Geojit has recommended accumulate rating on Triveni Turbine with a target price of Rs 148 in its research report dated 11 September 2017.
Geojit's research report on Triveni Turbine
Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient end-to-end solutions. Revenue/PAT grew by 13%/22% CAGR during FY14-17 despite insipid economic environment. Export revenue grew by 37% CAGR over FY14-17 which compensated the subdued trend in domestic market. Domestic order book mix was expanded from 48% in FY16 to 59% in FY17, a sign of pickup in industrial capex cycle.
OutlookWe expect order inflow to grow at a CAGR of 22% over FY17-19E and stimulate revenue with a CAGR of 9%. We initiate coverage on TTL with Accumulate rating and our target price of Rs148 is based on a PE of 30x FY19E EPS.
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