Arthneeti
Triveni Engineering and Industries LtdQ2 FY24

Triveni Engineering and Industries Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹250.35P/E: 21.1Market Cap: ₹5.5K CrSector: Agricultural Food & other Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3
  • Alcohol business sales volume increased 12.8% in Q2 FY24; net turnover boosted by higher sales and operational efficiencies.
  • Power Transmission business revenue grew 44.8% in H1 FY24, driven by strong domestic OEM sales; order booking up 36.1% QoQ.
  • Engineering businesses combined turnover rose 8.7% in Q2, with Power Transmission key driver.
  • Sugar production expected to rise by 8-10% this season; sugarcane area expansion and yield improvements anticipated.
  • Ethanol diversion at ~3.5 million tonnes; expected supply ramp-up in Q3-Q4 due to improved ethanol pricing.
  • Capacity expansions in Alcohol segment: from 320 KLPD in FY22 to 1,110 KLPD planned, supporting volume growth.
  • Water business targeting expanded domestic and international projects; order book near ₹1,300 crore.
  • Overall, steady revenue growth with margin maintenance expected across segments through capacity scaling and operational improvements.

See what Triveni Engineering and Industries Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

  • There is no mention of any current or planned new fundraising through debt or equity in the transcript.
  • The company highlights a significant reduction in net debt from ₹914 crore (March 31, 2023) to ₹101 crore (September 30, 2023) on a consolidated basis.
  • On a standalone basis, net debt is reported as only ₹10 crore as of September 30, 2023.
  • Existing loans are primarily term loans with interest subvention or subsidised interest rates.
  • No discussion or indication of additional fundraising activities either through debt or equity was provided during the call.

See what Triveni Engineering and Industries Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes
  • Power Transmission Business expansion on track:
  • - Building construction to be completed by April 2024.
  • - Machinery installation to follow with full commissioning expected around Q1 FY 2025.
  • Investment in Defence segment:
  • - Setting up a dedicated multi-modal facility for defence products.
  • - Facility expected to be commissioned in the next fiscal year.
  • Water Business:
  • - Exploring Public Private Partnership (PPP) opportunities for Sewage Treatment Plants (STP) recycling.
  • - Targeting expanded activities overseas, including projects in Maldives, Bangladesh, and India (e.g., Greater Jaipur).
  • Sugar Business:
  • - Ongoing robust sugarcane development programme with farmer community focusing on varietal replacement and yield enhancement.
  • Alcohol Business:
  • - Capacity expansion from 320 KLPD in FY22 to 660 KLPD, targeting 1,110 KLPD soon.

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