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Last Updated : Nov 08, 2019 11:54 AM IST | Source: Moneycontrol.com

Accumulate Triveni Turbine; target of Rs 142: Prabhudas Lilladher

Prabhudas Lilladher recommended accumulate rating on Triveni Turbine with a target price of Rs 142 in its research report dated November 07, 2019.

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Prabhudas Lilladher's research report on Triveni Turbine


Triveni Turbine Ltd (TRIV) reported good set of numbers with revenue up 14% YoY mainly driven by traction in domestic market. However, exports continue to be weak with de-growth for third consecutive quarter. Order inflow (OI) declined 3% YoY mainly on account of de-growth in exports market due to postponement of order finalization. Hence, order backlog (OB) was down 11% YoY at Rs6.9 bn, which management is confident of higher year end number on the back of healthy enquiry pipeline. In the export market, the renewable sector is driving demand mainly Biomass & Waste-to-Energy and Pulp & Paper projects. On the domestic front, Food processing, Distillery, Pulp & Paper, Waste Heat recovery and Cement etc. With a good enquiry pipeline, management expects strong order intake in the domestic market for the second half as well.


Outlook


We have maintained our numbers and expect TRIV to deliver revenue/PAT CAGR of 12/28% over next two years (FY19-21E). The stock is currently trading at 24.3/20.4x FY20/FY21E. We maintain Accumulate with TP of Rs142 (28x FY21E).

For all recommendations report, click here

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First Published on Nov 8, 2019 11:54 am
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