Corporate Overview
We are a diversified, integrated and forward-thinking conglomerate engaged in sugar, cogeneration, alcohol (ethanol, Indian Made Indian Liquor and Indian Made Foreign Liquor), power transmission, and water business.
Management Statements
Each of our businesses is today among the leading players in its respective segment, with large and growing capacities. This insulates us from sectoral volatility and macro headwinds, resulting in sustained, resilient performance and value creation.
Management Discussion and Analysis
Our journey of building businesses that stand the test of time is a testament to our focus on value creation.
Management Discussion and Analysis
SUGAR BUSINESS
Triveni Sugar Business: Performance
Key financial highlights of sugar business performance:
- In FY 25, the turnover in sugar business increased by 3% over the previous year, mainly due to higher realisation prices. Further, the Company generated income from sale of sugar export quota of 31,833 MT for ₹ 15.4 crore at TEIL and ₹ 1.5 crore at SSEL in the same period.
- Sugarcane crush increased by 10% during SS 2024-25, aided by inclusion of Sir Shadi Lal Enterprises Limited (SSEL). The Company (on a standalone basis) achieved sugarcane crush almost at the same level as the previous season. This was despite the decline in crush in four of its sugar units - Rani Nangal, Milak Narayanpur and Chandanpur in Central UP and Ramkola in Eastern UP. The key reasons were lower yields due to climatic factors, resulting in spread of pests and red rot disease and diminishing productivity of a major sugarcane variety Co0238, especially in low lying areas. The decline in crush in the four mills was negated by the strong performance by the Khatauli and Deoband units.
Key operational highlights of sugar business performance in SS 2024-25:
- Sugar unit at Khatauli achieved the highest sugarcane crushing in India in SS 2024-25.
- Deoband sugar unit achieved its second-highest historical crush.
- Successfully installed and operated the biggest cane crushing mill of UP - of size 50"x100", at Sabitgarh unit.
- Successfully replaced extraction condensing type turbine at co-gen plant at Khatauli with a backpressure turbine for enhanced bagasse savings.
- Significantly reduced process steam consumption at Deoband through effective utilisation of third body vapours.
- Portfolio of refined sugar and pharmaceutical-grade sugar production now stands at 73% of overall sugar production, one of the highest in the industry.
- Enhanced production of premium grade smaller grains of pharma-sugar at Sabitgarh.
- Undertook aggressive varietal replacement across all sugar units, especially in low-lying and water-logging prone areas for enhanced sugarcane availability, as the dominant cane variety Co0238 is becoming infested with red rot and deteriorating.
- Chandanpur and Khatauli units received Bon Sucro certification (Sustainability).
- Acquired and refurbished the Shamli sugar unit, a 7,500 TCD plant, in record time, and the unit operated well in SS 2024-25.
ALCOHOL BUSINESS
Triveni Alcohol Business: Performance
Key financial highlights of alcohol business performance FY 25:
- The net turnover in the Distillery business was higher by 16% than the previous year, on account of commissioning of a multi-feed distillery at Rani Nangal distillery and improved average realisations in view of the large proportion of maize as feedstock in the product-mix.
- The profitability was significantly lower, by 78.1%.
- IMIL business also contributed to the turnover, driven by 24.5% higher despatches (55.7 lakh cases in FY 25 as compared to 44.7 lakh cases in FY 24).
Apart from segment loss of ₹ 6.5 crore pertaining to the distillery of the Sir Shadi Lal Enterprises Limited (“SSEL”) subsidiary, which did not operate during the Sugar Season 2024-25, there were several other factors that contributed to the decline in the profitability of the Company’s distillery segment:
- Grain operations were carried out majorly with maize feedstock during the year, whereas the operations in the previous year were partially operated till July 2023 with rice procured through FCI (FCI-Rice), having much higher margins. Further, ethanol sales volume, based on maize operations, increased by 216% in the current year, leading to lower profitability due to the low margins associated with maize operations.
- Further, due to low crush in Sugar Season 2023-24 (SS 2023-24) and restrictions imposed on the use of B-heavy Molasses (BHM) and sugarcane juice, captive molasses generation was much lower which led to lower availability of captive molasses. Accordingly, sales volume of high margin ethanol produced from molasses were lower by 25%, leading to lower profitability.
- Finally, shortage of molasses due to aforesaid reasons as well as unremunerative prices of grains led to closure of the distillery operations for some periods which led to non-recovery of fixed overheads.
Key operational highlights of alcohol business performance FY 25:
- Achieved production of 20.01 crore litres and sales of 20.16 crore litres during FY 25.
- Lower molasses feedstock due to lower crush in SS 2023-24 led to constrained production in FY 25 vs FY 24 at Muzaffarnagar and Sabitgarh.
- Ethanol constituted 92% of alcohol sales during FY 25, as compared to 93% last year.
- Sale of ethanol and ENA produced from grain-based feedstocks contributed 51% to the total alcohol sales (33% for FY 24), surpassing sale of ethanol and ENA from sugarcane-based feedstocks (majorly B-heavy), which constituted 49% of the total alcohol sales for FY 25 (67% for FY 24).
- Position in country liquor business (IMIL) consolidated in a short span of time, enabling the Company to become the fifth largest player in the state of UP.
- Successfully ventured into IMFL sector and launched two premium grades of whiskies.
- Started operation of a new dual feed distillery adjacent to the existing sugar unit at Rani Nangal towards the end of April 2024, enhancing the Company’s total distillation capacity to 860 KLPD.
POWER TRANSMISSION BUSINESS
Triveni Power Transmission Business: Performance
PTB has maintained its robust majority market share across high-speed applications in diverse markets, in both new products as well as Aftermarket segments.
Gears Business:
New Products: Strengthened OEM partnerships by delivering high-performance gearbox solutions for critical applications; leveraged advanced engineering and innovative designs to meet the demands of Steam & Gas based captive Power, Oil & Gas, Petrochemical, Carbon Capture Utilisation & Storage (CCUS), Waste Heat Recovery System (WHRS) and Waste to Energy.
Domestic Market Highlights
- Domestic market saw marginal growth in order bookings, driven primarily by the Steam Turbine Generator (STG) segment. The average order value increased due to shift in higher power. The steel segment was a major contributor, at the back of multiple projects in excess of 40MW, with the largest being for a 58MW steam turbine generator application.
- Rolled out highest power 57MW compressor gearbox for the steel segment from the recently expanded manufacturing facility.
- Supplied highest power 48MW API gearbox for PowerGen.
- 70,000 RPM gearbox supplied to Defence Research establishment.
- Supplied a Test Rig Gearbox for a European OEM’s hybrid propulsion system, demonstrating capability in innovative and sustainable technologies.
- Developed a Test Rig Gearbox with a Dog Clutch mechanism for a 200-tonne Vacuum Tunnel Balancing Machine, demonstrating expertise in specialised applications.
WATER BUSINESS
Triveni Water Business: Performance
Key Highlights FY 25
- Revenues declined due to slow execution in certain projects and delayed finalisation of new projects.
- PBIT stood at ₹ 32.8 crore in FY 25, higher by 4.4% y-o-y. The higher profitability was driven by cost optimisation and savings in various projects executed during the year.
- PBIT margins stood at 14.0% for the year, up approximately 124 bps y-o-y.
- Total order booking during the year was ₹ 586.2 crore, including EPC orders worth ₹ 312.10 crore. This excludes a project Letter of Award that was revoked recently due to administrative reasons and is being pursued for favourable consideration.
- The outstanding total order book as on March 31, 2025 stood at ₹ 1,600.8 crore, which includes ₹ 1,120 crore towards O&M contracts for a longer period of time.
- WBG is making headways in recycling and reuse business and has robust experience in handling highly polluted industrial effluent and sewage recycling. Its current engagements include Balotra 18MLD ZLD and Pali 12 MLD ZLD project for textile effluent; Bhiwadi 6 MLD ZLD for mixed-use industrial effluent; 42MLD sewage recycling at Vadodara, and city-level Mathura facilities which are in different stages of O&M or execution, as the case may be.
- WBG completed Maldives project (6 islands) and handed over to client.
- WBG’s regular participation in new bids in India and overseas has given it a strong market recognition.
- WBG is well positioned to undertake jobs in its areas of expertise in selected overseas markets of Asia, Africa, Eastern Europe and others, following its successes in Bangladesh and Maldives markets.
Key achievements during the year:
- Received a 90 MLD STP project based on SBR technology in Prayagraj, Uttar Pradesh.
- Received a 42 MLD Sewage Recycling project based on UF/RO in Vadodara, Gujarat.
- ADB Bangladesh project is in advanced stages of construction of two STPS for KWASA.
- Various major jobs completed in previous years continued to be in O&M phase during the year; these included CETPs at Bhiwadi and Balotra, desalination plants for Barmer Lignite, 204 MLD STP in Delhi, 210 MLD WTP in Greater Noida, and numerous WTPs, STPs, CETPs and desalination plants.
- Successfully completed EXIM-funded Maldives water and sanitation project for 6 islands, along with several others.
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