Triveni Engineering leaps 15.5% on strong Q1 results, buyback proposal

Shares of Triveni Engineering and Industries zoomed fifteen.five per cent to Rs 82 apiece on the BSE on Tuesday after the enterprise on Monday permitted to buyback 6.1 million equity shares at Rs one zero five per share. Apart from, it documented an over 150 per cent 12 months-on-12 months jump in June quarter standlone net revenue at Rs eighty.forty crore.

“The Board permitted the buyback of absolutely paid out up equity shares of face value of Re 1 every single, not exceeding sixty one,ninety,000 equity shares, symbolizing two.five per cent of the complete paid out-up equity share cash of the Firm as on March 31, 2020, at a cost of Rs one zero five per equity share payable in hard cash for an aggregate sum not exceeding Rs 64,ninety nine,50,000,” the enterprise explained in a exchange filing. Read through Here

“The Buyback will be on a proportionate foundation from the shareholders of the Firm, via the ‘Tender Offer’ route working with system for acquisition of shares via stock exchange,” it included.

On the success entrance, the firm’s standalone net revenue came in at Rs eighty.forty crore, soaring 150.23 per cent from a revenue of Rs 32.13 crore logged in the 12 months-ago quarter. It can be pre-tax revenue stood at Rs 123.83 crore, up from Rs forty five crore documented in the 12 months-ago quarter. It can be income from functions jumped to Rs 1,222.forty four crore, up from just Rs 921.forty eight crore, in Q1FY20.

On a consolidated foundation, the net revenue was Rs 83.75 crore, registering a gain of 146 per cent from Rs 34.06 crore documented in Q1FY20.

“Sugar company has executed perfectly owing to stable sugar price ranges and better quantity of sales by 32 per cent. The sugar income consists of export subsidy of Rs 57.sixty six crore pertaining to export sales made in FY20. Subsidy of Rs five.eighty one crore pertaining to export sales in the course of the latest quarter will be booked upon achievement of recommended conditions,” the enterprise explained in a statement.

With the functions of two distilleries, the enterprise obtained better Ethanol sales quantity of 29 per cent. Hand sanitizer production started in April 2020 amid the outbreak of Covid-19. “For the duration of Q1FY21, Engineering Firms performance have been impacted by the lockdown thanks to Covid-19… The complete credit card debt of the Firm as on June thirty, 2020 is Rs 1,246.72 crore as in opposition to Rs 1,848.31 crore as on June thirty, 2019, comprising conditions financial loans of Rs 596.75 crore which include things like gentle financial loans of Rs 467.96 crore with fascination subvention / backed fascination charge,” it explained in a statement.

At 10:32 am, the stock was quoting at Rs 77.75 per share, up 9.five per cent, on the BSE as in opposition to .9 per cent gain in the benchmark S&P BSE Sensex.