The company achieved highest ever quarterly revenue, EBITDA along with a record closing order book providing good visibility for the near term.
Domestic sales increased by 32% YoY to Rs 279 crore while export sales grew by 26% YoY to Rs 222 crore during the period under review.
Profit before tax stood at Rs 124.1 crore in the September 2024 quarter, up 49.52% from Rs 83 crore posted in the corresponding quarter last year.
EBITDA climbed 47% YoY to Rs 131 crore in the quarter ended 30 September 2024. EBITDA margin improved to 26.1% in Q2 FY25 as against 22.9% recorded in the corresponding quarter last year.
The company achieved order booking of Rs 572 crore in Q2 FY25 as against Rs 459 crore during Q2 FY24, registering a growth of 25% driven by export order booking of Rs 304 crore, which grew by 50% YoY during the quarter. Domestic order booking was muted at Rs 268 crore in Q2 FY25, which grew 4% YoY.
Exports order booking contributed to 53% of overall order booking in Q2 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 1,796 crore as on 30 September 2024, up 22% YoY. The domestic outstanding order book stood at Rs 709 crore, which was lower by 16% as compared to the previous year. The export outstanding order book stood at Rs 1,087 crore as on 30 September 2024, up 71% YoY and contributing to 61% of the closing order book.
Dhruv M. Sawhney, chairman and MD, Triveni Turbine, said, “Revenues for H1 FY 24 grew 26%, with improved margins leading to higher Profit Before Tax (PBT) growth of 43% and Profit After Tax growth of 37%, over the previous corresponding period. The Aftermarket business has been expanding its horizons through a wider array of customer solutions going beyond industrial steam turbines to other rotating equipment, while expanding its global footprint.
During Q2 FY25, we received breakthrough Aftermarket orders from a diverse set of customers which led to the highest ever quarterly order booking of Rs 1.74 billion, growing by 13% YoY. The Aftermarket business also registered the highest ever turnover of Rs 1.65 billion during the quarter, which grew 38% YoY. The segment contributed to a healthy 33% of the total turnover in Q2 FY25, as compared to 31% in previous corresponding period.
In response to the growing demand for higher efficiencies and sustainable power generation, the company is actively pursuing a robust R&D program aimed at advancing its product portfolio through digitization, and the development of innovative solutions aligned with energy transition and sustainability goals. We are deeply committed to integrating digital technologies that enhance operational efficiency, streamline production processes, and enable data-driven insights to optimize our offerings. These digital advancements not only help strengthen our market reach but also enable us to deliver personalized, customer-centric solutions that meet the evolving needs of our clients.
With respect to its outlook, the company stated, “Expect to maintain robust business performance in the medium-term. This expectation is supported by a substantial backlog of orders in renewable, API and IPG (industrial power generation) turbines, along with successful market expansions. The Aftermarket business also shows promising growth prospects, bolstered by an expanding range of offerings, including spare parts, services and refurbishments, designed to cater to a broader customer base of rotating equipment encompassing - steam turbines, gas turbines, utility turbines, and geothermal turbines.
The company’s expanding presence in global markets, along with the increasing demand for renewable energy, energy efficiency, waste-to-energy (WtE), and decentralized power solutions, continues to present substantial growth opportunities for Triveni Turbines. The company is confident that leveraging these opportunities, both domestically and internationally, will enable it to maintain growth and profitability in the coming years.”
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.