TRIVENI TURBINE 2022-23 Annual Report Analysis

Fri, 31 Mar

TRIVENI TURBINE has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

TRIVENI TURBINE Income Statement Analysis

• Operating income during the year rose 46.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 34.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.9% in FY23 as against 42.1% in FY22.
• Depreciation charges decreased by 1.9% and finance costs decreased by 11.7% YoY, respectively.
• Other income grew by 44.5% YoY.
• Net profit for the year declined by 28.6% YoY.
• Net profit margins during the year declined from 31.7% in FY22 to 15.5% in FY23.

TRIVENI TURBINE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	8,522	12,476	46.4%
Other income	Rs m	295	426	44.5%
Total Revenues	Rs m	8,817	12,902	46.3%
Gross profit	Rs m	3,585	2,353	-34.4%
Depreciation	Rs m	203	199	-1.9%
Interest	Rs m	29	25	-11.7%
Profit before tax	Rs m	3,648	2,555	-30.0%
Tax	Rs m	946	626	-33.8%
Profit after tax	Rs m	2,702	1,929	-28.6%
Gross profit margin	%	42.1	18.9
Effective tax rate	%	25.9	24.5
Net profit margin	%	31.7	15.5

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TRIVENI TURBINE Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 6 billion as compared to Rs 5 billion in FY22, thereby witnessing an increase of 20.8%.
• Current assets fell 2% and stood at Rs 10 billion, while fixed assets rose 9% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 13 billion as against Rs 13 billion during FY22, thereby witnessing a growth of 0%.

TRIVENI TURBINE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	8,566	7,604	-11.2
Current Liabilities	Rs m	4,652	5,621	20.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	13,348	13,399	0.4
Current assets	Rs m	10,655	10,468	-1.8
Fixed Assets	Rs m	2,693	2,931	8.9
Total Assets	Rs m	13,348	13,399	0.4

TRIVENI TURBINE Cash Flow Statement Analysis

• TRIVENI TURBINE's cash flow from operating activities (CFO) during FY23 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 862 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -28 million from the Rs -45 million net cash flows seen during FY22.

TRIVENI TURBINE Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	4,334	1,957	-54.8%
Cash Flow from Investing Activities	Rs m	-3,862	862	-
Cash Flow from Financing Activities	Rs m	-746	-2,877	-
Net Cash Flow	Rs m	-45	-28	-

Current Valuations for TRIVENI TURBINE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.1, an decline from the EPS of Rs 8.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 333.5, stands at 55.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 13.9 times, while the price to sales ratio stands at 8.5 times.
• The company's price to cash flow (P/CF) ratio stood at 38.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	26.4	39.2
TTM Earnings per share	Rs	8.4	6.1
Diluted earnings per share	Rs	8.5	6.1
Price to Cash Flow	x	22.1	38.5
TTM P/E ratio	x	23.4	55.0
Price / Book Value ratio	x	6.2	10.8
Market Cap	Rs m	52,901	81,885
Dividends per share (Unadj.)	Rs	2.6	0.0

Ratio Analysis for TRIVENI TURBINE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY23, from 2.3x during FY22. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 101.9x during FY23, from 128.2x during FY22. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 25.4% during FY23, from 31.5% during FY23. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 33.9% during FY23, from 42.9% during FY22. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 14.6% during FY23, from 20.5% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	2.3	1.9
Debtors’ Days	Days	43	38
Interest coverage	x	128.2	101.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	20.5	14.6
Return on equity	%	31.5	25.4
Return on capital employed	%	42.9	33.9

To see how TRIVENI TURBINE has performed over the last 5 years, please visit here.

TRIVENI TURBINE Share Price Performance

Over the last one year, TRIVENI TURBINE share price has moved up from Rs 202.3 to Rs 333.5, registering a gain of Rs 131.2 or around 64.9%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 34,369.7 (up 1.2%). Over the last one year it has moved up from 27,506.0 to 34,369.7, a gain of 6,864 points (up 25.0%).

Overall, the S&P BSE SENSEX is up 1.8% over the year.

(To know more, check out historical annual results for TRIVENI TURBINE and quarterly results for TRIVENI TURBINE)