Triveni Turbine (TRITURBINE) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 delivered record financial and operational performance, with revenue up 23% year-over-year to ₹4.63 billion, driven by strong domestic and export sales.

• EBITDA grew 36% year-over-year, with margin expansion of 240 basis points to 24.8%; PAT margin improved to 17.4%.

• Order booking surged 40% year-over-year to ₹6.36 billion, with exports contributing 66% of the total; closing order book reached ₹17.3 billion, up 23% year-over-year.

• The company continues to expand its product range, now offering turbines up to 120 MW, targeting larger industrial applications globally.

• Multi-pronged investment strategy in R&D, people, infrastructure, and digitalization to capture expanding opportunities.

Financial highlights

• EBITDA rose 36% year-over-year to INR 1.15 billion, with margins expanding by 240 basis points to 24.8%.

• Profit after tax increased 32% year-over-year to INR 804 million.

• Highest ever quarterly order book at INR 6.36 billion, up 40% year-over-year; export order booking grew 74% to INR 4.2 billion.

• Total consolidated outstanding order book reached INR 17.26 billion as of June 30, 2024, up 23% year-over-year.

• Net sales CAGR of 19% and EBITDA CAGR of 22% between FY20–FY24; PBT CAGR of 26% and PAT CAGR of 22% over the same period.

Outlook and guidance

• Management expects continued robust growth in both order booking and revenue for FY25, with visibility extending into FY26 due to larger megawatt orders.

• Domestic market expected to rebound in coming quarters, driven by increased inquiries and shorter delivery timelines.

• Medium-term business performance remains strong, supported by a substantial backlog in renewables, API, and IPG sectors.

• Management highlights immense and rapidly expanding opportunity landscape, with continued focus on global growth and innovation.

• Dividend for FY24 proposed, subject to shareholder approval at the AGM.