Triveni Engineering and Industries Ltd

- 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.

- 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.

- 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.

- The company anticipates growth without margin dilution; margins are expected to remain robust despite expansion domestically and internationally. (Page 10) - The Power Transmission business is achieving record quarterly revenue and profitability with strong order booking and backlog, supporting future growth. (Pages 7, 10) - The Alcohol business is growing well due to capacity expansions and stabilization of operations. (Pages 6, 10) - Ethanol blending program targets and supply commitments by oil marketing companies are expected to increase demand for ethanol from multiple feedstocks, potentially lifting revenues. (Pages 6, 13) - Although tougher blending targets (15%) and raw material pricing volatility exist, the company remains optimistic about meeting volume and margin targets via operational efficiencies and product mix. (Pages 12, 13) - Asset turns and margins in the expanded PTB division are expected to remain robust, maintaining EBIT margins above 30%. (Page 10) Overall, the company projects sustainable top-line growth and margin maintenance, leading to higher operating profits and earnings in coming years.

- Power Transmission business closing order book as of September 30, 2023: ₹282 crore, a 15% year-on-year increase. - Water business closing order book as of September 30, 2023: ₹1,291 crore, including ₹892 crore of long-term O&M contracts. - Engineering businesses combined outstanding order book as of September 30, 2023: ₹1,573 crore. - Water business recently won a bid at RUDSICO Greater Jaipur with LOI received in October 2023; Triveni’s share: ₹355 crore (including O&M and GST).