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Motilal Oswal Report
Triveni Turbine Ltd.'s Q2 FY25 results exceeded our expectations on both the revenue and profitability front. The company reported a revenue/Ebitda/PAT growth of 29%/50%/41% YoY in Q2 FY25. Domestic order inflows grew 4% YoY, as inquiry generation in the preceding two quarters was impacted by elections. Export ordering growth continued to be robust at 50% YoY.
Domestic order inflow pipeline will see an uptick in ensuing quarters with healthy inquiries from distilleries, municipal solid waste, cement, steel, process co-generation, chemicals, petchem, etc.
We maintain our revenue estimates while increasing our margin estimates for FY25, based on H1 FY25 performance and order book mix. We reiterate our BUY rating with an unchanged target price of Rs 830, based on 48 times two-year forward earnings.
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