Triveni Engineering Q1 consolidated net profit up marginally at Rs 67.61 cr

Triveni Engineering & Industries Ltd -- which is into sugar, ethanol and engineering businesses -- has reported a marginal increase in its consolidated net profit to Rs 67.61 crore for the quarter ended June.

Its net profit was Rs 66.45 crore in the year-ago period.

The total income rose to Rs 1,444.47 crore in the first quarter of this fiscal from Rs 1,371.34 crore in the corresponding period of the previous year.

Sugar turnover declined 15.2 per cent over the corresponding period last year after considering exports, driven by a 21.7 per cent decline in domestic sales volumes due to lower domestic quota allocations, the company said in a statement.

Triveni Engineering & Industries Ltd Chairman and Managing Director Dhruv M Sawhney said: "Overall performance of the Company during the quarter ended June 30, 2023, has been satisfactory. Alcohol and engineering businesses contributed to 60 per cent of the total segment results".

In the sugar business, he said the company continues to focus on yield improvement initiatives by making farmers adopt the best agricultural practices.

"It will be accompanied with increasing crush capacities progressively in sync with increased sugarcane availability. The Company is also in the process of increasing its refined sugar production to 70 per cent (up from 60 per cent currently) by changing the manufacturing process at its sugar unit in Milak Narayanpur," Sawhney said.

In the alcohol business, he said the company has been a strong supporter of the government's ethanol blended petrol (EBP) programme and has actively bolstered capacities while keeping pace with the expanding range of feedstocks for bio-ethanol production.

"We successfully raised our distillation capacity from 320-kilo litres per day in FY 22 to an impressive 660 kilo litres per day presently. Looking ahead, we are ambitiously planning to further expand our capacity to 1,110 kilo litres per day," Sawhney said.

He said the engineering businesses continue to perform well, with healthy order books and enquiry pipelines.

Triveni Engineering & Industries Ltd is a diversified firm with core competencies in the areas of sugar, alcohol, power transmission and water.

It currently has seven sugar mills in Uttar Pradesh.

While the company's Power Transmission (Gears) manufacturing facility is located in Mysuru, the Water and Wastewater treatment business is located in Noida.

The company currently operates 6 co-generation power plants located across five sugar units, with 104.5 MW grid-connected co-generation capacity.

Triveni Engineering has distilleries spread across Uttar Pradesh, aggregating to 660-kilo litres per day capacity.

These facilities can produce ethanol, extra neutral alcohol (ENA), rectified spirit (RS) and denatured spirit (SDS).

The Company utilises a mix of sugarcane-based feedstocks as well as grain. The company also manufactures Indian Made Indian Liquor (IMIL).