Triveni Engineering & Industries witnessed a significant decline in its net profit for the second quarter of fiscal year 2023-24 (Q2FY24), with profits plummeting by 98% on a year-on-year basis, totaling ₹29.1 crore. In contrast, during the same period last year, the net profit was reported at ₹1,388 crore. Furthermore, the net profit also experienced a 57% sequential drop from ₹67.6 crore in the preceding quarter.
Despite the dip in profits, the company’s revenue from operations in Q2FY24 amounted to ₹1,671.4 crore, reflecting a 10% increase compared to the ₹1,471.6 crore reported in the corresponding quarter of the previous fiscal. In comparison to the previous quarter, the revenue from operations grew by 13%, reaching ₹1,432.2 crore in Q1FY24.
Triveni Engineering’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹63 crore in the September 2023 quarter, marking a substantial increase of 38.8% compared to ₹45.4 crore reported in the same period the previous year. The company’s margin also expanded to 3.9% in Q2FY24, up from 3.1% in Q2FY23.
The total expenses incurred by Triveni Engineering during the quarter under review amounted to ₹1,590.4 crore, which was higher than the ₹1,353.4 crore in the previous quarter and ₹1,466.8 crore in the same quarter last year. In Q2FY24, the total comprehensive income was ₹29.08 crore, a decline compared to ₹68.08 crore in Q1FY24 and ₹1,388.1 crore in Q2FY23.
Earnings per share in the September 2023 quarter were reported at ₹1.33, a decrease from ₹3.09 in the previous quarter and ₹57.40 in the corresponding quarter of the previous fiscal.
In the trading session on October 30, Triveni Engineering’s share price settled at ₹370.60 on the BSE, marking a modest 0.12% increase compared to the previous day’s close.
