ICICI Direct has given Buy recommendation for Triveni Engineering with a target price of Rs. 270 in its research report issued on Aug 17, 2021

ICICI Direct’s research report on Triveni Engineering

Triveni Engineering (TEL) is one of the largest sugar companies in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 320 KLD & co-generation power of 100 MW. It also has power transmission & waste water business contributing 10% to revenues. The company is increasing its distillery capacity from current 11 crore litre per annum to 22 crore litre per annum by FY24 to utilise B-heavy, grain & sugarcane juice route to produce ethanol

Outlook

We continue to maintain our BUY rating on the stock We maintain our target price on the stock at Rs 270, valuing the business at 13x FY23 PE

 

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