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Dolat Capital Report
Triveni Engineering and Industries Ltd.'s Q1 FY23 consolidated sales grew by 18.2% YoY to Rs 12.3 billion (our estimate: Rs 11.8 billion) driven by higher volumes in both sugar and distillery business coupled with better realisations.
Triveni Engineering's Ebitda for the quarter dropped by 23.9% YoY to Rs 1.1 billion (our estimate: Rs 1.8 billion) registering an Ebitda margin contraction 514 basis points YoY to 9.3% owing to an additional export subsidy benefit recognised in Q1 FY22.
Profit after tax thus came in lower at Rs 665 million (our esitmate: Rs 1.2 billion) down 28% YoY cushioned by higher other income (up 172% YoY) and lower tax rate.
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