Triveni Engineering Q1 profit up 10.20% at Rs 92.30 crore

Triveni Engineering and Industries Ltd on Saturday posted a 10.20 per cent jump in its consolidated net profit at Rs 92.30 crore in the first quarter of 2021-22.

The company had posted a net profit of Rs 83.75 crore in the same quarter previous fiscal, according to a BSE filing.

Net income declined to Rs 1,115.09 crore in the April-June quarter of 2021-22 from Rs 1,228.22 crore in the same quarter of the previous fiscal. Expenses remained lower at Rs 997.26 crore as against Rs 1,103.70 crore in the said period.

The company said the decline in net turnover in the first quarter was mainly due to lower sugar dispatches by 26 per cent. But distillery and power transmission businesses have achieved higher turnover despite COVID-19 related challenges.

Commenting on the performance, the company's Chairman and Managing Director Dhuv M Sawhney said, "The overall performance of the company during the quarter has been satisfactory, especially in view of challenges posed by the second wave of COVID-19."

While it remains to be seen whether and to what extent disruptions may be caused by the third wave but given the vaccination drive and better preparedness, we believe incremental impact will be lower than that of the second wave, he added.

The company said it is well on schedule to set up additional distillation capacities. Around 200 kilo litre per day (KLPD) capacity will be operational in the last quarter of FY'22.

The shares of the company had settled at Rs 173.70 apiece on August 13 on the BSE.