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Yes Securities Report
Triveni Turbine Ltd. reported healthy performance on account of better sales mix and execution ramp up. Ebitda margins expanded ~390 basis points YoY despite commodity pressures owing to operating leverage and ramp up in after market revenues.
Order inflows came in at Rs 2.8 billion (up 71% YoY) led by strong growth in domestic markets at Rs 2.1 billion while export order inflows grew by meager 2%.
Order book remains strong at ~Rs 9.7 billion (1.1 times trailing twelve months revenue), providing revenue visibility for FY23.
Enquiry pipeline remains strong both domestic and exports from sectors such as food processing, cement, sugar, oil and gas, steel, etc.
Going forward Triveni Turbine's management expects margins to revert to ~20% levels as most of the contracts have factored in the prevailing commodity inflation maintaining its dominant market share.
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