MARKETS

Triveni Engineering Shares Rise as Q4 Profits Soar

Triveni Engineering said it has no demerger plans and is focused on expanding ethanol capacity.

Shares of Triveni Engineering rose 3.07% to Rs 273.25 in morning trade on May 26 after the company reported a 74% year-on-year rise in consolidated net profit to Rs 190.31 crore for the quarter ended March.

It posted a net profit of Rs 109.17 crore in the same period last year, the company said in a regulatory filing after the market closed on May 25.

Operating income rose 52.51% to Rs 1,818.29 crore from Rs 1,192.12 crore in the same period last year.

The board has recommended a dividend of Rs 3.25 per share on the paid-up share capital of Re 1 for the financial year ending 2022-23, subject to shareholder approval, the company said.

The board also approved the reappointment of Tarun Sawhney as managing director for a five-year term.

For the full fiscal year 2023, the company’s consolidated net profit soared more than 322 per cent to Rs 1,791.8 crore from Rs 424.06 crore in the previous year.

Revenue rose 34.42% to Rs 6,310.10 crore from Rs 4,694.04 crore in the previous financial year.

Triveni is one of the largest integrated sugar producers in the country. It also has a presence in engineering through its power transmission business and water and wastewater treatment solutions.

The stock was trading at Rs 273.70 at 10:37 am on the National Stock Exchange, up 3.38% from the previous close.

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