Triveni Engineering (TRIENG)
CMP: | 285
Target: | 350 (23%)
BUY
Target Period: 12 months
February 4, 2022
High sugar prices; distillery volumes boost profits…
in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 320 KLD &
co-generation power of 100 MW. It also has power transmission & waste water
management business contributing 10% to revenues.
The company is increasing its distillery capacity from current 11 crore litre
per annum to 22 crore litre per annum by FY24 to utilise B-heavy, grain &
sugarcane juice route to produce ethanol
Q3FY22 Results: TEL reported strong earnings growth led by higher sugar prices.

Sales were flat YoY, due to dip sugar volumes off-set by higher sugar prices

EBITDA was at | 202.8 crore, up 26.4% YoY, with margins at 18.2%

PAT was at | 130.1 crore, up by 37.5% YoY, with high sugar & distillery
realisation
Particulars (| crore)
Amount
Market Capitalization
6,894.9
Total Debt (FY21)
958.0
Cash and Investments (FY21)
11.3
EV
7,841.7
52 week H/L (|)
276 / 69
Equity capital
24.2
Face value (|)
1.0
Shareholding pattern
(in % )
Mar-21 Jun-21 Sep-21 Dec-21
Promoter
68.4
68.4
68.4
68.4
FII
2.8
2.6
3.0
4.5
What should investors do? TEL’s share price has gone up 3.8x in the last five years
DII
4.1
5.3
5.1
5.2
(from | 74 in February 2017 to | 285 in February 2022).
Others
24.7
23.7
23.5
21.9

Sugar segment profitability would improve with surging domestic & global
sugar prices. We estimate sugar realisation of | 34-37 /kg in FY22-24E

The company is expected to generate | 1165 crore of free cash flow in the
next three years, which would be utilised for ~| 400 crore capex, debt
reduction, buybacks & dividends
Alternate Stock Idea: We also like Dwarikesh Sugar in our sugar coverage.


The company is one of the most efficient with highest sugar recovery and
abundant sugarcane availability. It is increasing its distillery capacity to 3x
in the next three years
We value the stock at | 135/share with BUY recommendation
0
Triveni Engineering
Feb-22
With distillery capex, TEL would be able to increase its ethanol volumes 2.1x
to 22 crore litre by FY24. Distillery sales to see 32.8% CAGR to
| 1285.8 crore in FY21-24E, which would be 24% of total revenues
5000
Feb-21

10000
Aug-21
Key triggers for future price performance:
15000
Feb-20
16x FY23 PE.
20000
Aug-20
Target Price and Valuation: We value the stock at | 350, valuing the business at
300
250
200
150
100
50
0
Feb-19
We maintain our BUY rating on the stock
Aug-19

Price Chart
Feb-18
We expect 2.1x increase in distillery volumes to boost earnings with CAGR
of 34.4% during FY21-24E
Aug-18

NIFTY
Recent event & key risks

The company would increase
distillery capacity to 660 KLD from
current 360 KLD by June 2022

Key Risk: (i) Any delay in distillery
capacity expansion (ii) Dip in
sugarcane crushing & recoveries
Research Analyst
Sanjay Manyal
sanjay.manyal@icicisecurities.com
Key Financial Summary
Key Financials
FY22E
FY23E
FY24E
4674.2
5 Year CAGR
(FY16-FY21)
19.5%
4238.4
4835.4
5168.2
3.4%
529.0
33.5%
616.7
746.9
889.3
18.9%
14.6
15.4
17.2
NC
419.8
501.1
605.1
31.6%
NC
17.73
21.62
26.68
34.4%
26.0
16.1
13.2
10.7
19.9
17.0
24.2
25.4
26.7
17.6
18.3
19.7
23.6
26.6
FY20
FY21
4436.6
543.2
12.2
11.3
Net Profit
335.1
265.4
EPS (|)
13.52
10.98
P/E
21.1
RoNW %
RoCE (%)
Total Operating Income
EBITDA
EBITDA Margin %
Source: Company, ICICI Direct Research
CAGR (FY21-24E)
ICICI Securities – Retail Equity Research

Particulars
Result Update
About the stock: Triveni Engineering (TEL) is one of the largest sugar companies
Result Update | Triveni Engineering
ICICI Direct Research
Key takeaways of recent quarter
Q3Y22 Results: Firm sugar prices, distillery capacity addition to drive
earning growth

Consolidated revenue (net of excise) remained flat mainly on account of
lower sugar sales as the company received relatively less domestic quota
during the quarter. Sugar volumes declined 13% to 2.22 lakh tonnes but
sugar realisation was up 11% to | 36.4/kg

Distillery sales grew 153.8% to | 275.6 crore on account of 18% increase in
ethanol volumes & 16% jump in ethanol realisation mainly on account of
increasing off-take from OMCs & higher proportion of B-heavy ethanol. It
sold 2.7 crore litre of ethanol at an average realisation of | 55.2/litre. The
company produced 86% of ethanol from B-heavy molasses

The company also clocked 5.38 lakh cases of IMIL during the quarter. IMIL
revenue was at | 12.6 crore (net of excise). It will sell 18 lakh cases in FY22E,
which would go up to 40 lakh cases in FY23E & 60 lakh cases in FY24E

Sugar crushing during the quarter declined 11% to 24.9 lakh tonnes due to
the late start of the crushing on account of unseasonal rains in October 2021.
The company produced 12% lower sugar production in Q3 due to lower
crushing, dip in sugar recoveries & B-heavy diversion. Gross recoveries
were up by 4 bps. With the crushing of first plantation sugar recoveries
would further improve for the entire season

The company received lower domestic sales quota during the quarter and
has not exported any sugar in the current sugar season. We believe the
company is looking to take advantage of expected higher domestic sugar
prices given ~4.5 million tonnes of exports has already been contracted
(largely by Maharashtra & Karnataka Millers). The company is holding 2.6
lakh tonnes of sugar valued at |33.7 /kg.

TEL is increasing its distillery capacity from current 360 KLD (11 crore litre
pa) to 660 KLD (22 crore litre). This includes 160 KLD greenfield plant at its
Milak Narayanpur plant & 60 KLD grain based distillery at its existing
distillery complex at Muzaffarnagar. Both these plants would be
commissioned by March 2022. Further expansion of capacities at its existing
distilleries would be completed by Q1FY23. The company would spend ~|
|350-|400 crore for this entire capex programme

The company expects to clock distillery volumes of 18.5 crore litre in FY23E
& 21 crore litre in FY24E. This includes gain based ethanol from 60 KLD new
plant

Power transmission business witnessed sales growth of 66% to | 35.4 crore
with 31% segment margins. The company received orders worth | 88.5
crore during the quarter & order book stands at | 213.9 crore.

Water business sales saw 28% growth with 15.6% segment margins. The
company received order worth | 132.5 crore during the quarter & order book
was at | 1594.5 crore including | 951.4 crore order towards O&M. The strong
growth in engineering business was aided by low base of corresponding
quarter

Operating profit witnessed growth of 26.4% to | 202.8 crore during the
quarter led by firm sugar prices, higher ethanol volumes & higher proportion
of B-Heavy ethanol. Net profit witnessed a growth of 37.5% to |130.1 crore
aided by strong growth in operating profit

Total debt was at | 592 crore including | 451 crore of term loan. All these
loans are at concessional interest rates & cost of debt is at 4.2%
ICICI Securities | Retail Research
2
ICICI Direct Research
Result Update | Triveni Engineering
Exhibit 1: Peer Comparison
CMP
(|)
Balrampur Chini (BALCHI)
439
Dalmia Bharat Sugar (DALSUG) 455
Triveni Engineering (TRIENG)
285
Dwarikesh sugar (DWASUG)
98
Avadh Sugar (AVASUG)
658
Dhampur Sugar (DHASUG)
408
Sector / Company
TP
M Cap
(|) Rating (| Cr)
600 Buy 9214
610 Buy 3682
350 Buy 6895
135 Buy 1846
680 Buy 1316.7
430 Buy 2712.5
EPS growth (% )
FY21 FY22E FY23E FY24E
-3.2 12.8 31.6 36.6
39.9 18.2 11.8 18.5
-9.9 48.9 20.2 23.3
24.5 64.8 19.9 40.0
-12.4 71.1 44.1 14.3
5.8 24.4 17.4 12.6
EBITDA margins (% )
FY21 FY22E FY23E FY24E
14.8 15.8 19.6 21.4
17.6 19.1 19.6 19.3
11.9 14.6 15.4 17.2
10.9 13.7 15.4 18.8
9.6 12.6 13.9 14.7
11.0 13.9 13.6 13.7
PE (x)
P/B (x)
FY21 FY22E FY23E FY24E FY21 FY22E FY23E FY24E
19.2 17.0 12.9 9.5 3.6 3.2 2.9 2.5
13.6 11.5 10.3 8.7 1.7 1.7 1.5 1.3
23.4 15.7 13.1 10.6 4.4 3.9 3.3 2.8
20.2 12.2 10.2 7.3 3.0 2.4 2.0 1.7
17.0 9.9 6.9 6.0 1.8 1.5 1.2 1.0
11.9 9.6 8.1 7.2 1.5 1.3 1.2 1.0
RoCE (% )
FY21 FY22E FY23E FY24E
16.4 19.1 20.3 26.8
13.3 14.2 15.3 16.3
19.4 19.6 23.5 26.4
14.4 21.7 22.0 29.1
11.5 15.2 18.4 19.2
14.8 15.3 16.8 18.2
Source: Company, ICICI Direct Research
Sugar prices have seen an uptick in last six months mainly on account of reduction
in sugar inventories & increasing diversion of sugarcane towards ethanol. Sugar
inventories in the country has come down from 14.5 million tonnes in September
2019 to 8.2 million tonnes in September 2021. Considering 6.0-6.5 million tonnes of
exports (4.5 already contracted) in current season, inventories would further come
down to 6.5-7.0 million tonnes by September 2022. Triveni Engineering has been
aggressively diverting sugarcane towards ethanol production. Moreover, with the
commissioning of new distillery in March 2022 and brownfield capex in existing
distillery by June 2022, the company would be able to scale up of its annual distillery
capacity to 22 crore litre. We believe Triveni would be beneficiary of higher sugar
prices & increasing ethanol volumes, going forward. We remain positive on sugar
sector & Triveni engineering. We maintain our BUY recommendation and target price
of | 350/share (earlier: | 270), valuing it at 16x FY23E PE.
ICICI Securities | Retail Research
3
ICICI Direct Research
Result Update | Triveni Engineering
Exhibit 2: Variance Analysis
Q3FY22
Total Operating Income
Q3FY21
YoY (% )
Q2FY22
QoQ (% )
1,115.7
1,121.9
-0.6
1,068.5
4.4
0.0
711.2
75.5
126.2
0.0
794.6
68.3
98.5
N.A.
-10.5
10.5
28.2
0.0
789.3
65.8
106.2
N.A.
-9.9
14.8
18.9
EBITDA
83.1
159.3
-47.8
20.7
EBITDA Margin (%)
Depreciation
Interest
Other Income
PBT
Tax Outgo
7.4
20.5
12.2
7.0
57.4
54.9
14.2
19.8
9.2
7.7
137.9
51.1
-675 bps
3.2
32.2
-9.0
-58.3
7.4
1.9
20.3
12.1
8.6
-3.0
29.0
PAT
10.4
93.5
-88.9
5.9
2.2
2.7
-18.1
2.1
Domestic realisation (| per kg)
36.5
32.8
11.2
34.9
Distillery volumes (in crore litre)
2.7
2.2
18.8
3.7
55.2
47.5
16.2
51.5
Other Operating Income
Raw Material Expenses
Employee Expense
Other operating Expenses
Net sales witnessed a growth of 10% led by strong
distillery & enginnering business revenue
Operating profit grew by 26.4% led by firm sugar prices,
301.0 increasing proportion of B-heavy ethanol & recovery in
enginnering business
551 bps
0.8
0.2
-19.4
-1,983.6
89.3
Net profit grew by 37.5% to |130 crore led by strong
75.2
operaing profit growth & lower tax liability
Key Metrics
Sugar sales volume (in lakh tonnes)
Distillery realisation (| per litre)
Sugar volumes dipped by 18.1% due to lower domestic
sales quota & absence of exports
Sugar realisation were up 11.2% on the back of firm
4.4
domestic sugar prices
-28.2 Ethanol volumes increased by 18.8% with ramping up the
utilisation of capacities & higher offtake by OMCs
Distillery realisation increased due to higher proportion of
7.1
B-heavy ethanol
4.7
Source: Company, ICICI Direct Research
Exhibit 3: Change in estimates
FY22E
(| Crore)
Net sales
EBITDA
EBITDA
Margin (%)
PAT
EPS (|)
Old
FY23E
New % change
4809.6 4,238.4
Old
FY24E
New % change
-11.9 5,114.6 4,835.4
Old
New
% change
Comments
Revenue estimates changed downwards due
-7.4
to exclusion of exports sales
However, it is unlikely to impact margins
given exports were largely done closer to the
cost of inventories. We reduced overhead
5.6
spends in FY24E with the expectation of
relatively lower fright cost due to exclusion of
exports
-5.5 5,581.9 5,168.2
614.8
616.7
0.3
742.7
746.9
0.6
842.0
889.3
12.8
14.6
177 bps
14.5
15.4
93 bps
15.1
17.2
212 bps
418.5
17.7
419.8
17.7
0.3
0.3
499.3
21.5
501.1
21.6
0.4
0.4
575.6
25.4
605.1
26.7
5.1
5.1
Source: ICICI Direct Research
Exhibit 4: Assumptions
Current
FY19
Sugar Sold (in tonne)
FY20
Earlier
FY21
FY22E
FY23E
FY24E
FY22E
FY23E
759,067 1,069,545 1,103,233
831,611
889,108
889,454
971,611
950,772
Sugar Price (| per tonne)
31,420
30,249
31,364
35,190
35,972
36,300
35,407
35,958
Distillery volume
51,279
93,889
103,637
130,200
177,600
221,100
137,000
184,200
Distillery price (| per KL)
41,515
41,515
52,204
54,031
56,733
57,300
54,031
56,733
17.5
14.5
21.1
18.1
18.7
19.2
20.2
20.0
5.2
129.3
231.4
3.1
150.3
289.1
3.2
126.3
233.6
3.3
157.9
257.0
3.4
181.6
308.4
3.4
199.8
330.0
3.3
176.9
257.0
3.4
203.4
308.4
Power Units sold
Price per unit (| per units)
Gear/Gear box revenue
Water segment revenue
FY24E
Comments
We have excluded sugar exports
from our numbers given the company
995,603
is not exporting any quantities in
current season
Sugar realisation estimates changed
36,455
on the back of exclusion of exports
We slighly changed our distillery
221,100
volume estimates
57,300
We slightly changed our power
17.5
volumes estimates
3.4
223.8
330.0
Source: ICICI Direct Research
ICICI Securities | Retail Research
4
ICICI Direct Research
Result Update | Triveni Engineering
Key metrics
Exhibit 5: Sugar sales volume (in lakh tonne)
11.5
10.5
9.5
8.5
7.5
6.5
5.5
4.5
3.5
2.5
10.7
7.6
Exhibit 6: Sugar recovery rate (%)
14.0%
11.0
11.8%
12.0%
8.3
7.6
8.9
8.9
9.6%
10.0%
8.0%
6.1
6.0%
5.1
4.0%
2.0%
0.0%
FY18
FY19
FY20
Source: ICICI Direct Research, Company
Source: ICICI Direct Research, Company
Exhibit 7: Ethanol volumes (in crore litre)
Exhibit 8: Ethanol sales (| crore)
22.1
23.0
1000
13.0
13.0
9.4
1400
1200
17.8
18.0
800
10.4
0
FY16 FY17 FY18 FY19 FY20 FY21 FY22E FY23E FY24E
FY17
FY18
FY19
FY20
Source: Company, ICICI Direct Research
Source: Company, ICICI Direct Research
Exhibit 9: Revenue trend (| crore)
Exhibit 10: Net profit trend (| crore)
6000
5000
4437
4000
3370
2825
3000
2000
4674
4835
5168
4238
541
390
FY16
213
200
114
400
2.8
166
3.8
3.0
178
4.0
5.1
FY21
605
600
501
420
400
335
253
300
1915
FY22E FY23E FY24E
700
500
3152
703
600
8.0
-2.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22E FY23E FY24E
FY21 FY22E FY23E FY24E
1267
FY17
1008
FY16
265
216
200
119
100
1000
0
0
FY16
FY17
FY18
FY19
FY20
FY21 FY22E FY23E FY24E
Source: Company, ICICI Direct Research
-100
FY16
-7
FY17
FY18
FY19
FY20
FY21 FY22E FY23E FY24E
Source: Company, ICICI Direct Research
Exhibit 11: Valuation
FY21
FY22E
FY23E
FY24E
Sales
Grow th
(| cr)
(% )
4674.2
5.4
4238.4
-9.3
4835.4
14.1
5168.2
6.9
EPS
Grow th
(|)
(% )
11.0
-18.8
17.7
61.5
21.6
21.9
26.7
23.4
PE
(x)
26.0
16.1
13.2
10.7
EV/EBITDA
(x)
14.6
12.5
10.1
8.3
RoNW
(% )
17.0
24.2
25.4
27.0
RoCE
(% )
18.3
19.7
23.6
26.6
Source: Company, ICICI Direct Research
ICICI Securities | Retail Research
5
ICICI Direct Research
Result Update | Triveni Engineering
Financial Summary
Exhibit 12: Profit and loss statement
(Year-end March)
Total Operating Income
Growth (%)
Raw Material Expenses
Employee Expenses
Administrative Expenses
Excise Duty
Marketing expenses
Other expenses
Total Operating Expenditure
EBITDA
Growth (%)
Depreciation
Interest
Other Income
PBT
Exceptional items
Total Tax
PAT
Growth (%)
EPS (|)
FY21
4,674.2
0.0
3,436.1
270.8
0.0
0.0
0.0
409.1
4,145.1
529.0
-2.6
79.1
51.6
30.4
429.4
-0.7
165.2
265.4
-20.8
11.0
| crore
FY22E
4,238.4
-9.3
2,939.3
288.2
0.0
0.0
0.0
394.2
3,621.6
616.7
16.6
93.9
52.1
27.4
498.1
0.0
125.5
419.8
58.2
17.7
FY23E
4,835.4
14.1
3,382.5
309.5
0.0
0.0
0.0
396.5
4,088.5
746.9
21.1
96.8
39.6
30.9
641.5
0.0
161.7
501.1
19.4
21.6
FY24E
5,168.2
6.9
3,529.5
335.9
0.0
0.0
0.0
413.5
4,278.9
889.3
19.1
102.1
35.9
27.8
779.0
0.0
196.3
605.1
20.7
26.7
Source: Company, ICICI Direct Research
(Year-end March)
Profit/Loss after Tax
Add: Depreciation
Add: Interest & Others
(Inc)/dec in Current Assets
Inc/(dec) in Current Liabilities
CF from operating activities
(Inc)/dec in Investments
(Inc)/dec in Fixed Assets
Others
CF from investing activities
Issue/(Buy back) of Equity
Inc/(dec) in loan funds
Dividend paid & dividend tax
Inc/(dec) in Sec. premium
Others
CF from financing activities
Net Cash flow
Opening Cash
Cash with bank
Closing Cash
| crore
FY21
459.8
79.1
49.3
396.7
-131.3
790.8
2.1
-89.2
-21.0
-107.9
-65.0
-564.6
0.0
-7.1
-51.5
-703.7
-20.8
32.0
1.3
12.6
FY22E
419.8
93.9
0.0
97.3
-87.8
523.2
0.3
-270.0
1.3
-273.4
-0.5
0.0
-118.4
0.0
0.0
-243.4
6.4
11.3
0.0
17.6
FY23E
501.1
96.8
0.0
-8.4
-38.9
550.6
0.0
-120.0
0.0
-125.0
-0.5
-150.0
-139.1
0.0
0.0
-414.1
11.5
17.6
0.0
29.2
FY24E
605.1
102.1
0.0
-173.5
-41.2
492.5
0.0
-30.0
0.0
-35.0
-0.5
-113.4
-158.8
0.0
0.0
-422.2
35.3
29.2
0.0
64.5
Source: Company, ICICI Direct Research
Exhibit 14: Balance Sheet
| crore
FY21
Liabilities
Equity Capital
Reserve and Surplus
Total Shareholders funds
Total Debt
Long Term Provisions
Other Non-current Liabilities
Total Liabilities
Assets
Gross Block
Less: Acc Depreciation
Net Block
Capital WIP
Intangible assets
Non Current Investments
Other non-current assets
Current Assets
Inventory
Debtors
Cash
Loans & Advances
Other Current Assets
Current Liabilities
Creditors
Provisions
Other CL
Net Current Assets
Total Assets
Exhibit 13: Cash flow statement
FY22E
FY23E
24.2
1,531.5
1,555.7
870.5
51.8
154.5
2632.4
23.7
1,708.4
1,732.1
870.5
49.8
155.5
2807.9
23.2
1,946.0
1,969.2
720.5
47.8
156.5
2893.9
22.7
2,242.8
2,265.5
607.1
45.8
157.5
3075.8
1,437.0
378.0
1,059.0
22.2
1.9
157.8
166.4
1,707.0
471.9
1,235.1
22.2
1.9
162.8
166.1
1,827.0
568.8
1,258.3
22.2
1.9
167.8
166.1
1,857.0
670.9
1,186.1
22.2
1.9
172.8
166.1
1,733.8
208.4
12.6
21.0
236.9
1,530.5
294.3
17.6
41.0
236.9
1,477.5
335.8
29.2
61.0
236.9
1,607.9
358.9
64.5
81.0
236.9
624.3
37.3
325.9
1225.1
2,632.4
537.5
37.3
325.9
1219.7
2,807.9
639.6
37.3
185.9
1277.6
2,893.9
665.1
37.3
120.1
1526.6
3,075.8
Source: Company, ICICI Direct Research
ICICI Securities | Retail Research
Exhibit 15: Key ratios
FY21
FY24E
Per share data (|)
EPS
Cash EPS
BV
DPS
Cash Per Share
Operating Ratios (% )
EBITDA Margin
PBT / Net Sales
PAT Margin
Inventory days
Debtor days
Creditor days
Return Ratios (% )
RoE
RoCE
Valuation Ratios (x )
P/E
EV / EBITDA
EV / Net Sales
Market Cap / Sales
Price to Book Value
Solvency Ratios
Debt/EBITDA
Debt / Equity
Current Ratio
Quick Ratio
FY22E
FY23E
FY24E
11.0
14.2
64.3
0.0
15.6
17.7
21.7
73.1
5.0
19.9
21.6
25.8
85.0
6.0
24.5
26.7
31.2
99.9
7.0
29.6
11.3
9.2
5.7
135
16
49
14.6
11.8
9.9
132
25
46
15.4
13.3
10.4
112
25
48
17.2
15.1
11.7
114
25
47
17.0
18.3
24.2
19.7
25.4
23.6
26.7
26.6
26.0
14.6
1.6
1.5
4.4
16.1
12.5
1.8
1.6
3.9
13.2
10.1
1.6
1.4
3.4
10.7
8.3
1.4
1.3
2.9
1.6
0.6
2.7
0.6
1.4
0.5
2.8
0.8
1.0
0.4
2.8
0.9
0.7
0.3
3.2
0.9
Source: Company, ICICI Direct Research
6
ICICI Direct Research
Result Update | Triveni Engineering
Exhibit 16: ICICI Direct coverage universe (Sugar)
Dalmia Bharat Sugar (DALSUG) 455
EPS (|)
P/E (x)
EV/EBITDA (x)
P/B
RoCE (% )
TP
M Cap
(|) Rating (| Cr) FY21 FY22E FY23E FY24E FY21 FY22E FY23E FY24E FY21 FY22E FY23E FY24E FY21 FY22E FY23E FY24E FY21 FY22E FY23E FY24E
600 Buy 9,214 22.8 25.8 33.9 46.3 19.2 17.0 12.9 9.5 14.6 13.1 10.7 7.7 3.6 3.2 2.9 2.5 16.4 19.1 20.3 26.8
610 Buy 3,682 33.4 39.5 44.1 52.3 13.6 11.5 10.3 8.7 9.4 8.6 7.1 6.3 1.7 1.7 1.5 1.3 13.3 14.2 15.3 16.3
Triveni Engineering (TRIENG)
350
Buy
6,895 12.2 18.1 21.8 26.9 23.4 15.7 13.1 10.6 13.8 12.5 10.1
8.3
4.4
3.9
3.3
2.8 19.4 19.6 23.5 26.4
135
430
680
Buy
Buy
Buy
1,846 4.9 8.0 9.6 13.4 20.2 12.2 10.2
2,712 34.4 42.7 50.2 56.5 11.9 9.6 8.1
1,317 38.8 66.4 95.7 109.3 17.0 9.9 6.9
4.6
4.7
4.3
3.0
1.5
1.8
2.4
1.3
1.5
2.0
1.2
1.2
1.7 14.4 21.7 22.0 29.1
1.0 14.8 15.3 16.8 18.2
1.0 11.5 15.2 18.4 19.2
Sector / Company
Balrampur Chini (BALCHI)
Dwarikesh sugar (DWASUG)
Dhampur Sugar (DHASUG)
Avadh Sugar (AVASUG)
CMP
(|)
439
285
98
408
658
7.3 11.4
7.2 7.2
6.0 9.2
7.5
6.6
6.6
6.6
5.5
5.1
Source: Bloomberg, ICICI Direct Research
ICICI Securities | Retail Research
7
ICICI Direct Research
Result Update | Triveni Engineering
RATING RATIONALE
ICICI Direct endeavours to provide objective opinions and recommendations. ICICI Direct assigns ratings to its
stocks according -to their notional target price vs. current market price and then categorizes them as Buy, Hold,
Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined
as the analysts' valuation for a stock
Buy: >15%
Hold: -5% to 15%;
Reduce: -15% to -5%;
Sell: <-15%
Pankaj Pandey
Head – Research
pankaj.pandey@icicisecurities.com
ICICI Direct Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com
ICICI Securities | Retail Research
8
Result Update | Triveni Engineering
ICICI Direct Research
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ICICI Securities | Retail Research
9