Sharekhan's research report on Triveni Turbine
Q1FY24 numbers were remarkable and continued to be driven by growth in exports and the aftermarket. Order booking jumped by 27% y-o-y to Rs. 453 crore, with export orders increased by 128% y-o-y to Rs. 241 crore. Order book was up 31% y-o-y to Rs. 1,405 crore. The company has robust enquiry pipeline in international markets driven by climate change and transition towards renewable energy, which works in its favour. In the domestic segment distillery, sugar, food, steel and pharmaceuticals would continue to drive growth.
Outlook
TTL has strong business prospects and margin tailwinds and therefore we build in a revenue/PAT CAGR of ~34% each over FY23-FY25E. We retain our Buy recommendation on Triveni Turbine Limited (TTL) with a revised PT of Rs. 455.
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