Management Discussion and Analysis

SUGAR BUSINESS

Key highlights of our Sugar business performance in SS 2022-23:

• Impact of CapEx programme undertaken: Planned CapEx related to the modernisation, debottlenecking, rationalisation of capacities and efficiency improvement activities at Khatauli, Deoband & Sabitgarh sugar units, process conversion at Deoband unit to produce refined sugar, and increase in pharma sugar production capacity at Sabitgarh unit. This resulted in:
  • A higher crush rate across all three units, which helped the Company record the highest-ever sugarcane crush in SS 2022-23 at 9.33 million tonnes, an increase of 11% over the previous season. The Company for the first time, crossed the 900 LQ total crush figure.
  • The refined sugar production increased from ~40% last year to ~60% in SS 2022-23. The quality of sugar produced at Deoband unit in SS 2022-23 improved significantly, fetching a premium over normal sugar.
  • The Sabitgarh sugar unit produced the highest pharmaceutical sugar quantity in its history.
  • Khatauli unit became the highest sugar production unit in the country.
• Production of export quality S-grain sugar was undertaken at Khatauli & Sabitgarh sugar units with superior realisations. Both the units together successfully produced approximately 12.5 lakh quintals of export quality S-grain sugar, which was well accepted.
• Sugar exports contributed significantly to the profitability. The Company achieved sugar exports of 1,90,337 tonnes (including sale of quota for 72,988 tonnes) during FY 23, out of the total export quota of 2,04,868 tonnes at record realisations.
• Due to climatic factors and late October rains, the recoveries were impacted across the States and also in our units. The Company reported net recovery of 10.23% with 92% of sugarcane crush with B-heavy diversion in SS 2022-23 vs. 84% in the previous season. The Company is still among the leading performers in terms of recoveries with B-heavy diversion.
• Six of the seven sugar units operated with the B-heavy diversion process from the very beginning of SS 2022-23.

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Indian Sugar Industry

Triveni Sugar Business at a Glance

Sugar Business Performance

Growth through Sugarcane Development Programme

Outlook for Sugar Industry and Triveni Sugar Business

Indian Sugar Industry

Triveni Sugar Business at a Glance

Sugar Business Performance

Growth through Sugarcane Development Programme

Outlook for Sugar Industry and Triveni Sugar Business

ALCOHOL BUSINESS

Key highlights of our Alcohol business performance in FY 23:

• Achieved highest-ever production of 18.12 crore litres & sales of 18.04 crore litres during FY 23, growing significantly year-on-year by 68.4% and 53.1% respectively.
• Additional capacities of 340 KLPD, new as well expansion, as commissioned in FY 23 resulted in increased sales volumes - aggregate distillation capacity 660 KLPD.
• During the year, revenues from the distilleries contributed 21% of TEIL’s net turnover and it will further rise with our proposed increase in distillery capacity from the present 660 KLPD to 1,110 KLPD.
• Higher average realisation due to increase in ethanol prices prescribed by the Government as well as Oil Marketing Companies (OMCs).
• Ethanol constituted 93% of alcohol sales during FY 23.
• Sale of Ethanol / ENA produced from sugarcane based feedstocks (majorly B-heavy) constituted 75% of the total alcohol sales for FY 23, while Ethanol / ENA produced from grain contributed to the balance 25%.

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Indian Ethanol Industry

Triveni Alcohol Business at a Glance

Alcohol Business Performance

Outlook for Ethanol Industry and Triveni Alcohol Business

Indian Ethanol Industry

Triveni Alcohol Business at a Glance

Alcohol Business Performance

Outlook for Ethanol Industry and Triveni Alcohol Business

POWER TRANSMISSION BUSINESS (PTB)

Key highlights of our Power Transmission business performance in FY 23:

• PTB order booking stood at ₹263.88 crore, registering a growth of 5% & revenues stood at ₹225.25 crore, registering a growth of 22%.
• The Gears business registered a growth of 18% over FY 22, from ₹209 crore to ₹247 crore in terms of order booking.
• The Gears business registered a growth of 20% over FY 22, from ₹185 crore to ₹223 crore in terms of revenues.
• Within gears, Product stood at ₹147 crore in order booking registering a growth of 24%, and at ₹132 crore in terms of revenue, registering a growth of 36%
• Aftermarket business stood at ₹100 crore in order booking, registering a growth of 10%, and at ₹91 crore in terms of revenue, registering a growth of 5%.
• Aftermarket contributes ~40% to overall revenue from the Power Transmission Business.
• In FY 23, the business added 18 new customers, driven by the Aftermarket.
• Repeat customers in the Aftermarket segment stood at 85% by value (₹77 crore) and 92% by numbers (301).
• Exports’ share in order booking stood at ₹43 crore, registering a growth of 53%, and at ₹35 crore in terms of revenue, registering a growth of 10%.

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Industrial Gears Industry

Indian Defence Industry

Triveni Power Transmission Business at a Glance

Triveni Defence Business at a Glance

Power Transmission Business Performance

Outlook for Industrial Gears & Defence Industry and Our Power Transmission Business

Industrial Gears Industry

Indian Defence Industry

Triveni Power Transmission Business at a Glance

Triveni Defence Business at a Glance

Power Transmission Business Performance

Outlook for Industrial Gears & Defence Industry and Our Power Transmission Business

WATER BUSINESS

Key highlights of our Water business performance in FY 23:

• The Water business has achieved historically its highest annual turnover of ₹352.17 crore vs ₹270.21 crore in the previous year (+30.3%) with a PBIT of ₹24.28 crore vs ₹31.01 crore in FY 22. The higher revenues were the result of more focussed approach in execution.
• The historic high turnover and improving PBIT over the years is an indication that operational efficiency has improved during this time.
• 80 MLD (52+28) Sewerage Treatment Plants at Khulna for KWASA, Bangladesh, funded by ADB
• WBG achieved a turnover of ₹352.17 crore in FY 23 and PBIT of ₹24.28 crore
• The orders received in FY 23 stood at ₹192.08 crore, excluding O&M orders
• WBG achieved COD of Mathura HAM project for NMCG/UPJN
• WBG’s regular participation in new bids has given it market recognition and WBG is recognised as a major force in this business

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Indian Water Industry

Global Water Industry

Triveni Water Business at a Glance

Water Business Performance

Outlook for Water Industry and Our Water Business

Indian Water Industry

Global Water Industry

Triveni Water Business at a Glance

Water Business Performance

Outlook for Water Industry and Our Water Business