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Triveni Engineering Shares Fall Over 5% Following Q1 Net Profit Drop

August 2nd, 2024 News

Shares of Triveni Engineering & Industries Ltd experienced a sharp decline of up to 5.5% after the company reported a significant 54% decrease in its consolidated net profit for the June quarter.

Stock Performance:

At 2:20 PM, the stock was trading 3.6% lower at ₹401.
Despite this drop, the stock has gained over 18% in the past six months, outperforming the Nifty 50, which gained over 13% during the same period.

Q1 Financial Highlights:

Net Profit: The company reported a net profit of ₹31 crore for the quarter ending in June, down from ₹68 crore in the previous year.
EBITDA: The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) fell by over 30% year-on-year to ₹97 crore.
EBITDA Margin: The EBITDA margin reduced to 7.5% from 11.4%.
Revenue: The revenue from operations (net of excise duty) increased by 8.6% year-on-year to ₹1,301 crore. This rise was primarily due to higher sugar sales volumes and improved realizations.

Segment Performance:

Sugar Segment: Despite contributing a higher share of sales, the sugar segment faced challenges from reduced production and increased off-season expenses due to the early closure of the season.
Alcohol Segment: The alcohol segment was impacted by government restrictions on grain feedstocks, leading to the substitution of surplus rice with maize. This substitution raised molasses transfer prices, resulting in a 4.3% decline in sales volume and a drop in higher-margin ethanol production from sugarcane feedstocks.
Water Business: The water business was a notable exception, showing improved profitability due to effective cost savings.

Summary:

The decline in profitability for Triveni Engineering & Industries Ltd during the June quarter was largely attributed to decreased segment performance across most of its businesses. The sugar and alcohol segments faced significant challenges, while the water business showed resilience with improved profitability.

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Triveni Engineering Shares Fall Over 5% Following Q1 Net Profit Drop

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