EBITDA up 56% at Rs 132 crore with margin of 27%; PBT increases 219% to Rs 109 crore and PAT at 72.9 crore, an increase of over 200%
- Sugar
* Increasing sugar price realizations - Engineering Businesses
* Order book position of Rs. 837 crore – 12 % growth over 30th September 2009 order book - Approved demerger of Turbine Business
Triveni Engineering & Industries Ltd. (‘Triveni’), one of India’s leading companies engaged in the manufacture of sugar and engineered-to-order mechanical equipment, such as steam turbines, high speed gears and water and wastewater treatment equipment, today announced its performance for the quarter ended 31st December 2009 (Q1 FY 10).
PERFORMANCE OVERVIEW: Q1FY 10 V/S Q1FY 09
(Q1 FY 10 – October – December 2009); (Q1 FY 09 – October – December 2008)
- Net Sales increase by 33% to Rs. 487 crore
- EBITDA of Rs. 132 crore, increased by 56% with increase in margins by 400 basis points at 27%
- Profit before Interest, Tax and exceptional income (PBIT) has gone up by 73% during Q1 FY 10 at Rs. 109 crore
- Sugar operation continued its improved performance with an increase in turnover of 31% at Rs. 377 crore with 83% increase in PBIT at Rs. 79 crore.
- Engineering businesses also registered a growth of 39% in turnover with an increase of 28% in PBIT.
- PBT during Q1 FY 10 increased by over 219% when compared with the corresponding quarter of last year at Rs. 109 crore.
- PAT for the quarter was Rs. 72.9 crore which is an increase of 204%
- EPS for Q1 (not annualized) was Rs. 2.83 as against 0.93 during Q1 FY 09.
Commenting on the Company’s financial performance, Mr Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said:
“The company continued its improved performance during the current quarter and achieved highest ever quarterly profit of Rs. 72.9 crore. The result reflects the improved outlook in the sugar business and continuing improvement in the performance of the engineering businesses.
The company’s sugar business revenue for the quarter showed significant growth over the corresponding quarter of the previous year on account of higher sugar realizations. The sugar realizations have shown a healthy growth of 14% over the previous quarter and during the current month, it has gone up further. All the units of the company is currently crushing sugarcane and also processing imported raw sugar. We believe the company could crush more sugarcane during the current season and together with the raw sugar processing, the overall sugar production for the company during the current sugar season should be significantly higher when compared with previous season. On account of country’s current year’s sugar production expected to be in the similar range as last year, the sugar prices are expected to remain firm and move in line with international prices.
In the engineering businesses, all the three businesses have shown good growth both in terms of revenues and profitability when compared with the corresponding period of previous quarter. Further all the engineering businesses are carrying a strong order book at Rs. 837 crore, which grew by 12% from the previous quarter. With the overall improvement in macro economic factors and economic outlook remaining positive, we believe that all our engineering businesses are poised for a growth in the coming quarters.
With both businesses showing a good growth and profitability, the Board of Directors has decided the demerger of steam turbines business. The details of the demerger are being worked out by Advisors and the same will be announced in due course.
About Triveni Engineering & Industries Limited
Triveni Engineering & Industries Limited is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is among the three largest sugar manufacturers in India, and the market leader in its engineering businesses comprising steam turbines, high speed gears, gearboxes, and water treatment solutions. Triveni currently has seven sugar mills in operation at Khatauli, Deoband, Sabitgarh, (all in western Uttar Pradesh), Chandanpur, Rani Nangal and Milak Narayanpur (all in central Uttar Pradesh) and Ramkola (eastern Uttar Pradesh). The Company’s turbine manufacturing and gear manufacturing facilities are located at Bangalore and Mysore respectively while the Water & Waste water treatment business is located at Noida. Triveni’s sugar crushing capacity is 61,000 TCD. The Company also has a total co-generation capacity of 68 MW located in two of its major facilities viz., Khatauli (46 MW) & Deoband (22 MW) and a 160,000 litre per day capacity distillery at Muzaffarnagar.
For further information on the Company, its products and services please visit www.trivenigroup.com
