Triveni Engineering & Industries Ltd, mainly engaged in the sugar business, has posted a 7 per cent decline in its consolidated net profit to Rs 137.40 crore for the December 2023 quarter and announced its foray into Indian Made Foreign Liquor (IMFL) manufacturing.
Its net profit stood at Rs 147.28 crore in the year-ago period.
The total income fell to Rs 1,575.55 crore in the October-December period from Rs 1,695.98 crore in the corresponding period of the previous year, a regulatory filing said on Monday.
Triveni Engineering is one of the leading integrated sugar manufacturers and engineered-to-order turbo gearbox manufacturers in the country. It is also into water and waste-water management business.
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The company's board approved "venturing into the new business of manufacturing, marketing and selling own brands in the premium segment of Indian Made Foreign Liquor (IMFL) as a forward integration of the distillery operations".
The company would set up a bottling plant in Muzaffarnagar, Uttar Pradesh, to produce high-quality IMFL products at an estimated cost of about Rs 25 crore, subject to receipt of necessary statutory clearances.
The new facility is expected to be ready for commencement of production by the end of the first quarter of 2024-25.
The project for the enhancement of the existing capacity of the power transmission business is in progress and is expected to be completed by December 2024.
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The board approved a capex of Rs 180 crore for the power transmission business for further enhancement in capacity.
The commissioning of a new multi-feed distillery at Rani Nangal, Uttar Pradesh is expected by March 31, 2024.
With the commissioning, the total distillation capacity will stand enhanced to 860 kilolitres per day.
"Furthermore, considering present government policy and challenges in availability of permitted grains at viable procurement costs for distillery operations, it has been
decided to keep the implementation of the new proposed 250 kilo litres per day distillery expansion project at Sabitgarh, Uttar Pradesh in abeyance," Triveni said.
The company has seven sugar mills in operation, all in Uttar Pradesh.
While the company’s Power Transmission (Gears) manufacturing facility is in Mysuru, the water and waste-water treatment business is in Noida. The company currently operates 6 co-generation power plants located across five sugar units, with 104.5 MW grid-connected co-generation capacity.
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