Triveni Engineering gains as Q4 profit soars

The company posted a 74 percent year-on-year jump in consolidated net profit at Rs 190.31 crore for the quarter ended March

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The shares of Triveni Engineering traded 3.07 percent higher at Rs 273.25 in the morning trade on May 26 after the company posted a 74 percent year-on-year jump in consolidated net profit at Rs 190.31 crore for the quarter ended March.

The company logged a net profit of Rs 109.17 crore in the year-ago period, it said in a regulatory filing after market hours on May 25.

Revenue from operations rose 52.51 percent to Rs 1,818.29 crore from Rs 1,192.12 crore in the year-go period.

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The board has recommended a dividend of Rs 3.25 per fully paid-up equity share of Re 1 each for the financial year ended 2022-23, subject to the approval of the shareholders, the company said.

The board also approved the re-appointment of Tarun Sawhney as the managing director for five more years.

For the full fiscal 2023, the company’s consolidated net profit soared over 322 percent to  Rs 1,791.80 crore from Rs 424.06 crore in the previous year.

Revenue climbed 34.42 percent to Rs 6,310.10 crore as against Rs 4,694.04 crore in the preceding fiscal.

“Triveni posted strong results in FY23, mainly on account of higher sugarcane crushing, increase in ethanol production capacity and higher diversion towards B-heavy ethanol. The company is increasing its distillery capacity to ~32 crore litre per annum by January-2024 from the current 22 crore litres per annum,” ICICIdirect said in a note.

Also read: Triveni Engineering & Industries: Preparing for the next growth phase

This would help the company divert more sugarcane towards ethanol in the future. Though Triveni Engineering has witnessed lower sugar recovery in the current 2022-23 season, its sugarcane crushing is higher by around 10 percent, which would help partially offset the higher cost of production.

“Moreover, increasing domestic sugar prices would also aid profitability in the future. We remain positive on Triveni Engineering from a longer-term growth perspective,” ICICIdirect added.

Triveni is one of the largest integrated sugar producers in the country. It also has a presence in the engineering segment through power transmission business and water and wastewater treatment solutions.

At 10.37 am, the share was trading at Rs 273.70 on the National Stock Exchange, up 3.38 percent from the previous close.

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