Triveni Engineering and Industries Ltd has reported a 47 per cent drop in standalone net profit for the fourth quarter ended September 2011 on lower sales that fell 35 per cent over the corresponding period last year.

Net profit for the quarter stood at Rs 9.14 crore on revenue of Rs 380.31 crore as against Rs 17.25 crore on revenue of Rs 587.36 crore in the corresponding previous period. The company announced a dividend of 20 per cent (20 paise on par value of Re 1 each).

Triveni also reported lower standalone profits for the year ended September 2011 at Rs 13.06 crore on revenue of Rs 1,707.15 crore as against a net of Rs 90.84 crore on revenue of Rs 2,259 crore in the corresponding period last year. The consolidated net profit for the year ended September 2011 stood at Rs 22.22 crore as against Rs 69.75 crore in the previous year. The consolidated revenues for the year declined to Rs 1,707.15 crore as against Rs 2,260.86 crore in the corresponding last quarter. Financials for the quarter and the year-ended September does not include earnings of the demerged steam turbine business effective April 21, 2011.

“FY 11 witnessed a good performance despite a difficult year for the sugar business. Even though the cane prices announced by the Uttar Pradesh Government will bring additional burden on the industry in terms of higher cost of production, the announcement to allow export of one million tonnes of sugar and withdrawal of sugar stock limits are two moves which we believe should help strengthen sugar prices,” Mr Dhruv M. Sawhney, CMD, TEIL said. The company also witnessed growth in its water and gears business and carries a strong order book of Rs 520 crore into FY2012, Mr Sawhney said in a statement.

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