CORPORATE

PRESENTATION

MAY 2019 1
 Triveni Group Organisation Structure

Triveni
Group

Triveni
Engineering & Triveni Turbine
Industries Ltd. Ltd. (TTL)
(TEIL) TEIL holds 21.8% of the equity in TTL

50% plus
one share

Sugar GE Triveni Ltd.

Sugar Co-generation Distillery
Businesses (GETL)
Business Business Business

Triveni
Triveni Turbines
Triveni
Triveni
Engineering Gears Water Turbines Europe Pvt.
Turbines
Turbines
Businesses Business Business DMCC Ltd.
Africa
DMCC
Pty Ltd
(TTD) (TTEPL)
(TTD)

2
 Triveni Group Fact Sheet
Two Independent Listed Companies
with total FY 19 gross revenue of INR
39.92 billion (USD 570 million)
– Triveni Engineering & Industries Ltd.
and Triveni Turbine Ltd.

Listed in both National Stock

Exchange & Bombay Stock
Exchange

Promoter driven, professionally

managed companies with eminent
and independent Board of Triveni Engineering is one of the
Directors largest integrated sugar
manufacturers in India and market
leader in its engineering
businesses comprising high speed
gears, gearboxes, and water &
waste water treatment solutions

Triveni Turbine Ltd. is one of the

world’s largest manufacturers of
steam turbines up to 30 MW
range for providing industrial &
renewable power solutions 3
 Financial Performance – TEIL (Consolidated)

In ` million
Change Change
Q4 FY 19 Q4 FY 18 FY 19 FY 18
(%) (%)
Gross Revenue 8542.7 7342.7 16% 31517.4 34118.6 (8%)
EBITDA (before exceptional items) 1214.4 (1076.9) 3725.2 2913.1 28%
EBIDTA Margin 14% NM 12% 9%
Share of income from Associates 76.7 75.9 1% 202.3 182.2 11%
Profit / (Loss) Before Tax 892.6 (1347.0) 2678.1 1688.4 59%
Profit / (Loss) After Tax (PAT)
797.3 (1020.9) 2162.8 1191.4 82%
Consolidated
Other Comprehensive Income (Net
(10.1) 4.9 (4.1) 12.1
of Tax)
Total Comprehensive Income 787.2 (1016.0) 2158.7 1203.5 79%
EPS (not annualized) (`/share)
3.09 (3.96) 8.39* 4.62*
*annualized

4
 Engineering Businesses

Triveni Gears
Market leader in High speed gears &
gear boxes upto 70 MW capacity and
speed of 70,000 rpm

Triveni Water

A leading player in the high

technology water & wastewater
management business

5
 Engineering Businesses – Revenue Growth

4000 3824

3500

3009
3000 2874
2734
2524
2500
` in millions

2000

1500

1000

453
500
255 153 175
70
0
FY 15 FY 16 FY 17 FY 18 FY 19
Revenue PBIT

Note:
For FY 16, FY 17, & FY 18 revenue figures are including excise duty
6
Triveni Gears

7
 Gears Business - Overview

 Design, manufacture and marketing of customised gears

and gearboxes (both high speed and niche low speed
gears)
 State-of-the-art design and manufacturing facility at
Mysore conforming to international standards

 Triveni technology for high speed gear

boxes upto 7.5 MW and for hydel
gearbox range upto 6 MW
 Range above 7.5 MW-62 MW is
manufactured using technology licensed
from GE (Lufkin), USA

8
 Gears Business - Overview
Strong presence Benchmarked to
More than 31,500 MW
in Replacement global quality
and 7800 gearboxes in
market practices and 5S
operation

A D E

B C F

Leading Turbo Gears Preferred partner Fully integrated

company in India and to Domestic and plant with all
SE Asia, market share Multinational OEMs critical operations
of >80% in High in-house with
Speed Segment state-of-the-art
infrastructure

9
 Gears Business – Financial Performance
1400 1,331
1199
1200 1118
1033
1000 922
800
` in millions

600
381
400 292 292 314
180
200
0
FY 15 FY 16# FY 17# FY 18# FY 19
Net Sales PBIT
#revenue figures are including excise duty

 The year under review registered a growth of 19% in  Overall the market looks stable with positive signs
turnover while the profitability has been higher by from the OEM segment.
21%, which is the highest ever turnover and  The business has strong enquiries from Defence
profitability for the Gears business. and is hopeful of concluding some more of them in
 The growth in OEM sales and Spares & Services the coming quarters.
including exports is 24% and 15% respectively
during the year.

Outstanding Order Book as on 31st Mar 2019 – ` 1.76 billion

(including ` 482 million long term orders)

10
Triveni Water

11
 Water Business - Overview

 Technology association with world’s leading technology

providers for various products, process & solutions such
as Ultra filtration (UF), Reverse Osmosis (RO), Moving
Bed Bio Reactor (MBBR) etc.

 Over 2000 numbers of process equipment for water &

waste water treatment applications, supplied and
commissioned till date

 During FY 12, the Company has made a

long term strategic investment by
acquiring 25.04% equity stake in an
International Water Technology
Company, engaged in providing water
treatment solutions using proprietary
technology

12
 Water Business - Overview

Over 100 successfully operating Technology associations with the

installations across various world’s leading technology
segments – infrastructure, providers for various products,
industrial and municipal processes and solutions

A D

B C

Won many Water Approx. 8000 MLD of water

Awards for Innovative is treated through our
project designs projects & equipment

13
 Water Business – Financial Performance
3000
2493
2500
1976
2000 1812 1757
` in millions

1500 1326

1000

500 -28
-37 72
-221 -139
0
FY 15 FY 16# FY 17# FY 18# FY 19
-500

Net Sales PBIT

#revenue figures are including excise duty

 The improved performance is attributed to substantial  The order inflow in the full year has been ` 10.3 billion
intake of orders, which resulted in increased activities including O&M.
and turnover.

Outstanding Order Book as on 31st Mar 2019 – ` 13.14 billion

(including ` 5.12 billion towards O&M)
14
Triveni Sugar

15
Sugar Business
Sugar
One of the largest sugar
producers in India with seven
sugar manufacturing facilities

Co-generation
Three grid connected
co-generation plants and three
incidental co-generation
plants located across five
sugar units.

Distillery
One of the largest single
stream molasses based
distillery in the country
located at Muzaffarnagar

16
 Sugar Business – Industry Overview
 The country’s sugar production for SS 2018-19 is estimated at  OMCs have floated fresh tender for supply of 329 crore
~33.0 million tonnes, ~ 0.5 million tonnes higher than the litres of ethanol in SS 2018-19, which includes 66 crore
previous season & country’s highest sugar production so far, litres for ethanol manufactured from B-heavy
out-performing the previous high during SS 2017-18. molasses/sugarcane juice/damaged food grains and 26.3
 As per recent estimates, Uttar Pradesh is expected to billion litres from C-heavy molasses. Against the total tender
produce around 12 million tonnes of sugar, followed by value, only 26.0 billion litres of LOI were issued and 23.7
Maharashtra at over 10.7 million tonnes, while Karnataka is billion litres of PO have been issued. If the entire 23.7 billion
expected to produce around 4.4 million tonnes of sugar. litres is blended it will be 7.2% of blending which will be the
 The estimated closing sugar balance on 30th Sept 2019 is highest levels to be achieved.
expected to be around 14.2 million tonnes (opening balance  With the Government providing cheaper funds for setting up
of 10.7 million tonnes on Oct 1, 2018), after considering new distillation capacities, it is estimated that the annual
exports of 3.5 million tonnes. ethanol production capacity is expected to grow from the
 In view of mounting cane dues, the Government increased the current 35.5 billion litres to 60.0-70.0 billion litres per annum
Minimum Selling Price (MSP) of sugar from ` 29000/tonne to in the next 2 to 3 years which will be sufficient for over 15%
` 31000/tonne in February’2019. of ethanol blending with petrol.
 With a view to liquidate cane dues, the Govt. also approved  Based on the initial crop area estimates for SS 19-20, sugar
scheme for soft loans with interest subvention of 7% for a production in the state of Maharashtra will be in range of
period of one year to support the sugar industry. 7.5 to 8.0 million tonnes, down by 2-2.5 million tonnes due
 Cane price arrears in the State of UP, as on 20th May’19 is at to lower estimates of rainfall, whereas the estimates for
` 110 billion as compared to ` 122 billion, same date in Uttar Pradesh remain at same levels of SS 18-19.
previous year. Therefore, the country’s initial sugar production estimates
for SS 2019-20 is ~ 30 million tonnes, which will be result of
climatic factors as well as expected diversion for ethanol
17
production.
 Sugar Business – Industry Overview
International Sugar Market
 The global sugar production is estimated to be
174.5 MTRV in 2018-19 which is a surplus of ~2
million tonnes while for 2019-20, sugar production
is projected to be in deficit of 2-4 million tonnes.
 Brazil which produced 26.5 million tonnes during
2018-19, is estimated to produce around 27.5 to
28.0 million tonnes in 2019-20. Other major
producing countries like Thailand is likely to
produce around 12.5 to 13.5 million tonnes of
sugar during 2019-20 down by 1.0 to 1.5 million
tonnes from previous season. China is estimated
to produce around 11 million tonnes of sugar
down by 0.5 million tonnes from previous season.
 Despite estimated global sugar deficit in 2019/20,
ICE raw sugar futures declined since the
beginning of 2019 and closed at 11.65
cents/pound, and white sugar closed at 323.70
USD/tonne on May 20, 2019.

18
 Sugar Business – Industry Overview
(Figures in million tonnes)

2017-18 2018-19
2012-13 2013-14 2014-15 2015-16 2016-17
(P) (E)
Opening Stock as on 1st Oct. 6.6 9.3 7.5 9.1 7.75 3.9 10.7
Production during the Season 25.1 24.4 28.3 25.1 20.3 32.4 33.0*
Imports 0.7 0.1 0.0 0.0 0.5 0 0
Total Availability 32.4 33.8 35.8 34.2 28.55 36.3 43.7

Off-take
I) Internal Consumption 22.7 24.2 25.6 24.9 24.6 25.5 26.0
ii) Exports 0.3 2.1 1.1 1.6 0.05 0.5(#) 3.5
Total off-take 23.1 26.3 26.7 26.5 24.65 26.0 29.5
Closing Stock as on 30th Sept. 9.2 7.5 9.1 7.7* 3.9 10.3 14.2
Stock as % of Off-take 39.8% 28.5% 34.0% 28.1% 15.8% 39.6% 54.6%

• Source: Industry data; SS 18-19 - Company Estimates; (#) Exports under MIEQ considered
• Closing stock taken as a percent of off-take is one of the indicators of sugar price movement
• *Production includes B-heavy

19
 Sugar Business - Overview

 Major facilities located in cane rich areas of Western Uttar

Pradesh with more than 80% cane intensity – fertile and
irrigated land
 Sugar cane catchment area for all sugar units under canal
irrigation – both in Western & Central Uttar Pradesh -
Lower dependency on monsoon

 Closer to country’s major sugar

consuming markets - better realizations &
lower transportation cost. Long term
relationship with ~ 3,00,000 farmers
 Extensive sugar cane development
programme – to develop new areas
under cane cultivation in our new
locations; improving yields of cane
across the units.

20
 Sugar Business – Financial Performance (` in millions)

837 35000 4000

798 100 3649
800.0 29996
94 30000 3000
700.0 640 90 26108 25310
95
25000
600.0 513 80 2000
465 452 20000 1156
500.0 16405
16284
400.0 70 792 1000
71 15000
49
300.0 60
10000
0
49 -282
200.0 43
100.0
50 5000 -1000
-1659
0.0 40 0 -2000
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 FY 15 FY 16 FY 17 FY 18 FY 19

Cane Crush (Lakh Qtl.) Production (Lakh Qtl.) Net Sales PBIT
#revenue figures are including excise duty

 Sugar is being sold as per the monthly release quota  Income from Incidental co-generation units at
allocated to sugar mills by the Government and the sale Chandanpur, Milak Narayanpur and Sabitgarh resulted
volume is dependent on such monthly releases. in a revenue of ` 233 million for the year ended Mar
 The sugar inventory as on Mar 31, 2019 was 62.51 lakh 2019.
quintals, which is valued at ` 30/Kg (excluding 5.20 lakh  Export losses (SS 2018-19) of ` 812 million have been
qtl. sugar earmarked for exports, which has been valued provided for towards the export expenses incurred
at export price). /contracted or as inventory write down of sugar
produced and earmarked to be exported.

21
 Co-generation Business - Overview

 Triveni presently operates grid connected three co-

generation plants and three incidental co-generation
plants located across five sugar units which facilitate
export of surplus power to Uttar Pradesh Power
Corporation Limited (UPPCL).

 Deoband and Khatauli co-generation

plants of the Company are registered as
Clean Development Mechanism (CDM)
projects with United Nations Framework
Convention on Climate Change
(UNFCCC) and have been registered
with National Load Dispatch Centre
(NLDC) as REC projects

22
 Co-generation Business – Financial Performance
2500
2152
2028
2000 1826
1706
` in millions

1568
1500
989
1000 911
780 694
658
500

0
FY 15 FY 16# FY 17# FY 18# FY 19
Net Sales PBIT
#revenue figures are including excise duty

 Previous year included income from REC to the extent of

` 101.1 million whereas no such income accrued during
the year.

23
 Distillery Business - Overview

 Two molasses based distilleries of 160 KLPD each

located in UP.
 Strategically located in close proximity to Triveni’s sugar
units - the distilleries procure consistent supply of
captive raw material.

 The distilleries mainly produce Ethanol

while these can also produce Extra
Neutral Alcohol (ENA), Rectified Spirit
(RS), Special Denatured Spirit (SDS)

24
 Distillery Business – Financial Performance
2500
2140
2000 1805
1679
1525
` in millions

1500 1327
1159
1000
466
437
500 287 267

0
FY 15 FY 16# FY 17# FY 18 # FY 19
Net Sales PBIT
#revenue figures are including excise duty

 PBIT in Q4 & FY 19 is significantly higher than the  The Government of India announced the revised prices for
corresponding periods of previous year, due to lower raw the ethanol supplies during 2018-19 as under:
material cost, higher production / sales volume and higher  Using C Molasses – ` 43.46 per litre
realization price.  Using B-heavy molasses/ partial sugarcane juice –
 The Company received ~ 66 million litres of contract for ` 52.43 per litre
ethanol supply from OMCs during 2018-19 (Dec 18- Nov  Using 100% sugarcane juice – ` 59.19 per litre.
19).  Project relating to setting up of new Ethanol plant at
 The share of Ethanol sales in FY 19 is 97% of the total sales Sabitgarh sugar unit has been successfully completed and
volume, as against 94% in FY 18. the new distillery unit has been successfully commissioned
during last week of April, 2019.

25
CORPORATE
PRESENTATION

26
MAY 2019
 Triveni Turbines Factsheet

The world’s largest manufacturer of steam turbines (5 to 30 MW) globally

Over 3000 steam turbines installed Over 12 GW power generation Presence in over 70 countries
globally capacity

The world’s largest manufacturer of Market leadership position in India, with Joint Venture with BHGE (a GE
steam turbines up to 30 MW range for around 60% market share for a decade company), GE Triveni Ltd, with
providing industrial & renewable power majority stake for the range above 30
solutions MW to 100 MW

27
Global Footprint

Head Office/ Subsidiaries/ Presence in 70+

Manufacturing International countries
Offices

CAGR of 17% in Exports sales in past 5 years

28
 Reliable & Robust Steam Turbines

Robust back-pressure and condensing steam turbines up to 100 MW that work across a wide range of
pressure and flow applications with choice of Impulse and Reaction technology

Upto 30 MW Above 30 MW to 100 MW

Condensing Steam Turbines Condensing Steam
Straight Condensing Type Turbines
Extraction Condensing Type Uncontrolled Extraction
Bleed Condensing Type Controlled Extraction
Injection Condensing Type Reheat Turbines
Double Extraction Condensing Injection condensing
Turbines

Back Pressure Steam Back Pressure Steam

Turbines Turbines
Straight Back Pressure Type Uncontrolled Extraction
Extraction Back Pressure Type Controlled Extraction
Bleed Back Pressure Type

29
 Industries & Applications

Sugar Palm Oil Biomass Power Distillery Oil & Gas

Cement Paper Textile Waste to Energy Food

Chemical Steel IPP – Barge Mount Carbon Black District Heating

30
 Infrastructure

State-of-the-art facilities equipped to provide

Latest design tools and software
manufacturing of critical components,
to deliver innovative solutions to
assembly, testing and refurbishing services
customers

31
 Design & Development

Cutting edge products with minimum lifetime ownership cost; Customer focused R&D;
Extensive in-house tests and field validation programs

Experienced design team with structural, Innovative product development

Aero domain experts concepts such as design to cost, QFD,
FMEA techniques, DOE
Proven modular building blocks Advanced CFD, FEA, Neural network based
extensively tested for product life cycle algorithms employed for aero performance
performance and product reliability maximisation
Customer Capex and Opex optimisation Customised Plant Engineering solutions
with extensive operability benefits with PLM, SAP, advanced CAD/CAE
Association with world-renowned design
houses and academia - IISc., Cambridge, The advanced R&D product program has
Polimi, Impact Tech. (Lockheed Martin), over 60 field proven models/ variants
Concepts NREC, USA
32
Design & Development

• Customised product based on

modular building blocks
• Maximising efficiency and
reliability by advanced aero
blade-path
• Customer focused CAPEX/OPEX
optimised product/plant designs
• Service solutions focused on
turbine uptime maximisation
• Cost-out programs with
competent product engineering
• R&D on futuristic energy
technologies such as Super
critical CO2 power blocks.

33
 IT Enabled Operations
IT Enabled Operations and Reporting capturing OEE and operator efficiency

Business Software Technical software

• SAP – HANA • CFX
• ANSYS
• Salesforce.com
• Concepts Aero Suite
• Primavera
• Dyrobes, ARMD
• IOT – Fleet RMD • PLM-Teamcentre
• IOT- CNC shop • Pro-E, Unigraphics
• ITO- Cost tools • Ax-turbo
• OTR- Primavera • MISES
• Thermoflow, Gatecycle
• Matlab 34
 360 ̊ Customised Service Portfolio
For every turbine served throughout its lifecycle

High
Customised Total
Repeat
Service Customer
Customers
Solutions Satisfaction
Orders

AMCs for Steam Re-engineering OEM Expertise

Turbines

Health Survey & Reverse Latest Equipment

Condition Engineering
Assessment

Efficiency Overhauling Highly Skilled Team

restoration

35
Triveni’s Refurbishment Business targets all makes of
Turbo-machinery globally

36
 Triveni Touch: Remote Monitoring & Diagnostics
Risk Mitigation

Outage Reduction

Turbine Fact-Based Decision

Performance Making
Exhaust
Commercial
Steam
KPI
Quality
Power
Power Cyber Security
Generation
Generation
Cost
Power
System
imported and
Performance
exported
Cost of Steam Dynamics
Utility
power import
Downtime
Monitoring (CDM)
and export
Specific
Health
Steam
Tracker OnSite Support* Remote
Consumption
Steam to
Process and
Turbine Controls
related Diagnostics
inefficiency

Monitoring KPIs Blade Health Monitoring

(BHM)
37
 Financial Performance
8600 8400 30.0

7511
7600 7446
7129
25.0
22.9 24.2
6600 6255
21.7
19.9
5600 20.0
5083 19.5

17.4
4600
` million

15.0 (%)
3600

2600 10.0
1803
1356 1634 1463 1462
1600
1014
5.0
600

-400 FY 14 FY 15 FY 16* FY 17* FY 18* FY 19* 0.0

Net Sales PBT PBT Margins (%)

Note: * Consolidated

38
 FY 19 Financial Performance
(Consolidated)
 Net Income from Operations ` 8.4 billion, a growth of  During FY 19, the Aftermarket segment has
12% performed very well with a growth of 13% over FY
 PAT ` 1 Billion, a growth of 4% 18 in terms of order booking while sales growth
 Record order booking at ` 8.5 billion stood at 7%.
 During FY 19, the exports turnover was higher by 17%  The aftermarket business has developed traction in
at ` 3.94 billion with the mix of exports in total sales international markets with a year-on-year growth of
marginally higher at 47% in comparison to FY 18 49% and its share in outstanding aftermarket order
 The share of aftermarket sales to total sales in FY 19 book is 51% during FY 19
is 25% as against 26% during FY 18, even though the  The outstanding consolidated order book as on Mar
aftermarket sales has increased by 7% at ` 2.1 billion 31, 2019 stood at ` 7.2 billion.
from ` 1.9 billion

39
 Q4/ FY 19 Financial Performance
(Consolidated)
` in million
% %
Q4 FY 19 Q4 FY 18 FY 19 FY 18
variation variation
Net Income from
2397 2441 -2% 8400 7511 12%
Operations
EBITDA 455 629 -28% 1675 1660 1%
EBITDA Margin 19% 26% 20% 22%
Depreciation &
53 53 - 201 191 5%
Amortisation
PBIT 403 576 -30% 1473 1468
PBIT Margin 17% 24% 18% 20%
Finance Cost 7 0 11 5 120%
PBT 395 576 -31% 1462 1463
PBT Margin 17% 24% 17% 19%
Share of Profit of JV 23 -33 32 -25
Consolidated PAT 283 354 -20% 1002 960 4%
Consolidated PAT Margin 12% 15% 12% 13%
EPS (`/share) 0.87 1.07 3.05 2.91

40
 GE Triveni Ltd.

• Triveni Turbine Ltd. formed a 50:50 Joint Venture • JV registered a total revenue of ` 777 million with
with a GE affiliate on 15th April 2010. GE Triveni Ltd. a profit of ` 90 million. There has been some
(GETL) headquartered in Bengaluru, a subsidiary of delay in customer clearances for the shipment of
TTL, designs, supply, sell and service advanced large turbines and the same will be dispatched in
technology steam turbines in India in the range H1 FY 20.
above 30-100 MW for power generation • The execution and commissioning of large sized
applications in India and globally turbines in the export market is underway and
• GETL gets technology and on-going R&D support GETL expects these references to help it to
from GE and TTL and use TTL’s Bengaluru facility achieve enhanced order inflows in the future.
for turbine manufacturing

41
 Contact for Investor Relations
CN Narayanan
Triveni Engineering & Industries Ltd.
Tel. +91 120 430 8000 Fax : +91 120 431 1010
[email protected]

Gavin Desa/ Rishab Brar

Citigate Dewe Rogerson
Tel: +91 22 66451237/1235
[email protected] / [email protected]

-----------------------------------------------------------------------------------------------------------------
DISCLAIMER :
Some of the statements in this presentation that are not historical facts are forward looking statements. These forward-looking
statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and
beliefs concerning our business and the markets in which we operate.

These statements are based on information currently available to us, and we assume no obligation to update these statements as
circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-
looking statements. These risks include, but are not limited to, the level of market demand for our services, the highly-competitive
market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our
services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and
retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks
not specifically mentioned herein but those that are common to industry.

Further, this presentation may make references to reports and publications available in the public domain. Triveni Engineering &
Industries Ltd. makes no representation as to their accuracy or that the company subscribes to those views / findings.

42