An impressive show on the exports front, especially in Q4, bolstered the overall performance of Transformers & Rectifiers (India) Ltd (TRIL) during FY21.
(Also see news update at the end of the story)
According to an investor presentation filed on stock exchanges by TRIL, the company clocked exports of Rs.98 crore in FY21 as against Rs.55 crore in FY20, a growth of 78 per cent.
Exports accounted for 13 per cent of the company’s total sales in FY21, significantly higher than 8 per cent in FY20.
In fact, in Q4 (January to March) of FY21, alone, exports worth Rs.64 crore were made. In other words, nearly two-thirds of the total exports in FY21 came in Q4 alone.
“Revenue from operations stood at Rs.726.86 crore in FY21, increased by 6.41 per cent as compared to FY20 due better product mix and execution of export orders,” the investor presentation noted.
Physical performance
In terms of physical performance, TRIL recorded transformer sales of 20,572 MVA in FY21, with the sub-220kV and the 220kV-plus categories having an equal share. In Q4 of FY21, TRIL recorded sales of 4,426 MVA (in the 220kV-plus class), more than twice the 1,925 MVA sold in Q4 of FY20.
Execution of significant exports orders of transformers in the 220kV-plus category in Q4 appears to be the highlight of TRIL’s performance in FY21.
Utilities (including power utilities and railways) accounted for 47 per cent of TRIL’s sales in value terms, in FY21. This was lower than the comparable 56 per cent of FY20. The industrial consumers category (that includes renewable energy) accounted for 39 per cent of TRIL’s sales in FY21, inching up from 36 per cent in FY20. As discussed earlier, exports had a share of 13 per cent of TRIL’s sales in FY21, as against 8 per cent in FY20.
Order book
As of April 30, 2021, TRIL had an outstanding order book position of Rs.1,037 crore. Major orders were placed by Central and state government utilities in Q4 of FY21, the company said. In addition to the orders booked, the company has also participated in the bidding process of Central and state utilities, involving a total potential order value of Rs.600 crore.
News Update: In a recent stock exchange filing, TRIL said that it received an order worth Rs.84 crore from GE T&D India for supply transformers. This is a third-party export order and has taken TRIL’s outstanding order book position to Rs.1,121 crore, as of May 26, 2021.
Featured collage shows various transformers of TRIL. Clockwise from top-left — distribution transformer, furnace transformer, rectifier transformer and power transformer.