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Triveni Engineering Q2 profit jumps manifold to Rs 1,388 crore; board okays up to Rs 800 crore share buyback

Its net profit stood at Rs 92.47 crore in the year-ago period.

November 05, 2022 / 09:45 PM IST

Sugar firm Triveni Engineering & Industries Ltd on Saturday reported a multifold jump in its consolidated profit to Rs 1,387.76 crore for the quarter ended September on one-off gains.

Its net profit stood at Rs 92.47 crore in the year-ago period.

Total income rose to Rs 1,483.33 crore in the second quarter of this fiscal from Rs 1,163.66 crore in the corresponding period of the previous year, according to a regulatory filing.

"The company has divested its entire stake of 21.85 per cent in the associate company, Triveni Turbine Ltd, and accordingly exceptional income of Rs 1,401.20 crore has been recognized," the filing said.

The company also announced a proposal to buy back up to 2,28,57,142 equity shares from shareholders at a price of Rs 350 per share for an aggregate amount not exceeding Rs 800 crore.

Triveni Engineering is one of the largest integrated sugar producers in the country. It also has presence in engineered-to-order high speed gears and gearboxes, besides water and wastewater management business.

The company currently has seven sugar mills in operation in Uttar Pradesh.

first published: Nov 5, 2022 09:45 pm