Triveni Turbine up 3% on highest-ever quarterly revenue

In Q2FY24, the company’s revenue rose 32 percent year-on-year to Rs 388 crore, while Ebitda jumped 34 percent to Rs 88 crore

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The Triveni Turbine stock surged 3 percent in the morning trade after the company reported highest-ever revenue and earnings before interest, tax, depreciation, and amortisation (Ebitda) in the July-September quarter of the current fiscal.

The stock of this steam turbine manufacturer has gained 39 percent this year against a 4 percent rise in the benchmark Sensex. The scrip, however, is trading 23 percent below its 52-week high of Rs 456 touched on September 28, 2023.

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In the September quarter, the company’s revenue rose 32 percent year-on-year to Rs 388 crore, while Ebitda jumped 34 percent to Rs 88 crore.

Triveni Turbine’s profit after tax (PAT) was up 38 percent at Rs 64 crore.

“Triveni Turbines’ has reported yet another strong set of results across all key metrics of revenues, profitability and order booking,” chairman and managing director Dhruv M Sawhney said.

The company was focused on increasing the share of exports to address a larger market globally along with widening its after-market services portfolio to diversify avenues for growth and improve profitability due to better margin profiles of both, he added.

The company is among the leading manufacturers of industrial steam turbines globally. Apart from manufacturing, the company also provides a range of after-market services to as well as turbines and other rotating equipment such as compressors and rotors.

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Healthy order book

The company clocked orders worth Rs 459 crore during the quarter, YoY increase of 27 percent. Outstanding carry order book also rose 30 percent to Rs 1,476 crore.

Analysts at Centrum, in an earlier note, said they expected order inflow to grow at 18 percent CAGR over FY23-25E, driven by sectors such as cement, steel, process co-gen, biomass, and distilleries (India), renewables & WTE (Europe) and biomass & process co-gen (South East Asia).

“Further scale up in quarterly order inflows will enhance the company’s revenue visibility,” the brokerage firm added.

At 10.23, the stock was trading at Rs 360.40 on the National Stock Exchange, up 0.43 percent from the previous close.

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