Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21 Result Update</p>
<h2>Triveni Turbine</h2>
<h3>Overseas market facing constraints; Recovery likely in FY22</h3>
<p>Triveni Turbine (TTL) reported consolidated revenue of Rs1.7bn in 3QFY21, down 15% YoY and 5% below our estimate. Topline was lower due to deferment of deliveries amid shipment restrictions (Rs200mn to Rs300mn sales postponed) and other lockdown related challenges in many countries. Turbine revenue declined 26% YoY to Rs1.2bn while After-Market Services sales grew 25% YoY to Rs565mn. Domestic/exports…</p>

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<p>2QFY21 Result Update</p>
<h2>Triveni Turbine</h2>
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<h3>Automation drives strong margins; Lockdown  impacts in flow</h3>
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<p>Triveni Turbine (TTL) reported consolidated revenue of Rs1.9bn in 2QFY21, down 25% YoY, in- line with our estimate. Domestic/exports sales fell by 37%/10% YoY to Rs885mn/Rs969mn, leading to a sales mix of 48%-52%. Turbine revenue declined 24% YoY to Rs1.4bn while After- Market Services sales declined 27% YoY to Rs469mn. Gross margin jumped 670bps YoY to 53.7%, led by higher share of…</p>
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<p>1QFY21 Result Update</p>
<h2>Triveni Turbine</h2>
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<p><strong>Strong margins &amp; healthy sales in a lockdown quarter</strong></p>
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<p>Triveni Turbine (TTL) reported consolidated revenue of Rs1.6bn in 1QFY21, down 23% YoY but above our/consensus estimates of Rs1.2bn/Rs1bn. The turnover includes turbines worth Rs200mn-Rs300mn whose deliveries were deferred from 4QFY20 to 1QFY21. Domestic and exports sales fell by 23% YoY each with domestic : exports sales mix of 54% - 46%. Turbine revenue declined 29% YoY to Rs1.2bn while…</p>
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India

Triveni Turbine Ltd. manufactures industrial steam turbines. The Company offers customized Condensing and Back Pressure steam turbines for industry segments as varied and diverse as Biomass IPP, Municipal Solid Waste IPP, District Heating, Palm Oil, Paper, Sugar, Textiles, Metals, Cement, and Oil and Gas.