Triveni Turbine Limited — Investor Meet, 07-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

1. **Financial Performance:** Triveni Turbine Limited reported a record quarterly revenue of ₹5.03 billion, reflecting a 17% year-over-year increase. EBITDA reached ₹1.31 billion, up 30% YoY, with margins improving to 26.1%. Profit After Tax (PAT) soared by 36% YoY to ₹926 million. For the nine-month period, total revenue grew by 23% YoY to ₹14.7 billion, supported by a 20% increase in domestic sales and a 25% rise in export turnover. The closing order book stood at a record ₹18.19 billion, up 15% YoY.

2. **Future Outlook and Growth Drivers:** Management indicated confidence in steady performance driven by a diversified product portfolio and strong enquiry generation, particularly in international markets. The company is optimistic about future domestic order bookings, given a 75% increase in the enquiry book year-to-date. New product introductions are expected to enhance revenue visibility.

3. **Order Book and Operational Updates:** The third-quarter order booking was robust at ₹5.26 billion, with significant international demand offsetting domestic order softness. Export order booking constituted 66% of the total, marking a 9% YoY increase. The focus on renewable energy segments, especially in waste-to-energy and biomass, remains a growth area.

4. **Analyst Q&A Insights:** Analysts probed operational challenges, revealing that while domestic orders dipped, a surge in the enquiry pipeline points toward future improvement. Management acknowledged competitive pressures but emphasized their preference for value-added solutions over price competition. The company expects capital expenditures to rise, targeting ₹120-150 crore over two years, primarily for capacity and R&D expansions.

5. **Market or Regulatory Updates:** While geopolitical factors have introduced uncertainties, Triveni has maintained a diverse supply chain, positioning itself well against potential tariff impacts.

6. **Strategic Focus Areas:** Strong emphasis on R&D for innovative products like CO2-based energy storage aligns with ongoing market trends toward sustainable energy solutions. Management is committed to enhancing service offerings and exploring new geographies, focusing on building customer satisfaction.

7. **Investor Insight:** The company's solid financial performance and growth prospects indicate a potential 'buy' stance for investors, underscored by strong order visibility and ongoing product innovation. However, investors should remain cautious of domestic market fluctuations and external geopolitical risks that could impact future growth.