Company Update : Triveni Turbine Ltd By Motilal Oswal Financial Services Ltd
In-line results
* Triveni Turbine’s results were largely in line with our expectations.
* Revenue came in line with our estimate at INR5b (up 17.5% YoY) on the back of robust execution of the opening order book of INR18.1b. Domestic/export revenue grew by 17%/26% YoY. Exports as % of sales increased to 52% in 4QFY25 vs. 48% in 4QFY24.
* EBITDA at INR1.2b grew by 22% YoY on the back of operating leverage benefits as gross margin was down 40bp YoY at 50.1%. EBITDA margin expanded ~280bp YoY to 22.4%.
* PAT at INR946m (4% below estimates) grew 26% YoY, aided by higher other income (+16% YoY).
* As of Mar’25, the company recorded an outstanding carry-forward order book of INR19.09b, up 23% YoY. ? The export outstanding order book stood at a record INR10.9b as of 31st Mar’25, up 36% YoY and contributing to 57% of the closing order book.
* Order booking for the year reached INR23.63b, up 26% YoY, supported by increased product-led demand. This is despite downward adjustments of ~INR1.4b in order booking due to slow moving orders while having customer advances.
* Product order booking was driven by finalization of orders in the renewable energy sector, industrial clients, power producers and API turbines. Domestically, product order booking was also supported by the company’s strategic foray into CO? energy storage solutions. In the API segment, the enquiry base expanded geographically, resulting in order finalizations for both drive and power turbines across the Middle East, Southeast Asia, Central & South America and Europe
* The Aftermarket segment witnessed a notable increase in new, repeat, and referral orders.
* As of Mar’25, the closing order book stood at a record INR19.1b, an increase of 23% YoY. A robust closing order book ensures healthy visibility for the medium term, positioning the company well for continued momentum.
* Outlook on enquiry pipeline: The enquiry pipelines in both Product and Aftermarket segments remain robust and globally diversified. In FY25, the international enquiry pipeline grew by ~30%, while the domestic enquiry growth was even more impressive at ~120%, providing strong visibility for the coming year. By diversifying across various geographies and product/aftermarket segments, the company also aims to mitigate the risks associated with market volatility. The board has approved a dividend of INR2/share for FY25.
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