Triveni Engineering Q3 Results Review - Decent Execution; Lower Recovery Levels A Concern: Centrum Broking

Centrum Broking Report

Triveni Engineering and Industries Ltd. reported its Q3 FY23 numbers which were higher than our estimates mainly on the revenue front as the company posted 31.1% YoY growth to Rs 14.6 billion and ~14.6% above our estimates of Rs 12.8 billion.

On the margin front the print was broadly in line with our estimates. Gross margins for the quarter came in at 29.8% versus 30.3% of our estimates which was a YoY decline of 650 basis points. On an Ebitda margins front it posted 13.2% (versus 18.2% in Q3 FY22) in line with our estimates of 13.4%.

On the earnings front Triveni Engineering posted core profit after tax of Rs 1473 million (13.2% YoY growth; after factoring gain of Rs 294 million on swap of export quota) versus our estimates of Rs 1059 million.

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