Triveni Turbine posts Rs 21 cr net profit for Q1

Triveni Turbine, which has been demerged from Triveni Engineering and Industries into a separate company, today reported a net profit of Rs 21 crore and net sales of Rs 161 crore for the quarter ended June.

Comparable figures for the year-ago period were not available as Triveni Engineering and Industries, which is engaged mainly in sugar manufacturing, demerged its steam turbine business into Triveni Turbine in October, 2010.

"This is the first quarterly result of Triveni Turbine post the demerger. We have received the in-principle approval from both BSE and NSE and are awaiting Sebi approval for listing," Triveni Turbine chairman and managing director Dhruv Sawhney said in a statement.

The current order book of Triveni Turbine stands at Rs 551 crore.

"The performance during the quarter has been in line with our expectation," Sawhney said.

However, he added that "some of the recent macro economic factors, such as firming up of interest rates, might have some impact on the capital goods sector and we may not be entirely excluded".

Triveni Turbine is engaged in the manufacture of steam turbines of up to 30-MW capacity at its facility in Bangalore. The company claims it is the market leader in the steam turbines segment, with a market share of over 60%.