Triveni Turbines net down 51% to Rs 24.39 crore in July-September

Power generation equipment maker Triveni Turbines on Monday reported over 51 per cent decline in its consolidated net profit to Rs 24.39 crore for the September quarter compared to the year-ago period mainly due to lower revenues.

The consolidated net profit of the company was Rs 50.23 crore in the quarter ended on September 30, 2019, a BSE filing stated.

Total income of the company declined to Rs 190.09 crore in the quarter from Rs 252.58 crore a year ago.

The company and its subsidiaries (together referred to as the 'Group') primarily operate in a single reportable segment power generating equipment and solutions.

About the impact of COVID-19, it said, "Based on its review and current indicators of future economic conditions, the Group expects to recover the carrying value of the assets and does not anticipate any impairment to these financial and non-financial assets."

The board in its meeting approved the appointment of Lalit Agarwal as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company from November 1 ,2020.

Agarwal holds professional experience of 22 years in financial stream coupled with diverse experience with large Indian and MNC's.

He has rich expertise in Accounting, Corporate Finance & Strategy, Business Controllership, Financial Planning & Analysis, Treasury & Forex Management, Risk Management, Taxation & Compliance, Shared Services & Audits (Statutory & Internal).

He joined the company as Vice-President, Finance, in October 2019.