Chairman’s Message

Breaking Records:

Achieving Milestones and Driving Sustainable Growth

As a result of our efforts, we achieved a record-breaking performance in FY 23, marked by significant milestones and impressive numbers. Our turnover witnessed an outstanding 46% growth, reaching an all-time high of ₹12.48 billion. This remarkable performance was largely driven by our exports and strong aftermarket sales.

Furthermore, we are proud to announce that we achieved our highest ever total order booking, reaffirming our reputation for execution excellence. With a total order booking of ₹16.05 billion and a robust enquiry book, we have strong visibility and confidence in sustaining our growth over the coming years. Additionally, our closing order book stood at ₹13.28 billion as of March 31, 2023, reflecting a remarkable 36.9% increase compared to the previous fiscal year. Our record share buyback of ₹1.9 billion through the tender offer route further demonstrates the strength of our business equity.

These achievements highlight our commitment to driving sustainable growth and our ability to deliver exceptional results. We remain dedicated to enhancing our execution capabilities and leveraging our strong market position for continued success in the future. These accomplishments underscore the strength of our operational excellence, enabling us to capitalise on emerging growth opportunities across various sectors and geographies. With a focus on sustainable growth as our guiding roadmap, we are poised for a solid performance in FY 24. Our robust export and aftermarket order bookings, coupled with a strong carry-forward order book and a thriving enquiry pipeline, position us for continued success in the coming years.

Seizing Renewable Energy Opportunities:

TTL’s Commitment to Sustainable Growth

We firmly believe that our ongoing commitment to innovation and the development of new product segments, energy-efficient turbines, will play a pivotal role in driving our sustainable growth in the years to come.

The global and domestic focus on renewable energy presents significant opportunities for the development of reliable and robust turbine solutions. We are well-positioned to capitalise on these opportunities, thanks to our strong presence in the renewable energy sector and our unwavering dedication to spearhead the energy transition. Through focussed research and development, we continuously innovate new technologies to combat climate change and support the transition to clean energy.

With a robust digitalisation strategy in place, we are poised to drive growth in the years to come. This includes expanding our market share both domestically and internationally, as well as strengthening our presence in the aftermarket business. By leveraging our expertise and commitment to sustainability, we aim to dominate in the renewable energy market, delivering reliable and efficient turbine solutions to support our customers needs in the global transition towards a greener future.

Expanding Horizons:

Unlocking Growth Potential in Domestic and International Markets

The bright growth prospects in the domestic market present numerous opportunities for our business. We have already secured a significant pipeline of enquiries across key end-user industries, indicating a healthy order booking outlook for the upcoming year. In the domestic market, we also benefit from a robust supply chain, creating a favourable environment for sustainable growth.

To capitalise on growth opportunities, we are also strategically expanding into new and promising geographies. This expansion will enhance our export capabilities in the years to come, bolstering our enquiry pipeline and increasing our overall addressable market. We remain committed to aligning our resources and capacities to meet production targets and deliver on customer demands.

The aftermarket segment continues to be a strong growth driver for our Company. With an extensive portfolio of services, refurbishment, and spare parts offerings, we are well-positioned to cater to the evolving needs of our expanding customer base. Our dedicated efforts in optimising the performance of rotating equipment globally further strengthen our presence in this segment and contribute to revenue diversification.

The current opportunity landscape presents an attractive outlook for our Company’s growth and margins. By diversifying our order booking across geographies and product/aftermarket segments, we can effectively manage risks associated with market volatility, including the prevailing inflationary pressures.

Although advanced economies may experience a slowdown, we see promising opportunities in the increasing demand for renewable energy, waste-to-energy solutions, and decentralised power systems. With a proactive approach to market expansion, customer-centric solutions, and a focus on operational excellence, our Company is poised to capitalise on the vast potential of these opportunities and drive sustainable growth for the years ahead.

Going forward, our focus will be on enhancing our customer value proposition through focussed initiatives designed to steer future growth. And I am confident that we shall succeed in doing so with the sustained trust and cooperation of all our stakeholders, including our customers, employees, partners, vendors and shareholders.

In conclusion, I would like to thank all of you for supporting our efforts to strengthen our competencies and capabilities for ensuring sustainable long-term growth. I would also like to extend my heartfelt gratitude to my colleagues in the Board and the Management team for their support and commitment to the organisation. We have come a long way, indeed, on the journey of sustainable growth on which we had collectively embarked, and I look forward to sharing many more milestones of success with you in the years ahead.

With best regards,

DHRUV M. SAWHNEY

Chairman and Managing Director