I am confident that TTL will enhance its market share in 30.1-100 MW segment significantly in the coming years, to further push the bar of sustainable growth for itself and for its clients.

Dear Shareholders,

At TTL, we have always believed that sustainable growth is the only way forward for businesses and corporates to progress to the next level. We look at sustainability as being central to the value proposition that we are focussed on delivering to our stakeholders through our innovation-led efforts. In line with this belief, we continue to invest in long-term sustainable growth for ourselves and for our customers. This makes us the preferred choice of customers globally, and enables us to stay ahead of the growth curve across the operational and financial metrics of our business.

Marked by many notable milestones, FY 22 saw a huge scale-up of our performance, with TTL reporting its highest ever turnover of ₹ 8.52 billion – a marked growth of more than 21% over the previous financial year. We also posted our highest ever order booking of ₹ 11.8 billion during the year. Our order book, as of April 1, 2022, stands at a healthy 52% higher than the previous fiscal, coupled with a sizeable domestic enquiry book which reported an increase of 57% over FY 21. The international enquiry generation, also showed a significant increase of 25% against FY 21. All this gives us good visibility for further growth in the coming year, and augurs well for the Company's long-term, sustainable expansion and progress.

As you are aware, our consolidated results for FY 22 include the impact of business combination of Triveni Energy Solutions Limited (TESL) as a wholly-owned subsidiary {Formerly GE Triveni Limited, which was previously a joint venture}, from September 6, 2021, i.e. the date of acquisition of TESL. It further includes the impact of the acquisition of TSE Engineering (Pty.) Ltd (TSE) as a subsidiary from March 1, 2022. Both these transactions are in line with our conscious focus on maximising value creation for our stakeholders across our business segments.

I am happy to say that the TESL acquisition was formalised after an amicable resolution with GE parties, with whom we earlier had a joint venture arrangement* . It has opened the doors for us to approach the above 30.1-100 MW segment independently, increasing our addressable market considerably. I am confident that TTL will enhance its market share in this segment significantly in the coming years, to further push the bar of sustainable growth for itself and for its clients.

Just to give you some perspective on the acquisition of 70% stake in TSE Engineering (Pty.) Ltd. (TSE) in South Africa, it is aimed at bringing us closer to the customer base in the South African Development Community (SADC) region. It will decidedly further the Company’s position in the Aftermarket segment, where we continue to augment our presence through enhanced offerings year-on-year.

We are expanding our capabilities in the Aftermarket segment to refurbish other rotating equipment beyond industrial steam turbines, such as geothermal, compressors, etc. In fact, we pioneered many such offerings during FY 22, such as refurbishment of geothermal turbines which will propel our presence in the geothermal sector. We believe that our innovations in large utility turbines like geothermal and ultra-critical and supercritical technologies, along with a variety of specialty applications and other rotating equipment, will strengthen our Aftermarket proposition further, going forward. These are also in line with our strong sustainability focus, which has emerged as the beacon guiding our journey towards greater growth and accretive value for our stakeholders.

Already, the Aftermarket segment is showing significant green shoots, in the shape of enhanced enquiry pipeline across the three sub-segments of refurbishment, spares and services. Coupled with relaxed travel restrictions, this will steer the Aftermarket growth more actively for the Company, and we expect this segment to emerge as a bigger contributor to our revenue growth in the years ahead.

The growth prospects for the future are tangibly strong on the product side driven by capital investments due to economic activity both in India and international markets, de-carbonisation leading to increased use of renewables especially as customers seek to be self-sufficient (in terms of captive power generation and consumption), gaining carbon credits across segments such as: waste-to-energy (waste from municipal/ industrial landfills); biomass (waste from sugarcane, forest/wood residues); and in steel (utilising waste heat from processes, as well as gas engines/ turbines) through combined heat and power (CHP) in applications such as district heating and combined cycle.

Our product portfolio is well poised to capitalise on the same in the near term, with a large order pipeline both in the domestic and export markets. The fiscal gone by saw strong enquiry pipeline in the domestic market from several key sectors such as Process Co-generation, Food Processing, Distillery, Pulp & Paper, Chemicals followed by Cement, Sugar and Oil & Gas segment. In terms of the international market, the IPP segment led to a higher enquiry base, followed by Process industries and the Oil & Gas segment. We are also witnessing good traction in the API segment, which presents a sizeable growth opportunity for the Company.

Our innovation efforts are strategically crafted to address these segments of future growth. We already have orders/installations in 75 countries and enquiries from 100+ countries, and we aim to focus aggressively on underserved markets such as North America and East Asia in the coming years. To realise our growth ambitions, we are also building on our capabilities across several vital functions of the organisational value chain. We are enhancing our Human Resources base through talent acquisition, while augmenting our Manufacturing capacities through expansion of facilities. We are also sharpening our Technology further, through industry associations, besides focussing concertedly on scaling our efficiency levels in terms of sourcing. All these efforts are aimed at driving innovation to create a more sustainable future for the world.

I personally believe TTL’s strong base, system and process efficiencies, R&D expertise, strong manufacturing skills and deep-rooted partnerships will help us take the leap to the next level of growth for the Company and greater value creation for our stakeholders. We remain watchful of the external developments but are confident about our ability to successfully navigate through challenges, as we have done over the past few years. Our innovation thrust will continue to drive our sustainability-guided growth proposition, and we shall continue to make the right kind of investments in the right places to stay ahead of the curve. On this note, I would like to thank all of you, as well as our clients, partners and employees, for being part of this exciting journey of excellence and growth.

With best regards,

Dhruv M. Sawhney

Chairman & Managing Director