Tag Power Generation

Triveni Turbine
Triveni Turbine Q3 FY25: 22% YoY Aftermarket Growth, Strong Export Orders

Triveni Turbine Ltd: Overview 

Triveni Turbine Limited (TTL) is a leading industrial steam turbine manufacturer based in India, specializing in the design, manufacture, and servicing of steam turbines up to 100 megawatts (MW). With over five decades of experience, TTL has established a significant global presence, with more than 6,000 turbine installations across 20 industries in over 80 countries. The company’s product portfolio includes back-pressure and condensing steam turbines, catering to a wide range of pressure and flow applications. TTL serves various sectors, including sugar, distillery, paper, textiles, palm oil, chemicals, and independent power plants. The company operates state-of-the-art manufacturing facilities in Bengaluru, Karnataka, and is known for its engineering excellence and innovative solutions in power generation and mechanical drive applications. The global steam turbine market is experiencing steady growth, driven by increasing energy demand, industrialization, and the need for efficient power generation solutions. In emerging economies, rapid industrial growth and urbanization are leading to higher energy consumption, thereby boosting the demand for steam turbines. Additionally, the shift towards renewable energy sources and the integration of combined heat and power (CHP) systems are creating new opportunities for steam turbine manufacturers. The emphasis on energy efficiency and sustainability is also encouraging industries to adopt advanced turbine technologies. However, the industry faces challenges such as stringent environmental regulations and competition from alternative power generation technologies. Companies like TTL, with a focus on innovation and customization, are well-positioned to capitalize on these trends by offering efficient and reliable turbine solutions tailored to diverse industrial applications. 

Latest Stock News 

Triveni Turbine Limited (TTL), a leading company specializing in industrial heat and power solutions and decentralized steam-based renewable turbines of up to 100 MW, announced its performance results for the third quarter and nine months ending December 31, 2024. The Aftermarket segment achieved a record turnover of ₹1.8 billion during the quarter, marking a 22% year-on-year (YoY) increase and contributing 35% to the total turnover. The Product segment also recorded a robust performance, with a turnover of ₹3.3 billion in Q3 FY25, reflecting a 14% YoY growth. Export order bookings grew by 9% YoY to ₹3.5 billion, while domestic order bookings declined by 16% YoY to ₹1.8 billion. Export orders accounted for 66% of the total order booking, highlighting TTL’s growing international footprint. The company maintained a strong cash position, with cash and investments standing at ₹8,831 million as of March 31, 2024, providing ample financial flexibility for future growth initiatives. On the Product side, order bookings surged by 30% YoY to ₹12.8 billion, primarily driven by increased international demand. The segment’s turnover for the nine-month period reached ₹9.7 billion, reflecting a 21% increase over the previous year. Meanwhile, the Aftermarket segment secured an order booking of ₹4.5 billion in 9M FY25, remaining largely stable on a YoY basis. The Aftermarket segment’s turnover for the nine-month period stood at ₹5.0 billion, marking a 26% YoY growth. Its contribution to total turnover increased slightly to 34% in 9M FY25, compared to 33% in the same period last year. 

Stock Potential 

Triveni Turbine Limited has significant growth potential, supported by its strong order book, expanding international presence, and focus on high-margin aftermarket services. The company’s emphasis on research and development enables it to offer customized solutions, catering to specific industry requirements. TTL’s strategic initiatives to penetrate new markets, particularly in the oil and gas sector with API-compliant turbines, and its expansion into higher power ranges up to 100 MW, are expected to drive future growth. The company’s robust domestic supply chain provides a competitive advantage, ensuring business continuity and cost efficiency. Furthermore, TTL’s commitment to sustainability and energy efficiency aligns with global trends, enhancing its appeal to environmentally conscious clients. 

Analyst Insights 

We maintain a positive outlook on Triveni Turbine Limited, citing its consistent financial performance, strong market position, and growth prospects. In recent quarters, TTL has reported impressive revenue and profit growth, driven by both domestic and international orders. The company’s focus on expanding its aftermarket services has resulted in significant increases in order bookings and sales, contributing to higher margins. Analysts anticipate that TTL’s strategic initiatives, such as developing new market segments and enhancing its product portfolio, will sustain its growth momentum. However, they also caution about potential risks, including economic slowdowns in key markets and fluctuations in raw material prices, which could impact profitability. 

Adani Power Ltd & Adani Energy Solutions Q3 FY25 Results
Adani Power Ltd & Adani Energy Solutions Q3 FY25 Results: Robust Profit and Strategic Expansion in India’s Energy Sector

Adani Power Ltd: Overview 

Adani Power Ltd. (APL), a subsidiary of the Adani Group, is one of India’s largest private-sector power producers, focusing on thermal power generation. Established in 1996, the company has grown rapidly, playing a crucial role in meeting India’s increasing electricity demand. It operates a diversified portfolio of coal-based power plants across multiple states, contributing significantly to the country’s energy security. With a total installed capacity of over 15 GW, Adani Power is a key player in India’s electricity sector, supplying power to both state utilities and industrial consumers through long-term Power Purchase Agreements (PPAs) and merchant power sales. The company has also expanded its global footprint, acquiring power assets in countries like Bangladesh and Sri Lanka. India’s power sector is one of the largest in the world, driven by rising electricity consumption, rapid urbanization, and industrialization. The government’s focus on ensuring 24/7 power supply and its ambitious renewable energy targets are shaping the future of the industry. While renewable energy is gaining momentum, thermal power (primarily coal-based) still accounts for over 55% of India’s total electricity generation. Given the country’s vast coal reserves and the need for stable base-load power, coal-fired power plants remain a critical part of the energy mix. However, the sector faces challenges such as coal supply constraints, regulatory changes, and increasing pressure to reduce carbon emissions. 

Latest Stock News 

Adani Power’s revenue growth remained aligned with volume expansion but was moderated by lower average tariff realization, driven by a decline in import fuel prices and lower merchant tariffs. India is expected to add 80 GW of additional coal-based power capacity by FY 2031-32 to meet the accelerating demand, with 49 GW of this capacity still untapped, presenting significant growth opportunities. APL achieved more than 100% fly ash utilization for Q3 FY25 across almost its entire fleet. Adani Power has identified a 12.52 GW development pipeline to capitalize on this potential. NCLT (Ahmedabad) sanctioned the Scheme of Amalgamation of SMRPL, a wholly owned subsidiary of AEL, with MEL, a subsidiary of APL, vide its order dated 7 th November 2024. Operationally, the Dahanu, Godda, Mahan, and Udupi plants achieved 100% availability in October 2024, while Kawai and Udupi reached the same milestone in December 2024. The company has also made significant progress in reducing its senior term debt through a combination of prepayments and scheduled repayments, despite ongoing acquisitions and organic expansion. Additionally, Adani Power signed a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the procurement of 1,496 MW (net) of thermal power during the quarter. 

Q3 FY25 Earnings 

  • Revenue of ₹13671 crore in Q3 FY25 up by 5.23% YoY from ₹12991 crore in Q3 FY24.  
  • EBITDA of ₹5023 crore in this quarter at a margin of 37% compared to 36% in Q3 FY24. 
  • Profit of ₹2940 crore in this quarter compared to a ₹2738 crore profit in Q3 FY24. 

Adani Energy Solutions Ltd: Overview 

Adani Energy Solutions Ltd is a prominent player in the energy sector, focusing on the generation, distribution, and transmission of electricity. A part of the Adani Group, the company operates across multiple energy segments, including renewable and conventional energy generation, power transmission, and distribution services. With a strong emphasis on sustainability, Adani Energy has invested significantly in renewable energy projects, particularly in solar and wind power, aiming to contribute to India’s growing clean energy needs. The company’s renewable energy capacity is steadily expanding, making it one of the largest green energy companies in the country. Additionally, Adani Energy is involved in power distribution, particularly in the states of Gujarat, Maharashtra, and Chhattisgarh, where it serves both residential and industrial consumers. The industry outlook for the energy sector, especially in India, remains positive, driven by increasing energy demand, a shift towards renewable energy, and government support through various policies and initiatives. India’s commitment to achieving net-zero carbon emissions by 2070 has accelerated the growth of renewable energy investments, with significant capacity additions expected in the coming years. The country is on track to increase its renewable energy capacity to 500 GW by 2030, with solar and wind power playing pivotal roles in achieving this target. 

Latest Stock News 

EBITDA for the quarter grew by 6%, reaching Rs 1,831 crore, driven by strong revenue growth, EPC income from transmission, treasury income, and stable regulated EBITDA from AEML. The company secured two new transmission projects – Khavda Phase IV Part-D and Rajasthan Phase III Part I (Bhadla – Fatehpur HVDC), adding 3,044 ckm to its under-construction network. With five new projects won this year, the under-construction transmission pipeline has surged to approximately Rs 54,761 crore in Q3FY25, up from Rs 17,000 crore. AESL significantly increases its capex ramp-up driven by unparalleled project and operating excellence coupled with robust capital management program. The capital expenditure (capex) for 9MFY25 rose to Rs 7,475 crore, compared to Rs 3,784 crore in the same period last year. The company is progressing well with a robust under-construction project pipeline, which includes 13 projects worth Rs 54,761 crore. The under implementation pipeline stands at 22.8 million smart meters, comprising nine projects with a revenue potential of over Rs 27,195 crore. The deployment of smart meters is also on track, with an average run-rate of 15,000 meters per day, expected to increase to 20,000 meters per day by the next quarter. In Q3FY25, the capex amounted to Rs 3,074 crore, which is three times higher than the Rs 1,162 crore spent in Q3FY24. 

Q3 FY25 Earnings 

  • Revenue of ₹5830 crore in Q3 FY25 down by 27.8% YoY from ₹4563 crore in Q3 FY24.  
  • EBITDA of ₹1661 crore in this quarter at a margin of 28% compared to 32% in Q3 FY24. 
  • Profit of ₹625 crore in this quarter compared to a ₹348 crore profit in Q3 FY24. 
NTPC Q3 Results
NTPC Q3 Results: Net Profit of ₹4,711 Cr, 2nd Interim Dividend of ₹2.5 per Share

NTPC Ltd: Overview 

NTPC Ltd., formerly known as National Thermal Power Corporation Limited, is India’s largest energy conglomerate. Established in 1975, the company primarily focuses on the generation and distribution of electricity. It is the largest power generator in India with installed capacity of over 76 GW. Over the years, NTPC has diversified its portfolio to include renewable energy, hydroelectric projects, and energy-efficient technologies, making it a critical player in India’s power sector. It holds about 24% market share of Indian electricity generation. 

Due to the strong focus on the “Make-in-India” initiative of the Government coupled with changes in residential consumption patterns, it is expected that India will continue to register 6-7% annual growth in power demand at least for the next decade. With India’s growing demand for electricity, NTPC plays a pivotal role in ensuring reliable and affordable power supply. The company contributes nearly 25% of India’s total electricity generation with a robust installed capacity that spans across thermal, solar, hydro, and wind energy sources. As part of its vision to become a global energy major, NTPC is heavily investing in green energy and aims to achieve 60 GW of renewable energy capacity by 2032. Additionally, NTPC is aligning its operations with India’s “Net Zero” goals, emphasizing sustainability and environmental conservation. 

Latest Stock News 

NTPC has seen a notable increase in its share of profits from joint ventures and subsidiaries, rising from ₹1,445 crore in 9M FY24 to ₹1,581 crore in 9M FY25. The company also received ₹1,039 crore in dividends from its subsidiaries and JVs during this period, compared to ₹652 crore in the same period last year. In line with its commitment to rewarding shareholders, NTPC has declared an interim dividend of ₹2.5 per share. On the investment front, NTPC has achieved a consolidated capital expenditure of ₹31,330 crore so far this fiscal year, with a standalone capex of ₹16,305 crore. The successful commissioning of the Khurja Super Thermal Power Project (STPP) and consistent dividend payouts underscore NTPC’s dedication to driving long-term value and operational excellence. 

The company has also approved an ambitious 8 GW capacity expansion, backed by a budget of over ₹1 lakh crore. As part of its renewable energy initiatives, NVVN has been assigned to execute specialized projects addressing heavy power and water usage. Furthermore, NTPC Paramanu Urja Nigam, its newly established subsidiary in the nuclear energy space, has secured approval to conduct feasibility studies for four sites in Madhya Pradesh. Operationally, NTPC generated 91.25 billion units (BUs) of electricity in Q3 FY25, up from 89.47 BUs in Q3 FY24. Its captive coal mines also reported significant growth, producing 10.98 million metric tonnes (MMT) compared to 8.09 MMT in the previous year.  

Business Segments 

  • Thermal Power Generation: The cables and wires segment is the largest and most significant contributor to KEI Industries’ revenue. KEI’s cables are designed to meet the diverse and demanding requirements of industries such as power generation and distribution, real estate, oil and gas, railways, and infrastructure development. These cables are known for their superior quality, reliability, and ability to withstand extreme conditions, ensuring safety and efficiency in operations. With advanced manufacturing capabilities and adherence to stringent quality standards, KEI consistently delivers innovative cable solutions tailored to the specific needs of its clients, making it a preferred partner for various sectors. 
  • Renewable Energy: NTPC is rapidly expanding its renewable energy portfolio, with solar, wind, and hybrid projects taking center stage. It has commissioned several solar parks across the country and is actively exploring offshore wind energy opportunities. NTPC is also implementing floating solar power projects to maximize resource utilization. India’s energy landscape is undergoing a shift towards non-fossil energy, and NTPC is at the forefront of this transition. 
  • Others: NTPC is also involved in various segments which include hydroelectric projects to support clean energy generation, to supply the fuel to thermal power plants and is also does the consultancy services, project management, etc. in the power sector. 

Subsidiary Information 

  • NTPC Renewable Energy Ltd (NREL): It is a dedicated subsidiary established to spearhead NTPC’s efforts in the renewable energy sector. The company focuses on developing solar, wind and hybrid energy projects, aligning with NTPC’s ambitious goals of significantly increasing its renewable energy capacity. NREL plays a critical role in development of large-scale solar parks, wind farms, and hybrid projects in various states in India. Its initiatives include innovative ventures such as floating solar plants and battery energy storage systems, showcasing NTPC’s commitment to sustainability and energy diversification. 
  • NTPC Vidyut Vyapar Nigam Ltd (NVVN): It serves as NTPC’s power trading arm and plays a vital role in the renewable energy and power trading ecosystem. NVVN is engaged in trading of electricity generated from NTPC’s power plants, to ensure that surplus power is efficiently distributed across states and regions. In addition to power trading, NVVN is actively involved in renewable energy development projects, such as establishing solar-based rural electrification systems in remote areas. The company also undertakes energy storage projects to enhance grid stability and reliability. 
  • NTPC Mining Ltd: NTPC Mining Ltd. is a subsidiary dedicated to managing NTPC’s coal mining operations. It ensures a consistent and reliable supply of coal for NTPC’s thermal power plants, reducing the company’s dependency on external coal suppliers. These mines contribute significantly to NTPC’s fuel security and cost efficiency. The subsidiary has also played an important role in modernizing coal mining practices by incorporating advanced technologies to enhance productivity and minimize environmental impact. By ensuring uninterrupted coal supplies, NTPC Mining Ltd. supports the operational efficiency of NTPC’s thermal power plants. 
  • NTPC Electric Supply Company Ltd (NESCL): It is a subsidiary focused on electricity distribution and retail supply, further expanding NTPC’s footprint across the energy value chain. NESCL plays a vital role in ensuring that power generated by NTPC reaches consumers efficiently and reliably. It manages projects related to electricity distribution infrastructure, rural electrification and strengthening India’s power distribution network. By addressing challenges, NESCL helps NTPC deliver affordable and uninterrupted electricity to diverse customer segments, from urban centers to remote rural areas. The subsidiary is integral to NTPC’s strategy of offering end-to-end energy solutions and enhancing customer satisfaction. 

Q3 FY25 Earnings 

  • Revenue of ₹45053 crore in Q3 FY25 up by 5.21% YoY from ₹42820 crore in Q3 FY24.  
  • EBITDA of ₹13324 crore in this quarter at a margin of 30% compared to 27% in Q3 FY24. 
  • Profit of ₹5170 crore in this quarter compared to a ₹5209 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 42820 45053 176207 178501 
Expenses 31458 31729 128611 127045 
EBITDA 11362 13324 47596 51456 
OPM 27% 30% 27% 29% 
Other Income 2532 1003 2561 5190 
Net Profit 5209 5170 17121 21332 
NPM 12.2% 11.5% 9.7% 11.9% 
EPS 5.3 5.2 17.4 21.5