Profit before tax from continuing operations stood at Rs 57.56 crore in the December 2024 quarter, down 68.39% from Rs 182.09 crore in the same quarter last year.

In Q3 FY25, EBITDA stood at Rs 101 crore, recording de-growth of 53% from Rs 214.9 crore posted in same quarter last year. EBITDA margin contracted to 8% in Q3 FY25 from 16.4% posted in Q3 FY24.

Revenue from the sugar business slipped 9.5% to Rs 929.5 crore in Q3 FY25 from Rs 1,027 crore in Q3 FY24, due to lower sugar sales volume and lower realization price.

Alcohol (distillery) businesses reported revenue (net of excise duty) of Rs 320.9 crore during the quarter, up 4.4% compared with Rs 307.3 crore in Q3 FY24. Production declined 4.1% YoY to 42,492 KL, while sales volumes declined 3% to 42,505 KL in Q3 FY25 over Q3 FY24.

Alcohol from molasses-based feedstocks formed 48% and 49% of total sales in Q3 FY 25 and 9M FY 25 as against 73% and 67% in the corresponding periods of the previous year. These primarily consist of relatively high-margin ethanol. On the other hand, the sales volume of low-margin ethanol produced from maize operations increased substantially.

Revenue from the power transmission business increased 3.3% to Rs 73.4 crore in Q3 FY25 from Rs 71.1 crore posted in the same quarter last year, due to shifting of some large orders to the next quarter.

The outstanding order book reached an all-time high of Rs 377.1 crore as of 31 December 2024, including long-duration orders of Rs 136.6 crore.

Further, revenue from the water business dropped 7.6% to Rs 49.1 crore in Q3 FY25 from 53.2 crore in Q3 FY24, due to lower order booking in previous quarters along with challenges in certain projects under execution.

The outstanding order book as of 31 December 2024 stood at Rs 1,979.2 crore, which includes Rs 1,122.6 crore towards O&M contracts for a longer period of time.

Meanwhile, the board has approved a capex of approximately Rs 60 crore for the enhancement of the power transmission business.

Dhruv M. Sawhney, chairman and managing director, Triveni Engineering & Industries, said, “Overall profitability of the company during the nine-month period ended December 31, 2024, was subdued, mainly impacted by lower margins in sugar and alcohol businesses. Initial recovery trends in the ongoing sugar season are on the lower side due to inclement weather and inherent degeneration in the Co0238 variety of sugarcane.

We are intensifying our efforts to reduce the proportion of sugarcane variety Co0238 from 50-55% in the current 4 seasons to 30-35% in the next season. Engineering businesses reported a combined closing order book of Rs 2,356.3 crore; this increased by 52.4% on a year-on-year basis and reached an all-time high for the company.

On the sugar realization and profitability front, we believe the recent announcement by the government permitting sugar exports of 1 million tonne and a favorable domestic sugar balance sheet should lead to improvement from current levels, for which early signs are already visible.

In December 2024, the company announced the scheme for amalgamation with SSEL and demerger of the Power Transmission business, which is expected to enhance value discovery and operational efficiencies. This development reflects an ongoing commitment to delivering sustainable growth and long-term returns to our stakeholders.”

Meanwhile, the company’s board approved the reappointment of Dhruv M. Sawhney as Managing Director (designated as Chairman & Managing Director) for a further five-year term, effective from 31 March 2025 to 30 March 2030, subject to shareholder approval via a special resolution.

Triveni Engineering & Industries (TEIL) is a diversified industrial conglomerate having core competencies in the areas of sugar, alcohol, power transmission, and water. The company is one of India's largest integrated sugar manufacturers and one of the largest ethanol manufacturers, while making significant contributions in power transmission and in water & wastewater treatment solutions.

Shares of Triveni Engineering & Industries shed 0.67% to Rs 377.50 on the BSE.