TRIVENI ENGINEERING & INDUSTRIES LIMITED

Financials Triveni Engineering & Industries Limited

Equities

TRIVENI

INE256C01024

Food Processing

Market Closed - NSE India S.E. Other stock markets 07:43:54 2024-05-24 am EDT			5-day change	1st Jan Change
344.6 ^INR	-0.42%		-5.60%	-0.01%

May. 21	Transcript : Triveni Engineering & Industries Limited, Q4 2024 Earnings Call, May 21, 2024
May. 20	Triveni Engineering & Industries Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,025	20,428	75,222	59,354	75,443	-	-
Enterprise Value (EV) ¹	9,025	28,981	90,694	67,672	68,099	84,259	83,408
P/E ratio	2.73 x	7.04 x	17.7 x	-	17.4 x	14.5 x	12.6 x
Yield	3.02%	2.07%	1.04%	1.2%	1.06%	1.06%	1.06%
Capitalization / Revenue	0.2 x	0.43 x	1.6 x	0.94 x	1.3 x	1.39 x	1.12 x
EV / Revenue	0.2 x	0.62 x	1.93 x	1.07 x	1.3 x	1.55 x	1.24 x
EV / EBITDA	1.69 x	5.19 x	14.3 x	11 x	10.9 x	10.2 x	8.84 x
EV / FCF	-	4.13 x	-19.5 x	41.8 x	101 x	23.6 x	21.6 x
FCF Yield	-	24.2%	-5.12%	2.39%	0.99%	4.23%	4.62%
Price to Book	0.67 x	1.31 x	3.93 x	2.23 x	2.51 x	2.19 x	1.91 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	344.6	344.6	344.6
Announcement Date	6/17/20	6/29/21	5/14/22	5/26/23	5/20/24	-	-

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	54,300	67,063
EBITDA ¹	5,328	5,582	6,344	6,159	6,264	8,241	9,439
EBIT ¹	-	4,791	5,537	5,224	5,223	6,805	7,968
Operating Margin	-	10.19%	11.79%	8.28%	10.01%	12.53%	11.88%
Earnings before Tax (EBT) ¹	4,456	4,586	5,146	19,473	5,286	6,841	7,919
Net income ¹	3,351	2,946	4,241	17,918	3,952	5,191	5,997
Net margin	7.49%	6.26%	9.03%	28.4%	7.57%	9.56%	8.94%
EPS ²	13.32	12.01	17.54	-	17.89	23.73	27.37
Free Cash Flow ¹	-	7,016	-4,645	1,620	835	3,564	3,854
FCF margin	-	14.92%	-9.9%	2.57%	1.44%	6.56%	5.75%
FCF Conversion (EBITDA)	-	125.68%	-	26.3%	12.45%	43.25%	40.83%
FCF Conversion (Net income)	-	238.13%	-	9.04%	19.08%	68.66%	64.26%
Dividend per Share ²	1.100	1.750	3.250	3.250	3.650	3.650	3.650
Announcement Date	6/17/20	6/29/21	5/14/22	5/26/23	5/20/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	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	2/3/21	6/29/21	8/14/21	10/27/21	5/14/22	8/3/22	11/5/22	1/24/23	5/26/23	7/25/23	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	8,553	15,472	8,318	8,753	8,816	7,965
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.532 x	2.439 x	1.35 x	1.305 x	1.07 x	0.8438 x
Free Cash Flow ¹	-	7,016	-4,645	1,620	835	3,564	3,854
ROE (net income / shareholders' equity)	27%	20.4%	24.7%	22.4%	15.5%	16.2%	16.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	54.00	64.30	79.10	122.0	138.0	157.0	181.0
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%	4.17%	3.63%
Announcement Date	6/17/20	6/29/21	5/14/22	5/26/23	5/20/24	-	-

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

344.6 INR

Average target price

397.6 INR

Spread / Average Target

+15.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Sugar & Artificial Sweeteners

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TRIVENI ENGINEERING & INDUSTRIES LIMITED	-0.01%	908M
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ADECOAGRO S.A.	-10.36%	1.03B
SHANDONG BAILONG CHUANGYUAN BIO-TECH CO., LTD.	+5.11%	1.02B
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HONGMIAN ZHIHUI SCIENCE AND TECHNOLOGY INNOVATION CO.,LTD.GUANGZHOU	-0.96%	788M
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KAYSERI SEKER FABRIKASI ANONIM SIRKETI	-8.82%	675M

Sugar & Artificial Sweeteners