Triveni Engineering leaps 15.5{bcdc0d62f3e776dc94790ed5d1b431758068d4852e7f370e2bcf45b6c3b9404d} on strong Q1 results, buyback proposal

Shares of Triveni Engineering and Industries zoomed fifteen.5 for every cent to Rs eighty two apiece on the BSE on Tuesday just after the firm on Monday approved to buyback million equity shares at Rs a hundred and five for every share. In addition to, it claimed an more than a hundred and fifty for every cent 12 months-on-12 months soar in June quarter standlone internet revenue at Rs eighty.forty crore.

“The Board approved the buyback of thoroughly paid up equity shares of experience price of Re one every, not exceeding 61,90,000 equity shares, representing two.5 for every cent of the whole paid-up equity share money of the Business as on March 31, 2020, at a rate of Rs a hundred and five for every equity share payable in funds for an mixture total not exceeding Rs sixty four,ninety nine,50,000,” the firm said in a trade submitting. Read Below

“The Buyback will be on a proportionate basis from the shareholders of the Business, by the ‘Tender Offer’ route applying system for acquisition of shares by stock trade,” it additional.

On the outcomes front, the firm’s standalone internet revenue arrived in at Rs eighty.forty crore, soaring a hundred and fifty.23 for every cent from a revenue of Rs 32.13 crore logged in the 12 months-back quarter. It truly is pre-tax revenue stood at Rs 123.eighty three crore, up from Rs 45 crore claimed in the 12 months-back quarter. It truly is income from operations jumped to Rs one,222.forty four crore, up from just Rs 921.forty eight crore, in Q1FY20.

On a consolidated basis, the internet revenue was Rs eighty three.seventy five crore, registering a obtain of 146 for every cent from Rs 34.06 crore claimed in Q1FY20.

“Sugar small business has done nicely owing to stable sugar prices and increased volume of income by 32 for every cent. The sugar income consists of export subsidy of Rs 57.66 crore pertaining to export income built in FY20. Subsidy of Rs 5.eighty one crore pertaining to export income all through the present quarter will be booked on fulfillment of approved disorders,” the firm said in a assertion.

With the operations of two distilleries, the firm accomplished increased Ethanol income volume of 29 for every cent. Hand sanitizer producing began in April 2020 amid the outbreak of Covid-19. “Through Q1FY21, Engineering Companies efficiency ended up impacted by the lockdown owing to Covid-19… The whole financial debt of the Business as on June thirty, 2020 is Rs one,246.seventy two crore as towards Rs one,848.31 crore as on June thirty, 2019, comprising phrases financial loans of Rs 596.seventy five crore which include comfortable financial loans of Rs 467.96 crore with interest subvention / subsidized interest rate,” it said in a assertion.

At 10:32 am, the stock was quoting at Rs seventy seven.seventy five for every share, up nine.5 for every cent, on the BSE as towards .nine for every cent obtain in the benchmark S&P BSE Sensex.