Triveni Turbine Limited · NSE:TRITURBINE
Triveni Turbine — Q4 FY2023 Earnings Presentation
51 slides from Triveni Turbine's earnings presentation, May 16, 2023
Slide 1: Exchange cover letter: Investor's brief for Q4 & FY2023
SE a = Piven TRIVENI TURBINE LIMITED CORPORATE OFFICE 8" Floor, Express Trade Towers, 15-16, Sector-16A, Noida - 201301, U.P, India TURBINES T: +91 120 4308000 | F : +91 120 4311010-11 www.triveniturbines.com REF:TTL:SE: Date: 16" May 2023 BSE Limited National Stock Exchange of India Ltd., Departmen
Slide 2: Key Highlights and Performance Summary
Registered office: A-44, Hosiery Complex, Phase-II, NOIDA 201 305, Uttar Pradesh Corporate office: Express Trade Towers, 8th floor, Plot No.- 15-16, Sector 16A, Noida 201301 Manufacturing Facility: 12A, Peenya Industrial Area, Peenya, Bengaluru 560 058 CIN : L29110UP1995PLC041834 Key Highlights*: ➢
Slide 3: Chairman and Managing Director's commentary
Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said: “Triveni Turbines has delivered yet another record year in FY 23, building upon the strong foundation of the previous year. In the year gone
Slide 4: Record closing order book of ₹13.28 billion
The Company had a record closing order book of ₹ 13.28 billion, up 36.9% year-on-year as on Mar 31, 2023. With a rise in the Company's export and aftermarket order booking, as well as a strong carry-forward order book and a robust enquiry pipeline, we anticipate a solid year ahead in terms of overal
Slide 5: Performance Details (Consolidated)
Performance Details (Consolidated*) (All figures in ₹ million, unless otherwise mentioned) % % Q4 FY 23 Q4 FY 22 FY 23 FY 22 Change Change Revenue from Operations 3,698 2,366 56.3% 12,476 8,522 46.4% EBITDA 788 497 58.6% 2,764 1,921 43.9% EBITDA Margin 21.3% 21.0% 22.2% 22.5% Depreciation & Amortisa
Slide 6: Q4 product and aftermarket order booking and turnover
• On the Product side, order booking during the quarter was the highest ever ₹ 3.09 billion, an increase of 41% when compared with the corresponding period of previous year. The product segment turnover was ₹ 2.22 billion during the quarter, an increase of 27% over previous year. • Aftermarket segme
Slide 7: Outlook
OUTLOOK • For Triveni Turbines, strong business performance for FY 23 is expected to continue in FY 24. This is on account of strong carry-forward order book and continued development of new product market segments of API turbines and turbines between 30.1-100 MW. Prospects for the aftermarket segme
Slide 8: Summary of Consolidated Order Book
Summary of Consolidated Order book (All figures in ₹ million, unless otherwise mentioned) Particulars Opening Order Book Q4 FY 23 Q4 FY 22 % Var FY 23 FY 22 % Var Domestic 6,918 5,049 37% 5,383 4,229 27% Exports 5,398 4,191 29% 4,320 2,161 100% TOTAL 12,316 9,240 33% 9,703 6,389 52% Mix of Exports 4
Slide 9: About Triveni Turbine Limited
About Triveni Turbine Limited Triveni Turbine Limited (TTL) is a focused, growing and market-leading corporation having core competency in the area of industrial heat & power solutions and decentralized steam-based renewable turbines up to 100 MW size. The Company is a dominant player in industrial
Slide 10: Standalone audited financial results
TRIVENl"fURBINE LIMITED Regd. Office: A44, Hosiery Complex, Phase II Extension, Noida, U.P. - 201 305 Corp. Office: 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201 301 ClN : L29110UP1995PLC041834 Statement of standalone audited financial 'r esults for quarter and year ended Marc
Slide 11: Statement of standalone assets and liabilities
TRIVENI TURBINE LIMITED Statement of standalone assets and liabilities ( in lakhs\ Particulars . Asal M arch 31, 2023 Asal M arch 31, 2022 Audited AtJdited ASSETS Non-«:urrent assets . l'ropcrty, plant and equipment 25,258 2.'\, 640 Capital work-in-progress '. 543 325 Intangible assets 371 314 lnti'
Slide 12: Statement of standalone cash flows
TRIV EN I TU RBIN E LIM ITED Statement of standalom• cash flows (tin lakhs) Year ended rarlkulars • March 31, 2023 (Au d llod ) M u ch 31, 2021 {Audited) C.uh flows from opcnting activltks Profit bef ore tax 19,537 33,973 Ad justments for Ocrn.1<inlion nd amortisation exp enses 1,876 2,002 L,•ss/(pr
Slide 13: Notes to standalone results
TRIVENI TURBINE LIMITED Notes to the standalone audited financial results for the quarter and year ended March 31, 2023 1. The Company primarily operates in a single reportable segment - Power Generating Equipment and Solutions. 2. The Board of Directors of the Company at their meeting held on Novem
Slide 14: Consolidated audited financial results
TRIVENI TURUINE LIMITED Regd. Office: A-44, Hosiery Complex, Phase II Extension, Noida, U.P. - 201 305 • Corp. Office : 8th Floor, Express Trade'Towers, 15-16, Sector-16A, Noida, U.P -201 301 CIN :-L29110UP1995PLC041834 . Statement of consolidated audited financial results for the quarter and year e
Slide 15: Statement of consolidated assets and liabilities
TRIVENI TURBINE LIMITED Statement of consolidated assets and liabilities It in lokhsl Asal As at Particulars March 31, 2023 March 31, 2022 Audited Audited AS S ET S Non-current assets Property, plant and equipment 26,056 23,783 Capital wnrk-in-pmgress 543 ' 325 Goodwill 349 365 Int angible assets 52
Slide 16: Statement of consolidated cash flows
TRIVENITURBINE LIMITED Stoltcment ol consolidnlcd tash llows (t In 1,,kh.<) Yr:uudrd r.artlcub u M.rch31, 201) t.bt(h 31, 2011 (Audited) IAudltrd) C.uh flo,n (rom opli!rillng~cllvillcs 2.:.,550 36,47':J l'w fitb-:furcl.lx ,\Jju,111umtsfnr Sh"rl! .,,IWI fos, ,,..~11111 \~tu,ri\CCOUnlnlforu:.ing,the ~
Slide 17: Notes to consolidated results
TRIVENI TURBINE LIMITED Notes to the consolidated audited financial results for the year ended March31, 2023 1. The Company and its subsidiaries (together referred to as the 'Group') primarily operate in a single reportable segment -- Power Generating Equipment and Solutions. 2. The Board of Directo
Slide 18: Investor Presentation 4Q/FY23
Investor Presentation 4Q/FY 23 May 2023 www.triveniturbines.com
Slide 19: Agenda
AGENDA GLOBAL AND DOMESTIC OVERVIEW COMPANY OVERVIEW 4Q/FY 23 PERFORMANCE REVIEW SHAREHOLDING PATTERN
Slide 20: Global and Domestic Overview
GLOBAL AND DOMESTIC OVERVIEW
Slide 21: Global Energy Consumption Is Driven By Heating and Cooling
Global Energy Consumption Is Driven By Heating and Cooling Thermal energy uses, which include space and water heating, space cooling, and industrial process heat, represent more than half (51%) of Global Total Final Energy Consumption Source: : Renewables 2022 Global Status Report 4
Slide 22: Industry as a sector is one of the largest energy users globally
Industry as a sector is one of the largest energy users globally The industry sector is one of the largest energy users, accounting for 29% of Global Total Final Energy Consumption Source: : Renewables 2022 Global Status Report 5
Slide 23: Overall Global Steam Turbine Market Has Been Declining
Overall Global Steam Turbine Market Has Been Declining Over The Years… The global steam turbine Overall Global Steam Turbine Market (in GW) 140 131 market declined from 120 120 100 80 115 109 90 115 GW in 2012 to 74 GW in 2022 68 60 60 74 55 60 46 40 20 a decline of 4% p.a. yearly 0 during 2012 - 22
Slide 24: Below 100 MW segment where Triveni operates is largely flat
…However Below 100 MW Segment where Triveni Turbines operates is largely flat Steep Decline in Steam Turbine Market Below 100 MW (in GW) 14.0 over 100 MW segment from 13.3 12.0 10.8 11.0 12.2 11.9 12.5 CAGR 106 GW to 66 GW translating to 10.0 12.1 -5% p.a. 9.5 9.7 -0.1% p.a. 8.9 8.8 8.0 6.0 4.0 2.0
Slide 25: India Capacity Utilization is yet to return to peak levels
...And India Capacity Utilization is yet to return to its peak levels While Indian economy is Fixed Asset turnover Capex growth (RHS) Average FA turnover since FY98 Capex CAGR over FY97-22 (RHS) showing signs of recovery 3.0 60% in last 1-2 years… 2.5 50% 40% 2.0 …we are still trending below (x) 30%
Slide 26: Company Overview
COMPANY OVERVIEW
Slide 27: Triveni Turbine At A Glance
Domestic market leader Top 2 globally in its Global addressable presence in >75 market* countries Triveni Industrial and Renewable Heat Turbine Closing and Power Solutions <100 Dominant Order Book: player in At A Glance ₹13.3 bn as MW renewable on Mar 2023 steam up 37% YoY turbines 6000+ Caters to a
Slide 28: Our Founding Principles: Impact, Product Quality, Technology
Our Founding Principles Impact Product Quality Technology ▪ Aims to make a positive ▪ Best-in-class manufacturing at two-world ▪ Consistent R&D of technology to surpass impact to all our stakeholders class facilities at Peenya and Sompura in customer needs and keeping up with changing Bengaluru busi
Slide 29: Our Founding Principles: Ethics, Relationships, Sustainability
Our Founding Principles Ethics Strong Relationships Sustainability ▪ Professional and transparent ▪ Sustainable solutions that create a high ▪ Supports environment sustainability business practices degree of value for our customers with significant focus on thermal efficiency improvements ▪ Strong f
Slide 30: Continued ESG Focus
Continued ESG Focus Environmental Social Governance ▪ Educational ▪ Board comprises of 10 members which ▪ Manufacturing Facilities at both initiatives such as sponsorship on education and training include 5 Non-Executive Independent Peenya and Sompura are Green programmes for differently-abled Direc
Slide 31: A Differentiated Product Portfolio Catering To Wide Range Of Applications
A Differentiated Product Portfolio Catering To Wide Range Of Applications Up to 100 MW POWER COMBINED DRIVE CONDENSING STEAM TURBINES GENERATION HEAT & POWER APPLICATIONS • Straight Condensing APPLICATIONS APPLICATIONS • Uncontrolled Extraction Condensing • Controlled Extraction Condensing • Double
Slide 32: Strong Global Footprint
Strong Global Footprint >75 Present in 75+ Countries Countries of presence Enquiries from ~110 countries 15
Slide 33: A Diversified Base Of End Use Industries
A Diversified Base Of End Use Industries 16 11
Slide 34: Supplying turbine solutions to renewable energy space
Supplying turbine solutions to renewable energy space Biomass (bagasse, palm oil, Waste-to-energy (WtE) (Industrial Waste Heat Recovery (WHR) residues, wood pellets, rice husk and municipal waste) facilities (Steel, Cement) 17
Slide 35: Increasing Demand for Renewable Power Generation Globally
Increasing Demand for Renewable Power Generation Globally The turbine industry, with its large Globally, Governments are shifting manufacturing base, is also moving from conventional to renewable aggressively towards energy sources of energy to attain their conservation and use of renewable renewabl
Slide 36: Our Value Proposition
Our Value Proposition Continued investment in R&D Strong R&D and Innovation, backed by continuous investments in Digitalisation and Automation Focus on alternative energy technologies Manufacturing excellence Two state-of-the-art manufacturing facilities Triveni is amongst the few turbine manufactur
Slide 37: Our Business Model
Our Business Model Customer Centricity Experienced and reliable partner with proven expertise Innovation Strength Strong Research & Development (R&D) capabilities to innovate new products and solutions designed to meet our customer needs; 338 filed, 249 granted Total IP (Intellectual Property) right
Slide 38: Pillars of our Growth with focus on Enhancing Addressable Markets
Pillars of our Growth with focus on Enhancing Addressable Markets Maintaining Leadership Making strides in Gaining Traction in Augment the position in small the larger turbine API Turbines Aftermarket turbines segment segment segment Continued focus in the Significant Expanding small range turbines
Slide 39: 4Q/FY23 Performance Review
A4QIFY 23 PERFORMANCE REVIEW
Slide 40: Comments from the Chairman & Managing Director on FY23 Performance and Outlook
Comments from the Chairman & Managing Director on FY 23 Performance and Outlook for the Company • Triveni Turbines has delivered yet another record year in FY 23, building upon the strong foundation of the previous year. • In the year gone by, the Company achieved its highest ever turnover at ₹ 12.4
Slide 41: Highest-ever Revenue in FY23; an increase of 46.4% y-o-y
Highest-ever Revenue in FY 23; an increase of 46.4% y-o-y Revenue From Operations 14,000 12,476 14,000 (₹ in Million) 12,000 12,000 4,116 10,000 8,522 10,000 8,400 8,179 7,511 2,263 2,059 1,858 8,000 7,026 8,000 1,930 1,920 6,000 6,000 8,359 4,000 4,000 6,341 6,321 6,259 5,581 5,106 2,000 2,000 - -
Slide 42: Solid Performance in FY23 in both Domestic And International Markets
Solid Performance in FY 23 in both Domestic And International Markets 18,000 14,000 12,476 16,054 16,000 12,000 14,000 6,747 5,574 11,836 10,000 12,000 8,400 8,179 7,026 8,522 7,446 7,511 8,000 4,678 2,519 10,000 8,278 8,540 3,940 7,935 6,431 3,922 7,104 3,370 8,000 3,914 6,000 3,264 Order Revenue 4
Slide 43: Increasing Contribution Of Aftermarket
Increasing Contribution Of Aftermarket 14,000 35% 33% 12,000 30% 4,116 27% 27% 10,000 26% 25% 24% 25% 23% 8,000 20% 2,263 2,059 1,858 1,780 1,930 1,920 6,000 15% 8,359 4,000 10% 6,341 6,321 6,259 5,666 5,581 5,106 2,000 5% Refurbishment Spares Services - 0% FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23
Slide 44: Financial Highlights FY23: A record year with many all-time highs
Financial Highlights FY 23: A record year with many all-time highs (₹ in Million) 2,500 14,000 3,000 2,764 3,000 12,476 2,555 1,929 12,000 2,500 2,500 2,000 10,000 1,163 8,522 1,921 2,000 1,219 8,400 8,179 2,000 1,708 1,500 1,218 1,675 1,703 1,667 8,000 7,026 1,462 1,469 1,454 1,002 1,500 1,500 6,00
Slide 45: Financial Highlights: Healthy Ratios & Strong Cash Position
Financial Highlights: Healthy Ratios & Strong Cash Position 40% 40% 5.00 4.54 8,000 7,506 36% 35% 34% 35% 4.50 7,000 6,713 32% 32% 4.00 30% 30% 3.41 6,000 26% 25% 3.50 3.24 3.22 23% 23% 24% 25% 25% 3.00 2.82 5,000 3,844 20% 20% 18% 2.50 4,000 15% 15% 2.00 3,000 1.50 1,979 10% 10% 2,000 1.00 5% 5% 0.
Slide 46: Reaching New Highs Quarter after Quarter
Reaching New Highs Quarter after Quarter (₹ in Million) 13,282 4,000 900 600 5,000 4,663 12,316 3,698 788 556 11,369 750 526 4,500 4,204 12,000 3,500 3,258 800 10,692 664 500 463 4,000 9,703 2,930 700 3,580 3,607 10,000 3,000 3,500 2,590 600 561 383 2,366 400 2,828 2,500 497 330 3,000 8,000 500 2,00
Slide 47: FY23 and FY22: Performance Review
FY 23 and FY 22: Performance Review * (₹ in Million) Q4 FY 23 Q4 FY 22 % Change FY 23 FY 22 % Change Revenue from Operations 3,698 2,366 56.3% 12,476 8,522 46.4% EBITDA 788 497 58.6% 2,764 1,921 43.9% EBITDA Margin 21.3% 21.0% 22.2% 22.5% Depreciation & Amortisation 50 51 (2.0%) 199 203 (1.9%) PBIT
Slide 48: Shareholding Pattern
SHAREHOLDING PATTERN
Slide 49: Shareholding Pattern
Shareholding Pattern • Increased free float in FY 23 by 11.85% to 44.06%, following sale by Triveni Engineering & Industries Ltd. • Increased ownership of Foreign Portfolio Investors (FPI), Mutual Funds (MF) 32 Note: Others comprise of Corporate Bodies, Clearing members, NRI, HUF, Trust, IEPF, etc.
Slide 50: Investor Relations Contact
Investor Relations Contact Surabhi Chandna Investor Relations & Value Creation Visit us: www.triveniturbines.com ir@triveniturbines.com +91 - 120 - 4308000 8th Floor, Express Trade Towers Plot No. 15 & 16, Sector 16-A, Noida – 201 301, India. Some of the statements in this presentation that are not
Slide 51: Thank You
THANK YOU