Sharekhan's research report on Triveni Engineering and Industries
Triveni Engineering and Industries Ltd’s (TEIL’s) Q2FY2025 performance was affected by a decline in profitability of sugar and alcohol divisions, resulting in a 93% y-o-y decline in EBIDTA; it registered loss of Rs. 22.4 crore. With favourable weather and a lot of back-end work on variety of sugar, the sugar production for sugar year 2024-25 would be much better. Favourable government policy (including likely allowing of sugar exports) will boost sugar business performance. The company has maintained its guidance of 21 crore litre of ethanol production with a variance of +5% to -5% for FY2025.
Outlook
Stock trades at 22x/18x/16x its FY25E/26E/27E EPS, respectively. We maintain a Buy with a revised PT of Rs. 470.
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