Triveni Turbine (TRITURBINE) Q2 24/25 earnings summary

Executive summary

• Achieved 18th consecutive record quarter with highest-ever quarterly revenue and EBITDA in Q2 FY25, driven by strong domestic and export sales growth.

• Q2 FY25 order booking reached a record INR 5.72 billion, up 25% year-over-year, with export order booking up 50%.

• Outstanding order book as of September 30, 2024, stood at INR 17.96 billion, up 22% year-over-year, providing strong visibility for future quarters.

• Focus on R&D, technology, innovation, and expansion into new geographies and higher megawatt categories, supported by a people-centric culture and global collaborations.

• Unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2024, were approved by the Board on November 11, 2024.

Financial highlights

• Q2 FY25 consolidated revenue was INR 5.01 billion, up 29% year-over-year; domestic sales grew 32%, exports 26%.

• EBITDA for Q2 FY25 was INR 1.31 billion, up 47% year-over-year, with a margin of 26.1% (up 320 bps).

• PAT for Q2 FY25 was INR 910 million, up 42% year-over-year; PAT margin rose by ~170 bps to 18.2%.

• H1 FY25 consolidated revenue grew 26% to INR 9.64 billion; EBITDA rose 42% to INR 2.46 billion, with margins up 280 bps to 25.5%.

• Basic and diluted EPS (consolidated) for Q2 FY25 was ₹2.85, up from ₹2.02 in Q2 FY24.

Outlook and guidance

• Management expects robust business performance to continue in the medium term, supported by strong order booking in renewables, API, and industrial power segments.

• Aftermarket business is expected to grow, bolstered by expanded offerings and digital services.

• Domestic market growth is anticipated to be sustainable at 10-20% annually, with Q3 and Q4 expected to show improvement post-election-related softness.

• U.S. operations expected to start contributing from FY26, with initial losses already factored into H1 results.

• Continued investment in workforce development, innovation, and sustainability to drive future growth.