TRIVENI ENGINEERING & INDUSTRIES LIMITED

Financials Triveni Engineering & Industries Limited

Equities

TRIVENI

INE256C01024

Food Processing

Delayed NSE India S.E. Other stock markets 12:43:55 20/06/2024 BST			5-day change	1st Jan Change
417.2 ^INR	+0.75%		+6.54%	+21.05%

11:06am	Triveni Engineering to Acquire Additional Stake in Sir Shadi Lal Enterprises for INR448 Million	MT
05-21	Transcript : Triveni Engineering & Industries Limited, Q4 2024 Earnings Call, May 21, 2024

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,025	20,428	75,222	59,354	90,657	-	-
Enterprise Value (EV) ¹	9,025	28,981	90,694	67,672	68,099	97,790	96,864
P/E ratio	2.73 x	7.04 x	17.7 x	-	17.4 x	18.1 x	14.8 x
Yield	3.02%	2.07%	1.04%	1.2%	0.88%	0.82%	0.82%
Capitalization / Revenue	0.2 x	0.43 x	1.6 x	0.94 x	1.3 x	1.58 x	1.39 x
EV / Revenue	0.2 x	0.62 x	1.93 x	1.07 x	1.3 x	1.7 x	1.48 x
EV / EBITDA	1.69 x	5.19 x	14.3 x	11 x	10.9 x	12.7 x	10.2 x
EV / FCF	-	4.13 x	-19.5 x	41.8 x	119 x	24.5 x	25.1 x
FCF Yield	-	24.2%	-5.12%	2.39%	0.84%	4.08%	3.99%
Price to Book	0.67 x	1.31 x	3.93 x	2.23 x	3.01 x	2.73 x	2.35 x
Nbr of stocks (in thousands)	247,945	241,755	241,755	218,898	218,898	-	-
Reference price ²	36.40	84.50	311.2	271.2	414.2	414.2	414.2
Announcement Date	17/06/20	29/06/21	14/05/22	26/05/23	20/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	44,729	47,034	46,940	63,101	52,201	57,389	65,280
EBITDA ¹	5,328	5,582	6,344	6,159	6,264	7,678	9,511
EBIT ¹	-	4,791	5,537	5,224	5,223	6,528	8,174
Operating Margin	-	10.19%	11.79%	8.28%	10.01%	11.38%	12.52%
Earnings before Tax (EBT) ¹	4,456	4,586	5,146	19,473	5,286	6,496	8,186
Net income ¹	3,351	2,946	4,241	17,918	3,952	5,022	6,128
Net margin	7.49%	6.26%	9.03%	28.4%	7.57%	8.75%	9.39%
EPS ²	13.32	12.01	17.54	-	17.89	22.93	27.97
Free Cash Flow ¹	-	7,016	-4,645	1,620	835	3,987	3,865
FCF margin	-	14.92%	-9.9%	2.57%	1.44%	6.95%	5.92%
FCF Conversion (EBITDA)	-	125.68%	-	26.3%	12.45%	51.93%	40.64%
FCF Conversion (Net income)	-	238.13%	-	9.04%	19.08%	79.39%	63.07%
Dividend per Share ²	1.100	1.750	3.250	3.250	3.650	3.400	3.400
Announcement Date	17/06/20	29/06/21	14/05/22	26/05/23	20/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	11,881	11,115	11,550	11,921	13,713	14,716	16,587	18,183	14,323	14,814	12,734	14,200
EBITDA ¹	-	1,643	1,496	1,073	1,747	-	533.4	1,934	2,633	1,249	2,109	1,723	2,319
EBIT	-	-	-	-	-	-	-	1,696	-	-	-	809	-
Operating Margin	-	-	-	-	-	-	-	10.22%	-	-	-	6.35%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	946.6	850.2	-	-	-	-	-	-	-	-	-	-	1,486
Net margin	-	7.16%	-	-	-	-	-	-	-	-	-	-	10.47%
EPS	-	3.520	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	03/02/21	29/06/21	14/08/21	27/10/21	14/05/22	03/08/22	05/11/22	24/01/23	26/05/23	25/07/23	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	8,553	15,472	8,318	8,753	7,133	6,207
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.532 x	2.439 x	1.35 x	1.305 x	0.929 x	0.6526 x
Free Cash Flow ¹	-	7,016	-4,645	1,620	835	3,987	3,865
ROE (net income / shareholders' equity)	27%	20.4%	24.7%	22.4%	15.5%	15%	16.8%
ROA (Net income/ Total Assets)	-	-	-	-	-	17.1%	18.7%
Assets ¹	-	-	-	-	-	29,368	32,768
Book Value Per Share ²	54.00	64.30	79.10	122.0	138.0	152.0	177.0
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	1,169	892	2,911	2,355	5,439	2,267	2,433
Capex / Sales	2.61%	1.9%	6.2%	3.73%	9.37%	3.95%	3.73%
Announcement Date	17/06/20	29/06/21	14/05/22	26/05/23	20/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Triveni Engineering & Industries Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

414.2 INR

Average target price

410.4 INR

Spread / Average Target

-0.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Sugar & Artificial Sweeteners

	1st Jan change	Capi.
TRIVENI ENGINEERING & INDUSTRIES LIMITED	+21.05%	1.09B
SÜDZUCKER AG	-3.38%	2.99B
SÃO MARTINHO S.A.	+8.36%	2.01B
COSUMAR SA	-1.23%	1.83B
SHREE RENUKA SUGARS LIMITED	+9.46%	1.3B
BALRAMPUR CHINI MILLS LIMITED	+7.63%	1.07B
SHANDONG BAILONG CHUANGYUAN BIO-TECH CO., LTD.	+1.56%	987M
ADECOAGRO S.A.	-18.92%	935M
SHANDONG SANYUAN BIOTECHNOLOGY CO.,LTD.	-11.53%	712M
HONGMIAN ZHIHUI SCIENCE AND TECHNOLOGY INNOVATION CO.,LTD.GUANGZHOU	-12.74%	693M

Sugar & Artificial Sweeteners