Though adversely impacted by the COVID-19 lockdown, Triveni Turbine Ltd could restrict the adversity due to proactive actions taken by the company in terms of order booking, revenue and profitability, according to Dhruv M. Sawhney, the company’s CMD.
“The COVID-19 pandemic has impacted the global economies and industries in a severe way. Q1 FY 21 has been a difficult quarter due to the restriction of travel and movement of raw materials, finished goods etc., which impacted both revenue and order booking. Most of the quarter under review (Q1) got impacted due to lockdown both in the domestic market and most of the global markets.
TTL’s performance was also impacted, but we feel, the impact in our business was contained to a great extent by proactive actions taken by the company –in terms of order booking, revenue and profitability. Our top priorities have and will continue to be the safety and security of our employees and key stakeholders along with close customer connect, to ensure that we understand and work with our clients through whatever impact the virus may have had and may continue to have on their business,” according to Dhruv M. Sawhney, Chairman & Managing Director, Triveni Turbine Ltd.
Sawhney was commenting on the company’s financial performance during the first quarter of FY21, ending June 30, 2020.
TTL is a domestic market leader in the 5-30 mw turbine market. It holds second rank internationally, and a 20 per cent market share, in terms of turbines sold in 2019.
Order book position
The company’s total consolidated outstanding order book stood at Rs.6.78 billion as on June 30, 2020. This was lower by only 3 per cent when compared to that at the beginning of the year, which is April 1, 2020.
The company achieved a total order booking of Rs.1.44 billion in Q1 of FY21 as against Rs.2.15 billion during Q1 of FY20.
The decline in order booking was result of lower international order booking where the impact of pandemic was severe in Q1 FY 21. However, the positive factor is that even during this period, the enquiry flow was steady and the team could be in touch with all customers —both domestic and international —through various digital platforms adopted by the company, Sawhney observed.
Featured photograph shows a facility of Triveni Turbine Ltd. Photo Source: www.triveniturbines.com
