Company Update : Triveni Turbine Ltd By Motilal Oswal Financial Services Ltd
In-line quarter
* Revenue came in-line with our estimates at INR5b (up 17% YoY) on the back of robust execution of the opening order book of INR17.9b. Domestic/export revenue grew by 5%/31% YoY.
* EBITDA at INR1.1b grew by 31% YoY on the back of operating leverage benefits, as gross margin was down 130bp YoY to 49.5%. EBITDA margin expanded ~230bp YoY to 21.7%,
* PAT at INR926m (4% above estimates) clocked in 35% YoY growth, aided by higher other income (+29% YoY) and a lower effective tax rate.
* Order inflows declined by 1% YoY to INR5.3b, with continued domestic weakness reflected in a 16% YoY decline, while export orders grew by 9% YoY. This brought the closing order book to a record INR18.2b (+15% YoY).
* For 9MFY25, the company reported revenue/EBITDA/PAT growth of 23%/38%/36%, while order inflows grew by 20% YoY to INR17.3b.
* The Board has approved a dividend of INR2/share for FY25.
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