Sharekhan's research report on Triveni Turbine
Triveni Turbine Limited’s PAT increased 30% y-o-y to Rs. 68 crore, supported by strong revenue growth of 33% y-o-y and steady margin at 19.4%. Order book surged 28% y-o-y to Rs. 1,575 crore, with export orders rising 41% y-o-y to Rs. 762 crore. Domestic order book grew at a healthy rate of 18% y-o-y to Rs. 814 crore. The manpower will remain the key focus area with 15% growth in FY2024 and another 25% in FY2025, which will increase its global value proposition by growing its presence in export markets.
Outlook
We maintain BUY with a revised PT of Rs. 550, given strong business prospects, robust order inflow, promising enquiry pipeline, and margin tailwinds.
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