Exports on the right track; domestic remains weak

Company
21 May 2024
5 Min read 
  • Triveni Turbine's 4QFY24 results exceeded expectations with revenue, EBITDA, and PAT growing 25%, 35%, and 37% YoY respectively.
  •  Domestic order inflows declined by 7% YoY, while export orders grew by 29% YoY in 4QFY24.
  •  The company expects a weak domestic order inflow for the next couple of quarters due to delays in decision-making.
  •  TRIV is focusing on increasing export and aftermarket sales to ensure margin stability.
  •  The stock is currently trading at 57x/43x FY25E/26E EPS, and the TP has been revised to INR720 (from INR640) based on 48x FY26E EPS.
  •  The company is expected to see a strong 32% CAGR in PAT over FY24-26.
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