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

On the margin front the print was broadly in line with our estimates.
<div class="paragraphs"><p>Sugar. (Source: Triveni Engineering official website)</p></div>
Sugar. (Source: Triveni Engineering official website)

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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.

Click on the attachment to read the full report:

Centrum - Triveni Engineering Industries - Q3FY23 Results Update.pdf


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