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Business Performance Gears
The Gears business achieved a gross revenue of ₹ 154.2 crore - growth of 16% over the previous year, with 27% higher profitability.
The total order booking during the year was ₹ 156.8 crore and the carry forward order booking at the end of the financial year was ₹ 152 crore.
Impact of COVID-19
Amid the lockdown announced by the Government of India from March 25, 2020, the Triveni Gears business suspended its operations for four weeks, after which partial operations commenced in adherence with the Central and State Government guidelines, leading to complete opening in a short span of time. However, there may be postponement of projects by major customers owing to challenges in liquidity, pricing pressure, challenges in supply chain and logistics etc. There could be deferment of orders both from domestic as well as international OEMs, which may have an impact on the order booking as well as despatches for the current year. The Company believes that it will take a few months to understand the impact of the entire COVID situation on this financial year and thereafter.
Business Outlook
Gears business is focussed on increasing the market share and global footprint across various industrial segments through domestic and overseas OEMs. However, due to the spread of COVID-19 across the globe, it will have an impact in the short term, both from order booking and delivery perspective.
Sectors such as Power, Cement, Fertiliser, Petrochemicals, Steel, Paper, Sugar etc. are potential segments where the Company expects growth in the medium to long term.
The Defence business is also poised to grow as the Government of India has ambitious plans to spend on the country’s defence, especially in the naval segments. This will also augur well for Triveni to achieve growth in the medium to long term. Built to Print - the new segment which the Company entered in the last couple of years for leading OEMs - is also expected to achieve good growth, as the Company has been able to manufacture quality products customised to the customers’ unique requirements.
In the Refurbishment segment, the Company’s foray into the international market should result in good order booking in the coming years.
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