TRITURBINENSE28 June 2021

Triveni Turbine Limited has informed the Exchange about Investor Presentation

Triveni Turbine Limited

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TURBINES

8" Floor, Express Trade Towers, 15-16, Sector-16A, Naida - 201301, U.P.,

TRIVENI TURBINE LIMITED CORPORATE OFFICE India

T.: +91 1204308000

IF: +91 1204311010-11 www.triveniturbines.com

By E-filing

National Stock Exchange of India Ltd., Exchange Plaza, 51h Floor, Plot No. CII, G Block, Bandra-Kurla Complex, Bandra (E), MUMBAI-400 051 e-mail cmlist@nse.co.in Thru: NEAPS STOCK CODE: TRITURBINE

Date:

June 28, 2021

BSE Ltd. 151 Floor, New Trading Ring, Rotunda Building, P.J. Tower, Dalal Street, Fort, MUMBAI-400 00 I e-mail- corp.relations@bseindia.com Thru : BSE Listing Centre STOCK CODE: 533655

Dear Sirl Madam,

Subject: Investor's brief for Quarter 4 FY 2021 ended March 31,2021

We send herewith a copy of Investors' brief on the performance of the Company for the

Q4 FY 2021

ended March 3 1,2021

for your information.

The same has also been placed on

the web site of the Company i.e. www.triveniturbines.com

Thanking you,

Yours faithfully,

For Triveni Turbine Limited

lZojlV' Sc._......::>L-v-~

Rajiv Sawhney Com pany Secretary

Encl: As above

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

Registered office: A-44, Hosiery Complex, Phase-II, NOIDA 201 305, Uttar Pradesh Corporate office: Express Trade Towers, 8th floor, Plot No.- 15-16, Sector 16A, Noida 201301 Manufacturing Facility: 12A, Peenya Industrial Area, Peenya, Bengaluru 560 058 CIN : L29110UP1995PLC041834

For immediate release

FY 21 (Consolidated) Key Highlights:

➢ Net Income from Operations at ₹7.03 billion, a decline of 14.1% y-o-y

➢ EBITDA at ₹ 1.67 billion, a marginal decline of 2.1%

➢ EBITDA margins at 23.7%, up ~290 bps y-o-y

➢ PAT at ₹1.02 billion, a decline of 15.9% y-o-y

➢ Outstanding carry forward order book as on 31st Mar 2021 – ₹ 6.39 billion

➢ The Board of Directors has recommended payment of dividend of 120%

(₹1.20 per equity share of ₹1 each) for the financial year 2020-21

NOIDA, June 28 2021: Triveni Turbine Limited (TTL), the market leader in steam

turbines up to 30 MW, today announced the performance for the fourth quarter and full year

ended 31st March, 2021 (Q4/ FY 21).

The Company has prepared the Financial Results for the fourth quarter and full year based

on the Indian Accounting Standards (Ind AS) and has been publishing and analyzing results

on a consolidated basis. While the consolidated result includes the three 100% subsidiaries

of TTL, based on the Ind AS, only the share of profits of the JV, GE Triveni Limited (GETL) is

considered in the consolidated net profit.

PERFORMANCE OVERVIEW (Consolidated):

Apr 2020 – Mar 2021 v/s Apr 2019 - Mar 2020

(FY 21 v/s FY 20)

• Net Income from Operations at ₹ 7.03 billion in FY 21 as against ₹ 8.18 billion in FY

20, a decline of 14.1%.

• EBITDA of ₹ 1.67 billion in FY 21 as against ₹ 1.70 billion in FY 20, a decline of 2.1%.

• EBITDA margin of 23.7% in FY 21 as against 20.8% in FY 20, a margin expansion of

~290 bps

• Profit before Tax (PBT) before exceptional items at ₹ 1.45 billion in FY 21, a marginal

decline of 1% over FY 20

• One-time exceptional items of ₹ 185 million on account of manpower rationalisation

• Profit after tax (PAT) at ₹ 1.02 billion in FY 21 as against ₹ 1.22 billion in FY 20, a

decline of 15.9%, which was primarily due to one-time exceptional charge.

• EPS for FY 21 at ₹ 3.17 per share

Jan 2021 – Mar 2021 v/s Jan 2020 - Mar 2020

(Q4 FY 21 v/s Q4 FY 20)

• Net Income from Operations at ₹ 1.79 billion in Q4 FY 21 as against ₹ 1.54 billion in Q4

FY 20, an increase of 16%.

• EBITDA of ₹ 290 million (margin at 16.2%) in Q4 FY 21 as against ₹ 213 million

(margin 13.8%) in Q4 FY 20, an increase of 36.2%

• Profit before Tax (PBT) at ₹ 236 million in Q4 FY 21 as against ₹ 155 million in Q4 FY

20, an increase of 52.3%

• Profit after tax (PAT) at ₹ 233 million in Q4 FY 21 as against ₹ 138 million in Q4 FY 20,

an increase of 69%

• EPS for Q4 FY 21 at ₹ 0.72 per share

Commenting on the Company’s financial performance, Mr. Dhruv M. Sawhney, Chairman and

Managing Director, Triveni Turbine Limited, said:

“The year gone by has been another tough one globally with the continued onslaught of

Covid-19 pandemic in many parts of the world, some faring worse than others both in

terms of loss of life and also in terms of economic impact. The Company’s performance

has been satisfactory considering the backdrop of restrictions both in domestic and

international markets and the emergence of variants that led to a ‘second-wave’ on the

domestic front.

The global market has shrunk by 40% and domestic market by 52% in CY 20, in MW

terms. However, despite that, the Company has maintained its leadership position both

in Indian market and internationally.

In line with our outlook last quarter, the Company was able to reduce the decline in

revenue and profits for FY 21 to 14% and 16% as compared to a 21% and 27% decline

for 9M FY 21 respectively, driven by both orders in hand and pipeline. And it is important

to highlight that the Company was able to register these while reporting an improvement

in EBITDA margins from 20.8% in FY 20 to 23.7% in FY 21, a 290 bps enhancement

which underpins the cost focus during these unprecedented times. Profit margin was also

largely maintained vs last year at 14.6% in FY 21.

While we expect some costs such as travel, etc. to increase as global markets open up

in the coming quarters, we believe in the last year, the Company has made strong

advancements in automation leading to improvement in productivity which will help the

margin profile of the Company in the future.

The lockdowns in India and other countries with stringent travel restrictions have resulted

in considerable loss of opportunities for order booking in FY 21, both in domestic and

international markets. Even after the lockdowns were lifted, several customers continue

to face difficulty in arranging financing with their banks, forcing them to hold dispatches.

This affected our sales, profit and cash flows in FY 21.

Total consolidated outstanding order book stood at ₹ 6.39 billion as on March 31, 2021

which is lower by 9% as compared to previous year’s closing order book. The Company

achieved a total order booking of ₹ 6.43 billion which is lower by 19% year on year.

The domestic order booking during the year was ₹ 4.32 billion, declining by 5% as

compared to last year. The domestic outstanding order book stood at ₹ 4.49 billion, up

14% as on March 31, 2021.

However, owing to restrictions due to continued impact of Covid-19 across many

countries, decline in export order booking during the year was more pronounced than

the domestic market. The export order booking during the year was ₹ 2.11 billion,

declining by 37% as compared to last year. The export outstanding order book stood at

₹ 1.9 billion, down 38% as on March 31, 2021.

During FY 21, the Aftermarket registered an order booking of ₹ 2.02 billion, which was

lower by 7% when compared with the corresponding period of previous year. The

aftermarket turnover was ₹ 1.92 billion, a growth of 3% over previous year driven by

refurbishment. Aftermarket contributed to 27% of the total turnover in FY 21, up from

23% in the previous year.

On the Product side, the Company registered an order booking of ₹ 4.41 billion, which

was lower by 24% when compared with the corresponding period of previous year. The

product segment turnover was ₹ 5.11 billion, a decline of 19% over previous year.

Despite the slowdown across the globe, the Company was able to secure orders both

from India and from major international markets Central America, South America, North

America, Turkey, South East Asia, Europe, Middle East and North Africa, together with

the domestic market, during the year.

Enquiry generation during FY 21 and Q4 FY 21 remains strong both in domestic and

international market, which is a positive for order booking in the coming quarters. During

FY 21, the enquiry generation in the domestic market grew by 35% as compared to FY

20 which we believe is a positive indication for the order finalization in the coming

quarters. These have been driven by process co-generation and waste-to-heat recovery

segments that contribute approximately 60% and 25% respectively to the overall

domestic enquiries.

In the international segment, enquiry generation was dominated by thermal renewable

based IPP power plant and process co-generation contributing to 43% and 30% of the

total export enquiry in FY 21 respectively.

Global economies in many parts continue to be affected by the pandemic which continues

to affect the Company’s business. We believe that with vaccination drives and lower

Covid-19 cases, the business prospects might improve in the coming year. While we

continue to carry both a healthy order book and enquiry pipeline, we expect some delays

in H1 FY 22 with respect to order booking and sales.

As regards the JV, GETL, as communicated, Triveni had filed a petition in the National

Company Law Tribunal and the matter is sub-judice.

Overall, we expect both the global markets and our market share in the same to improve

in the short-medium term driven by resurgence in global activity after over a year of

pandemic led lull in economic activity. This will be well supported by our technological

expertise, strong customer-centric focus, healthy order book and pipeline, strong balance

sheet and liquidity position. We remain excited for the Company’s future in an improving

macro environment.”

- ENDS -

Attached: Details to the Announcement and Results Table

About Triveni Turbine Limited

Triveni Turbines is one of the largest manufacturers of industrial steam turbines in >5 to 30 MW range

globally. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust,

reliable and efficient end-to-end solutions.

Triveni Turbines manufactures steam turbines at its world-class manufacturing facilities in Bengaluru,

India and assists its customers with their aftermarket requirement through its global servicing offices.

With installations of over 4000 steam turbines across 20 industries, Triveni Turbines is present in over

70 countries around the world. Triveni Turbine Limited offers steam turbine solutions for Industrial

Captive and Renewable Power.

It was demerged from its parent Company, Triveni Engineering and Industries Limited which holds

21.85% equity capital of TTL, in 2010 to emerge as a pure play turbine manufacturer.

The Company provides renewable power solutions specifically for Biomass, Independent Power

Producers, Sugar & Process Co-generation, Waste-to-Energy and District Heating. Its steam turbines

are used in diverse industries, ranging from Sugar, Steel, Textiles, Chemical, Pulp & Paper,

Petrochemicals, Fertilisers, Solvent Extraction, Metals, Palm Oil to Food Processing and more. Apart

from manufacturing, the Company also provides a wide range of aftermarket services to its own fleet

of turbines as well as turbines of other makes supported by its team of highly experienced and qualified

service engineers that operate through a network of service centers.

Triveni Turbines market leadership has been built on a foundation of strong and continuously evolving

research, development and engineering capabilities. The customer centric approach to R&D, along

with a keen focus on delivered product and life-cycle cost has allowed Triveni Turbines to set

benchmarks for efficiency, robustness and up-time of the turbine. A strong internal team, strengthened

by collaborative associations with globally leading design and research institutions, has placed Triveni

at the forefront of a technically challenging field dominated by large multi-nationals.

GE Triveni Limited (GETL) is a subsidiary of Triveni Turbine Limited (TTL) and a joint venture with

General Electric. GETL is engaged in design, supply and service of advanced technology steam turbines

with generating capacity of above 30 to 100 MW. Headquartered in Bengaluru, GETL turbines are

manufactured at state-of-the-art plants of Triveni Turbine Ltd. The products are marketed under “GE

Triveni” brand globally.

For further information on the Company, its products and services please visit www.triveniturbines.com

Surabhi Chandna Triveni Turbine Limited Ph: +91 120 4308000 Fax: +91 120 4311010, 4311011 E-mail: ir@triveniturbines.com

Gavin Desa / Rishab Brar CDR India Ph: +91 22 6645 1237 / 6645 1235 Fax: +91 22 6645 1213 E-mail: gavin@cdr-india.com /

rishab@cdr-india.com

Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Triveni Turbine Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Steam Turbine Market

The Global steam turbine market came down from a level of 120 GW in calendar year CY

2011 to 55 GW in CY 2020 - a decline of 8% over a period of 9 years.

Global Steam Turbine Market (in GW)

119

113

116

109

129

140

120

100

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: International Power Report, 2020

Fossil Fuel based power generation, which was earlier the main source of fuel, declined from

69% in CY 2011 to 52% in CY 2020, whereas Thermal Renewable based power generation

increased from 6% in CY 2011 to 12% in CY 2020.

Source: International Power Report, 2020

The Global steam turbine market is broadly classified into three power rating categories:

• < 5- 30 MW

• 30.1 – 100 MW

• >100 MW

In terms of number of MW sold during the last 5 years (CY 2016 to CY 2020), the global

steam turbine market has seen the sharpest decline in the > 100 MW range, at 13% CAGR.

In the case of <30 MW range, the market has seen a decline of 0.7% CAGR. In the case of

> 30 - 100 MW range, the market has been steady and registered a CAGR of 4%.

>100 MW

30.1 to 100 MW <30 MW

Source: International Power Report, 2020

Unlike the global steam turbine market (full range), wherein the Fossil Fuel dominates, in the

<30 MW range, the growth of Thermal Renewables has been quite consistent and strong.

Fossil Fuel’s share has remained flat at 22%, while the dominance of Thermal Renewables is

quite significant at 68%.

Source: International Power Report, 2020

The global steam turbine market for <30 MW range in CY 2020, in terms of MW, de-grew by

14% compared to CY 2019. Increased economic and industrial activity in China and positive

market growth was seen as the most dominant geographic trend of CY 2020. The market

was primarily driven by Thermal Renewable based power plants (including Biomass, Waste

Heat and Waste to Energy), followed by Fossil Fuel fired power plants and Gas Turbine

combined cycle power plants (GT-CC) power plants.

In the five-year period (CY 2016 - CY 2020), Triveni held a market leadership position in unit

terms in the global market for <30 MW range. In CY 2020, Triveni held a market leadership

position in both MW and unit terms in the global market for <30 MW range.

Q4/ FY 21: PERFORMANCE REVIEW

(All figures in ₹ million, unless otherwise mentioned)

TTL is the domestic market leader in steam turbines up to 30 MW. It has maintained its

dominance consistently over the years and is the second largest manufacturer worldwide in

high and low-pressure turbines in this range. The Company’s ability to provide high-tech

precision engineered-to-order solutions has made it one of the most trusted names within

the sector.

The consolidated result of the Company includes the results of fully owned subsidiary, Triveni

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

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

Triveni Turbines Africa (Pty) Ltd in South Africa. As per the Ind AS, the consolidated revenue

does not include the sales of GETL while the share of TTL’s profits in JV is added in the net

profit. Details of order booking also do not include GETL.

Performance Summary (Consolidated)

Amounts in Rs. million unless specified

Revenue from Operations

1,785

1,539

Q4 FY 21 Q4 FY 20

% Change 16.0%

290

213

36.2%

EBITDA

EBITDA Margin

Depreciation & Amortisation

PBIT

PBIT Margin

Finance Cost

PBT

PBT Margin

Exceptional Items

PBT after exceptional item and share of JV income

Consolidated PAT

Consolidated PAT Margin

EPS (₹/share)

FY 21

FY 20

% Change (14.1%)

8,179

1,703

(2.1%)

20.8%

201

7,026

1,667

23.7%

202

16.2%

13.8%

240

163

47.2%

1,465

1,502

(2.5%)

13.4%

10.6%

20.8%

18.4%

236

(50.0%)

(66.6%)

155

52.3%

1,454

1,469

1.0%

13.2%

10.1%

278

233

13.1%

0.72

180

138

9.0%

0.43

20.7%

185

18.0%

54.4%

1,321

1,559

(15.3%)

69%

1,024

1,218

(15.9%)

14.6%

3.17

14.9%

3.77

• During the year under review, the performance was impacted due to the COVID-19

pandemic

• During the year, revenue from operations was lower by 14% as compared to

corresponding period of previous year, with domestic sales showing a decline of 12%

while the export turnover declined 17%

• The mix of domestic and export sales remained more or less at similar levels at 54:46 in

FY 21.

• During FY 21, the Aftermarket registered an order booking of ₹ 2.02 billion, which was

lower by 7% when compared with the corresponding period of previous year. The

aftermarket turnover was ₹ 1.92 billion, a growth of 3% over previous year driven by

refurbishment.

• The mix of aftermarket business in the total sales improved by 400 bps at 27% during

FY 21.

• There has been significant improvement in EBITDA margin in FY 21 at ~290 basis points

in comparison to previous year.

• The improvement in EBITDA margin is driven by combination of the higher share of

aftermarket in sales mix and also on account of lower raw material cost. Further, there

has been significant reduction in employee expenses due to realization of VRS benefit

and reduction of manpower.

There has been significant reduction in manufacturing cost on account of cost reduction

and value engineering undertaken in manufacturing processes. Similarly, there has been

reduction in certain administration expenses such as travelling etc.

• The overall consolidated closing order book as on 31st March 2021 stood at ₹6.39 billion.

Summary of Consolidated Order book (without GETL)

Particulars Opening Order Book Domestic Exports TOTAL Mix of Exports Product After market Total Mix of After market Order booking Domestic Exports TOTAL Mix of Exports Product After market Total Mix of After market Sales Domestic Exports TOTAL Mix of Exports Product After market Total Mix of After market Closing Order book Domestic Exports TOTAL Mix of Exports Product After market Total Mix of After market

Consolidated

FY 20 3617 3611 7228 50% 6308 921 7228 13%

4567 3367 7935 42% 5766 2169 7935 27%

4257 3921 8179 48% 6321 1858 8179 23%

3927 3057 6984 44% 5753 1231 6984 18%

FY 21 % Var 9% -15% -3%

3927 3057 6984 44% 5753 1231 6984 18%

-9% 34% -3%

-5% -37% -19%

-24% -7% -19%

4321 2110 6431 33% 4410 2021 6431 31%

-12% -17% -14%

-19% 3% -14%

3762 3264 7026 46% 5106 1920 7026 27%

4486 1903 6389 30% 5057 1332 6389 21%

14% -38% -9%

-12% 8% -9%

Outlook

The impact of Covid-19 pandemic has a caused insurmountable loss of lives & livelihood. As

a consequence, the Global economy contracted by 3.3% in the year 2020. Indian economy

also suffered a massive contraction of GDP by about 7.3% in 2020-21 due to the pandemic;

however, the silver lining is also visible. The Indian economy is gradually getting back to

growth trajectory. In Q4 of FY 21, already a nominal growth of 1.4% is recorded. The gradual

lifting of lockdown and other restrictions as well as the massive vaccination programme

launched in India and other major economies, is expected to boost the economic growth.

Still, the Covid-19 uncertainties with emerging new variants may continue to hurt the global

economy. This risk is likely to be mitigated by acceleration of vaccination programme and

various healthcare initiatives that are taking place across the globe including in India.

During the year 2020-21, the global market in which the Company operates has experienced

a significant shrinkage of 32%, however, in Q4 FY 21, the shrinkage in market size has

moderated at 9%. The domestic market has also shrunk by about 43% YOY.

Despite the above grave challenges, the Company continued its market leadership status in

domestic market and was able to increase its market share in international arena. The

Company did well in distillery orders in sugar segment, waste to heat recovery, process co-

generation and cement segment. Although the international market slipped due to the

pandemic and travel restrictions, enquiry pipeline and new opportunities are gradually

improving showing a good sign of recovery.

In the aftermarket segment, refurbishment has gained good traction both in international

and domestic segment, Further, this segment has made major inroads in new markets,

resulting in healthy orders’ intake and future prospects.

While the operations of both factories and service centres functioned in normal manner, but

occasional supply chain bottlenecks due to localised lockdown and non-availability of

manpower at suppliers’ end impacted normal flow of manufacturing activities from time to

time. The pressure of commodity price increase and transportation cost due to increase in

fuel prices remains a matter of concern, however the appropriate supply chain strategy is put

in place to reduce the impact in margins.

During the pandemic, the health and safety of employee and other stakeholders, such as

vendors and contractors, were of prime importance. The Company took all possible safety

measures at works and offices and strictly followed guidelines issued by the Government

from time to time, towards safety. The Company also organised vaccination camp through

reputed hospital for all employees and other stakeholders.

The day to day operations of the Company were not affected. The Company quickly adopted

Work from Home strategy and provided necessary IT infrastructure to all employees with

adequate IT security features. Employees attended the office on need-based work and on

rotation basis to ensure minimum attendance in office and ensure safety.

The hindrances faced due to travel restriction, especially foreign travel, was to a large extent

overcome through digital marketing efforts, including marketing and servicing through video

conferencing with customers and utilization of services from foreign subsidiaries.

During the year, the Company introduced new and improved cost-efficient models. This has

resulted in lowering the manufacturing cost with improved efficiency and customer

satisfaction and we believe these will yield results in the years to come. The Company

continues to develop new models to address new markets and customers’ requirements.

With these new and efficient models, implementation of emerging digital technology, lean

cost structure, trained manpower and aggressive marketing stagey for products and

aftermarket, the Company expects significant improvement in volume of business in FY 22

and beyond.

GE Triveni Limited

In June 2019, Triveni has filed a petition before the National Company Law Tribunal and the

matter is sub judice. Due to the pandemic, the NCLT hearing is getting postponed. During

the pendency of the Company Petition, TTL has filed a Contempt Petition before the NCLT,

Bengaluru alleging wilful violation of certain directions of the Court. The NCLT vide its detailed

judgment dated 20 April 2021 has held GE, BH, NP, DI and their key officials guilty of

contempt. The NCLT vide the said judgment has also stayed the effect of the letters by NP

terminating its ancillary agreements with GETL. For further details please refer to the Notes

to the audited financial results.

Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to

certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many

other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking

statements. Triveni Turbine Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstance.

TRIVENI TURBINE LIMITED Regd. Office: A-44, Hosiery Complex, Phase II Extension, Noida, U.P. - 201 305 Corp. Office : 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201 301 CIN : L29110UP1995PLC041834

Statement of standalone audited financial results for quarter and year ended March 31, 2021

Particulars

1. Revenue from operations 2. Other income Total income

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

4. Profit from continuing operations before exceptional items and tax 5. Exceptional items (refer note 2) 6. Profit from continuing operations before tax 7. Tax expense: - Current tax - Deferred tax Total tax expense

8. Profit from continuing operations after tax 9. Profit/(loss) from discontinued operations 10. Tax expense of discontinued operations

11. Profit/(loss) from discontinued operations (after tax) 12. Profit for the period 13. Other comprehensive income A. (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss B. (i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss

14. Total comprehensive income for the period 15. Paid up equity share capital (face value ` 1/-) 16. Other equity 17. Earnings per share of ` 1/- each (for continuing and total operations) - (not annualised) (a) Basic (in `) (b) Diluted (in `) See accompanying notes to the standalone financial results

Quarter ended

Year ended

(₹ in lakhs, except per share data)

March 31, 2021 Audited

December 31, 2020 Unaudited

March 31, 2020 Audited

March 31, 2021 Audited

March 31, 2020 Audited

17,473 466 17,939

9,761 (49) 2,049 35 494 3,413 15,703

2,236 - 2,236

480 104 584

1,652 - -

- 1,652

148 (37) 128 (32) 207

1,859 3,233

17,372 556 17,928

10,285 (1,634) 1,996 26 500 3,410 14,583

3,345 - 3,345

896 (41) 855

2,490 - -

- 2,490

- - (28) 7 (21)

2,469 3,233

15,246 397 15,643

8,878 (516) 2,375 81 493 3,058 14,369

1,274 - 1,274

351 (58) 293

981 - -

- 981

(70) 18 (457) 115 (394)

587 3,233

0.51 0.51

0.77 0.77

0.30 0.30

69,693 1,969 71,662

35,659 (184) 8,015 112 2,017 12,228 57,847

13,815 (1,852) 11,963

3,330 (240) 3,090

8,873 - -

- 8,873

148 (37) 522 (131) 502

9,375 3,233 56,010

2.74 2.74

80,990 2,184 83,174

42,214 1,804 9,439 333 2,008 13,159 68,957

14,217 - 14,217

3,700 (489) 3,211

11,006 - -

- 11,006

(70) 18 (1,084) 322 (814)

10,192 3,233 46,637

3.40 3.40

TRIVENI TURBINE LIMITED

Statement of standalone assets and liabilities

Particulars

ASSETS

Non-current assets

Property, plant and equipment

Capital work-in-progress

Other intangible assets

Intangible assets under development

Investments in subsidiary and joint venture

Financial assets

i. Trade receivables

ii. Loans

iii. Other financial assets

Other non-current assets Income tax assets (net)

Total non-current assets

Current assets

Inventories Financial assets

i. Investments

ii. Trade receivables

iii. Cash and cash equivalents

iv. Bank balances other than cash and cash equivalents

v. Loans

vi. Other financial assets Other current assets

Total current assets

TOTAL ASSETS

EQUITY AND LIABILITIES

H.O Balance

EQUITY

Equity share capital Other equity

Total equity

LIABILITIES

Non-current liabilities

Financial liabilities

i. Borrowings ii. Other financial liabilities

Provisions

Deferred tax liabilities (net)

Total non-current liabilities

Current liabilities Financial liabilities i. Borrowings ii. Trade payables

a) Total outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises iii. Other financial liabilities

Other current liabilities

Provisions

Income tax liabilities (net)

Total current liabilities Total liabilities

TOTAL EQUITY AND LIABILITIES

(₹ in lakhs)

As at March 31, 2021

As at March 31, 2020

Audited

24,374 24,264 - 637 395 385 95 87 985 985

- - - 2 89 84 44 210 374 493 26,356 27,147

15,919 17,248

26,793 12,950 7,636 12,103 1,291 5,025 7,299 12 - 19 779 395 3,033 3,717 62,750 51,469 89,106 78,616

3,233 3,233 56,010 46,637 59,243 49,870

- 96 203 236 298 663 509 581 1,010 1,576

- -

1,118 685

6,212 5,689

2,337 2,014 17,335 16,773 1,273 1,497 578 512 28,853 27,170 29,863 28,746 89,106 78,616

TRIVENI TURBINE LIMITED Statement of standalone cash flows

Particulars

Cash flows from operating activities Profit before tax Adjustments for

Depreciation and amortisation expenses (Profit)/loss on sale/write off of property, plant and equipment Net profit on sale/redemption of current investments Net fair value gains on current investments Dividend received Interest income Provision for doubtful advances Amount written off of non financial assets Allowance for non moving inventories Impairment loss on financial assets (including reversals of impairment losses) Finance costs Unrealised foreign exchange (gains)/ losses Credit balances written back Mark-to-market (gains)/losses on derivatives

Working capital adjustments :

Change in inventories Change in trade receivables Change in other financial assets Change in other assets Change in trade payables Change in other financial liabilities Change in other liabilities Change in provisions Cash generated from operations Income tax paid (net of refunds) Net cash inflow from operating activities

Cash flows from investing activities Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Net increase in current investment Investmet in deposits with financial institutions Proceeds from sale of assets classified as held for sale Investment in bank deposits Interest received Net cash outflow from investing activities

Cash flows from financing activities Proceeds from long term borrowings Repayment of long term borrowings Payment of principal portion of lease liabilities Interest paid on lease liabilities Interest paid Dividend paid to Company's shareholders Dividend distribution tax paid Net cash outflow from financing activities

(₹ in lakhs)

Year ended

March 31, 2021

March 31, 2020

(Audited)

11,963

14,217

2,017 (6) (885) (395)

2,008 3 (699) (204) - (650) (15) 40 2 75 452 333 (190) (49) 528

(167) 84 21 223 590 112 (79) (60) (201)

1,107 4,046 (292) 623 1,007 783 560 (441) 20,610 (3,145) 17,465

4,351 5,134 (60) (1,478) (5,476) 39 2,872 650 21,883 (4,054) 17,829

(1,319) 23 (12,163) (400)

(7,288) 130 (21,017)

(1,150) 2 (11,546)

- 25 - 15 (12,004)

(21) (46) (27) (86) (2)

120 (8) (52) (32) (300) (1,618) - (199) (2,089)

(182)

Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

Reconciliation of liabilities arising from financing activities:

(3,734) 5,025 1,291

3,736 1,289 5,025

Lease liabilities

Balance as at April 1, 2019 Cash flows Finance costs accruals Non cash movement (addition/disposal) Divided distributions (including DDT) accruals Balance as at March 31, 2020 Cash flows Finance costs accruals Non cash movement (addition/disposal) Divided distributions (including DDT) accruals Balance as at March 31, 2021

(84) 32 339 -

288 (73) 27 6 - 248

Non-current borrowings (including current maturities)

Interest payable on borrowings

Dividend paid to Company's shareholders (including DDT)

5 112 - - -

- (300) 301 - -

15 (1,817) - - 1,815

117 (21)

- - - 97

1 (85) 85

- -

13 (2)

- - - 11

TRIVENI TURBINE LIMITED

Notes to the standalone audited financial results for the quarter and year ended March 31, 2021

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

During the year ended March 31, 2021, the Company had implemented a Voluntary Retirement Scheme (VRS) for Workmen and total expenditure of ₹ 1,852 lakhs for VRS had been recognised in the Statement of Profit and Loss and presented as an Exceptional Item. The figures for the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to third quarter of the financial year.

The Board of Directors has recommended payment of dividend of 120% (` 1.20 per equity share of ` 1 each) for the financial year 2020-21.

The outbreak of Covid-19 pandemic severely impacted the world economy including India. The operations of the Companywere also impacted during the year ending March 31, 2021, particularly the international business. Logistics bottleneck, restriction of international travel, and lockdown in various States from time to time impacted operations. The Company has considered the impact of COVID-19 pandemic on its business operations and financial statement based on its internal and external source of information including economic forecasts and estimates from market sources, on various elements of its standalone financial statements and expected future performance of the Company. Based on its review and current indicators of future economic conditions, the Company expects to recover the carrying value of the assets and does not anticipate any impairment to these financial and non-financial assets.

The Company had filed a petition on June 10, 2019 under the provisions of Section 241, 242, 244 of the Companies Act ('the Act") before National Company Law Tribunal, Bengaluru (“NCLT”), seeking specific reliefs to bring to an end the matters of oppression and mismanagement in the joint venture company viz. GE Triveni Ltd (GETL) by General Electric Company and its affiliates (GE). The grounds on which the Company was constrained to file the petition were certain actions of GE which were oppressive, fraudulent, prejudicial, harsh and burdensome to the interest of GETL including but not limited to lack of probity, diversion of business, violation of non-compete, conflict of interest by GE employees/nominee directors etc. Instead of submitting its objections on merits to the said Company Petition, two of GE’s affiliates filed applications before the NCLT, praying to refer the dispute raised in Company Petition to arbitration. These matters are now pending adjudication.

The illegal termination of ancillary agreements with GETL and intention to terminate the JV with the Company and wilful breach of undertakings given by GE/affiliates of GE to the NCLT in relation to their obligations under aforesaid agreements, lead to wilful disobedience and defiance of National Company Law Appellate Tribunal (NCLAT) order dated August 27, 2019 read with the order dated February 17, 2020. Pursuant to the liberty granted by the NCLAT, the Company had filed a contempt petition before NCLT, Bengaluru on January 21, 2021 and the NCLT on April 20, 2021 has pronounced its order in favour of the Company, holding the GE/affiliates of GE therein guilty of contempt of the NCLAT orders referred above. Being aggrieved by the NCLT order, GE / affiliates of GE have filed writ petitions under Article 226 and 227 of the Constitution of India before the Honourable High Court of Karnataka at Bengaluru. There has been no stay granted by the High Court till date on the NCLT order dated April 20,2021. These writ petitions are now pending adjudication.

DI Netherland BV, Joint Venture partner in GETL, has invoked separate arbitration proceedings before Arbitration Tribunal under the UNCITRAL Arbitration Rules, 1976 in United Kingdom and has filed a statement of claim on June 1, 2020, alleging violation of certain terms of the JV Agreement by the Company. The claims made are based on estimation and amounts are not quantified with precision. The Company firmly believes that the allegations raised are unsubstantiated, untenable, and unsustainable. The Company has submitted its Statement of Defence on March 6, 2021 with the Arbitration Tribunal. Such arbitration is in preliminary stages as the Tribunal would evaluate the defence and documents submission in the due course. Based on an internal assessment by the management in consultation with legal counsels, management has concluded that the Company has merit in such arbitration and accordingly, no provision is considered necessary in the standalone financial results

The Company has invoked arbitration proceedings under Arbitration and Conciliation Act, 1996 (“Arbitration Act’) against Nuovo Pignone S.P.A. (‘GENP’), an affiliate of GE in relation to the dispute and differences relating to misappropriation of technical information of Company by GENP. An application has been submitted to the Supreme Court of India on March 1, 2021 under Section 11 of the Arbitration Act for appointing sole independent arbitrator. The said application is pending consideration before the Honourable Supreme Court.

The above audited standalone financial results of the Company for the quarter and year ended March 31, 2021 have been reviewed and recommended for adoption by the Audit Committee at their meeting held on June 27, 2021 and approved by the Board of Directors of the Company at their meeting held on June 28, 2021. The Statutory Auditors have carried out audit of the above financial results.

For Triveni Turbine Limited

Place : Noida (U.P.) Date : June 28, 2021

Dhruv M. Sawhney Chairman & Managing Director

DHRUV MANMOHAN SAWHNEYDigitally signed by DHRUV MANMOHAN SAWHNEY Date: 2021.06.28 13:29:16 +04'00'TRIVENI TURBINE LIMITED Regd. Office: A-44, Hosiery Complex, Phase II Extension, Noida, U.P. - 201 305 Corp. Office : 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201 301 CIN : L29110UP1995PLC041834

Statement of consolidated audited financial results for the quarter and year ended March 31, 2021

Particulars

1. Revenue from operations

2. Other income

Total income

3. Expenses (a) Cost of materials consumed

(b) Changes in inventories of finished goods and work-in-progress (c) Employee benefits expense

(d) Finance costs

(e) Depreciation and amortisation expense

(f) Other expenses

Total expenses

4. Profit from continuing operations before share of profit from a joint venture, exceptional items and tax 5. Share of profit of joint venture

6. Profit from continuing operations before exceptional items and tax

7. Exceptional items (refer note 2)

8. Profit from continuing operations before tax

9. Tax expense:

- Current tax - Deferred tax Total tax expense

10. Profit from continuing operations after tax

11. Profit/(loss) from discontinued operations

12. Tax expense of discontinued operations

13. Profit/(loss) from discontinued operations (after tax) 14. Profit for the period

Profit for the period attributable to:

- Owners of the parent

- Non-controlling interest

15. Other comprehensive income

A. (i) Items that will not be reclassified to profit or loss

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

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

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

Other comprehensive income attributable to:

- Owners of the parent

- Non-controlling interest

16. Total comprehensive income for the period

Total comprehensive income attributable to: - Owners of the parent - Non-controlling interest 17. Paid up equity share capital (face value ` 1/-)

18. Other equity 19. Earnings per share of ` 1/- each (for continuing and total operations) - (not annualised) (a) Basic (in `) (b) Diluted (in `) See accompanying notes to the consolidated financial results

(₹ in lakhs, except per share data)

Quarter ended

Year ended

March 31, 2021

December 31, 2020

March 31, 2020

March 31, 2021

March 31, 2020

Audited

Unaudited

Audited

17,853

424

18,277

9,807

(59) 2,274

497

3,360

15,915

2,362

415

2,777

484 (35)

449 2,328

- 2,328

2,328

148

(37)

138

(32)

217

2,545

2,545 -

3,233

17,356

541

17,897

10,318

(1,667) 2,157

500

3,080

14,415

3,482

128

3,610

897 (41)

856 2,754

- 2,754

2,754

(14)

(7)

2,747

2,747 -

3,233

15,391

337

15,728

8,890

(543) 2,534

494

2,721

14,177

1,551

251

1,802

344 80

424 1,378

- 1,378

1,378

(71)

(390)

115

(328)

1,050

1,050 -

3,233

70,258

1,910

72,168

35,824

(201) 8,695

114

2,021

11,179

57,632

14,536

525

15,061

(1,852)

13,209

3,341 (378)

2,963 10,246

- 10,246

10,246

148

(37)

514

(131)

494

81,787

1,458

83,245

42,323

1,786 10,155

333

2,011

11,952

68,560

14,685

910

15,595

3,768 (351)

3,417 12,178

- 12,178

12,178

(71)

(952)

322

(683)

10,740

11,495

10,740

11,495

3,233

60,525

3,233

49,785

0.72

0.85

0.43

3.17

3.77

TRIVENI TURBINE LIMITED

Statement of consolidated assets and liabilities

Particulars

ASSETS

Non-current assets

Property, plant and equipment

Capital work-in-progress

Other intangible assets

Intangible assets under development

Investments accounted for using the equity method

Financial assets

i. Trade receivables

ii. Loans

iii. Other financial assets

Other non-current assets

Income tax assets (net)

Total non-current assets

Current assets

Inventories

Financial assets

i. Investments

ii. Trade receivables iii. Cash and cash equivalents

iv. Bank balances other than cash and cash equivalents

v. Loans

vi. Other financial assets

Other current assets Total current assets

TOTAL ASSETS

EQUITY AND LIABILITIES H.O Balance EQUITY

Equity share capital Other equity

Total equity

LIABILITIES

Non-current liabilities

Financial liabilities

i. Borrowings ii. Other financial liabilities

Provisions

Deferred tax liabilities (net)

Total non-current liabilities

Current liabilities

Financial liabilities

i. Borrowings

ii. Trade payables

a) Total outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises iii. Other financial liabilities

Other current liabilities

Provisions Income tax liabilities (net)

Total current liabilities

Total liabilities TOTAL EQUITY AND LIABILITIES

(₹ in lakhs)

As at March 31, 2021

As at March 31, 2020

Audited

24,397 24,266 - 637 395 385 95 87 2,816 2,291

- - - 2 90 84 45 210 375 493 28,213 28,455

15,962 17,275

26,793 12,950 7,713 12,535 3,705 6,581 7,938 256 - 19 785 387 3,076 3,759 65,972 53,762 94,185 82,217

3,233 3,233 60,525 49,785 63,758 53,018

- 96 203 236 439 776 509 718 1,151 1,826

- -

1,118 685

6,331 5,483

2,419 2,055 17,556 17,071 1,273 1,497 579 582 29,276 27,373 30,427 29,199 94,185 82,217

TRIVENI TURBINE LIMITED Statement of consolidated cash flows

Particulars

Cash flows from operating activities Profit before tax Adjustments for

Share of net (profit) of joint venture accounted for using the equity method Depreciation and amortisation expenses (Profit)/loss on sale/write off of property, plant and equipment Net profit on sale/redemption of current investments Net fair value gains on current investments Interest income Provision for doubtful advances Amount written off of non financial assets Allowance for non moving inventories Impairment loss on financial assets (including reversals of impairment losses) Finance costs Unrealised foreign exchange (gains) Credit balances written back Mark-to-market (gains)/ losses on derivatives

Working capital adjustments :

Income tax paid (net of refunds) Net cash inflow from operating activities

Increase in cash and cash equivalents due to foreign exchange variation Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

Reconciliation of liabilities arising from financing activities:

(₹ in lakhs)

Year ended

March 31, 2021

March 31, 2020

(Audited)

13,209

15,595

(525) 2,021 (6) (885) (395) (171) 84 21 223 651 114 (79) (60) (201)

1,095 4,339 (306) 623 1,304 828 482 (410)

(910) 2,011 3 (699) (204) (20) 45 2 75 447 333 (190) (49) 528

4,330 4,984 (21) (1,463) (5,460) 38 2,859 669

21,956 (3,228)

22,903 (4,136)

18,728

18,767

(1,344) 23 (12,163) (400)

(7,693) 134

(1,150) 2 (11,546)

- 25 (230) 20

(21,443)

(12,879)

(21) (48) (27) (87) (2)

120 (8) (52) (32) (300) (1,618) (199)

(185)

(2,089)

24 (2,876) 6,581

80 3,879 2,702

3,705

6,581

Balance as at April 1, 2019 Cash flows Finance costs accruals Non cash movement (addition/disposal) Divided distributions (including DDT) accruals Balance as at March 31, 2020

Cash flows Finance costs accruals Non cash movement (addition/disposal) Divided distributions (including DDT) accruals Balance as at March 31, 2021

(75) 27 25 -

264

Lease Liabilites

Non-current borrowings (including current maturities)

Interest payable on borrowings

- 5 - (84) 112 (300) - 301 32 - - 339 - - -

288

117

(21) -

(87) 87

Dividend paid to Company's shareholders (including DDT)

15 (1,817) - -

1,815 13

(2)

Notes to the consolidated audited financial results for the quarter and year ended March 31, 2021

TRIVENI TURBINE LIMITED

The Company and its subsidiaries (together referred to as the 'Group') and its joint venture primarily operate in a single reportable segment – Power Generating Equipment and Solutions.

The figures for the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to third quarter of the financial year.

The Board of Directors has recommended payment of dividend of 120% (` 1.20 per equity share of ` 1 each) for the financial year 2020-21.

The outbreak of Covid-19 pandemic severely impacted the world economy including India. The operations of the Group were also impacted during the year ending March 31, 2021, particularly the international business. Logistics bottleneck, restriction of international travel, and lockdown in various States from time to time impacted operations. The Group has considered the impact of COVID-19 pandemic on its business operations and financial statement based on its internal and external source of information including economic forecasts and estimates from market sources, on various elements of its consolidated financial results and expected future performance of the Group. Based on its review and current indicators of future economic conditions, the Group expects to recover the carrying value of the assets and does not anticipate any impairment to these financial and non-financial assets.

6. The Company had filed a petition on June 10, 2019 under the provisions of Section 241, 242, 244 of the of the Companies Act ('the Act") before National Company Law Tribunal, Bengaluru (“NCLT”), seeking specific reliefs to bring to an end the matters of oppression and mismanagement in the joint venture company viz. GE Triveni Ltd (GETL) by General Electric Company and its affiliates (GE). The grounds on which the Company was constrained to file the petition were certain actions of GE which were oppressive, fraudulent, prejudicial, harsh and burdensome to the interest of GETL including but not limited to lack of probity, diversion of business, violation of non-compete, conflict of interest by GE employees/nominee directors etc. Instead of submitting its objections on merits to the said Company Petition, two of GE’s affiliates filed applications before the NCLT, praying to refer the dispute raised in Company Petition to arbitration. These matters are now pending adjudication.

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

Quarter ended

Year ended

(₹ in lakhs)

Particulars

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

March 31, 2021 Audited

December 31, 2020 Unaudited

March 31, 2020 Audited

March 31, 2021 Audited

Audited 80,990 17,473 17,372 15,246 69,693 2,236 3,345 1,274 11,963 14,217 1,652 2,490 981 8,873 11,006 1,859 2,469 587 9,375 10,192

March 31, 2020

The above audited consolidated financial results of the Company for the quarter and year ended March 31, 2021 have been reviewed and recommended for adoption by the Audit Committee at their meeting held on June 27, 2021 and approved by the Board of Directors of the Company at their meeting held on June 28, 2021. The Statutory Auditors have carried out audit of the above financial results.

For Triveni Turbine Limited

Place : Noida (U.P.) Date : June 28, 2021

Dhruv M. Sawhney Chairman & Managing Director

DHRUV MANMOHAN SAWHNEYDigitally signed by DHRUV MANMOHAN SAWHNEY Date: 2021.06.28 13:29:56 +04'00'

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