Sharekhan's research report on Triveni Turbine
Triveni turbine reported revenue/ EBITDA/ PAT of Rs. 179 crore/ Rs. 25 crore/ Rs. 23 crore (up 16% y-o-y/ up 38%/ up 69%), respectively. OPM expansion was driven by increased contribution by aftermarket sales in overall sales mix. The management expects both domestic and global market share to improve in the short to medium term, driven by resurgence in global activity *after* the pandemic-led lull, supported by a strong order enquiry in domestic and international markets. Balance sheet remains strong with strong cash position and current order book remaining healthy at 0.9x its FY2021 consolidated revenue.
We retain a Buy rating on Triveni Turbine Limited (TRIV) with a revised PT of Rs. 144, considering healthy enquiry pipeline in both domestic and export markets, besides improving global economic scenario, which helped demand improve.