Shares of Triveni Turbine hit a record high of Rs 285.40 as they rallied 5 per cent on the BSE in Friday’s intra-day trade on healthy business outlook. It surpassed its previous high of Rs 277.90, which it had touched on October 18. At 01:59 PM, the stock was trading 3.5 per cent higher at Rs 281.55, as compared to 0.35 per cent rise in the S&P BSE Sensex.
Triveni Turbine provides innovative, robust, reliable, cost effective and efficient end-to-end industrial steam turbine solutions for power generation and for Combined Heat and Power (CHP) generation applications, catering to the needs of the global customers across diverse industrial segments and for power plants run by Independent Power Producers (IPP).
The Company has been among the leading manufacturers of industrial steam turbines in over 5 to 30 MW range globally for many years. Following the termination of the Joint Venture (JV) agreement with respect to its JV Company Triveni Energy Solutions Limited, it is now independently approaching the 30.1-100 MW segment globally, thus catering to the entire range from 0.1-100 MW on a worldwide basis. Triveni Turbine has industry leading domestic market share of greater than around 50 per cent.
Triveni Turbines has orders/installations in over 75 countries and will be focusing on underserved markets such as North America and East Asia in the coming years. The Company believes that the outlook for product order booking in the near-term is strong, on the back of its healthy enquiry pipeline. The financial performance of International and domestic subsidiaries of the company is also in the growth trajectory with positive outlook.
The management guided sustained around 35 per cent Revenue Growth for next few years and aims to maintain the profit before tax above 20 per cent on back of execution of high margin Export business and cooling off commodity prices. “Given the strong carry forward order book proposition and robust Enquiry, increase in addressable market, Industry leading market share and capacity increase Triveni Turbine is all set to enter next leg of growth,” according to brokerage firm Anand Rathi Equity Research.
Meanwhile, on September 21, Triveni Engineering & Industries, one of the promoters, had divested its entire 21.85 per cent stake in Triveni Turbine worth Rs 1,609 crore.
Driven by strong investor demand, the sale of shares was to marquee investors including sovereign wealth funds such as GIC, Abu Dhabi Investment Authority (ADIA), foreign institutions such as Nomura, Plutus and leading mutual funds such as SBI Mutual Fund (MF), Aditya Birla MF, Sundaram MF, Invesco MF.