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1 © Triveni Turbine Ltd. Confidential (Nov 2013) Triveni Turbine Ltd. Corporate Presentation Q2/H1 FY14 Robust & Reliable Industrial Power Solutions
2 © Triveni Turbine Ltd. Confidential (Nov 2013) Snapshot
3 © Triveni Turbine Ltd. Confidential (Nov 2013) Fact sheet Triveni Turbine Ltd. (TTL) GE Triveni Ltd. (JV with GE) 50% + One share
4 © Triveni Turbine Ltd. Confidential (Nov 2013) Market Share Key global player in steam turbine market with market leadership position in India, having approx. 58% market share. Global Presence Significant presence in South East Asia, Europe, South America, Middle East & Africa, with installations in over 55 countries. Delivering STG Packages Delivering STG packages up to 30 MW. Installations base of over 2500 turbines globally. Annual Revenues Annual Revenues for FY 13 at ` 6.57 billion (USD 120 million). Fact sheet
5 © Triveni Turbine Ltd. Confidential (Nov 2013) Manufacturing Facility Marketing and Service Centres Pan India Presence NOIDA Allahabad Kolkata Ahmedabad Mumbai Kolhapur Bengaluru Vijaywada Raipur Hyderabad Latur Nagpur Pune Key Differentiator
6 © Triveni Turbine Ltd. Confidential (Nov 2013) Efficient Products Product Straight Condensing Type Condensing Type with Controlled Extraction Condensing Type with Un-Controlled Extraction Condensing Type with Injection Straight Back Pressure Type Power Generation CapacityUp to 30 MW Steam Inlet TemperatureUp to 545°C Steam Inlet PressureUp to 120 Bar (a) Product Reduce Power Consumption Increase Efficiency Cost Efficient Engineered to order Triveni Turbines
7 © Triveni Turbine Ltd. Confidential (Nov 2013) Efficient Products Steam turbine and its control system Control oil system Lubricating oil system Condensing system (as applicable) Gear box Alternator Electrical metering/control/protection system Instrument control system Product
8 © Triveni Turbine Ltd. Confidential (Nov 2013) Manufacturing Excellence Technology Quality Precision Manufacturing facility is equipped with: An array of 4 axis and 5 axis Vertical Machining Centres and Horizontal Machining Centres for machining of blades Mill-turn centre for machining of rotors CNC gantry and CNC VTL for casing machining to high accuracies Latest software applications like Integrated CAD/CAM for seamless manufacturing of turbine parts, Zeiss Co-ordinate Measuring Machines (CMM) for precision measurements of critical components Assembly-cum-test beds for assembling steam turbines from start to finish and recording the test results on a wireless Data Acquisition and Display System High Speed Vacuum Balancing Machine for balancing rotors CNC Coordinate Measurement Machine Turbine no load steam test facility
9 © Triveni Turbine Ltd. Confidential (Nov 2013) Manufacturing Excellence
10 © Triveni Turbine Ltd. Confidential (Nov 2013) Quality First An ISO company Products meet International standards such as API, ASME, AGMA, IEC, NEMA etc. A network of approved suppliers and dedicated sub-contractors complying with stringent quality norms. Quality Checks performed before dispatch Ultrasonic Test Radiography Hydro Test Profile Measurement ZygloTest Dynamic Balancing Alignment Check Full speed factory test Sound Level Measurement Vibration Measurement Governor Response
11 © Triveni Turbine Ltd. Confidential (Nov 2013) Research & Development Continuous Product Development Cutting Edge Technology Innovative Designs delivering Higher Performance In-house design team supported by consultants and domain experts Association with globally Acclaimed turbo-machinery design houses based in the USA Optimising cost and performance Continuous efficiency improvement Developed and commercialised 22 basic new models of high pressure, cost effective and highly efficient steam turbines in the past 10 years. Introduced 12 new product variants of turbines in Developed 10 new models of turbines in Deploy Latest computer aided design and engineering software for Finite Element Analysis (FEA), Computational Fluid Dynamics (CFD), Aero and Thermal Design, Modelling, Rotor Dynamics and Lifting analysis of turbo-machinery components. Innovative product development concepts such as design to cost, QFD, FMEA techniques, DOE techniques.
12 © Triveni Turbine Ltd. Confidential (Nov 2013) Intellectual Property Rights TTL has totally filed 103 unique IP filings as on October, Involvement of IP team is right from product conceptualisation stage to the final design stage thus establishing a comprehensive security system to safeguard the valuable IPRs. The Company won the prestigious National Intellectual Property Award 2013 in the category of "Top Organisation in Design" for its outstanding contribution to intellectual property in the country. TTL has been awarded certificate of “Commendation for Significant Achievement” in the CII-EXIM Bank Award for Business Excellence This recognition has been achieved by TTL for the third time in the consecutive years.
13 © Triveni Turbine Ltd. Confidential (Nov 2013) Unparallel Service 360° After - Sales Service 13 service centres 180 service professionals Over 900 turbines Serviced annually 24X7 customer care support Aftermarket Services are integrated under Customer Care Cell (CCC) which provides solutions for all after-sales requirements from erection and commissioning (E&C) to maintenance and spare parts to efficiency improvement. Full speed vacuum balancing tunnel for balancing turbines, compressors/alternators – can undertake balancing for turbo machines up to 200 MW depending on specifications. Overhauling & troubleshooting. Refurbishment & Residual Life Assessment of all makes of turbines, compressors etc. Customization & upgradation of old turbines for both industrial and utility segments in India and Asia Pacific market. Currently offering refurbishment solutions for higher MW turbines for all makes.
14 © Triveni Turbine Ltd. Confidential (Nov 2013) Diverse Applications & Industry Segments Co-generation Captive Power Plant Combined Heat & Power CCP / Waste Heat Recovery Incineration Biomass Sugar Palm Oil Distillery Pulp & Paper Food Processing Textiles Steel & Metal Carbon Black Cement Chemicals & Fertilizers Oil & Gas and Petrochemical District Heating & Cooling Municipal Solid waste
15 © Triveni Turbine Ltd. Confidential (Nov 2013) Purchase decision based on high level of technology, efficiency & low life cycle cost Price sensitive market Premium on shorter deliveries Strong servicing capabilities and lifetime relationship with the customer is expected Robust designs, typically suited for the Indian market are in demand. The five year average annual domestic demand for steam turbines upto 30 MW is about 1200 MW. On account of economic uncertainty and delay in order finalisation, the demand for FY 13 is estimated at around 670 MW. Power Generation Market Power Shortage Industrial Growth Manufacturing Growth Replacement Market Power Rate Kyoto protocol
16 © Triveni Turbine Ltd. Confidential (Nov 2013) Power Generation Market Potential Gap between power requirement and generation getting wide Growing renewable energy market Huge potential for Biomass based power generation. Costly fuel source to influence replacement of DG to TG sets; thrust on co-generation. Focus on waste heat to energy and non- conventional energy sources like solar etc. Current industrial power consumption – generation gap to be bridged – focus on captive power generation. Additional power requirement in the country – incentive for surplus generation and allowing open access sale of power at remunerative prices.
17 © Triveni Turbine Ltd. Confidential (Nov 2013) Financial Performance All financials are for April-March period for respective financial year
18 © Triveni Turbine Ltd. Confidential (Nov 2013) Exports Strategy STP Strategy Segmenting Industries Positioning TTL Value Proposition Targeting Countries Equaliser – World class manufacturing infrastructure Differentiator – Engineered–to-order product Value based pricing Segment Focus - Waste Heat and District Heating Experience of high temperature & pressure ( kg/cm 2 ) cycle Competitive Delivery Segment Focus – Sugar Co-generation/ Biomass Experience of high temperature & pressure ( kg/cm 2 ) cycle Competitive Delivery Segment Focus – Sugar Co-generation Competitive Delivery & flexible product design Price differentiation compared to Japanese product
19 © Triveni Turbine Ltd. Confidential (Nov 2013) Exports FY13 33% Growth 84% Growth
20 © Triveni Turbine Ltd. Confidential (Nov 2013) Exports FY13 Order execution - Growth of 100% Exports contribution to revenue - 27 % 33% Growth 98% Growth
21 © Triveni Turbine Ltd. Confidential (Nov 2013) Aftermarket Services FY13 8% Growth 19% Growth Aftermarket contribution to revenue - 19%
22 © Triveni Turbine Ltd. Confidential (Nov 2013) (Figures in ` million) Financial Performance Q2 FY 14 July - Sept 2013 H1 FY 14 Apr - Sept 2013 Q2 FY 13 July - Sept 2012 H1 FY 13 Apr - Sept 2012 Net sales1,2292,3351,7972,912 EBITDA EBITDA Margin21.1%20.9%25.3%26.0% Depreciation & Amortisation PBIT PBIT Margin18.5%18.2%23.5%23.9% Interest14822 PBT PBT Margin18.4%18.0%23.1% PAT PAT Margin12.4%12.2%15.6% Q2 FY 14 As on 30 th Sept 2013 FY 13 As on 31 st March 2013 Share Capital - Equity - Preference Net Worth Total Debt658 Cash & Bank Balance equivalent Net Debt53(277) Key Balance Sheet DetailsPerformance Review
23 © Triveni Turbine Ltd. Confidential (Nov 2013) Financial Performance The overall performance for the quarter and half year under review has been lower than the corresponding periods of last year and significantly lower than the estimates for the current year. With the market remaining uncertain, in the short term, the company anticipates similar slow down in the deliveries, which may have an impact on the overall turnover and profitability of the company in the coming quarters of the current year. On the booking front also, many of the enquiries under finalisation got postponed due to uncertainties and this has resulted in much lower order booking during the current six months in comparison to the previous year. The closing order book as on 30 th Sept 2013 has been at ` 4.48 billion. Many of the orders which were not closed at the end of the Q2 FY14, concluded in October 2013 aggregating to over ` 1 billion, resulting in a total inflow for the first seven months at ` 2.4 billion. The first half of the current financial year saw an overall demand of 263 MW in the domestic market, which is a decline of ~32 % over the same period last year. The order booking in the export market in the first six months has been quite below our estimates mainly due to macro economic reasons and is not related to company's business strategy. Triveni is currently have presence in over 55 countries and during the past six months, it has made in-roads into over 15 new countries, the result of which in terms of order booking is expected in the coming quarters. The company's performance in after market for the six months under review has been better than Q1 with a growth of 17%.
24 © Triveni Turbine Ltd. Confidential (Nov 2013) Triveni Turbine Ltd. formed a 50:50 Joint Venture with GE on 15th April GE Triveni Ltd. (GETL) headquartered in Bengaluru, a subsidiary of TTL, will design, supply, sell and service advanced technology steam turbines in India in the range above MW for power generation applications in India and globally. GETL to get technology and on-going R&D support from GE and TTL and will use TTL’s Bengaluru facility for turbine manufacturing. The operations of the joint venture with GE are in line with our expectation. All key managerial personnel are on board and the technology transfer is progressing as per schedule. The marketing teams of both GE and Triveni are working closely on the opportunities in their respective markets. The JV is currently responding to the enquiries both in the domestic market and to a diverse international market ranging from Canada to Indonesia. GE Triveni's first order for 35 MW has been commissioned and the performance has been as per the specifications. GETL, during the first six months of the current financial year secured two orders totalling to 76 MW, which is a significant share of the total order booking in the above 30 MW segment for the current first half. GETL is currently executing four turbines, a part of which will be despatched during the current year itself and it is in an advanced stage of getting its first overseas order. Joint Venture with General Electric (GE)
25 © Triveni Turbine Ltd. Confidential (Nov 2013) CN Narayanan Triveni Turbine Ltd. Tel Fax : Gavin Desa/ Ashwin Chhugani Citigate Dewe Rogerson Tel: /1250 / DISCLAIMER : Some of the statements in this presentation that are not historical facts are forward looking statements. These forward-looking statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and beliefs concerning our business and the markets in which we operate. These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward- looking statements. These risks include, but are not limited to, the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to industry. Further, this presentation may make references to reports and publications available in the public domain. Triveni Turbine Ltd. makes no representation as to their accuracy or that the company subscribes to those views / findings. Contact for Investor Relations
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