A: FY 24 was a year of superlative operational and financial performance for TTL. This is now our third consecutive year of growth, and we continued to set new benchmarks in revenues, profitability and order booking.
Our revenues grew by a robust 33% to a record ₹16.54 billion in FY 24. Domestic sales increased by 28% to ₹8.86 billion and export sales by 38% to ₹7.68 billion. EBITDA grew faster, with growth of 38% to ₹3.81 billion, and margins of 23%, an increase of 80 basis points. PAT grew by an impressive 40% to ₹2.69 billion and the PAT margin expanded 80 basis points to 16.3%.
We surpassed another benchmark with the highest-ever order booking of ₹18.78 billion in FY 24, a 17% growth over the previous year and the third consecutive year of expansion. Export order booking grew by a robust 51% to ₹10.19 billion, representing 54% of the total up from 42% in the previous year. This demonstrates the success of our internationalisation efforts and the growing trust that customers globally place in our ability to deliver complex solutions. Domestic order booking was lower by 8% to ₹8.59 billion, due to delays in finalisation of orders.
Segment-wise, order booking from the product business increased by 10% to an all-time high of ₹12.61 billion. The growth was largely driven by the finalisation of orders from renewable, industrial customers, power producers and API turbines, especially in international markets. Our aftermarket segment scaled unprecedented heights, with order booking and turnover surpassing the ₹6 billion and ₹5 billion levels respectively. We closed the year with a 34% growth in aftermarket order booking to ₹6.17 billion led by a significant influx of new orders combined with repeat orders. This further strengthens our diversified portfolio of revenue streams dedicated to servicing and optimising turbine performance globally. The aftermarket turnover grew by 31% to ₹5.38 billion.
The Board, after thoughtfully considering the Company’s performance and long-term strategic requirements, has declared a total dividend of 360% amounting to ₹3.60 per equity share. This will result in an outgo of ₹1.14 billion.
A: In the last few years, our team has undertaken dedicated efforts to expand our overseas presence, become more locally present and prove our technology and engineering capabilities. These efforts have started paying off with customers beginning to trust our ability to deliver complex projects. As a result, we are witnessing increasing orders from customers across Europe, Central America and even North America. I think this is a big differentiation that we have established.
Strategy-wise we are clear that we want to be more geographically dispersed and closer to customers. Larger economies with high potential for energy efficiency, refurbishment solutions are the key focus for the Company. The US is by far one of the largest and most technologically developed markets with a large OEMs base. It is also an attractive market given the incentives towards energy efficiency. We have in place a robust market strategy to build this market. The recent commencement of our subsidiary in the state of Texas in the US is aligned with this. Apart from new product focus, this subsidiary will also be instrumental in catering to the aftermarket opportunity of the existing installed turbines in the Americas.
A: The success seen in the aftermarket segment has been inspirational. Just four years back in FY 20, this segment was contributing to around 23% of the total sales, and now this has grown to 33% with an even higher contribution to profitability. One of the major drivers of this growth has been our expanding range of offerings across spare parts, services and refurbishments that is enabling us to target a broader customer base encompassing steam, utility and geothermal turbines and other rotating equipments such as rotors, compressors, etc.
We believe these factors will continue to create compelling opportunities going forward, ensuring promising growth prospects. One, with the rising demand for our products and growing installations across the globe there will be a greater need to support customers with spare parts and service across the lifecycle. We will continue to remain unwavering in our commitment to fully meet their parts and service requirements through effective account management.
The second and the more interesting is the refurbishment business where we offer aftermarket support to rotating equipment including turbines of other brands, including upgrades and efficiency enhancements. This involves more complexity, necessitating understanding the unique engineering specifications and operational nuances of turbines and accordingly tailoring the right solution. Trust is paramount in such projects as customers need assurance that their critical assets are with experts. This is exactly what TTL is proactively pursuing. We are steadily but surely establishing our value proposition as an OEM capable of bringing extensive engineering, manufacturing and service capabilities. The results have been great with growing trust among customers and increasing orders.
The opportunities in the refurbishment segment are far greater, given the vast global turbine population beyond our proprietary installations. It will thus broaden our market reach. More importantly, it will be pivotal in enriching our knowledge of more complex turbine technologies through reverse engineering, positioning us at the forefront of technological advancement.
Our focus in the coming years will be to ensure exceptional customer service and build local capabilities in the overseas market through strategic tie-ups with workshops to overcome geographical barriers. In refurbishment, we will be targeting complex, high-value jobs involving upgrades, automation, modernisation or efficiency enhancements through which we can bring a difference to customers.
A: We experienced some delays in the finalisation of orders and slower domestic activity in FY 24. However, we believe these were temporary, and as we enter FY 25, we expect the overall industry scenario to be resilient and positive.
In India, a promising economic outlook coupled with an improved business environment and increased credit availability are expected to create substantial domestic prospects. This is evident in a trend of capex cycle across industries, which is poised to escalate their heat and power demand. Given the high energy costs and the need for steady power availability, they would be necessitated to invest in captive power generation. Reliable and efficient decentralised industrial heat and power solutions emerge as the most viable path forward.
Globally, the urgency for decarbonisation is propelling the shift towards cleaner energy technologies. Renewable turbine solutions around Waste Heat Recovery (WHR), Waste-to-Energy (WtE) including Municipal Solid Waste (MSW) are witnessing increased adoption. While this is now pronounced in advanced economies like the US and European countries, it is expected to gain traction in rest of the world, including in India.
With extensive product offerings, a dominant domestic position, and an expanding global presence, Triveni Turbines is positioned to seize these opportunities, both domestically and internationally. We expect enquiries and order finalisation to accelerate in FY 25, particularly in India with sizeable domestic business prospects. Additionally, we anticipate robust ordering in the renewable segment as well given our robust portfolio for WHR, WtE, including MSW applications that cater to diverse industries.
We are also optimistic about the opportunities in drive turbine applications, where we supply turbines that drive compressors, pumps, blowers and fans. This is a relatively new market for us, opening new avenues and we are committed to penetrating this market effectively.
A: Industrial heat and power solutions play a pivotal role in energy consumption globally. With the surge in industrial activity and a transition towards clean energy, these solutions, particularly for renewable energy, are witnessing heightened demand given their significance in securing reliable and sustainable power for the industries. Customers typically seek highly technical products with excellent configuration and healthy return metrics around which they can plan their capex.
At TTL, we are proactively addressing these requirements, with our extensive range of products and services to back it up. This positions us right at the core of industrial capex, solidifying our strategic importance. The outcome is evident in robust ordering activity, substantial order backlogs in renewable, API and IPG (Industrial Power Generation) turbines, and a strong enquiry pipeline. We anticipate robust medium-term business performance. To further maximise growth and drive value creation we have further identified the following priorities:
