Buy Triveni Engineering; target of Rs 360: ICICI Direct

ICICI Direct's research report on Triveni Engineering

Triveni Engineering (TEL) is one of the largest sugar companies in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 660 KLD & co-generation power of 104.5 MW. It also has power transmission & waste water management business contributing 10% to revenues. The company is increasing its distillery capacity from current 18 crore litre per annum to 32 crore litre per annum by FY25 to utilise B-heavy, grain & sugarcane juice route to produce ethanol.

Outlook

We maintain BUY rating on the stock. We value the stock at Rs 360, valuing the business at 14x FY24 PE.

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Triveni Engineering - 27 -01-2023 - ic