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Triveni Engineering Q4 PAT up 28% YoY
16-May-22   14:55 Hrs IST

EBITDA improved by 1.7% to Rs 177.66 crore in Q4 FY22 from Rs 174.72 crore in Q4 FY21. EBITDA margin in Q4 FY22 was 17% as against 15% in Q4 FY21.

The company reported 43.9% increase in consolidated net profit to Rs 424.06 crore on a 8.2% decline in net revenue from operations to Rs 4,290.9 crore in FY22 over FY21.

Dhruv M. Sawhney, chairman and managing director, Triveni Engineering & Industries, said: “The company has delivered extraordinary results for the year under review. Increase in sugar realization prices by 7% largely compensated for the lower sales volumes by 23%.

We estimate the country's sugar production at 35.6 million tonnes after diversion of 3.4 million tonnes to ethanol. The increase in production during the season, will be largely absorbed by the increased levels of exports of 9.5 million tonnes. Closing inventories at the end of the SS 2021-22 are expected to be lower than the previous closing by approximately 1.5 million tonnes.

It augurs well for the sugar prices. However, it is important that during the ensuing sugar season, additional diversion to ethanol and exports should take care of the additional production (over consumption) so that the closing inventories remain at reasonable levels.

It is estimated that our crush level during the ongoing season will be almost at the same level as last year but the gross recoveries (including sugar diverted to ethanol) could be lower by about 20-25 basis points. The recoveries had been impacted due to excessive late rains and due to severe heat conditions since March'22.

The distillery segment reported strong performance in FY 22 driven by higher sales volumes and realization prices due to improved product mix and increase in price. The current distillation capacity of the Company is at 520 KLPD and is at an advanced stage to commission 60 KLPD grain distillery. The overall capacity will be further expanded through greenfield and brownfield projects to 660 KLPD by July 2022.

On the engineering side, we believe both our Power Transmission and Water businesses are well placed for the long-term investments expected in their respective business. In Water business also, we see a sizeable opportunity in the near future, especially coming after sluggish periods of pandemic which dampened order finalization and the pace of execution.

Triveni Engineering & Industries is a diversified industrial conglomerate having core competencies in the areas of sugar and engineering. The Company is one of the largest integrated sugar manufacturers in India and a market leader in its engineering businesses comprising power transmission business and water & wastewater treatment solutions.

The scrip slumped 5.05% to currently trade at Rs 251.95 on the BSE.

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