Triveni Engineering & Industries Ltd — Interim / Quarterly Report 2019

Nov 2, 2018

CORPORATE OFFICE 8'" Floor, Express Trade Towers, 15-16, Sector 16A, Noida - 201301, U.P., India T: +91 1204308100 I F: +91 1204311010-11 W: www.trivenigroup.com

By E-ftling
REF'TEIL'SE'	November ,ndDate' 22018
The Deputy General Manager	The Asst. Vice President
Department of CorporateServices,	Listing Department
BSE Limited	NationalStock Exchangeof India Ltd.,
151 Floor, New Trading Ring,	Exchange Plaza, 5th Floor,
Rotunda Building, P.J. Tower,	Plot No. CIl, G Block,
Dalal Street, Fort,	Bandra-KurlaComplex,Bandra (E),
MUMBAl-400001	MUMBAI - 400 051
STOCKCODE:532356	STOCKCODE:TRIVENI
Investors'briefforFY19endedSeptember30,2018Sub:Q2/H1

Dear Sirs,

We send herewith a copy of investors' brief on the performance of the Company for the Q2/H 1 FY 19 (consolidated) ended September 30, 2018 for your information. The same has also been put up on the Company's website www.trivenigroup.com.

Thanking you,

Yours faithfully, For Triveni Engineering & Industries Ltd.

;t'>

CEl!TA BHALL:- Group Vice President & Company Secretary M. NO. O,47-!> EncJ: As above

Registered office: Deoband, District Saharanpur, Uttar Pradesh 247554. Corporate office: Express Trade Towers, 8th floor, 15-16, Sector 16A, Noida 201301, Ph: 0120-4308000, Fax: 0120-4311011 CIN: L15421UP1932PLC022174

For immediate release

H1 FY 19 Consolidated Results ended Sep 30, 2018 Gross Revenue at **1394.36 crore, lower by 27% Profit after Tax at** 69.48 crore

• Sugar Businesses
  • The Country's latest revised estimates for SS 2018-19 sugar production at 31.3 million tonnes
  • The GoI has announced scheme to export sugar to the extent of 5 million tonnes to evacuate surplus sugar
  • MSP and regulated releases have supported sugar prices in a narrow band of ` 32.50 – 33/kg
• Engineering Businesses
  • Gears business registered good growth during the quarter in terms of turnover, profitability and order booking
  • Water business booked significant orders during the quarter
  • Outstanding order book of ` 1586 crore for combined Engineering Businesses; an increase of 25% since Q1 FY 19

NOIDA, November 02, 2018: Triveni Engineering & Industries Ltd. ('Triveni'), one of the largest integrated sugar producers in the country; a market leader of engineered-to-order high speed gears & gearboxes and a leading player in water and wastewater management business, today announced its performance for the second quarter and half year ended Sep 30, 2018 (Q2/H1 FY 19). The Company has prepared the Financial Results for the second quarter and half year based on the Indian Accounting Standards (Ind AS) and as in the past, has been publishing and analyzing results on a consolidated basis.

					In `	crore
	Q2 FY 19	Q2 FY 18	Change(%)	H1FY 19	H1FY 18	Change(%)
Gross Revenue	687.75	1060.75	(35)	1394.36	1905.04	(27)
EBITDA (before exceptional items)	67.24	170.30	(61)	145.77	302.25	(52)
EBIDTA Margin	10%	16%		10%	16%
Share of income from Associates	5.23	4.94	6	8.52	7.30	17
Profit / (Loss) Before Tax	44.88	140.69	(68)	89.89	224.47	(60)
Profit / (Loss) After Tax (PAT)	32.36	100.62	(68)	69.48	161.16	(57)
ConsolidatedOther Comprehensive Income (Net ofTax)	(0.65)	(0.28)		(1.02)	(0.22)
Total Comprehensive Income	31.71	100.34	(68)	68.46	160.94	(57)
EPS (not annualized) (`/share)	1.25	3.90		2.69	6.25

PERFORMANCE OVERVIEW: Q2/ H1 FY 19 (Consolidated)

• In line with the broader sugar industry, the accounting treatment of off-season expenses incurred by the sugar business has been revised during the quarter for quarterly financial statements, according to which such expenses will be not deferred but expensed as when incurred / accrued. The change in accounting treatment has the effect of lowering profitability (PBT) for the quarter and six months ended 30.09.2018 by ` 94.53 crore. This change in accounting treatment will not have any impact on the annual financial results.
• Sugar profitability includes inventory revaluation of ` 55.02 crore during the quarter.
• While Distillery business has performed well in terms of turnover and profitability in view of low cost of molasses. There was no Co-generation operation during the quarter.
• Gears business performed well during the quarter in terms of better order booking, turnover and profitability.
• Water business secured substantial orders during the quarter. However, some continuing delays in existing contracts resulted in some cost overruns.
• The total debt of the Company as on Sep 30, 2018 is 669 crore, which is higher than 30.09.2017 on account significantly higher inventory as at the end of Sept 2018. The total debt includes term loans of 96 crore, comprising soft loans of ` 19 crore. The reduction in term loan has been 42% & 62% respectively in comparison to 31st March 2018 and 30th Sept 2017 respectively.

Commenting on the Company's financial performance, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said:

"The performance of the Company has been satisfactory given the overhang of surplus sugar inventories held in the country. The key reason has been stable sugar prices in the domestic market sustained due to various Government policies. While the sugar operations bore the brunt of dismally low molasses prices, low raw material prices helped the profitability of the distillery.

It has been a matter of relief that earlier estimate of sugar production in the SS 2018-19 has been significantly pruned from 35 million tonnes to 31.3 million tonnes. With the expected dissipation of surplus sugar in SS 2018-19 in the international market, the international prices have started firming. The Government's export program is vital to rationalize the sugar inventories in the country.

Long term commitment of the Government is visible in the recent Ethanol Incentive policy. Apart from partial interest subvention in setting additional Distillation capacities, permitting production of Ethanol from B-heavy molasses and sugarcane juice along with revision of their respective sugar parity prices go a long way in reshaping the business model of sugar companies. It will help sugar companies to change product-mix and regulate sugar production based on the sugar cycle. The Company has also taken steps to expand the distillation capacities and be a significant Ethanol producer.

*There have been significant cane dues of ~* ` 7700 crore for U.P. relating to the previous season. Having comprehended financial hardships of sugar industry in UP, GoUP has announced a soft loan scheme along with some cane price grant to enable sugar mills to liquidate cane dues. It is more of a short term solution as sugar mills will be required to repay the loan from their own resources, which may not be possible unless sugar prices remain remunerative to meet the cane prices. For long term sustainability of sugar industry, it is imperative to carry out much needed cane price reforms.

The Gears business, during the quarter, has performed well in terms of turnover, profitability and the order booking which augurs well for the business going forward. Our foray into new products is expected to result in better performance in the coming quarters. In the Water business, the order inflow witnessed in Q1 continued during the Q2 as well with a total order intake of over ` 353 crore including O&M. The business is now witnessing the much-awaited traction and we expect a steady state revenue in the coming quarters, which in turn would result in significantly better profitability for the business from the current levels.

- ENDS –

Attached: Details to the Announcement and Results Table

About 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 integrated sugar manufacturers in India and the market leader in its engineering businesses comprising high speed gears, gearboxes, and water treatment solutions. Triveni currently has seven sugar mills in operation at Khatauli, Deoband, Sabitgarh, (all in western Uttar Pradesh), Chandanpur, Rani Nangal and Milak Narayanpur (all in central Uttar Pradesh) and Ramkola (eastern Uttar Pradesh). While the Company's Gears manufacturing facility is located at Mysuru, the Water & Wastewater treatment business is located at Noida. The Company currently operates three grid connected co-generation plants and three incidental co-generation plants located across five sugar units and one of the largest single stream molasses based distillery in India, located at Muzaffarnagar.

The Company produces premium quality multi-grade plantation white, refined and pharmaceutical sugar. All of the Sugar units are FSSC-2000:2010 certified. The sugar is supplied not only to household consumers but also to bulk consumers. The Company has supply chain relationship with leading multinational beverage, food & FMCG companies, pharmaceutical companies and leading confectionery producers. It also has a strong presence in branded sugar market through its brand "Shagun". The distillery has a flexible manufacturing process allowing it to produce Ethanol, Extra Neutral Alcohol (ENA), Rectified Spirit (RS) and Special Denatured Spirit (SDS) all of which are renowned for their high quality. Triveni currently operates 104.5 MW grid connected co-generation capacity. The Company's Sabitgarh unit is registered as Renewable Energy Certificate (REC) project under CERC.

The Company delivers robust and reliable Gears solutions which cover a range of applications and industries to meet the ever-changing operating conditions and customers' requirements. The Company has become a dominant supplier to all major OEMs in the country, offering solutions to all industrial segments including Oil and Gas as per AGMA, API-613 and API-677 standards. It remains the market leader in high-speed Gears and Gearboxes up to 70 MW capacity and speed of 70,000 rpm. The major product portfolio includes steam turbines, gas turbines, and compressor gearboxes under the High Power High Speed segment. In the Low Speed segment, the Company focuses on the gearboxes used in applications such as reciprocating pumps and compressors, hydel turbines, mill and extruder drives for metal, sugar, rubber and plastic industries, marine applications, etc. Its robust and reliable products are backed by 360-degree service solutions which minimise the downtime for its customers. The Company provides health monitoring services for all types of critical gearboxes, high speed and low speed, as well as maintains an inventory of dimension ready sites for immediate solution.

The Company is also one of the leading solutions providers for water treatment, wastewater treatment and the recycle of water. Advanced Solutions offered for total water management include turnkey / EPC, customer care, operations and maintenance, life cycle models such as Design, Build Own & Operate (DBOO), Design, Build Own Operate and Transfer (DBOOT), BOOT, equipment supply for unit processes like screening, grit separation, clarification and sludge handling. The Customer Care Division offers value added services for operation management and performance optimisation. The quality service offerings are tailored to customers' requirements, which in many cases form an integral part of the main contract - operations and maintenance, annual maintenance contracts, product & process audit, health check-up and overhauling, pilot experiments, refreshment, upgradation and automation of existing plants, spares and service consumables and chemicals and on-site training and assistance.

The turbine business of the Company, 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 21.82% equity capital of Triveni Turbine Limited.

For further information on the Company, its products and services please visit www.trivenigroup.com

C N Narayanan Triveni Engineering & Industries Ltd Ph: +91 120 4308000 Fax: +91 120 4311010, 4311011 E-mail:cnnarayanan@trivenigroup.com Gavin Desa/ Rishab Barar CDR India Ph: +91 22 6645 1237 / 1235 Fax: +91 22 22844561 E-mail: gavin@cdr-india.com rishab@cdr-india.com

Note:

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Triveni Engineering & Industries Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Q2/H1 FY 19: BUSINESS-WISE PERFORMANCE REVIEW

(all figures in ` crore, unless otherwise mentioned)

The consolidated result of the Company includes the results of its associates, Triveni Turbine Limited (TTL) in which the Company holds 21.82% equity capital and Aqwise-Wise Water Technologies Limited, in which the Company holds 25.04%, in accordance with Ind AS.

Sugar business

Triveni is amongst the leading players in the Indian sugar sector, with seven sugar manufacturing facilities located in the state of Uttar Pradesh.

Performance

	Q2 FY 19	Q2 FY 18	H1 FY 19	H1 FY 18
Sugar dispatches (Tonnes)	165847	256528	359326	442604
Realisation price ( `/MT)	32852	37777	30744	37404
Gross Revenue (`crore)	546.41	975.56	1142.63	1734.62
PBIT (`crore)	13.23	155.46	36.50	260.91

• In view of change in accounting treatment of off-season expenses, the profitability for the quarter and six months ended 30.09.2018 is lower by ` 88.30 crore.
• Sugar is being sold as per the release quota allocated by the Government for each month.
• The sugar inventory as on Sep 30, 2018 was 35 lakh quintals, which is valued at ` 31/Kg.
• During the quarter, sugar stocks have been revalued upward by ` 55.02 crore (net).

Industry Scenario

• The Central Government has announced a 5,500 crore package for the sugar industry which includes production aid to sugarcane farmers and transport subsidy to mills to facilitate exports which is capped at 1000/tonne for mills within 100 km of ports, 2500/tonne beyond 100 kms in coastal states, 3000/tonne for mills in non-coastal states or actual expenditure, whichever is lower.
• The initial estimates of planting for the next season suggest that there has been an increase of 8% in the total acreage under sugarcane in the country from 50.42 lakh hectare in SS 2017-18 to 54.35 lakh hectares in SS 2018-19.
• As per initial industry estimates sugar production is expected to be around 35 35.5 million tonnes of sugar in SS 2018-19. However, as per the latest industry estimates, the sugar production is expected to be 31.3 million tonnes. This is primarily due to Maharashtra, U.P. and

Karnataka sugar production which has been impacted by pest as well as lower than expected rain fall in certain areas.

• U.P. is estimated to produce just over 12 million tonnes of sugar while Maharashtra to produce 9.5 million tonnes as per latest estimates.
• Sugar carry forward stock is estimated to be around 10.5 million tonnes as on Oct 1, 2018 and domestic consumption is expected to be 26 million tonnes in SS 2018-19. With exports consideration of 4-5 million tonnes of sugar, the closing balance of SS 2018-19 is expected to around 10.8-11.8 million tonnes.
• On account of estimated higher sugar production during SS 2018-19, the Government has announced a mandatory export of 5 million tonnes together with support of cane price assistance and transport subsidy.
• The Government of Uttar Pradesh has also announced various financial support to the industry to liquidate the sugar cane arrears – Cane price grant of ` 4.50 per quintal, and soft loan with partial interest subvention to pay the cane dues.
• The Government has announced Fair and Remunerative Price (FRP) of sugarcane for SS 2018-19 at 275 per quintal for a basic recovery rate of 10%; providing a premium of 2.75/qtl for each 0.1 % increase in recovery over and above 10%.
• In order to correct the sugar balance in the country and also to focus on the bio fuel, the Government's bio fuel policy has put a lot of emphasis for manufacture of ethanol and increasing the range of feedstock from which ethanol can be produced. The Government also announced support for setting up of new ethanol capacities. The Government also announced differential prices for the next marketing cycle starting from December 2018 for ethanol manufactured from C molasses, B molasses and directly from sugar cane juice.
• OMCs have floated fresh tender for supply of 329 crore litres of ethanol in SS 2018-19, which includes 66 crore litres for ethanol manufactured from B-heavy molasses/sugarcane juice/damaged food grains and 263 crore litres from C-heavy molasses.

International sugar scenario

• As per recent forecast, the global sugar surplus scenario will continue to remain in the 2018/19 crop year, although the surplus is expected to shrink to 5.5 million tonnes as per global industry estimates.

• In Centre-South Brazil, sugar production till Oct 16, 2018 is lower by 25% as compared to corresponding period of last year while ethanol production has increased by over 22%

• In Thailand. Initial estimates forecast a sugarcane crop of around 122 million tonnes, which is 11% lower from the previous crop mainly due to farmers switching to rice production in the North East, and tapioca in the Centre and East and also due to diversion of sugarcane for biofuel. In 2018-19 sugar production is expected to be around 13.8 million tonnes, decline of 6% from 2017-18.

• On Oct 24, 2018, March raw sugar rose to highest level at 14.24 cents since January 2018 and settled at 14.01 cents mainly due to expected lower sugar production in Brazil. Similarly, December white sugar settled at US$387.70 per tonne, an increase of 1.9%.

Co-generation business

Triveni's co-generation plants at Khatauli (two units) and Deoband supplies (exports) surplus power to the state grid after meeting captive requirements.

Performance

	Q2 FY 19	Q2 FY 18	H1 FY 19	H1 FY 18
Operational details
Power Generated –million units	-	-	72.86	51.32
Power exported –million units	-	-	49.71	36.6
Financial details
Gross Revenue (` crore)	1.25	1.95	52.16	38.05
PBIT (`crore)	(7.08)	1.24	17.20	14.94

• The co-generation plants did not operate during the quarter.
• The profit of Co-generation during Q2 & H1 FY 19 was lower as compared to the corresponding period of previous year only due to change in accounting policy (by charging of off season expenses of ` 7.23 crore in this period, rather than deferring it as previously).

Distillery business

Triveni's distillery primarily produces Ethanol, other products being Extra Neutral Alcohol (ENA), Rectified Spirit (RS), Special Denatured Spirit (SDS)

Performance

	Q2 FY 19	Q2 FY 18	H1 FY 19	H1 FY 18
Operational details
Production (KL)	12627	3700	23696	8019
Sales (KL)	13197	4305	23446	13884
Avg. realisation (`/ ltr)	40.82	39.04	40.84	38.99

	Q2 FY 19	Q2 FY 18	H1 FY 19	H1 FY 18
Financial details
Gross Revenue (` crore)	53.93	16.80	95.89	58.81
PBIT (` crore)	34.30	(3.61)	55.89	(1.21)

• During the quarter under review, the distillery production was higher by 241% while sales volume was higher by 207%, over the corresponding period of previous year. This increase was partially because of the non-operation of distillery for over a month during the last financial year, which had impacted the production in H1 FY 18.
• PBIT in H1 FY 19 is significantly higher than corresponding period of previous year, mainly due to lower raw material cost, and higher sales at higher realization.
• The Company received 2.72 cr ltr of contract for ethanol supply from OMCs during 2017-18 (Dec 17- Nov 18) at an administered basic price of ` 40.85 /litre.
• The share of Ethanol sales in H1 FY 19 is 100% of the total sales volume, as against 88% in H1 FY 18.
• Project relating to setting up of new Ethanol plant at Sabitgarh sugar unit and incineration boiler at existing distillery are proceeding well and are likely to be operational in the Q1 FY 2020.

High speed gears and gearboxes business

This business manufactures high-speed gears and gearboxes upto 70MW capacity with speeds of 70,000 rpm. Triveni is the country's largest one-stop solutions provider in this sector with over 60% overall market share.

Performance

	Q2 FY 19	Q2 FY 18	H1 FY 19	H1 FY 18
Gross Revenue (`crore)	37.00	27.92	57.75	41.83
PBIT (` crore)	10.29	6.02	14.39	6.96
Order Booking (`crore)	50.53	39.41	114.02	115.74

• The growth in OEM sales has been 46% while the sales of spares, services, retrofitting including exports have been 34% in H1 FY 19.

• The activities during Q2 FY 19 have picked up as indicated by the order booking. Order booking also improved by 28% during the quarter as compared to same period of last year.

• Overall the market looks stable with positive signs from some sectors.

• The business has strong enquiries from defence and is hopeful of concluding some more of them in the coming quarters.

• The outstanding order book as on Sep 30, 2018 stood at 186.26 crore including long duration orders of 76.80 crore executable over a couple of years.

Outlook

• The market outlook for the capital goods segment in our range of products points to some recovery.
• Replacement business is doing well and is expected to continue.
• The Company is exploring new product & geographies to expand so as to further improve its turnover and profitability.

Water business

This business is focused on providing world-class solutions in water and wastewater treatment to customers in industrial and municipal segments. This business is gaining faster momentum and is getting recognition in a high potential market as a supplier of superior quality products and services at competitive costs.

Performance

	Q2 FY 19	Q2 FY 18	H1 FY 19	H1 FY 18
Gross Revenue (`crore)	48.76	38.52	85.18	73.41
PBIT (`crore)	(0.29)	(8.39)	(2.35)	(11.68)
Order Booking includingO&M (`crore)	353.35	5.24	951.53	105.92

• The water segment continued its winning trend in order booking and achieved a closure of an order worth over ` 353 crore including O&M in Q2 FY 19.
• In some of the existing projects, there are continuing delays and cost escalations but these are on tapering down trends.
• The total order intake during the half year was ` 951.53 crore.
• The outstanding order book as on Sep 30, 2018 stood at 1400.02 crore, which includes 519.87 crore towards Operations and Maintenance contracts for a longer period of time.

Outlook

• The Company has participated in large number of tenders which are in various stages of finalization and is expected to close some of these in the coming quarters.
• In line with its strong carry forward book, the Company is expecting its revenue to scale up in the coming quarters, which will ensure better profitability.
• The Company continues to successfully leverage its existing engineering relationships with industrial sector customers.

Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Triveni Engineering & Industries Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

TRIVENI ENGINEERING & INDUSTRIES LIMITED Regd. Office : Deoband, Distt. Saharanpur, Uttar Pradesh 247 554 Corp. Office : 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201 301 CIN : L15421UP1932PLC022174

Statement of Standalone Unaudited Financial Results for the Quarter and Half Year ended September 30, 2018

(₹ in lakhs, except per share data)
		3 Months ended		6 Months ended		Year ended
Particulars	30-Sep-2018	30-Jun-2018	30-Sep-2017	30-Sep-2018	30-Sep-2017	31-Mar-2018
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1 Revenue from operations (refer note 4)	68771	70660	106075	139431	190504	341238
2 Other income	1144	532	790	1676	1030	2408
Total income	69915	71192	106865	141107	191534	343646
3 Expenses
(a) Cost of materials consumed	4257	54051	3683	58308	21057	258145
(b) Purchases of stock-in-trade	294	475	243	769	609	1674
(c) Changes in inventories of finished goods, stock-in-tradeand work-in-progress	44116	(1783)	80944	42333	124431	(866)
(d) Excise duty on sale of goods (refer note 4)	-	-	-	-	4168	4168
(e) Employee benefits expense	5156	5098	4570	10254	9031	20240
(f)Finance costs	1319	2275	2077	3594	5756	8534
(g) Depreciation and amortisation expense	1438	1406	1378	2844	2752	5537
(h) Off-season expenses (net) (refer note 3)	3111	(3111)	(5935)	-	(10440)	-
(i)Other expenses	5860	8608	5789	14468	11911	30271
Total expenses	65551	67019	92749	132570	169275	327703
Profit from continuing operations before exceptional items4	4364	4173	14116	8537	22259	15943
5 Exceptional items (net) - income/(expense)	-	-	-	-	-	-
6 Profit from continuing operations before tax7 Tax expense	4364	4173	14116	8537	22259	15943
(a) Current tax	890	913	3049	1803	4817	3204
(b) Deferred tax	362	(124)	958	238	1514	1765
Total tax expense	1252	789	4007	2041	6331	4969
8 Profit from continuing operations after tax	3112	3384	10109	6496	15928	10974
9 Profit/(loss) from discontinued operations	-	-	-	-	-	-
10 Tax expense of discontinued operations	-	-	-	-	-	-
11 Profit/(loss) from discontinued operations (after tax)	-	-	-	-	-	-
12 Profit for the period	3112	3384	10109	6496	15928	10974
13 Other comprehensive income
A (i) Items that will not be reclassified to profit or loss	-	-	-	-	-	186
A (ii) Income tax relating to items that will not be reclassified	-	-	-	-	-	64
to profit or loss
B (i) Items that will be reclassified to profit or loss	-	-	-	-	-	-
B (ii) Income tax relating to items that will be reclassified toprofit or loss	-	-	-	-	-	-
Other comprehensive income for the period, net of tax	-	-	-	-	-	122
14 Total comprehensive income for the period	3112	3384	10109	6496	15928	11096
15 Paid up Equity Share Capital (face value ₹ 1/-)	2579	2579	2579	2579	2579	2579
16 Other Equity						85507
17 Earnings per share of ₹ 1/- each (not annualised)
(a) Basic (in ₹)	1.21	1.31	3.92	2.52	6.18	4.25
(b) Diluted (in ₹)	1.21	1.31	3.92	2.52	6.18	4.25

See accompanying notes to the standalone financial results

Standalone Unaudited Segment wise Revenue, Results, Assets and Liabilities for the Quarter and Half Year ended September 30, 2018

							(₹ in lakhs)
			3 Months ended		6 Months ended		Year ended
	Particulars	30-Sep-2018	30-Jun-2018	30-Sep-2017	30-Sep-2018	30-Sep-2017	31-Mar-2018
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	1 Segment Revenue
(a)	Sugar Businesses
	Sugar	54641	59622	97556	114263	173462	299964
	Co-Generation	125	5091	195	5216	3805	21516
	Distillery	5393	4196	1680	9589	5881	11589
		60159	68909	99431	129068	183148	333069
	(b) Engineering BusinessesGears	3700	2075	2792	5775	4183	11177
	Water	4872	3641	3852	8513	7341	17567
		8572	5716	6644	14288	11524	28744
(c)	Others	1339	1526	1798	2865	3105	6087
	Total Segment revenue	70070	76151	107873	146221	197777	367900
	Less : Inter segment revenue	1299	5491	1798	6790	7273	26662
	Total Revenue from operations	68771	70660	106075	139431	190504	341238
(a)	2 Segment ResultsSugar Businesses
	Sugar	1323	2327	15546	3650	26091	11559
	Co-Generation	(708)	2428	124	1720	1494	9890
	Distillery	3430	2159	(361)	5589	(121)	2674
		4045	6914	15309	10959	27464	24123
	(b) Engineering BusinessesGears	1029	410	602	1439	696	3142
	Water	(31)	(206)	(839)	(237)	(1168)	(1394)
		998	204	(237)	1202	(472)	1748
(c)	Others	5	19	23	24	7	20
	Total Segment results	5048	7137	15095	12185	26999	25891
Less :
(i)	Finance costs	1319	2275	2077	3594	5756	8534
	(ii) Exceptional items (net) - (income)/expense	-	-	-	-	-	-
	(iii) Other unallocable expenditure net of unallocable incomeTotal Profit before tax	(635)4364	6894173	(1098)14116	548537	(1016)22259	141415943
	3 Segment Assets
(a)	Sugar Businesses
	Sugar	17252712544	22283913650	10148214972	17252712544	10148214972	21682715914
	Co-GenerationDistillery	15257	12049	12133	15257	12133	12357
		200328	248538	128587	200328	128587	245098
	(b) Engineering Businesses
	Gears	12923	12496	11464	12923	11464	14340
	Water	2223435157	2112433620	2189133355	2223435157	2189133355	2423038570
(c)	Others	1735	1699	2086	1735	2086	1709
	Total Segment assetsAdd : Unallocable assets	23722012285	28385710598	16402811186	23722012285	16402811186	28537711297
	Total Assets	249505	294455	175214	249505	175214	296674
	4 Segment Liabilities
(a)	Sugar Businesses
	SugarCo-Generation	61744447	71487403	10252347	61744447	10252347	59554421
	Distillery	856	964	931	856	931	836
		63047	72854	11530	63047	11530	60811
	(b) Engineering Businesses
	Gears	3550	2752	1990	3550	1990	3346
	Water	1224415794	1146514217	997211962	1224415794	997211962	1292216268
		1349	1368	1699	1349	1699	1359
(c)	Others
	Total Segment liabilitiesAdd : Unallocable liabilities	8019074732	88439114545	2519157104	8019074732	2519157104	78438130150
	Total Liabilities	154922	202984	82295	154922	82295	208588

Standalone Statement of Assets and Liabilities

(₹ in lakhs)

Particulars	As at30-Sep-2018(Unaudited)	As at31-Mar-2018(Audited)
ASSETS
1Non-current assets
(a) Property, plant and equipment	81902	83466
(b) Capital work-in-progress	2165	1005
(c) Investment property	821	821
(d) Other intangible assets	22	36
(e) Financial assets
(i)Investments	5399	5457
(ii) Trade receivables	74	50
(iii) Loans	3	3
(iv) Other financial assets	821	733
(f)Other non-current assets	8299	6310
	99506	97881
2Current assets
(a) Inventories	114605	157919
(b) Financial assets
(i)Trade receivables	24309	31140
(ii) Cash and cash equivalents	436	339
(iii) Bank balance other than cash and cash equivalents	227	273
(iv) Loans	321	53
(v) Other financial assets	927	424
(c) Other current assets	9174	8645
	149999	198793
TOTAL - ASSETS	249505	296674
EQUITY AND LIABILITIESEQUITY
(a) Equity share capital	2579	2579
(b) Other equity	92004	85507
	94583	88086
LIABILITIES
1Non-current liabilities
(a) Financial liabilities
(i)(i) BorrowingsBorrowings	456	3495
(ii) Other financial liabilities(ii) Other financial liabilities	-	-
(b) Provisions	4235	3970
(c) Deferred tax liabilities (net)	4409	4172
(d) Other non-current liabilities	164	149
	9264	11786
2Current liabilities
(a) Financial liabilities
(i)Borrowings
	57327	107647
(ii) Trade payables
- total outstanding dues of micro enterprises and small
enterprises	99	43
- total outstanding dues of creditors other than micro
enterprises and small enterprises	63402	62762
(iii) Other financial liabilities	13372	16426
(b) Other current liabilities	8105	7992
(c) Provisions	2150	1932
(d) Current tax liabilities (net)	1203145658	-196802

Notes to the Standalone Unaudited Financial Results for the Quarter and Half Year ended September 30, 2018

• 1. The above results have been prepared in accordance with the principles and procedures of the Indian Accounting Standards ('Ind AS') as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified under section 133 of the Companies Act, 2013.
• 1. In view of the seasonality of the Sugar Business, the performance results may vary from quarter to quarter.
• 1. In line with the generally adopted practice in the sugar industry, the Company has revised the treatment with respect to deferment of certain off season expenses. Accordingly, such expenses amounting to ₹ 6342 lakhs have not been deferred during the current quarter and similar expenses of ₹ 3111 lakhs deferred in the previous quarter ended June 30, 2018 have been charged off during the current quarter (had deferred ₹ 5935 lakhs and ₹ 10440 lakhs during the quarter and half year ended September 30, 2017, respectively). The revision in the treatment has the effect of lowering the profitability of the current quarter and half-year ended September 30, 2018 by ₹ 9453 lakhs. However, such expenses will be considered in the relevant cost of production in the balance part of financial year in line with the treatment followed in the annual financial statements and thus, has no effect on annual performance.
• 1. Goods and Services Tax ("GST") has been implemented with effect from July 1, 2017 and therefore, revenue from operations for the period thereafter are net of GST. Revenue from operations and expenses for the half year ended September 30, 2017 and year ended March 31, 2018, being inclusive of excise duty upto June 30, 2017, are not comparable with corresponding figures for the half year ended September 30, 2018.
• 1. Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information is not restated. The adoption of the standard did not have any material impact on the financial results of the Company.
• 1. The above results were reviewed and recommended for adoption by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 2, 2018. The statutory auditors have carried out a limited review of the above financial results.

For Triveni Engineering & Industries Limited

Place : Noida Dhruv M. Sawhney Date : November 2, 2018 Chairman & Managing Director

TRIVENI ENGINEERING & INDUSTRIES LIMITED Regd. Office : Deoband, Distt. Saharanpur, Uttar Pradesh 247 554 Corp. Office : 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201 301 CIN : L15421UP1932PLC022174

Statement of Consolidated Unaudited Financial Results for the Quarter and Half Year ended September 30, 2018

(₹ in lakhs, except per share data)
		3 Months ended		6 Months ended		Year ended
Particulars	30-Sep-2018	30-Jun-2018	30-Sep-2017	30-Sep-2018	30-Sep-2017	31-Mar-2018
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1 Revenue from operations (refer note 4)	68775	70661	106075	139436	190504	341238
2 Other income	748	531	251	1279	490	1544
Total income	69523	71192	106326	140715	190994	342782
3 Expenses
(a)Cost of materials consumed	4257	54051	3683	58308	21057	258145
(b)Purchases of stock-in-tradeChanges in inventories of finished goods, stock-in-trade and work	294	475	243	769	609	1674
(c)in-progress	44116	(1783)	80944	42333	124431	(866)
(d) Excise duty on sale of goods (refer note 4)	-	-	-	-	4168	4168
(e)Employee benefits expense	5156	5098	4570	10254	9031	20240
(f)Finance costs	1321	2275	2077	3596	5756	8534
(g)Depreciation and amortisation expense	1438	1406	1378	2844	2752	5537
(h)Off-season expenses (net) (refer note 3)	3111	(3111)	(5935)	-	(10440)	-
(i)Other expenses	5865	8609	5791	14474	11913	30288
Total expenses	65558	67020	92751	132578	169277	327720
4Profit from continuing operations before share of profit of associates,exceptional items and tax	3965	4172	13575	8137	21717	15062
5 Share of profit of associates	523	329	494	852	730	1822
6
Profit from continuing operations before exceptional items and tax	4488	4501	14069	8989	22447	16884
7 Exceptional items (net) - income/(expense)	-	-	-	-	-	-
8 Profit from continuing operations before tax	4488	4501	14069	8989	22447	16884
9 Tax expense
(a)Current tax	890	913	3049	1803	4817	3205
(b)Deferred tax	362	(124)	958	238	1514	1765
Total tax expense	1252	789	4007	2041	6331	4970
10 Profit from continuing operations after tax	3236	3712	10062	6948	16116	11914
11 Profit/(loss) from discontinued operations	-	-	-	-	-	-
12 Tax expense of discontinued operations	-	-	-	-	-	-
13 Profit/(loss) from discontinued operations (after tax)	-	-	-	-	-	-
14 Profit for the period	3236	3712	10062	6948	16116	11914
Profit for the period attributable to :
(i)Owners of the Company	3236	3712	10062	6948	16116	11914
(ii) Non-controlling interests	-	-	-	-	-	-
15 Other comprehensive income
	-	-	-	-	-	193
A (i) Items that will not be reclassified to profit or loss
A (ii) Income tax relating to items that will not be reclassified to profit or loss	-	-	-	-	-	64
B (i) Items that will be reclassified to profit or loss	(65)	(37)	(28)	(102)	(22)	(8)
B (ii) Income tax relating to items that will be reclassified to profit or loss	-	-	-	-	-	-
Other comprehensive income for the period, net of tax	(65)	(37)	(28)	(102)	(22)	121
Other comprehensive income for the period, net of tax attributable to:
(i)Owners of the Company	(65)	(37)	(28)	(102)	(22)	121
(ii) Non-controlling interests	-	-	-	-	-	-
16 Total comprehensive income for the period	3171	3675	10034	6846	16094	12035
Total comprehensive income for the period attributable to:
(i)Owners of the Company	3171	3675	10034	6846	16094	12035
(ii) Non-controlling interests	-	-	-	-	-	-
17 Paid up Equity Share Capital (face value ₹ 1/-)	2579	2579	2579	2579	2579	2579
						92056
18 Other Equity19 Earnings per share of ₹ 1/- each (not annualised)
(a)Basic (in ₹)	1.25	1.44	3.90	2.69	6.25	4.62
Diluted (in ₹)(b)	1.25	1.44	3.90	2.69	6.25	4.62

See accompanying notes to the consolidated financial results

(₹ in lakhs) Year ended 30-Sep-2018 30-Jun-2018 30-Sep-2017 30-Sep-2018 30-Sep-2017 31-Mar-2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Segment Revenue (a) Sugar Businesses Sugar 54641 59622 97556 114263 173462 299964 Co-Generation 125 5091 195 5216 3805 21516 Distillery 5393 4196 1680 9589 5881 11589 60159 68909 99431 129068 183148 333069 (b) Engineering Businesses Gears 3700 2075 2792 5775 4183 11177 Water 4876 3642 3852 8518 7341 17567 8576 5717 6644 14293 11524 28744 (c) Others 1339 1526 1798 2865 3105 6087 - Total Segment revenue 70074 76152 107873 146226 197777 367900 Less : Inter segment revenue 1299 5491 1798 6790 7273 26662 Total Revenue from operations 68775 70661 106075 139436 190504 341238 2 Segment Results (a) Sugar Businesses Sugar 1323 2327 15546 3650 26091 11559 Co-Generation (708) 2428 124 1720 1494 9890 Distillery 3430 2159 (361) 5589 (121) 2674 4045 6914 15309 10959 27464 24123 (b) Engineering Businesses Gears 1029 410 602 1439 696 3142 Water (29) (206) (839) (235) (1168) (1394) 1000 204 (237) 1204 (472) 1748 (c) Others 5 19 23 24 7 20 Total Segment results 5050 7137 15095 12187 26999 25891 Less : (i) Finance costs 1321 2275 2077 3596 5756 8534 (ii) Exceptional items (net) - (income)/expense - - - - - - (iii) Share of (profit)/loss of associates (523) (329) (494) (852) (730) (1822) (iv) Other unallocable expenditure net of unallocable income (236) 690 (557) 454 (474) 2295 Total Profit before tax 4488 4501 14069 8989 22447 16884 3 Segment Assets (a) Sugar Businesses Sugar 172527 222839 101482 172527 101482 216827 Co-Generation 12544 13650 14972 12544 14972 15914 Distillery 15257 12049 12133 15257 12133 12357 200328 248538 128587 200328 128587 245098 (b) Engineering Businesses Gears 12923 12496 11464 12923 11464 14340 Water 22234 21124 21891 22234 21891 24230 35157 33620 33355 35157 33355 38570 (c) Others 1735 1699 2086 1735 2086 1709 Total Segment assets 237220 283857 164028 237220 164028 285377 Add : Unallocable assets 19187 17437 16924 19187 16924 17847 Total Assets 256407 301294 180952 256407 180952 303224 4 Segment Liabilities (a) Sugar Businesses Sugar 61744 71487 10252 61744 10252 59554 Co-Generation 447 403 347 447 347 421 Distillery 856 964 931 856 931 836 63047 72854 11530 63047 11530 60811 (b) Engineering Businesses Gears 3550 2752 1990 3550 1990 3346 Water 12244 11465 9972 12244 9972 12922 15794 14217 11962 15794 11962 16268 (c) Others 1349 1368 1699 1349 1699 1359 Total Segment liabilities 80190 88439 25191 80190 25191 78438 Add : Unallocable liabilities 74733 114545 56905 74733 56905 130151 Particulars 3 Months ended 6 Months ended TRIVENI ENGINEERING & INDUSTRIES LIMITED Consolidated Unaudited Segment wise Revenue, Results, Assets and Liabilities for the Quarter and Half Year ended September 30, 2018

Total Liabilities 154923 202984 82096 154923 82096 208589

Consolidated Statement of Assets and Liabilities

(₹ in lakhs)

Particulars	As at30-Sep-2018(Unaudited)	As at31-Mar-2018(Audited)
ASSETS
1Non-current assets
(a) Property, plant and equipment	81902	83466
(b) Capital work-in-progress	2165	1005
(c) Investment property	1170	1170
(d) Other intangible assets	22	36
(e) Investments accounted for using equity method	11527	11171
(f) Financial assets
(i) Investments	398	456
(ii) Trade receivables(iii) Loans	743	503
(iv) Other financial assets	821	733
(g) Other non-current assets	8300	6311
	106382	104401
2Current assets
(a) Inventories	114605	157919
(b) Financial assets
(i) Trade receivables	24309	31140
(ii) Cash and cash equivalents	440	367
(iii) Bank balance other than cash and cash equivalents	248	275
(iv) Loans	321	53
(v) Other financial assets	903	424
(c) Other current assets	9199	8645
	150025	198823
TOTAL - ASSETS	256407	303224
EQUITY AND LIABILITIESEQUITY(a) Equity share capital(b) Other equityEquity attributable to owners of the Company	257998905101484	25799205694635
Non-controlling interests	-	-
	101484	94635
LIABILITIES1Non-current liabilities(a) Financial liabilities(i) Borrowings(i) Borrowings	456	3495
(ii) Other financial liabilities(ii) Other financial liabilities	-	-
(b) Provisions	4235	3970
(c) Deferred tax liabilities (net)	4409	4172
(d) Other non-current liabilities	164	149
	9264	11786
2Current liabilities
(a) Financial liabilities(i) Borrowings	57327	107647
(ii) Trade payables- total outstanding dues of micro enterprises and smallenterprises	99	43
- total outstanding dues of creditors other than micro
enterprises and small enterprises	63403	62763
(iii) Other financial liabilities	13372	16426
(b) Other current liabilities	8105	7992
(c) Provisions	2150	1932
(d) Current tax liabilities (net)	1203	-
	145659	196803
TOTAL- EQUITY AND LIABILITIES	256407	303224

Notes to the Consolidated Unaudited Financial Results for the Quarter and Half Year ended September 30, 2018

• 1. The above results have been prepared in accordance with the principles and procedures of the Indian Accounting Standards ('Ind AS') as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified under section 133 of the Companies Act, 2013.
• 1. In view of the seasonality of the Sugar Business, the performance results may vary from quarter to quarter.
• 1. In line with the generally adopted practice in the sugar industry, the Company has revised the treatment with respect to deferment of certain off season expenses. Accordingly, such expenses amounting to ₹ 6342 lakhs have not been deferred during the current quarter and similar expenses of ₹ 3111 lakhs deferred in the previous quarter ended June 30, 2018 have been charged off during the current quarter (had deferred ₹ 5935 lakhs and ₹ 10440 lakhs during the quarter and half year ended September 30, 2017, respectively). The revision in the treatment has the effect of lowering the profitability of the current quarter and half-year ended September 30, 2018 by ₹ 9453 lakhs. However, such expenses will be considered in the relevant cost of production in the balance part of financial year in line with the treatment followed in the annual financial statements and thus, has no effect on annual performance.
• 1. Goods and Services Tax ("GST") has been implemented with effect from July 1, 2017 and therefore, revenue from operations for the period thereafter are net of GST. Revenue from operations and expenses for the half year ended September 30, 2017 and year ended March 31, 2018, being inclusive of excise duty upto June 30, 2017, are not comparable with corresponding figures for the half year ended September 30, 2018.
• 1. Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information is not restated. The adoption of the standard did not have any material impact on the financial results of the Company.
• 1. The standalone unaudited results of the Company are available on the Company's website (www.trivenigroup.com), website of BSE (www.bseindia.com) and NSE (www.nseindia.com). Summarised standalone financial performance of the Company is as under :

						(₹ in lakhs)
	3 Months ended			6 Months ended		Year ended
Particulars	30-Sep-18(Unaudited)	30-Jun-18(Unaudited)	30-Sep-17(Unaudited)	30-Sep-18(Unaudited)	30-Sep-17(Unaudited)	31-Mar-18(Audited)
Revenuefromoperations	68771	70660	106075	139431	190504	341238
Profit/(loss) beforetax	4364	4173	14116	8537	22259	15943
Profit/(loss)aftertax	3112	3384	10109	6496	15928	10974
Totalcomprehensiveincome	3112	3384	10109	6496	15928	11096

1. The above results were reviewed and recommended for adoption by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 2, 2018. The statutory auditors have carried out a limited review of the above financial results.

For Triveni Engineering & Industries Limited