Triveni Turbine Q1 net up 32% at Rs 26.84 cr

Triveni Turbine Ltd today reported a 32.21 per cent jump in its consolidated net profit at Rs 26.84 crore in the first quarter ended June 30, 2016.
The company had posted Rs 20.30 cr in net profit in the April-June quarter last fiscal, the company said in a regulatory filing.
The turbine manufacturer reported net total income from operations at Rs 162 crore in the quarter under review as against Rs 124 crore a year ago, registering an increase of 30 per cent, according to a statement issued by the company.
"On a consolidated basis, turnover increased by 30 per cent and profit after tax by 33 per cent compared to Q1 FY 16. Our results will now be on a consolidated basis and adhere to the new IND AS standards," Triveni Turbine Chairman and Managing Director Dhruv M Sawhney said.

"We have a strong order book as well as a good pipeline of enquiries which we expect to conclude in the subsequent quarters. The shift in focus to exports, which was started two years ago, has now started showing good results. Exports contributed 59 per cent of total sales compared to 33 per cent last year," he added.
According to the statement, the outstanding consolidated order book as on June 30, 2016 stood at Rs 657 crore which was almost the same as in Q1 FY 16. However, exports now contribute 52 per cent of orders on hand as compared to 31 per cent in Q1 FY 16.

The operations at the company's joint venture with GE, GE Triveni Ltd (GETL) are progressing well. In the next few quarters the first large size turbine is expected to be commissioned, it said.
While the consolidated result includes the two 100 per cent subsidiaries of TTL, based on the Ind AS, only the share of profits of the JV with GE (GETL) is considered in the consolidated net profit.