Transformers & Rectifiers (India) Ltd [TRIL] has reported the winning of new orders worth Rs.314 crore in the second quarter (Q2: July to September) of FY24.
In an investor presentation filed on stock exchanges, TRIL said that these new orders have taken the outstanding order book position to Rs.2,145 crore, as of September 30, 2023. This was 23 per cent higher than the comparable level as of September 30, 2023.
TRIL’s unexecuted order book, as of September 30, 2023, was dominated by power transformers that accounted for 71 per cent of the total. Reactors followed with 18 per cent while the remaining 11 per cent was spread across distribution transformers, furnace transformers and rectifier transformers.
In terms of consumer type, the Rs.2,145 crore of outstanding order book, as of September 30, 2023, mainly came from industrial consumers (40 per cent) and Central utilities (34 per cent). The exports market accounted for 6 per cent of the outstanding order book.
During the quarter, revenue from operations was at Rs.254 crore, a de-growth by 22 per cent from Rs.324 crore in Q2FY23. The decline in revenue was on account of:
- Non-receipt of dispatch instruction from few customers because of non availability of their inspection team
- The company experienced short-term mismatch in working capital that caused delay in execution of certain jobs. Post infusion of funds, we are certain to streamline the operations during Q3FY24
The investor presentation also mentioned that GETCO has begun releasing payments from 3rd week of October in tranches, thereby expecting reduction in receivables to a larger extent in H2 of FY24.
It may be recalled that on July 13, 2023, Gujarat Energy Transmission Corporation Ltd (GETCO) issued a “Stop Deal Notice” (not amounting to blacklisting) to TRIL intimating that GETCO has decided to stop dealing with TRIL for a period of three years on grounds that the company had allegedly submitted forged Material Dispatched Clearance Certificate (MDCC) relating to 20 transformers supplied by TRIL under an ongoing contract for supply of 29 transformers and 1 reactor to GETCO.
Also read: TRIL’s Outstanding Order Book Crosses Rs.2,000-Crore Mark
Featured photograph shows the Odhav manufacturing facility of TRIL in Gujarat. This facility largely caters to distribution transformers.
