Triveni Turbine Q1 Results Review - Outlook Continues To Remain Healthy: Prabhudas Lilladher

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.Triveni Turbine Ltd. reported revenue growth of 45.3% YoY, driven by aftermarket growth (up 90.8% YoY). Despite gross margin expansion of ~841 basis points YoY, Ebitda margin remained flat at 18.8%, due to sub-contracting charges related to refurbishment order in South Africa. Enquiry pipeline remains strong from domestic as well as exports market, thereby providing order inflow visibility. Domestic ordering activity is likely to improve from Q2 FY24 (down 16% YoY in Q1 FY24) given robust enquiry pipeline (up 56% YoY). API turbine is witnessing traction and likely to pick up its growth momentum, driven by increasing acceptance of Triveni Turbine as approved vendor globally. Aftermarket segment is likely to continue its growth momentum, mainly driven by refurbishment orders. We believe Triveni Turbine is well placed to benefit from-continued strong inquiry pipeline (up 22% YoY) from domestic as well as exports market,strong market share (~50%) in domestic market (0-100 mega watt),traction from 30- 100 mw and API turbine, andfocus on aftermarket segment with strategy to penetrate into newer geographies for third party turbine refurbishment. We maintain ‘Accumulate’ rating on stock with revised target price of Rs 419 (Rs 416 earlier), valuing it at 37 times FY25E (same as earlier)..Click on the attachment to read the full report:.Thermax Q1 Results Review - Green Energy, Chemicals To Drive Growth: Yes Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Triveni Turbine Q1 Results Review - Outlook Continues To Remain Healthy: Prabhudas Lilladher

Order inflows grew ~26.6% YoY to Rs 4.5 billion, aided by 43.3% YoY growth in aftermarket.

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