Triveni Q3 FY 09 net sales up 18% at Rs 518 crore
Triveni Q3 FY 09 net sales up 18% at Rs 518 crore EBITDA up 45% at Rs 110 crore with margin of 21% PBT increases 104% to Rs 56 crore and PAT at Rs. 39.8 crore
Tweet-- Triveni Engineering & Industries Ltd. (‘Triveni’), one of India’s leading companies engaged in the manufacture of sugar and engineered-to-order mechanical equipment, such as steam turbines, high speed gears and water and wastewater treatment equipment, today announced its performance for the quarter /Nine month ended 30th June 2009 (9M / Q3 FY 09).
PERFORMANCE OVERVIEW: Q3 FY 09 V/S Q3 FY 08
(Q3 FY 2009 – April - June 2009); (Q3 FY 08 – April – June 2008)
· Net Sales increase by 18% to Rs. 518 crore
· EBITDA of Rs. 110 crore, increased by 45% with a margin of 21%
· Profit before Interest & Tax (PBIT) has gone up by 54% at Rs. 84.9 crore
· Sugar operation continued its improved performance during the current quarter with a growth in sales by 33% at Rs. 351 crore and registering a strong PBIT of Rs. 51 crore as against Rs. 4.7 crore during the corresponding quarter of the previous year.
· Engineering businesses registered a growth in sales of 15% over the corresponding quarter of previous year while the growth in sales on a quarter over quarter basis during this financial year has been over 6% on account of the improved market conditions. The position of deferments of deliveries from customers has been improving slowly.
· PBT during the current quarter increased by over 104% when compared with the corresponding quarter of last year at Rs. 56 crore.
· PAT for the quarter was Rs. 39.8 crore which is an increase of 62% when compared with the corresponding quarter of the previous year.
· EPS for the current quarter (not annualized) was Rs. 1.54.
PERFORMANCE OVERVIEW: 9M FY 09 V/S 9M FY 08
(9M FY 2009 – October– June 2009); (9M FY 08 – October – June 2008)
· Net Sales increased by 15% to Rs. 1341 crore
· EBITDA of Rs. 305 crore, increased by 29% with increase in margins by over 2% at 23%
· Profit before Interest & Tax (PBIT) has gone up by 37% during the nine months at Rs. 237 crore.
· Profit after tax (PAT) has gone up by 20% at Rs. 102 crore
· EPS for nine months (not annualized) was Rs. 3.94.
Commenting on the Company’s financial performance, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said:
“The overall performance of Triveni during the period under review recognizes improved sentiments in our engineering businesses while the outlook in the sugar business continues to remain buoyant.
All the three engineering businesses achieved a growth over the corresponding quarter of the previous year as well as over the immediate preceding quarter and we expect the same trend to continue in the coming quarters as well. The engineering businesses have an aggregate order book of Rs. 764 crore, a growth of 14% year on year. By expanding the market reach and getting into higher MW & high pressure range which has a larger market, we expect the turbine business to register strong growth both in terms of revenue and profits in the coming quarters while in the Gears business, the growth and profitability will be driven by refurbishment, retrofitting etc., apart from the growth in product business. Further, the scaling up of operations of our water business gives us enough confidence in getting further high value orders in future and also in achieving excellent growth prospects for this business.
In the sugar business, with significantly lower production than consumption during the current season and resultant depleting inventory levels, the sugar prices remain buoyant. The free sugar prices rose quarter over quarter by 12% and we believe that the trend in sugar prices movement will be sustained in future. Pending final adjudication of the cane price issue by the Supreme Court, there is a continuing uncertainty on the cane price for the next season and the issue of cane availability commensurate with our capacity is not likely to be fully addressed in the forthcoming season. However, the company’s plan to import raw sugar will help in maintaining reasonable volumes. As a result of our assessment of the sugar scenario, we are fortunate to be left with substantial sugar inventories which could now be liquidated at remunerative sugar prices.”
Notes to Editor
About Triveni Engineering & Industries Limited
Triveni Engineering & Industries Limited is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is among the three largest sugar manufacturers in India, and the market leader in its engineering businesses comprising steam turbines, high speed gears, gearboxes, and water treatment solutions. Triveni currently has seven sugar mills in operation at Khatauli, Deoband, Sabitgarh, (all in western Uttar Pradesh), Chandanpur, Raninagal and Milak Narainpur (all in central Uttar Pradesh) and Ramkola (eastern Uttar Pradesh). The Company’s turbine manufacturing and gear manufacturing facilities are located at Bangalore and Mysore respectively while the Water & Waste water treatment business is located at Noida. Triveni’s sugar crushing capacity is 61,000 TCD. The Company also has a total co-generation capacity of 68 MW located in two of its major facilities viz., Khatauli (46 MW) & Deoband (22 MW) and a 160,000 litre per day capacity distillery at Muzaffarnagar. Additionally, Triveni Khushali Bazaar, a rural and semi-urban retail store, is steadily expanding its reach with 42 stores currently in operation.
For further information on the Company, its products and services please visit www.trivenigroup.com
Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Triveni Engineering & Industries Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.