement with Fuji Electric Co. Ltd. for 400 & 765 kV class reactor and generator transformers
•
• Manufactured Green Transformers and reactors (up to 400 kV) using natural ester fluid Executed maiden order for 400 kV Generator Transformers, Successfully type tested OIP bushings upto 145 kV
•
1980-1993
1994-2000
2007-2010
2011-2015
2016-2017
2018-2022
2023
Mr. Jitendra Mamtora, began his journey from repairing to manufacturing 33 kV class transformer
• Listed on NSE & BSE raising ₹ 139 crore at price of ₹ 465/share.
• Commissioned
greenfield project at Moraiya in 2010
• Successfully
commissioned 1150 kV transformer • Developed and
manufactured Electric Arc Furnace transformer upto 132 MVA
• Raised ₹ 120 crore by
way of preferential issue on private placement basis in October 2023 • Only Indian transformer company having NABL accredited lab for electricals steel testing
Industry leader in manufacturing wide range of high voltage Transformers
Rectifier Transformer
Up to 160 kA DC
Manufactures a wide range of Rectifier application transformers. Market leader in India
Power Transformer
Upto 1200 kV class
Manufactures a range from medium to ultra-high voltage (1200 kV AC) and from small (5 MVA) to very large power ratings (500 MVA)
Furnace Transformer
250 MVA/120 KA
Manufactures Arc Furnace, Submerged Arc Furnace, Ladle Furnace, Induction Furnace, D C Arc Furnace Transformers
Distribution Transformer
500 kVA & Above
Manufacturing range 500 KVA to 5000 KVA, 33 kV Voltage Class. Primary focus on industrial, renewable energy & special application transformer
Shunt Reactors
Up to 765 kA
Manufactures Shunt and Series Reactors range up to 125 MVAr , 765 KV Voltage Class
% of Revenue–FY23 70%
5%
1% 8% 5%
3Y CaGR FY20:FY23 20% 22% -19% 64%
91%
Earned Brand Value over the years for its Customized, Niche Transformers
Magnum Opus 333 MVA, 1200 kV auto transformer dispatched to National Test Station BINA India through Power Grid. Highest AC Voltage in the world
132 MVA, 33 kV Electric Arc Furnace duty Transformer – 60 Hz Installed at Grupo, Mexico
70 MVA, 36 kV, Electric Arc Furnace Transformers – 50 Hz Installed at Yazd, Iran
156 MVA Biggest Furnace duty installed at Novorross Steel, Russia
70 MVA, 36 kV, Electric Arc Furnace Transformers – 50 Hz Installed at Yazd, Iran
315 MVA, 400/220 kV Auto Transformer under Short Circuit test at KEMA, Netherlands
Design excellence led to Business Model more skewed towards High Voltage Transformers
25%
FY19
75%
Upto 220 kV
Above 220 kV
34%
FY23
66%
Upto 220 kV
Above 220 kV
Upto 220 kV is a competitive segment with presence of unorganized private players
Above 220 kV: Over the years, TRIL excelled in manufacturing higher voltage transformers supported by technocrat promoter and his strong hold in design, product customization, etc. enabled TRIL develop a competitive position in this segment
Leading to Robust Order Book supported by pent up Industry Demand
Product-wise Order Book
Customer Segment-wise Order Book
Un-executed Order Book (₹. Cr)
Un-executed Order Book (₹. Cr)
1,159
1,008
1,148
1,499
3% 4% 2%
12%
9% 3% 2%
9%
5%
6% 6% 6%
1%
5% 4%
19%
79%
77%
77%
71%
2,572 1%
5% 2%
30%
62%
1,159
1,008
1,148
1,499
2,572
23%
4%
27%
16%
30%
17%
4%
16%
31%
30%
8%
5%
39%
38%
10%
6%
48%
23%
24%
6%
8%
26%
14%
45%
FY20
FY21
FY22
FY23
9MFY24
FY20
FY21
FY22
FY23
9MFY24
Power Transformer Distribution Transformer Rectifier Transformer
Reactors Furnace Transformer
Central Utilities Renewable Segment
State Utilities Export
Industrial Customer
Widespread presence in Domestic market and gradually expanding its presence in International landscape
Customer-wise Revenue Break-up
Exports/Domestic Revenue Break-up
Revenue from Operations (₹. Cr) *
Revenue from Operations (₹. Cr) *
683
727
1,123
1,360
773
683
727
1,123
1,360
773
2%
5%
38%
55%
2%
14%
37%
47%
2%
16%
26%
7%
5%
37%
57%
51%
7%
12%
43%
38%
5%
95%
14%
15%
86%
85%
5%
95%
12%
88%
FY20
FY21
FY22
FY23
9MFY24
FY20
FY21
Central /State /Railway
Industrial Customer
Export
Others
**
Export Revenue
FY22
FY23 Domestic Revenue
9MFY24
3Y CaGR
22%
25% 25%
91%
* Based on standalone financial numbers; ** Others include Renewables
25%
26%
Manufactures Transformers with application in varied Industries
Distribution
Petrochemical
Pharmaceutical
Power Transmission
Metal Processing
Cement
Green Energy
Railways
Paper and Pulp
Mining
Supported by Integrated Manufacturing Facility
Moralya
Changodar
Odhav
Area
Capacity
Operational Since
Products Manufactured
33,856 sq. mt.
25,000 sq. mt.
1,180 sq.mt.
24,000 MVA p.a.
12,000 MVA p.a.
1,200 MVA p.a.
2010
1997
1994
❑ Large Power Transformers up to 500
❑ Medium Power Transformers up to
❑ Upto 10 MVA 66 KV voltage class
MVA 1200 kV voltage class ❑ Reactors up to 765 kV Class ❑ Generator transformers up to 500
MVA 765 KV voltage class ❑ Large ratings of furnace duty transformers (>100 MVA)
160MVA, 220KV voltage class
❑ Transformers for Renewable sector ❑ Furnace transformer up to 100 MVA
rating
❑ Transformers for rectifier application
and traction duty for railways
rating including distribution transformers from 500 KVA to 5 MVA
All plants Certified for ISO 9001:2015, ISO 14001:2015 and ISO 18001:2018
Backward Integration help achieve Operational Efficiency
Products manufactured in-house by TRIL include:
Radiators upto 765 kV
Transformer Tanks Fabrication upto 765 KV
OIP Bushings upto 245 KV and CTs upto 765 KV
Benefits of being Backward Integrated:
In total they comprise between 10%-15% of the total RM requirement
Guarantees reliable and uninterrupted supplies
Quality controls remain in order
Ensures timely delivery
Generates cost advantage
In-house products retain intellectual property
Supplying to Esteemed Customers in Domestic market; Presence in 25+ Countries Globally
Domestic Customers
❑ Asia : India, Bangladesh, Nepal, Bhutan, Srilanka, Phillippines, Saudi Arabia, UAE,
Oman, Kazakhastan, Azerbaijan, Iran
❑ Europe : United Kingdon, Belgium, Italy
❑ Oceania : Australia, Fuji
❑ North America : USA, Canada, Puerto Rico, Mexico, Ecuador
❑ South America : Uruguay
❑ Africa : South Africa, Kenya, Tanzania, Ethiopia, Uganda, Zambia, Zimbabwe, Congo,
Ghana, Nigeria, Togo, Benin, Lesotho
International Presence
T&R Presence
Technocrat Promoters supported by Qualified and Professional Senior Management
Mr. Jitendra Mamtora
Chairman
Mr. Satyen Mamtora
Managing Director
❑ A Bachelor’s in Electrical Engineering. After working as an
❑ Diploma in Electrical Engineering from Uxbridge College of
engineer in east India, he moved to Gujarat and set out on his entrepreneurship journey
❑ 40+ years of experience in dealing with power utilities across
India
❑ He is an executive council member of IEEMA and have been
nominated as the Chairman of IEEMA since 2007
❑ He is also a member of CII and FICCI
Engineering, London, UK
❑ 20+ years of association with TRIL
❑ He spearheads production, marketing division and has played a key role in consolidating the organisation’s presence in the power utilities segment across the country
❑ He has also played an aggressive role in strategizing and putting in place a global marketing plan which has successfully ensured TRIL’s presence in African, Asian and South American geographies.
❑ He is a lifetime member of IEEMA
Technocrat Promoters supported by Qualified and Professional Senior Management
Chanchal Rajora CFO & Advisor to the Board
Ashwani Sharma VP Marketing
Niki Ghumra Head Fabrication & Production
Anirudh Jhala GM Tech & Quality Assurance
❑ A Chartered Accountant
(CA) with nearly 2.5 decades of work-ex in Corporate Finance, Fund Raising, Financial Planning, M&A, Credit & Risk Management, BD, PR, etc
❑ B.E in Electrical Engineering from
Punjab University
❑ 25+ years of experience in Business Development & Marketing Business Forecasting, etc
❑ 10+ years of association with TRIL ❑ He has played a pivotal role in the the company tendering developing process, transformers business over the years.
streamlining
in
❑ His
❑ His out of
business
the box thinking has helped him manage organizations at senior levels, define strategies and action plans for various organizations skills, decision making ability, international exposure, of Infrastructure, Capital Goods, Power Industry and Financial Market will be instrumental in carving growth story at TRIL
relationship
knowledge
❑ Member of CII CFO forum
❑ Diploma in Mechanical Engineering from P.E.S polytechnic, Bangalore ❑ 18+ years of experience in heading
Fabrication unit
❑ 15 years of association with TRIL ❑ He has played an important role in managing manufacturing operations, driving excellence programs, profitability improvement initiatives and people management
operational
❑ B.E in Electrical Engineering from L.E
Collage, Morbi
❑ 18+ years of experience in Testing, Design, Product Development, Process Control, etc
❑ 18 years of association with TRIL ❑ He has played a pivotal
role in institutionalizing licensed technology for 765kV transformers and 400/765kV Shunt Reactors and development of UHV 1200 kV class Transformers
❑ Contributed about 33 technical papers seminars
national/international
in magazines
Key Strengths and Business Growth Strategy
Key Strengths
Integrated manufacturing facility ➢ Over the years, TRIL has continually moved up the value chain by developing expertise in designing and manufacturing transformers from 5kV up to 1,200kV class ➢ To optimize the operations, company has continually undertaken backward integration, manufacturing key components in-house to support quality, timely delivery, cost-effective access
to critical raw material components that has enabled TRIL to achieve operational efficiency over the years
➢ Installation of new machines (oven) has helped reduce cycle time to manufacture transformers
Indigenous transformer manufacturer ➢ A well-known Indian Brand since 1994, known for manufacturing high voltage transformers indigenously ➢ Design, engineering capabilities developed indigenously enabled the company to achieve customization and cater to niche segments of transformer manufacturing ➢ The company evolved and achieved manufacturing prowess due to technical know-how of technocrat promoters supported by strong team
Preferred supplier to Utilities and long-standing relationship with Industrial Customers ➢ Unique distinction of being approved by utilities for power transformers up to 765 kV class without any external technological support ➢ Manufacturing higher voltage transformer is a space dominated by limited players due to technical expertise, design, customization involved which has led to entry barriers
Wide Product Portfolio and Significant Order Wins ➢ Manufacturer of entire range of transformers viz. power generation, T&D, industrial, specialized transformers; having a market share of 22-25% in Power transformers ➢ One of the first manufacturer of V-Connect & Scott-Connect railway application transformers ➢ The only transformer manufacturer in Green Hydrogen Energy application ➢ One of the largest manufacturers of furnace transformers; recent orders for manufacturing Arc Furnace duty transformer which were earlier imported ➢ Export orders for one of the largest Electric Arc Furnace Transformer (220MVA). TRIL will be 3rd company in the world to manufacture this kind of transformer Uptick in capex cycle and government policies lights up power sector ➢ Pent up demand from the industrial expansions backed by pickup in capex is leading to higher consumption of power in India leading to improved OB of transformer manufacturers ➢ Railways: With higher roll out of fast speed trains, metro’s, freight corridors, TRIL is at an advantageous position to contribute to the demand ➢ Green Energy: For transmitting energy from solar parks to the grid higher voltage transformers are required where TRIL has necessary facility and capabilities ➢ Replacement demand expected from Steel mills using glass furnaces will transition to Arc furnace transformer because of pollution regulations ➢ Due to elongated industry downturn, many players are either out of business or consolidated, Chinese players exited which has in-turn benefitted TRIL
Industry outlook
Opportunities in the Transformer Industry
The transformer market is poised for significant growth, particularly as federal investments in the development and implementation of renewable sources of energy increase, underpinning the ongoing support to create better and more efficient electricity infrastructure.
Several key market trends are expected to continue driving growth, including aging electrical infrastructure, grid hardening and modernization initiatives, expanding renewable distributed energy, and increasing demand from high- growth sectors, among many others.
Source : Harris Willams | Period : Q1 2023
Electric Grid by the Numbers
2+ Thousand Photovoltaic Generating Facilities
642+ Thousand Miles of High-Voltage Transmission Lines
4.6B+ Total Kilowatt-Hours 2021 Energy Output
70+ Thousand Total Wind Turbines
1+ Thousand Wind Power Projects
7+ Thousand Total Power Plants
6.3M+ Miles of Distribution Lines
~50M+ Distribution Transformers Currently in Use
50+ Thousand EV Charging Stations
Transformers are critical infrastructure; connect every power source throughout the grid
Industry Outlook : Power Sector
India’s Installed Power Generation Capacity (GW)
India’s Installed Power Generation Capacity in FY23 (GW)
344
356
370
382
399
416
327
298
Nuclear
7
Hydro
47
Renewable
125
Thermal
237
450
400
350
300
250
200
150
100
50
0
2016 2017 2018 2019 2020 2021 2022 2023
❑ Over the last 9 years, significant strides have been made in enhancing power generation capacity, expanding access to electricity,
promoting renewable energy, and implementing innovative policies
❑ India is currently the third-largest generator of electricity in the world, with an installed generation capacity of more than 416 GW as
of March 31, 2023.
Note: CEA, Power Ministry
Industry Outlook : Renewables
Installed Renewable Energy1 Capacity (GW) - February 2023
Installed Renewable Capacity Breakup (GW) - February 2023
174.53
160
111.4
87.02 94.43
77.64
69.02
57.24
45.92
200
180
160
140
120
100
80
60
40
20
0
4.93
10.20
63.30
41.90
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24*
Solar Power
Wind Power
Bio-Power
Small Hydro
❑ Installed renewable generation capacity posted a CAGR of 14.58% between FY16 and FY23
❑ The country plans to reach 450 GW of installed renewable energy capacity by 2030, with 280 GW (over 60%) expected from solar
power
❑ The ambitious target of 450 GW will provide investment opportunities worth US$ 221 billion by 2030
Note: Central Electricity Authority (CEA), International Renewable Energy Agency (IRENA), MNRE
Transformer Demand Drivers
Export Opportunities
India is being a preferred transformer supplier for US, Europe markets and on-going tensions in Ukraine & Russia has accelerated the transition
Aging Infrastructure
Aging transformers and related T&D infrastructure are anticipated to receive meaningful equipment upgrades while undergoing significant revitalization and modernization to minimize outages and prevent high- cost grid failures.
High-Growth End Markets viz. Renewables Strong demand from high-growth end markets, such as technology and data centers, EV charging networks, and renewable energy will place additional stress on grid capacity and resiliency, and require new, modern transformers.
DEMAND
DRIVERS
Grid Resiliency Extreme weather, natural disasters, and growing national security concerns after recent attacks on substation transformers have resulted in an increasing emphasis on grid resiliency and durability, all while customers express decreasing tolerance for outages.
Supply Chain Disruption Global supply chains have experienced significant disruptions in recent years driven by the compounding effects of increasing demand and decreasing materials supply, which was exacerbated following Russia’s invasion of Ukraine
Railways Indian Railways moving towards high speed trains had led to increased demand of transformers from 66 kV to 133 kV. Further, demand anticipated from freight corridors, metros, etc.
Safe Harbor
This presentation has been prepared by Transformers and Rectifiers (India) Limited solely to provide information about the Company to its stakeholders.
No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
The information contained in this presentation is only current as of its date. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements", including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory including future changes or environment. Actual results may differ materially from these forward-looking statements due to number of factors, developments in the Company’s business, its competitive environment, information technology and political, economic, legal and social conditions in India.
Please note that this presentation is based on the publicly available information including but not limited to Company’s website and Annual Reports.
This communication is for general information purposes only, without regard to specific objectives, financial situations and needs of any particular person. Please note that investments in securities are subject to risks including loss of principal amount.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Thank you
TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED (ISIN: INE763I01026; NSE: TRIL; BSE: 532928)
REGISTERED & CORPORATE OFFICE: Survey No. 427 P/3-4, & 431 P/1-2, Sarkhej-Bavla Highway, Village: Moraiya, Taluka: Sanand, Dist. Ahmedabad–382213 Gujarat, INDIA Tel: +91 79 www.transformerindia.com
CHANCHAL RAJORA | CFO & ADVISOR TO THE BOARD E: chanchal.rajora@transformerindia.com
ARPIT MUNDRA & KRISHNA PATEL | EY IR E: arpit.mundra@in.ey.com E: krishna.Patel2@in.ey.com