This commitment has yielded extraordinary results: record-breaking performance for the third consecutive year across all key performance metrics. A deeper introspection however highlights a bigger picture in terms of the quality of orders in both products and aftermarket services. Customers across the world are placing their trust in us for complex products including API turbines and highly efficient turbines in the higher power range. In the aftermarket, we are rapidly expanding beyond providing parts and services for our proprietary turbines to delivering refurbishment solutions for rotating equipment of other brands installed worldwide. These are no ordinary feats given this is a technically challenging field dominated by large multinationals, and demonstrate the reputation that brand Triveni Turbines holds.
With the rising economic and industrial activity, one cannot but overlook the fact that the energy demand has reached new highs and will only continue to rise. And with that, the need for sustainable, consistent and cost-efficient energy will rise, particularly for the industrial sector which is the most energy-guzzling and CO2-emitting. Inevitably, industrial energy transition towards cleaner and greener sources will only intensify, giving impetus to industrial heat and power solutions. This is evident in the rising demand for <100 MW steam turbines globally, which grew by 3% year-on-year (ex-China and ex-Japan) in 2023. Furthermore, there is a trend of increased adoption of thermal renewable fuel-based power generation. Within the <100 MW segment, its share has increased to 67% in 2023 compared to 42% in 2013.
Triveni Turbines has displayed immense agility and determination to seize the opportunities, outperforming the broader market trends and expanding our market share.
Our revenue from operations increased 33% to ₹16.5 billion, EBITDA by 38% to ₹3.8 billion and order booking by 17% to ₹18.8 billion. Exports accounted for 46% of revenues and 54% of the order booking in FY 24. Aftermarket contributed to 33% of both revenue and order booking.
This resilient performance is led by our strategic efforts to strengthen R&D and engineering capabilities, expand geographic presence and widen offerings, across both product and aftermarket segments. We also benefit from a leading position in the renewable fuel-based segments such as biomass-based power generation, waste to energy, waste heat recovery and geothermal.
Furthermore, we maintain a relentless focus on products as per international standards, lifecycle cost efficiency and customer-centric R&D to continually set benchmarks for turbine efficiency, robustness and uptime.
This ensures a growing customer base and enables meeting their evolving needs consistently.
Triveni Turbines is a stakeholder-centric company and remains steadfast in its commitment to creating sustainable value for all.
Consistent with our focus on delivering healthy returns to shareholders and balancing financial stability, the Board of Directors approved a total dividend of ₹3.60 in FY 24, amounting to 360% of the face of equity share of ₹1. This would result in an outgo of ~₹1.14 billion in dividend.
As of March 31, 2024, the market capitalisation of the Company stood at ₹170.6 billion. During the year, the market capitalisation enhanced by a commendable 61% y-o-y.
To capitalise on growth opportunities, we are also strategically expanding into new and promising geographies including the lucrative US market. This expansion will enhance our export capabilities in the years to come, bolstering our enquiry pipeline and increasing our overall addressable market.
The current opportunity landscape presents an attractive outlook for our Company’s growth and profitability. By diversifying our order booking across geographies and product/aftermarket segments, we can effectively manage risks associated with market volatility and investment cycles.
Globally, the trilemma of energy equity, security and sustainability will continue to define the industry’s future. Triveni Turbines with extensive capacities, competencies and end-to-end solutions, stands well-positioned to address them. We continue to deliver solutions that offer industry benchmarks, or better efficiencies and support energy transition. Besides, the recognition of our engineering capabilities globally solidifies our strategic importance.
Headed into a new fiscal, we are optimistic about the future and our ability to deliver. We have a robust closing order book position of ₹15.5 billion across renewable energy, API, and IPG turbines along with a strong pipeline of enquiries. We further expect substantial growth opportunities supported by our expanding global presence along with rising demands for renewable energy, energy efficiency and decentralised power solutions. Our aftermarket business, supported by our expanding range, also shows promising growth prospects and will strengthen our reputation as a trusted partner throughout the product lifecycle. We are confident in our ability to execute existing orders, convert enquiries and capitalise on the opportunities, both domestically and internationally, to ensure long-term growth and profitability.
The Company focussed its digitalisation efforts during the year around the aspects of strengthening and integration of digital core, as well as value generation for customers and the Company’s frontline personnel. These efforts were aimed at delivering value and improving value delivery by supporting stakeholders in the most process compliant and efficient manner. Going forward, the key focus of the Company’s digital transformation effort is directed towards enabling growth, enhancing productivity, creating a favourable environment for paperless operation, and increasing the use of AI.
TTL’s people strategy is centred around excellence, innovation, diversity, and sustainability, intertwining seamlessly with the company’s overarching business strategy. Understanding the pivotal role of its people, the company prioritises talent management practices aimed at attracting, developing, and retaining talent, fostering a diverse and inclusive workplace that encourages collaboration and continuous learning.
I also take this moment to highlight key developments within the Board. We bid farewell to Ms. Homai A. Daruwalla and Mr. Shailendra Bhandari. We are grateful for their services and invaluable contributions to the Company. We are pleased to have two eminent industry experts, Ms. Amrita Gangotra and Ms. Sonu Bhasin, join us on the Board as Independent Non-Executive Directors. I am confident that the Company will benefit from the extensive experience and expertise they bring.
I want to extend my deep gratitude to Mr. Arun Mote who has led the Company’s remarkable growth and transformation for 25 years. His passion and commitment have been instrumental in steering Triveni Turbines to newer heights. In line with the Company’s focus on succession planning, we are fortunate to have two outstanding leaders Mr. S.N. Prasad and Mr. Sachin Parab, stepping into key roles of CEO and COO respectively. Having led the Product and Aftermarket segments for several years, I have great confidence in their abilities to lead the Company to even greater success.
As we progress into the future, we are filled with enthusiasm for what we have achieved so far and immense energy for what more can be achieved. All of you our stakeholders have been a great source of motivation, inspiring us to continually strive for excellence and set new milestones. We look forward to your continued support in our journey ahead towards stronger growth and enhanced value creation for our stakeholders.
Thank you all for being an integral part of our journey.
Regards,
