Annual report fy 24

02

CORPORATE

OVERVIEW

02 Investing for Sustainable Growth

1. Stronger and Sustainable Business Model

1. Message from the Chairman

10 Q&A with Vice Chairman & Managing Director

15 Leading our Journey to Long-Term Success

20 Committed to Creating Perpetual Value for All

1. Progress Strengthened by Financial Prudence
2. Financial Performance
3. Operational Performance
4. Driving Excellence with Technology

1. Business Segment Review - Sugar

1. Business Segment Review - Alcohol

36 Business Segment Review - Power Transmission

40 Business Segment Review - Water

42 Charting A Course for Sustainable Progress

View the report online at

trivenigroup.com

The future is brimming with opportunities and holds immense potential. At Triveni Engineering & Industries Limited (TEIL), we are not just prepared to embrace it but are also strategically investing to shape it, driving innovation and excellence to ensurelong-term success and value creation.

At TEIL, we are inspired by a tomorrow where we stay at the forefront of opportunities and consolidate our prominent market position. We deliver superior performance while creating enduring impact, including empowering our farmer partners and advancing India's self- reliance, supporting the nation's fuel and water security, and addressing our industrial customers' needs with innovative solutions. And, where we create value for all stakeholders.

Annual Report 2023-24

INVESTING FOR

SUSTAINABLE GROWTH

Key Updates from FY 24

At TEIL, we have built our business with prudence through the years, focussing on the right areas, building the right competencies, and strategically aligning with the priorities of the nation and our customers. With the future brimming with immense opportunities, we are investing prudently for sustainable growth.

This is how we are progressing ahead with agility and forward-thinking strategies, ready to shape our tomorrow and create greater value for our stakeholders.

Sabitgarh sugar unit expansion by 2,000 TCD to 9,000 TCD

Process change to DRP (refining process) at Milak Narayanpur unit

Modernisation, debottlenecking and efficiency improvements across units toward

cost optimisation

New multi-feed 200 KLPD distillery at Rani Nangal

New modern bottling plant at Muzaffarnagar alco-chemical facility to produce premium Indian Made Foreign Liquor (IMFL)

Announced further investment, of ` 180 crore towards capacity enhancement in gears segment (excl. Defence). Coupled with previously announced investments, the gears segment's annual business potential to increase from

• 250 crore to over ` 500 crore

New dedicated defence multimodal facility at Mysuru

We thrive under visionary leadership

We thrive under experienced, proficient and visionary leadership. Our Board of Directors, with their diversified skills and competencies, guide us to anticipate and stay ahead of the trends and the competitive landscape. An experienced management team, with their deep understanding of respective businesses, implement strategies

to seize opportunities and ensure sustainable growth.

We have invested in capacities and people

We are confident of the industry's future and have invested a significant capex of ` 357 crore during FY 24 towards expanding capacities and capabilities. We added to the workforce to align with future opportunities, with plans to significantly augment headcount in the Power Transmission business.

We have reinforced our financial foundation

Our disciplined approach to capital allocation ensures attaining long-term objectives, maximising shareholders' return and sustaining financial health. This has ensured a solid business model, with steady growth and healthy cash flow generation, strengthening our balance sheet position despite significant capex commitment. Our

improved financial strength and outlook further resulted in an upgrade in our long-term credit rating to AA+ (Stable) ICRA, reinforcing our ability to invest in the future at a lower cost.

We are scaling technology excellence

Through our digital transition journey, we have embraced cutting-edge technologies to significantly ramp

up capabilities including enhancing operational efficiency and decision- making. Our field-related technologies empower farmers towards better crop management while enabling

us to effectively manage the supply chain. In the Engineering business, we remain focussed on investing in advanced technologies to enhance our competitive edge.

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Annual Report 2023-24

STRONGER AND SUSTAINABLE BUSINESS MODEL

Triveni Engineering & Industries Limited is a diversified and integrated industrial conglomerate with prominent market positions in the businesses of sugar, alcohol, power transmission and water and wastewater treatment.

61,000 63,000 TCD*

Sugarcane crushing capacity

Our robust business model is built on the foundation of research & development (R&D) capabilities, excellence in manufacturing, investments in world-class digital technologies, stringent quality controls and a customer-centric approach. We maintain a sharp focus on operating with adherence to global safety and sustainability standards. These give us a significant competitive edge, positioning us to deliver quality products and solutions to clients globally.

Our solid market position

22

World-class manufacturing facilities

860 KLPD

3,35,000+

Farmer associates

12,000+

Amongst India's largest

integrated sugar and ethanol manufacturers

Preferred partner

to domestic and multinational Original Equipment Manufacturers (OEMs) for gears/gearboxes

Amongst the leading players

in Power Transmission and Water & Wastewater treatment solutions

Preferred supplier

of Propulsion Gearboxes, Propulsion Shafting, Fin Stabilisers, Special Application Pumps for Indian Navy & Indian Coast Guard

Alcohol/Distillation capacity with plans to expand to 1,110 KLPD

1,500+

Water installations across India

• 8,669 crore

Market Capitalisation as on June 30, 2024

High-speed gearbox installations globally

12,000+ MLD

Of water treated

ICRA AA+ (Stable)

Long-term rating upgraded

04

*Current sugarcane capacity 61,000 TCD, expansion to 63,000 TCD from SS 2024-25

05

Our operating businesses

Annual Report 2023-24

Sugar

7 FSSC 22000 certified sugar mills in UP's sugarcane-rich belt

Best-in-class manufacturing processes with stringent compliance and quality benchmarks

Strong farmer relations and timely sugarcane payment

Extensive sugarcane development programme with farmers

Co-generation

• 104.5 MW generation capacity from co-product bagasse across six plants, with three using highly efficient 87 ata/515° C steam cycle
• Meeting captive needs, and surplus sold to Uttar Pradesh Power Corporation Limited (UPPCL)

Our products

• Multi-grade- large, medium and small
• White Crystal Sugar, Refined Sugar (for high-grade end users), Raw Sugar (for export, based on market dynamics), Pharmaceutical-grade Sugar

Our Customers

• Multinational beverage companies, breweries, pharmaceutical companies, confectionery manufacturers, dairy and ice cream producers
• Large institutions for premium high-quality crystal sugar

Alcohol

5 ultra-modern distillation facilities across UP

Integrated operations providing assurance of feedstocks (molasses, syrup) and fuel (bagasse)

Efficient operations with focus on improving recoveries and reducing supplementary fuel

Adherence to Environment, Health, Safety and Sustainability standards

Our feedstock and product mix

• Flexibility of feedstocks - grain/sugarcane based
• Flexibility of products - Fuel-grade Ethanol, Extra Neutral Alcohol and Rectified Spirit, Indian Made Indian Liquor (IMIL) and upcoming Indian Made Foreign Liquor (IMFL)
• High-qualityby-products - Distillers Dried Grain Solubles (DDGS), Potash-rich ash and CO2

Our customers

• Oil Marketing Companies (OMCs), Fertiliser Companies, Institutional Customers etc.

Power Transmission

3 business segments - Gears, Defence and Built-to-Print

Modern integrated manufacturing facility in Mysuru, Karnataka with world-class equipment, technology, automation and digitalisation

Reputed for timely delivery, reliability and product excellence enabled by value engineering, high-quality and cost-competitive integrated manufacturing and R&D

Expertise in reverse engineering and replacement solutions

Offering 360-degree service solutions, health monitoring services, and spares and aftermarket solutions

Our products

• Power transmission: High-power and high-speed gears for steam/gas turbines, compressors, pumps, blowers, and other special-purpose industry applications; low-speed gearboxes for diverse industries
• Defence portfolio: Propulsion and other critical gearboxes, critical turbo and motor driven pumps, gas turbine generators for auxiliary power, fin stabilisers, propulsion system integration, propulsion shafting

Industries we serve

• Power Generation (IPPs), Refinery & Petrochemical, Rubber & Plastics, Oil & Gas, Sugar, Marine, Chemical & Fertiliser, Cement and Steel

Water

Leading solutions provider for efficient water management for industrial/municipal/urban applications

Complete and sustainable water/wastewater treatment solutions across water usage segments and industries

Turnkey solutions offered on EPC/PPP (Engineering Procurement and Construction/ Public Private Partnerships) / HAM (Hybrid Annuity Model) / Build Own Operate Transfer (BOOT) models

Proven track record of executing large projects in India, with over 100 projects executed

Customer Care Division for value-added services for operation management and performance optimisation

Solutions and services offered

• Solutions: Water treatment, water & wastewater network management, wastewater/sewage treatment (WTP/STP), desalination for seawater & brackish water, recycle and zero liquid discharge (ZLD)
• Service: Operations and maintenance, annual maintenance contracts, product & process audits, health check-ups, upgradation of existing plants, spares and service, on-site support

Industries served

• Municipal WTP/STP, CETP/ZLD for Industrial clusters, Refineries, Coal, Sand Processing Plant, Non-ferrous Industries, Oil & Gas, Thermal and Hydro Power Plants, Steel Plants, Sugar & Allied Industries, Desalination

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Annual Report 2023-24

MESSAGE FROM THE CHAIRMAN

At Triveni, we have always been inspired to look beyond the challenges. It is this enterprising spirit of ours that instead of being disconcerted by the current momentary changes, our vision is firmly set on the horizon because the future is bright and filled with immense opportunities.

Investing in the future

At Triveni, we have always been inspired to look beyond the challenges. We invested a substantial capex of ` 357 crore in FY 24, which is poised to be a key enabler of our future growth.

We have already commissioned a 200 KLPD multi-feed distillery at Rani Nangal which not only enhances distillation capacity but also provides feedstock flexibility. Previously announced projects are on track for scheduled commissioning. These include i) enhancement of crushing capacity at Sabitgarh by 2000 TCD (from 7000 TCD to 9000 TCD) ii) a new bottling plant at Muzaffarnagar facility for high-quality IMFL products

1. enhancing annual capacity of gears facility (not including Defence) from ` 250 crore to over ` 500 crore.

Digital technology is yet another area where we are making strides. Deployment of advanced technologies like GPS- based farming services, satellite mapping to detect diseases, drones for insecticide spraying and IoT-based supply chain management are revolutionising sugarcane farming. Several digital projects are underway aimed at further empowering our farmer partners.

The Power Transmission business is also deploying augmented reality technologies to train people and remotely support customers. The business is set to significantly increase manpower to support expanded capacities, ramp up R&D and innovation and strengthen international expansion.

Delivering value to everyone

For our employees, we have implemented a comprehensive Occupational Health and Safety (OHS) system that is designed to proactively manage and mitigate risks in the workplace. The implementation of enhanced training programmes and stricter adherence to safety protocols resulted in 12% decrease in work- related injuries during the year. We also supported employee growth with various learning and development efforts.

Towards new horizons

We are operating in dynamic times, where despite the short-term challenges, the opportunities are numerous. A booming economy, expectations of favourable policy decisions and the Government's commitment to EBP programme targets and self-reliance journey augur well for the sugar and alcohol industries. With our enhanced capacities, we remain well-positioned for improved performances. In Sugar, we continue to judiciously invest in enhancing sugarcane crush rate, sugar quality and operational efficiencies.

The focus on Make in India and industrialisation along with the long-term prospects for water and wastewater treatment solutions globally provide a positive outlook for our Engineering businesses. In Power Transmission, our extensive international customer outreach efforts and continued investments in R&D and infrastructure position us to capitalise on the global opportunity landscape.

As we remain sharply focussed on execution and doing the right things, we seek the continued support of all our stakeholders. Your faith in us has been a source of inspiration. I express my gratitude to each one of you. I thank our employees and the

Dear Stakeholders,

Reflecting on our journey over the years, I am humbled by the milestones Triveni has achieved to become a world-class entity. Our legacy of expansion, excellence and innovation encourages us to scale newer heights. The invaluable contribution of all our stakeholders as well as the efforts and dedication of our employees continues to be our driving force.

With the future brimming with opportunities, we are all set to shape a better tomorrow that will power the next phase of growth. We strive to build the right competencies, including better technology, digitalisation and an innovation-driven and passionate team. The intent is clear - make Triveni future-ready and resilient to effectively handle challenges and capitalise

on opportunities.

Strength in adversity

In the year gone by, Triveni demonstrated resilience to report a satisfactory performance despite the immense challenges. Adverse climatic conditions and the spread of red rot disease impacted sugarcane yields in the state of Uttar Pradesh, presenting tough times for the sugar industry. Triveni was no different as we registered lower sugarcane crush in SS 2023-24. To ensure sufficient sugar stock availability, the Government limited sugar sacrifice through the B-heavy route for ethanol and restricted sugar exports. This along with the stoppage

of Surplus rice by FCI, impacted feedstock availability for our Alcohol business. While we swiftly shifted to maize feedstock, it led to lower operating capacities and margins. The Water business witnessed a muted period due to project delays. The Power Transmission business was a silver lining, yet again delivering a stellar performance, with a growth of 29.5% in revenue, 40.1% in segment profits and 42.3% in order booking.

Overall, our net revenue from operations declined by 7.1% to

• 5,220.1 crore in FY 24 and EBITDA was marginally lower by 1.1% to ` 688.4 crore. The revenue contribution of the non- Sugar business increased from 34% to 38% in FY 24. This was partly on account of the decline in the Sugar business, along with our ongoing efforts to achieve healthy diversification and ensure more predictability in revenue and profits.

Triveni is a stakeholder-centric company and remains steadfast in its commitment to creating sustainable value for all.

Consistent with our focus on delivering healthy returns to shareholders and balancing financial stability, the Board of Directors approved a total dividend of ` 5.75 in FY 24, amounting to 575% of the face of equity share of ` 1. This results in an outgo of ` 125.9 crore in dividend. Our contribution to the exchequer remained robust at ~` 1,200 crore. We remain aligned with various Government initiatives, including water management-related projects and the Ethanol Blended Petrol (EBP) programme's target of 20% blending by 2025-26. This year, we supplied 1,82,707 KL of alcohol including ethanol

to Oil Marketing Companies (OMCs). Our ongoing efforts in these areas will be instrumental in addressing the challenges of climate change and water scarcity.

Triveni continued to empower its communities. With a spending of ` 11.37 crore in community projects, we positively touched over two lakh lives in the areas i.e. education, healthcare, women empowerment, promotion of sports, environmental sustainability, etc. Our farmer network stands strong at over three lakh and thirty five thousand and we ensured unwavering support with sugarcane development programmes and digital technologies. This year, we continued to help farmers shift to high-sucrose and high-yielding sugarcane varieties, which are more disease-resilient.

entire leadership team for their exemplary dedication and agility that helped us tide through the challenges, and position us for a stronger future. I thank our farmers, customers, partners, vendors, employees and shareholders for their support, encouraging us to take on bigger ambitions and achieve greater success in the years to come.

I also take this moment to highlight key developments within the Board. We bid farewell to Ms. Homai A. Daruwalla, who exits the Board on the completion of her tenure. We are grateful for her services and invaluable contributions to the Company. Joining us on the Board as Independent Non-Executive Directors are eminent members: Siraj Azmat Chaudhry, Dr. Rajender Pal Singh, Manoj Kumar Kohli and Dr. Meena Hemchandra. I am sure the Company will benefit from the extensive experience and expertise they bring.

With the support of our valued stakeholders, we are enthused to create a brighter, more promising tomorrow where we grow together and create value for all.

With best regards,

DHRUV M. SAWHNEY

Chairman & Managing Director

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Annual Report 2023-24

Q&A WITH VICE CHAIRMAN & MANAGING DIRECTOR

Q. Can you elaborate on the challenges faced by the Company in FY 24?

and Milak Narayanpur units faced a decline in crush. Whereas, the Khatauli and Sabitgarh units were relatively unimpacted by the disease and thus saw a marginal decline in crush. The

TARUN SAWHNEY

Vice Chairman & Managing Director

Triveni is actively partnering in India's EBP programme with a long- term strategic intent

of growing the Alcohol business. Aligned with this, we recently commissioned

1. 200 KLPD multi-feed distillery at the Rani Nangal unit, which will start contributing to volumes
   in FY 25. Our aggregate distillation capacity now stands at 860 KLPD.

A:FY 24 was a challenging period, especially for our Sugar and Alcohol businesses due to adverse climatic conditions and regulatory developments. Heavy rainfall, water logging in certain regions and the spread of red rot disease in the Co0238 variety sugarcane crop, significantly impacted plant cane. The season also witnessed a higher diversion of sugarcane to kolhus/ crushers, which is the unorganised jaggery sector. This reduced sugarcane availability and thus its crush.

Amidst expectations of lower sugar production in the country, the Department of Food and Public Distribution (DFPD) issued directions on December 15, 2023, to limit the sugar sacrifice through B-heavy molasses (BHM) and sugarcane juice route to

1.7 million tonnes, compared to 4.1 million tonnes in the previous season. Additionally, the lower quota released for sale in the domestic market and the restrictions on sugar exports by the Government dampened the Company's sales volumes.

Distilleries were faced with significant feedstock challenges. The suspension of surplus rice supplies by the Food Corporation of India (FCI) for ethanol production in July 2023, necessitated distilleries to adopt maize as feedstock. Further, with the restrictions on BHM, the sugar units, including ours, switched to C-heavy molasses (CHM) for ethanol production in the

last quarter.

Ramkola unit became the only Group unit to register an increase in sugarcane crush. This was on account of its proactive effort to reduce the Co0238 sugarcane variety and shift to other varieties in response to some instances of disease in the previous season. Overall, our sugarcane crush declined by 11.4% to 8.26 million tonnes.

We continued our efforts to increase production of refined and pharmaceutical-grade sugar which attracts a premium over sulphitation sugar. The successful shift to the refining process (DRP) at the Milak Narayanpur unit, helped enhance the proportion of this premium portfolio from ~60% to ~70%, enhancing average blended realisations by 5.8% for the Company.

In distillery operations, we seamlessly transitioned to maize feedstock at our multi-feed Milak Narayanpur facility and grain-based distillery at Muzaffarnagar. Despite the challenges, alcohol production and sales were at 18.44 crore litres and

18.27 crore litres respectively, both higher than the previous year. Our continued focus on forward integration enhanced IMIL sales by 34% to 44.73 lakh cases, which along with an increase in average realisation price led to an 8.6% increase in net turnover in the Alcohol business.

Q. How do you perceive the industry scenario for the Sugar and Alcohol business

Q. Reflecting on the performance in FY 24, could you highlight the key developments that transpired through the year?

A:Our performance has been satisfactory this year, given the tough operating context. Our net turnover was lower by 7.1% to ` 5,220.1 crore in FY 24. This was mainly on account of a decline in revenue of the Sugar business by 11.6% to ` 3,857.9 crore and in the Water business by 30.1% to ` 246.3 crore. On the other hand, the revenue from the Alcohol business (net) was up 8.6% to ` 1,273.6 crore, while that of Power Transmission business grew by 29.5% to reach a record ` 291.8 crore.

Profitability was under pressure due to the input price challenges in the Alcohol business which saw a 14.8% decline

in segmental profit to ` 180.9 crore. This was substantially offset by a strong 37.5% growth in segmental profit from the Engineering businesses to ` 138.5 crore due to improved margins. Overall, the EBITDA was lower by 1.1% to ` 688.4 crore and Profit before exceptional items and tax was lower by 5.95% to ` 529 crore.

Our order book position in the Engineering businesses remains strong giving visibility of revenues in the coming years. Order booking in the Power Transmission business grew by 42.3% to a record ` 375.4 crore in FY 24, and the closing order book stood at ` 287.4 crore. The Water business witnessed a muted year in terms of new order booking due to delays in project finalisation, and its closing order stood at

• 1,223.4 crore.

With sugar operations largely carried out using CHM instead of BHM and the distillery operations with maize instead of FCI rice, our operating capacities and production were lower. The profitability of the Alcohol business was also impacted given a larger proportion of ethanol being produced from relatively low-margin maize as against the traditional high-margin molasses especially BHM. This was despite the OMCs incentivising maize- based ethanol from January 5, 2024 onwards.

Q. How did Triveni navigate the feedstock- related challenges?

A:Lower sugarcane availability was an industry-wide phenomenon and Triveni was no different.

The red-rot disease was mostly prevalent in western and central Uttar Pradesh and thus our Deoband, Chandanpur, Rani Nangal

in the near term? What strategic measures are being implemented by Triveni in response to these dynamics?

A:The year gone by was a one-off where several external variables posed tough challenges for both Sugar and Alcohol business. We expect the scenario to improve in FY 25. The prediction of above-average monsoon and renewed focus on the EBP by the Government are expected to create a favourable operating context for both businesses. We are also taking several proactive measures to tackle challenges with agility and seize the opportunities.

Our sugarcane development teams deployed a multi-pronged strategy to secure sugarcane availability. They are engaging with the farmers to uproot the diseased crop to contain the damage

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Annual Report 2023-24

and limit its spread. A comprehensive varietal substitution programme has been taken up, especially in low-lying,water-logging-prone areas, aimed at reducing the planting of vulnerable Co0238 cane variety and substituting it with other high-sucrose and high-yield varieties. Additionally, we continued to invest in our facilities to enhance crush rate, sugar quality and efficiencies. This year we are adding 2,000 TCD of crushing capacity at our Sabitgarh sugar unit, enhancing our total capacity to 63,000 TCD. We expect these efforts to improve our crush and recoveries in the coming season.

In the Alcohol business, we expect significant opportunities from India's Ethanol Blended Petrol (EBP) programme, which targets achieving 20% ethanol blending in petrol by FY 26. For the Ethanol Supply Year 2023-24, the OMCs have floated a tender for 825 crore litres with a 15% blending target which is expected to progressively increase in the next year.

Considering the Government's commitment to EBP and the significance of sugarcane in achieving it, we expect favourable policy decisions for addressing the industry's feedstock and profitability challenges. Recent steps towards this were the revisions in ethanol prices (from maize) and the Government

allowing sugar mills to convert their existing 6,70,000 tonnes of B-heavy molasses stock into ethanol at the end of April 2024.

Triveni is actively partnering in India's EBP programme with a long-term strategic intent of growing the Alcohol business. Aligned with this, we recently commissioned a 200 KLPD multi-feed distillery at the Rani Nangal unit, which will start contributing to alcohol volumes in FY 25. Our aggregate distillation capacity now stands at 860 KLPD.

Q. How was the operating scenario for the Engineering businesses in FY 24?

A: Our engineering segment comprises Power Transmission, Defence and Water businesses. A rapidly growing Indian economy coupled with capex programmes by companies across diverse sectors continues to benefit our Power Transmission business. We witnessed excellent demand for our gears and gearboxes, especially in the Oil & Gas, API, Waste Heat Recovery (WHR), Waste to Energy (WtE), high-technology compressor and high- power small hydro turbine applications. Importantly,

this was broad-based with demand coming from both the OEM and aftermarkets segments as well as domestic and international markets.

Our Defence business is also witnessing healthy traction led by the Government's indigenisation efforts. In the Water business, while the long-term prospects are strong globally, this year saw a slowdown in market activity and the finalisation of orders.

Q. The performance of the Power

Transmission business has been remarkable. How does Triveni intend to scale from here?

A: The growth and progress in our Power Transmission business is inspiring. We have successfully established a prominent position in high-speed gear solutions, supplying to all major global OEMs in India including aftermarket support. We have also made significant strides in the international market, with our technologies, products and aftermarket capabilities receiving excellent responses.

FY 24 was a breakthrough year for the gears segment with prestigious product order bookings and progress in our international expansion strategy. Throughout the year, we undertook extensive international customer outreach and continued investments in R&D, technology advancements and infrastructure to enhance product market share. These efforts translated into orders from South American and European customers, including a maiden order from a leading European turbine manufacturer. The execution of initial orders resulted in product qualifications in these critical markets, highlighting our growing acceptance in the international market. The Defence segment is also witnessing healthy progress supported

by our capabilities in multiple product lines and enhanced competencies through partnerships.

These developments contributed to the best-ever performance of the Power Transmission business with record revenue, profitability and order booking in FY 24. That said, this is

just the beginning. We expect the business to continue benefiting from the rapid growth in the Indian economy and the accelerated capex cycle towards infrastructure creation and private sector capacity expansion. The defence indigenisation

led by the Government's Make in India programme is also opening a plethora of opportunities.

Considering the immense growth prospects, the Board approved a further capex of ` 180 crore during the year. Investments are aimed towards a new bay for both power transmission and defence products as well as setting up

1. new multi-modal manufacturing, assembly and testing facility at Mysuru for defence products. This expansion is poised to enhance the capacity of the gears business alone, excluding defence, from ` 250 crore to ` 500 crore.

Our strategic initiatives in both product and aftermarket position us ideally to seize the opportunities, especially in steam, compressors and gas turbines, pump segments, and sectors like steel, cement, oil and gas, and waste heat recovery. In the defence segment, we expect increased ordering in key segments like gas turbine packaging, propulsion gearboxes, propulsion shafting and special application pumps where we have made considerable progress over the years.

Q. What is the Company's overall outlook for FY 25? How is the Company well-placed to deliver growth and create value for stakeholders?

A: We are confident of a strong rebound in FY 25. While our performance saw some moderation during FY 24, it was primarily on account of external factors. Our long-term growth fundamentals remain strong. The agility exhibited by our team in executing strategic priorities including capacity expansion initiatives along with the expectation of policy decisions and a favourable macro environment, positions us for improved performance. The growth witnessed in our Engineering businesses has been exceptional, helping reduce dependence on the Sugar business. At the same time, our efforts around cost optimisation, efficiency improvement and value-additions will help improve margins. Through a combination of these efforts, we expect to deliver long-term growth and create value for our stakeholders sustainably.

Dhruv Sawhney

Promoter and Chairman &

Managing Director

Academic & professional qualifications

• Master's in Mechanical Sciences from Emmanuel College, University of Cambridge, UK
• MBA with distinction from Wharton School, University of Pennsylvania, USA
• On the Dean's list for all terms and ranked second in the University

Areas of expertise

• General Management and Leadership
• Functional and managerial experience
• Diversity behavioural and personal attributes
• Corporate governance and Finance

Other current positions

• Chairman - Triveni Turbines DMCC, Dubai
• Director - Triveni Turbines Europe Pvt. Ltd, UK
• Director - Triveni Energy Solutions Ltd
• Director - Triveni Foundation
• Chairman of the Board of Trustees of North India's oldest charitable hospital - Tirath Ram Shah Charitable Hospital inaugurated by the first President of India, and funded by the Triveni Group and the Sawhney family.

Present directorship(s) in other listed company(ies)

• Promoter and Chairman & Managing Director - Triveni Turbine Limited

Past appointments

• President of the Confederation of Indian Industry (CII) (1991-92)
• Chairman - Executive, International Society of Sugar Cane Technology (ISSCT) 1995-99
• Government-nominatedfounder Chairman of the Indian Institute of Management, Kashipur
• President Indian Sugar Mills Association (ISMA) - two terms (1985-86 and 1986-87)
• President of the All India Chess Federation for 12 years
• Chairman of Doon School, Dehradun
• President Sugar Technologists Association (STAI) (1988-91)

Awards & recognitions

• "Chevalier de la Legion d'Honneur" from President Chirac
• 'Honorary Lieutenant of the Royal Victorian Order' (LVO) from HM Queen Elizabeth II
• Chaired the Commonwealth Leadership Development Conferences to foster and broaden the decision-making ability of future commonwealth leaders
• Received the Mike Bennet Award 1998 from the British Society of Sugar Cane Technologists, U.K. for the best technical paper
• Chevalier of the Confrerie des Chevaliers du Tastevin in Burgundy

Tarun Sawhney

Promoter and Vice Chairman &

Managing Director

Academic & professional qualifications

• Master's in Economics from Emmanuel College, University of Cambridge, UK
• MBA from Wharton School of the University of Pennsylvania, USA

Areas of expertise

• General Management and Leadership
• Functional and managerial experience
• Diversity behavioural and personal attributes
• Corporate governance and Finance

Other current positions

• CII - Member of the National Council
• CII - Chairman of the Agricultural Council
• CII - Co-Chairman of the National Committee on Bioenergy

• Member of the advisory board of the Indian Council of Agricultural Research (ICAR)
• Trustee of the Tirath Ram Shah Charitable Hospital, New Delhi
• Member of the International Advisory Council of the Tate Modern (UK)
• Member of the International Leadership Council of the New Museum (New York, USA)
• Director - Indian Sugar Exim Corporation Limited
• Director - Triveni Energy Solutions Limited
• Director - Triveni Foundation

Present directorship(s) in other listed company(ies)

• Promoter & Non-Executive Director - Triveni Turbine Limited

Past appointments

• Board member in Indian Public School's Society
• President of the Doon School Old Boys' Society (DSOBS)
• President of the Indian Sugar Mills Association (ISMA)

Awards & recognitions

• Industry Excellence Award (Sugar), conferred by the former Hon'ble President of India, Smt. Pratibha Rao Patil
• Intrôniséd as a Chevalier du Tastevin in 2023

Annual Report 2023-24

Nikhil Sawhney

Promoter & Non-Executive Director

Academic & professional qualifications

• Master's of Arts from Emmanuel College, University of Cambridge, UK
• MBA from The Wharton School, University of Pennsylvania, USA

Areas of expertise

• Co-Chairof the Ananta Aspen-ledIndia-Israel Forum
• Trustee of the Tirath Ram Shah Charitable Hospital, New Delhi
• Chair of the CII - Triveni Water Institute and CII National Committee on Capital Goods & Engineering
• Director - Triveni Energy Solutions Ltd.
• Director - Triveni Energy Systems Ltd.
• Director - Mathura Waste Water Management Pvt Ltd.
• Director - Pali ZLD Pvt Ltd.
• Director - Triveni Foundation

Past appointments

J.K. Dadoo

Independent Non-Executive Director

Academic & professional qualifications

• Bachelor of Arts (Honours) in Economics from St. Stephen's College, Delhi University
• Bachelor of Law (LLB) from Delhi University
• MBA in Marketing from IIM, Ahmedabad
• IAS (Retd.)

Areas of expertise

• General Management and Leadership

• Worked with the Ministry of Commerce and Industry since 2011, first as Joint Secretary and then as Additional Secretary & Financial Adviser, till superannuation in December 2017
• Sub-DivisionalMagistrate in Delhi, Principal Secretary (Environment) in Govt. of Delhi, Additional Commissioner of Sales Tax in Delhi, Secretary to the Governor of Goa, Development Commissioner & Acting Chief Secretary in Goa, Deputy Commissioner in Arunachal Pradesh, Administrator of Lakshadweep (Governor, Chief Minister and Chief Secretary) etc.
• Counsellor Coordination in the Embassy of India, Moscow, Russia
• Director (Air Force) in the Ministry of Defence

Present directorship(s) in other listed company(ies)

• Promoter and Vice Chairman & Managing Director - Triveni Turbine Limited

Other current positions

• President of the All India Management Association
• Fellow of the Aspen Institute of India and the Aspen Global Leadership Network

Awards & recognitions

• Voted one of India's forty 'hottest' business leaders under 40 by The Economic Times in 2015

• Functional and managerial experience
• Diversity behavioural and personal attributes
• Corporate governance and Finance
• Government Relations
• Public Affairs and Policy Expert

Past work experience

• 35 years of experience working in various senior positions with the Government of India and State Governments

Past Appointments

• Director - MMTC Limited
• Director - The State Trading Corporation of India Ltd. (STC)
• Director - India Trade Promotion Organization (ITPO)
• Director - National Textiles Corporation LTD. (NTC)
• Director - National Institute of Fashion Technology (NIFT)
• Director - Cotton Corporation of India and Jute Board
• Member of the Committee of Approvals for projects of the Export Credit Guarantee Corporation (ECGC) and Exim Bank funded by the Ministry of Commerce

Sudipto Sarkar

Independent Non-Executive Director

Academic & professional qualifications

• B.Sc. (Maths-Hons.) from Presidency College, Kolkata
• B.A. (Law Tripos), M.A. (Law) and LL.M, (International Law) from Jesus College, Cambridge, UK

Areas of expertise

• General Management and Leadership
• Functional and managerial experience
• Diversity behavioural and personal attributes
• Corporate governance and Finance
• Legal Expert, Specialising in Commercial and Corporate Law

Other current positions

• Practising Senior Advocate
• Barrister at Gray's Inn, London, UK
• On the Panel of Arbitrators of London Court of International Arbitration (LCIA)

• On the Panel of Arbitrators of Singapore International Arbitration Centre (SIAC)
• Associate Member of 6 Pump Court, Temple, London

Past work experience

• Arbitrator in domestic and international matters

Past appointments

• Member of the Panel of Arbitrators of Hong Kong International Arbitration Centre (HKIAC) and Pacific International Arbitration Centre (PIAC)
• Director - BSE Limited
• Director - JSW Steel Limited
• Director - B & A Limited
• Director - McNally Bharat Engineering Co. Limited
• Director - Descon Limited
• Director - Eveready Industries Ltd.

Present directorship(s) in other listed company(ies)

• Director - Vesuvius India Limited
• Director - EIH Associated Hotels Limited
• Director - EIH Limited

Siraj Azmat Chaudhry

Independent Non-Executive Director

Academic & professional qualifications

• Commerce graduate from Shri Ram College of Commerce, University of Delhi
• MBA from the Indian Institute of Foreign Trade (IIFT)

Areas of expertise

• General Management and Leadership
• Functional and managerial experience
• Diversity behavioural and personal attributes
• Corporate governance and Finance
• Transforming businesses in the Agriculture and Food space
• Agribusiness, FMCG Expert

Past work experience

• 35 years of experience, including 20 years in leadership role building, turning around, acquiring, and divesting businesses in the Agriculture and Food industry
• MD & CEO of NCML
• Chairman of Cargill India, the Indian arm of Cargill Inc.

Other current positions

• Country Chairman of SATS India
• Partner - Agvaya LLP

Past appointments

• Non-ExecutiveDirector and Chairman of National Commodity Management Ltd. (NCML)
• Chair of the National Committee on Food Processing at FICCI
• Co-Chairof the National Committee for Agriculture at FICCI
• Founding member of United Way, Delhi, and India Foodbank

Present directorship(s) in other listed company(ies)

• Independent Director - Tata Consumers Products Limited
• Independent Director - Jubilant Ingrevia Limited
• Independent Director - Dhanuka Agritech Limited
• Independent Director - Bikaji Foods International Limited

Awards & recognitions

• Pride of Uttar Pradesh by Lucknow Management Association
• Pioneer for Edible Oil Fortification by FSSAI

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