Triveni Engineering & Industries Limited

Triveni Engineering & Industries Limited is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is one amongst the largest sugar manufacturers in India and the market leader in its engineering businesses comprising high speed gears, gearboxes, and water treatment solutions. With 7 sugar mills, 6 co-generation units and 1 distillery spread over 8 locations in Uttar Pradesh, we progressively engage with over 250,000 farmers through our cane marketing and development programs. As the largest Indian manufacturer of high-speed and niche low speed gears and gearboxes, Triveni commands a dominant market-share in the gears market in the region. As a focussed player in water treatment domain, we offer end-to-end services & product mix in the technology spectrum of water and waste water treatment. We have a dedicated manufacturing and R&D unit each for Gear and Water Treatment Applications at Mysore and Noida respectively. Our two major business segments – sugar and engineering - are mutually exclusive in terms of growth factors and environment. The sugar business is immune to the upheavals in the global economy, and is dependent only on the sugar cycle. Our engineering businesses cater to the two most critical industries – power and water. Our steam turbine business, located at Bengaluru has been demerged through a scheme of arrangement into Triveni Turbine Limited (TTL) from the appointed date on 1st October 2010, and the same has become effective w.e.f. 21st April, 2011. Triveni Engineering & Industries Limited holds 21.8% equity capital of Triveni Turbine Limited. Our Manufacturing Capabilities We have invested in world class technology and machines, thereby ensuring faster deliveries, superior quality and cost optimization for our products. Our technological associations with some of the leading global manufacturers in the world have enabled us to provide the world's foremost technologies to our customers at Indian prices. Our Service Capabilities Our sales and service network serves our global spread of customers. Our technical services workforce provides end-to-end support to customers from the requirement mapping to solution advisory to machinery supply to installation assistance to after sales and refurbishment and maintenance. The financials of the company are improving over the years, RoCE is around 9.23% and at CMP its looks reasonably priced. Price difference is around 32% and acceptance ratio as per current share holding for retail will be around 5% as retail share holding is high in this stock and after announcement of buyback possibility of retail holding will increase. So expected acceptance ratio would be around 10 to 15% and gain around 5% for retail investors. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal