Breaking Records:
Achieving Milestones and Driving Sustainable Growth
As a result of our efforts, we achieved a recordbreaking performance in FY 23, marked
by significant milestones and impressive numbers. Our turnover witnessed an outstanding
46% growth, reaching an all-time high of '12.48 billion. This remarkable performance was
largely driven by our exports and strong aftermarket sales.
Furthermore, we are proud to announce that we achieved our highest ever total order
booking, reaffirming our reputation for execution excellence. With a total order booking
of Rs.16.05 billion and a robust enquiry book, we have strong visibility and confidence in
sustaining our growth over the coming years. Additionally, our closing order book stood at
Rs.13.28 billion as of March 31, 2023, reflecting a remarkable 36.9% increase compared to
the previous fiscal year. Our record share buyback of Rs.1.9 billion through the tender
offer route further demonstrates the strength of our business equity.
These achievements highlight our commitment to driving sustainable growth and our
ability to deliver exceptional results. We remain dedicated to enhancing our execution
capabilities and leveraging our strong market position for continued success in the
future. These accomplishments underscore the strength of our operational excellence,
enabling us to capitalise on emerging growth opportunities across various sectors and
geographies. With a focus on sustainable growth as our guiding roadmap, we are poised for
a solid performance in FY 24. Our robust export and aftermarket order bookings, coupled
with a strong carry-forward order book and a thriving enquiry pipeline, position us for
continued success in the coming years.
Seizing Renewable Energy Opportunities:
TTL's Commitment to Sustainable Growth
We firmly believe that our ongoing commitment to innovation and the development of new
product segments, energy-efficient turbines, will play a pivotal role in driving our
sustainable growth in the years to come.
The global and domestic focus on renewable energy presents significant opportunities
for the development of reliable and robust turbine solutions. We are well-positioned to
capitalise on these opportunities, thanks to our strong presence in the renewable energy
sector and our unwavering dedication to spearhead the energy transition. Through focussed
research and development, we continuously innovate new technologies to combat climate
change and support the transition to clean energy.
With a robust digitalisation strategy in place, we are poised to drive growth in the
years to come. This includes expanding our market share both
domestically and internationally, as well as strengthening our presence in the
aftermarket business. By leveraging our expertise and commitment to sustainability, we aim
to dominate in the renewable energy market, delivering reliable and efficient turbine
solutions to support our customers needs in the global transition towards a greener
future.
Expanding Horizons:
Unlocking Growth Potential in Domestic and International Markets
The bright growth prospects in the domestic market present numerous opportunities for
our business. We have already secured a significant pipeline of enquiries across key end-
user industries, indicating a healthy order booking outlook for the upcoming year. In the
domestic market, we also benefit from a robust supply chain, creating a favourable
environment for sustainable growth.
To capitalise on growth opportunities, we are also strategically expanding into new and
promising geographies. This expansion will enhance our export capabilities in the years to
come, bolstering our enquiry pipeline and increasing our overall addressable market. We
remain committed to aligning our resources and capacities to meet production targets and
deliver on customer demands.
The aftermarket segment continues to be a strong growth driver for our Company. With an
extensive portfolio of services, refurbishment, and spare parts offerings, we are well-
positioned to cater to the evolving needs of our expanding customer base. Our dedicated
efforts in optimising the performance of rotating equipment globally further strengthen
our presence in this segment and contribute to revenue diversification.
The current opportunity landscape
presents an attractive outlook for our Company's growth and margins. By diversifying
our order booking across geographies and product/aftermarket segments, we can effectively
manage risks associated with market volatility, including the prevailing inflationary
pressures.
Although advanced economies may experience a slowdown, we see promising opportunities
in the increasing demand for renewable energy, waste-to-energy solutions, and
decentralised power systems.
With a proactive approach to market expansion, customer-centric solutions, and a focus
on operational excellence, our Company is poised to capitalise on the vast potential of
these opportunities and drive sustainable growth for the years ahead.
Going forward, our focus will be on enhancing our customer value proposition through
focussed initiatives designed to steer future growth. And I am confident that we shall
succeed in doing so with the sustained trust and cooperation of all our stakeholders,
including our customers, employees, partners, vendors and shareholders.
In conclusion, I would like to thank all of you for supporting our efforts to
strengthen our competencies and capabilities for ensuring sustainable long-term growth. I
would also like to extend my heartfelt gratitude to my colleagues in the Board and the
Management team for their support and commitment to the organisation. We have come a long
way, indeed, on the journey of sustainable growth on which we had collectively embarked,
and I look forward to sharing many more milestones of success with you in the years ahead.
With best regards,
DHRUV M. SAWHNEY
Chairman & Managing Director