Triveni Turbine hit 20% upper circuit at Rs 109.40 at 13:40 IST on BSE after the company said net profit jumped 56% to Rs 23.90 crore on 27% rise in net revenues to Rs 156 crore in Q2 September 2014 over Q2 September 2013.
The company announced Q2 results after market hours on Wednesday, 12 November 2014.
Meanwhile, the S&P BSE Sensex was almost unchanged at 28,016.04.
On BSE, so far 9.93 lakh shares were traded in the counter as against average daily volume of 51,180 shares in the past one quarter.
The stock hit a high of Rs 109.40, also a record high for the stock. The stock hit a low of Rs 95.55 so far during the day. The stock had hit a 52-week low of Rs 49.10 on 26 November 2013.
The stock had underperformed the market over the past one month till 12 November 2014, rising 2.3% compared with the Sensex's 6.51% rise. The scrip had also underperformed the market in past one quarter, gaining 2.88% as against Sensex's 8.22% rise.
The mid-cap firm has an equity capital of Rs 33 crore. Face value per share is Re 1.
Commenting on the company's financial performance, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine, said: The turnover and profitability of the company in H1 FY 2015 has been in line with our expectations. While the turnover showed a growth of 19%, the growth in profitability has shown a strong improvement of 34%. The domestic capital goods sector, which was reeling under tremendous slowdown for the past few years, started showing some signs of revival in the form of more enquiries and customer meetings during the quarter, which we believe will start resulting into finalization of orders in the coming couple of quarters. Similarly, the signs of revival in capital good segment will also be reflected once we see an improvement in infrastructural spending as well as fresh investments in the key user industries in the domestic market, which we are hopeful of happening in the ensuing quarters.
The increased order booking which we saw in Q1 FY 2015 continued into the second quarter. Even though the domestic market has not shown any improvement, Triveni, due to its increased market share, has seen an increase in order in-take quarter over quarter, which we believe is a healthy sign. The company's focus on the export market and spreading its geographic reach is also gaining momentum. During the first six months of the year, the company has already exceeded its last full year's order booking from international market. Overall the outlook in the export market is quite robust and the company expects a strong order booking in the coming quarters from the export market so as to have a significantly higher export order booking for FY 2015.
The order intake in the high margin after-market business has also shown an improvement during the quarter with an order inflow of Rs 38 crore, which we believe will help us in achieving a good growth in the aftermarket business for the year as a whole. The order inflow in the JV for the quarter and half year has also been good with thebusiness booking one more international order during the quarter taking the overall order book to Rs 240 crore. With a strong order backlog, the year under review should help the JV to achieve a significant turnover, which is expected in the second half of the financial year.
Overall, with a robust carry forward order book of Rs 770 crore on a consolidated basis, we believe that the company should achieve significant growth in turnover on both standalone and consolidated basis during FY 2015. He added
Triveni Turbine is in the steam turbines with state-of-the-art manufacturing facility located in Bengaluru.
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