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Triveni net sales up 25%

20 July, 2010


(RANG DE INDIA IBNS NEWS SERVICE)
Mumbai, July 19

Triveni Engineering & Industries Ltd. (‘Triveni’), one of India’s leading companies engaged in the manufacture of sugar and engineered-to-order mechanical equipment, on Monday announced its net sales has increased 25% for the quarter / Nine month ended 30th June 2010 (Q3 / 9M FY 10).

According to a company statement, Net Sales increase by 25% to Rs. 1672 crore; EBITDA of Rs. 206 crore with a margin of 12%; Profit before Interest & Tax (PBIT) at Rs. 137 crore; Profit after tax (PAT) at Rs. 73.6 crore; EPS for 9M (not annualized) at Rs. 2.85; and, Engineering businesses achieved a growth of 29% in turnover with 19% growth in PBIT.

Even though the sugar businesses achieved a growth of 24% in turnover on account of higher realisation over the corresponding period last year, the overall profitability was severely impacted due to increased cost of production, mainly owing to higher cane prices paid and higher levy obligation.

On account of lower sugar prices than the cost of production, the sugar inventories as on 30th June 2010 have been stated at estimated net realizable value, resulting in provisioning of Rs. 80.5 crore towards write down of the inventories. This provisioning has been made after considering the recently announced revised levy sugar prices.

In Q3 FY 10, Net Sales increased by 14% to Rs. 591 crore compared to Q3 FY09;  EBITDA of Rs. 12.08 crore; Profit before Interest & Tax (PBIT)  at Rs. (-) 11.47 crore; Profit after tax (PAT) at Rs. (-) 14.2 crore; and, Engineering order book grew by 9% during the quarter.

Some re-schedulement of deliveries have resulted in spill over of the dispatches in our turbines business and water business to the next quarter and hence, the overall growth in engineering turnover was restricted to 12%. This will be corrected in the coming quarter, said the company.

Commenting on the company’s financial performance, Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said:“Our engineering businesses are showing steady growth in the order booking, which will ensure the desired growth rate in turnover.

“In the sugar segment, it is ironical that though the fundamentals of sugar are still strong and the sugar prices are at reasonably healthy levels (though much lower than the peak levels touched in January’ 2010), the industry is coping up with higher cost of production after having paid unrealistic cane prices in the previous season.”

The company further said the reported loss in the sugar operations for the quarter was primarily on account of the additional provisioning for the quarter (including the sugar produced during the quarter) towards write-down of sugar inventory, apart from declining sugar realisation during the quarter.

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