Shares of multibagger Triveni Turbine rose 7% to a record high in early deals today after the power equipment firm reported a 37% rise in net profit for the quarter ended March 2024. Profit climbed to Rs 75.6 crore in Q4 against Rs 56 crore profit in the corresponding quarter of the previous fiscal. Revenue climbed 24% to Rs 458 crore, its highest in a quarter, in Q4 against Rs 370 crore in the fourth quarter of the previous fiscal. The board of the company recommended a final dividend of Rs 1.3 per equity share of Rs 1 each) for the financial year 2023-24, subject to approval of shareholders. This is in addition to the interim and special dividend at 230% (Rs 2.30 per equity share of Rs 1 each) of Rs 2.30 per share declared and paid for the financial year 2023-24.
Triveni Turbine stock rose 6.84% to Rs 646.45 in early deals against the close of Rs 605.05 in the previous session. The power sector stock has gained 44.09% this year and risen 57.54% in a year.
Total 0.34 lakh shares of the firm changed hands amounting to a turnover of Rs 2.14 crore on Thursday. Market cap of the firm stood at Rs 20,121 crore. The stock hit a 52-week low of Rs 311.85 on October 26, 2023 and a 52-week high of Rs 612.80 on May 16, 2024.
Triveni Turbine shares have a beta of 0.7, indicating very low volatility in a year
In terms of technicals, the relative strength index (RSI) of the stock stands at 67.4, signaling it's trading neither in the overbought and nor in the oversold zone. Triveni Turbine shares are trading higher than the 20 day, 30 day, 50 day, 100 day, 150 day, 200 day but lower than the 5 day and 10 day moving averages.
In annual terms, the firm posted highest ever revenue for FY 24 at Rs 1654 crore, an increase of 33% y-o-y against Rs 1247.6 crore in FY23.
The company reported highest ever EBITDA for the year at Rs 381 crore, up 38% y-o-y from Rs 276.4 crore.
Profit after tax climbed 37% to Rs 76.2 crore in FY24 against Rs 55.6 crore in the FY23.
Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said, "FY24 was another year of superlative operational and financial performance for Triveni Turbines. For the fourth year in a row, the company set new benchmarks in key metrics such as revenues, profitability and order booking. Revenues in FY24 grew 33% over the previous year to reach record level of Rs 16.54 billion. Profit Before Tax (PBT) grew faster at 40% y-o-y and stood at Rs 358 crore with margins of 21.6% that expanded 110bps y-o-y. Earnings per share grew an impressive 42% to Rs 8.47 for the year."
Triveni Turbine Limited is an industrial steam turbine manufacturer. The company is primarily engaged in the business of manufacturing and supplying power generating equipment and solutions and has manufacturing facilities in Bengaluru, Karnataka. Approximately 6,000 steam turbines supplied by the company are installed across 20 industries in over 75 countries, including Europe, Africa, Central and Latin America, Southeast Asian and South Asian Association for Regional Cooperation countries.