The company achieved highest ever quarterly revenue, EBITDA and order booking along with a record closing order book providing good visibility for FY25.

Domestic sales increased by 27% YoY to Rs 247.3 crore while export sales grew by 19% YoY to Rs 216 crore during the period under review.

Profit before tax stood at Rs 107.83 crore in the June quarter, up 37.17% from Rs 78.61 crore posted in the corresponding quarter last year.

EBITDA surged 36.4% year on year to Rs 115 crore in the quarter ended 30 June 2024. EBITDA margin improved to 24.8% in Q1 FY25 as against 22.4% recorded in the corresponding quarter last year.

The company achieved order booking of Rs 636.3 crore in Q1 FY25 as against Rs 453.2 crore during Q1 FY24, registering a growth of 40% driven by record export order booking of Rs 420.2 crore, which grew by 74% YoY during the quarter. Domestic order booking was muted at Rs 216.1 crore in Q1 FY25, which grew 2% YoY.

Exports order booking contributed to 66% of overall order booking in Q1 FY25, which places the company well from a profitability perspective and will also aid in generating new business enquiries.

Total consolidated outstanding order book stood at a record Rs 1,725.5 crore as on 30 June 2024 which is higher by 23% YoY. The domestic outstanding order book stood at Rs 720.60 crore, which was lower by 9% as compared to the previous year. The export outstanding order book stood at Rs 1,004.9 crore as on 30 June 2024, up 65% YoY and contributing to 58% of the closing order book.

Dhruv M. Sawhney, chairman and MD, Triveni Turbine, said, “Order booking for quarter grew 40% y-o-y to ₹ 6.36 billion with exports contributing to 66% of overall order booking. Driven by these orders, Product order booking increased by 58% y-o-y to reach a quarterly high of Rs 4.87 billion. While Q1 FY 25 has registered a good performance, order booking is generally lumpy in nature and should be viewed on an annual basis. Key drivers of growth in product order booking were finalization of orders from renewable, industrial customers, power producers and API turbines.

The Aftermarket segment order booking for the quarter stood at Rs 1.50 billion, growing by 3% when compared with the corresponding period of previous year. However, with a notable surge in enquiries, we believe order booking in this segment has the potential to accelerate during the year.

The company is making healthy progress at its newly commissioned US facility at Houston, Texas and we believe this could further provide a fillip to the segment especially in refurbishment. The Aftermarket turnover was strong at Rs 1.56 billion, registering a growth of 21% over previous year. Aftermarket contributed to a healthy 34% of the total turnover in Q1 FY 25

Triveni Turbines is championing the energy transition efforts through new product development, particularly focusing on sCO2 and tCO2 based solutions. The Company has a comprehensive IP strategy to maintain its technological leadership and as of June 30, 2024, the Company has secured a substantial number of IP Rights globally, including a notable presence in India, with a total of 374 global IPR (Intellectual Property Rights) filings.”

With respect to its outlook, the company stated, “Expectations for medium-term business performance remain robust, supported by a substantial backlog of orders in renewable, API and IPG (Industrial Power Generation) turbines, along with strong enquiry pipeline. The aftermarket business also shows promising growth prospects, bolstered by an expanding range of offerings, including spare parts, services, and refurbishments, catering to a broader customer base, encompassing steam turbines, utility turbines, and geothermal turbines.

India's economic outlook appears promising, which is likely to improve finalisation of orders. Consequently, Triveni Turbines stands to benefit from the relatively stronger domestic conditions and other favorable factors such as improved business environment, and increased credit availability, which are expected to generate more domestic business opportunities and sustained growth,” it added.

Triveni Turbine has core competency in the area of industrial steam turbines designing and manufacturing up to 100 MW size. The company is amongst the leading manufacturers of industrial steam turbines both in India and globally.