Triveni Engineering and Industries Ltd

- There is no mention of any fresh capital expenditure or new fundraising through debt or equity currently planned. - All ongoing capex programs are from previous approvals and are under execution. - The company’s standalone gross debt increased to ₹1,325 crore as of March 31, 2024, mainly due to higher sugar inventories. - Term loans of ₹277.8 crore carry subsidized interest rates. - Consolidated gross debt stands at ₹1,411 crore, with an average cost of funds at 6.5% for FY24. - The company’s long-term credit rating was upgraded to AA+ (Stable) by ICRA during the quarter. - No new fundraising announcements have been made; focus remains on executing existing capex.

- The company is executing a capex program to increase the Power Transmission business capacity from ₹250 crore to over ₹500 crore (excluding defence production). This includes a new bay and equipment for manufacturing gearboxes and a dedicated multimodal manufacturing assembly and testing facility in Mysuru for defence products. - Distillery capex plans have been deferred but may resume if double-digit ethanol realizations are achieved. The decision remains on hold currently. - No fresh capex is planned for the Water business; ongoing projects relate to previous capex commitments. - Strategic investment: The company has acquired a 25% stake in Sir Shadi Lal Enterprises (a fellow sugar company) and is in the open offer stage awaiting SEBI approval to possibly take over the unit, enhancing geographic and business synergies.

- Ethanol volumes for FY25 expected to rise substantially to approx. 21–21.5 crore liters, driven by new distillery capacity and favorable government policies post-elections. - Power Transmission business targeting revenue growth beyond ₹500 crore in next 2 years through capacity expansion and export market penetration. - Export markets for high-speed gears are growing substantially with new capacities, aggressive HR programs, and global OEM partnerships. - Sugar business outlook positive with expectations of robust prices and continued government support for ethanol blending targets of 20% by 2025-26. - Water business expected to recover post-elections with new funding and project awards anticipated, especially in reuse, zero liquid discharge, and EPC/HAM models. - Capex programs underway in Power Transmission and distillery capacities to support growth. - Overall projection depends on favorable post-election policy decisions.

Future growth expectations for Triveni Engineering & Industries Limited as per the transcript: - Anticipated improvement in ethanol volumes to approximately 21-21.5 crore liters in FY25, supported by new distillery capacity and expected favorable government policies post-elections. - Expectation of a return to an aggressive and supportive ethanol policy by the government boosting sugarcane-based ethanol production. - Softening maize prices due to higher output (20% increase) likely to improve margins in the grain-based ethanol segment. - Power Transmission business on a sustained growth path with planned capex to increase gear capacity beyond ₹500 crore, supported by expanding international customer base. - Water business expected to recover post-elections with anticipated surge in project awards. - Overall profitability expected to improve with better monsoon, limited pest/disease impact, and favorable government policies in ethanol. - Awaiting SEBI approval for an open offer in Sir Shadi Lal Enterprises which may enhance strategic position. These factors collectively point to a positive outlook on earnings and operating profits in the near to medium term.

- Outstanding order book as of March 31, 2024, stood at ₹1,233 crore, including ₹880 crore from O&M contracts (Page 6). - Power Transmission business order book as of March 31, 2024, stood at ₹287 crore, including loan duration orders of just under ₹90 crore (Page 5). - FY 24 order booking for Power Transmission business grew by 42.3% to ₹375 crore (Page 5). - Water business experienced delays in order finalization due to national elections with expectations of a surge in business post June 4, 2024 (Page 7). - Defence segment expects increased order bookings post elections with several tenders anticipated to open (Page 7). - Order booking is currently in line with revenue growth and investment levels; execution timelines typically about six months (Page 11).