Innovative Solutions, Unparalleled Expertise
A Strong Foundation: Our Expertise in Industrial Heat and Power Solutions
Driving Sustainable Growth Through Efficient Rotating Equipment Solutions
Demonstrated Excellence through Consistent Execution:
TTL’s strong execution and adaptability in a changing energy landscape have positioned us for enduring growth. With a focus on energy-efficient turbines, we excel in niche segments, meeting evolving customer requirements in both domestic and international markets. Our success in the API segment further demonstrates our capabilities and credibility, opening doors for future opportunities.
TTL has prioritised the product development capabilities to achieve enduring growth in various markets, particularly in newly established segments. We have effectively utilised our expertise and experience to align with the increasing demand for energy-efficient turbines and turbine solutions. With our strong execution capabilities, backed by high quality and innovative engineering, we are well-equipped to enhance our business performance in both domestic and international markets. This applies to our recent expansion into the API segment as well, further demonstrating our ability to excel in diverse areas of operation.
FY 23 saw TTL make further inroads in the domestic and international API markets. This includes energy‑efficient drive turbines with single stage and multi-stage designs. TTL has secured its position on the approved vendor list of major OEMs and EPC companies in the API segment. Furthermore, TTL is recognised by consultants as an approved vendor, further affirming our credibility and competence in the industry.
Our capabilities in the API segment are rooted in our in-house facilities and expertise, enabling us to conduct stringent API tests such as unbalanced rotor response tests, steam run tests, and load tests. These tests have played a pivotal role in driving our expansion in the highly regulated hydrocarbon markets. Despite being a relatively new player in this segment, our current market share is modest, which presents promising growth opportunities for TTL in the future. Notably, the API market exhibits strong demand, particularly in countries like India. The substantial government expenditure in the API segment, encompassing areas such as fertilisers, downstream oil and gas, provides us with significant growth potential.
TTL’s international market presence has undergone significant change driven by a surge in orders and enquiries, which continues to be a key growth drivers of TTL’s business. The key markets driving this growth include Southeast Asia, Africa, Europe, and South America & North America. In FY 23, TTL received orders from 28 countries, marking a six-country increase compared to the previous fiscal period. Notably, we successfully closed several milestone orders across both small and large power ranges of steam turbines. These accomplishments highlight TTL’s successful penetration and strong performance in diverse global markets.
The growth in the aftermarket business, which has emerged as an important revenue stream for TTL, showcases the Company’s deep-rooted understanding of customer needs across segments. Our extensive experience in turbine manufacturing and service solutions has equipped us with the ability to handle turbines of other brands and makes too. Our aftermarket business has been witnessing very good growth in the sub-segments of spares demand, as well as for efficiency improvement and refurbishment. We have a strong pipeline of enquiries. The expansion of our portfolio to cater to utility turbines, geothermal and other rotating equipment is also yielding good results. Order booking and sales in the aftermarket grew 88% and 82% y-o-y, to ₹4.62 billion and ₹4.12 billion respectively, in fiscal 2023.
In FY 23, international enquiries experienced a remarkable 82% year-on-year surge, underscoring our strong execution capabilities. This consistent growth not only enhances customer confidence but also attracts a substantial increase in business for TTL. Our proven ability to meet and exceed customer expectations has positioned us as a trusted partner, attracting a significant volume of business and propelling our overall growth.
TTL has expanded its aftermarket business in the South African Development Community (SADC) region since augmenting its capacity in the geography. We bagged a significant services contract for large (utility) steam turbines in the aftermarket during FY 23. This order has driven large top line growth for TTL in the aftermarket segment, and has the potential to enhance this in the future as well.
We are exploring this new revenue stream to build capabilities to create a niche and to develop proficiency in the new segment of large utility steam turbines. This could lead to greater service, along with spares and refurbishment offerings, internationally in the future. It will further help us establish the Triveni REFURB brand (TTL’s Multi-brand Refurbishing Service) in the Utility turbines space. It will also create a reference for TTL for more lucrative contracts for single turbine sizes up to 900 MW, and automatically qualify us for contracts in most geographies.
