TRIVENI ENGINEERING & INDUSTRIES LTD

Triveni Engineering & Industries Limited is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is one of 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, they progressively engage with over 250,000 farmers through the 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 the water treatment domain, they offer end-to-end services & product mix in the technology spectrum of water and wastewater treatment. They have dedicated manufacturing and R&D unit each for Gear and Water Treatment Applications at Mysore and Noida respectively. The two major business segments - sugar and engineering - are mutually exclusive in terms of growth factors and the environment. The sugar business is immune to the upheavals in the global economy, and is dependent only on the sugar cycle. The engineering businesses cater to the two most critical industries - power and water. The financials of the company are zigzag and growing, RoNW is 29.57% and at CMP its looks reasonably priced, but higher debt is major concern. Price difference is around 40% and acceptance ration as per current share holding for retail will be around 3%, but it may be possible that this ratio may go down as more people will buy for buyback and so we may expect the final acceptance ratio may be around 10% and profit may be 5%. So we give AVOID rating to this buyback, but who are holding may tender their shares and get profit by price difference.

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