Triveni Engineering
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ENGINEERING & INDUSTRIES LTD.
'" +91 1204308000
••• +91 120431-1010/11
e www.trivenigroup.com
By. E-filing
REF:TEIL:SE: Date: 20~ A ugust, 2024
BSE Limited National Stock Exchange of India Ltd.,
P.l Tower, Exchange Plaza,
Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E),
MUMBAI - 40000 I MUMBAI - 400051
Thru: BSE Listing Centre Thru: NEAPS
STOCK CODE: 532356 STOCK CODE: TRIVENI
ISIN: INE256C01024 ISIN: INE256C01024
Sub: Submission of Annual Report for FY 2023-24 along with Notice of 88th AGM of the
Company scheduled to be held on 13'h September, 2024
Dear Sir/Madam,
Pursuant to Regulations 30 and 34 of the SEBI (LODR) Regulations, 2015, please find attached
herewith the Annual Report of the Company for the FY 2023-24 ended on 31st March, 2024
(including Business Responsibility & Sustainability Report) along with Notice convening the 88'h
Annual General Meeting CAGM") of the Company on Friday, 13'h September, 2024 at 11:00
A.M. (1ST) through Video Conferencing (VC) / Other Audio Visual Means (OAVM), and
TDS instructions on final dividend distribution for FY 2023-24.
The said Annual Report and Notice of AGM are being dispatched electronically to those
Members whose email IDs are registered with the Company/KFin Technologies Limited
('KFintech'), Registrar and Share Transfer Agent of the Company/the Depositories, and also
being uploaded on the Company's website and can be accessed at www.trivenigroup.com.
The Company has appointed KFintech for providing e-voting facility (remote e-voting and e-
voting at the AGM). The remote e-voting period commences on Tuesday, 10th September,
2024 at 10:00 A.M. (IST) and ends on Thursday, 12'h September, 2024 at 5:00 P.M. (1ST).
The cut-off date for determining the eligibility of members for remote e-voting and e-voting
(insta-poll) at the AGM is Friday, 6'h September, 2024. Detailed instructions for e-voting are
provided in the notes to the AGM Notice.
You are requested to please take the above on record.
Thanking you,
Yours faithfully,
For Triveni Engineering & Industries Ltd.,
Geeta Bhalla
Group Vice President & Company Secretary
M. 0.A9475
Encl: As above
Copy to:
I"Fin Technologies Limited, RTA
. ational Securities Depository Limited
Central Depository Services (India) Limited
Corporate Office: 8'h Floor. Express Trade Towers, Plot 15 & 16, Sector 16-A, Noida, Uttar Pradesh- 201301. India.
Registered Office: ~-44, Hosiery Complex, Phase-II ExtenSion, Noida-201 305, Uttar Pradesh. CIN No.: L 15421 UP1932PLC022174
~ ~ •••••••• ~ •..••..• r~_
ENGINEERING & INDUSTRIES LTD.
NOTICE
th
NOTICE is hereby given that the 88 Annual General Meeting of Members of Triveni Engineering & Industries Limited will be held
on Friday, the13th day of September, 2024 at 11:00 a.m. (IST) through Video Conferencing ('VC”) / Other Audio Visual Means
(“OAVM”) to transact the following business:
ORDINARY BUSINESS:
1. Adoption of Financial Statements along with Reports of Board of Directors and Auditors thereon for the financial
year ended March 31, 2024
To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of
the Company for the financial year ended March 31, 2024 together with the Reports of the Board of Directors and Auditors'
thereon and pass the following resolution as an Ordinary Resolution:
RESOLVED THAT the Audited Financial Statements (including Audited Consolidated Financial Statements) of the
Company for the financial year ended March 31, 2024 together with the Reports of the Board of Directors' and Auditors'
thereon, as circulated to all the members of the Company and submitted to this meeting, be and are hereby approved and
adopted.
2. Declaration of Final Dividend (including confirmation of Interim & special dividends) for the financial year ended
March 31, 2024
To confirm the payment of interim dividend of Rs.2.25 per equity share and special dividend of Rs.2.25 per equity share
each and to declare a final dividend of Rs.1.25 per equity share for the financial year ended March 31, 2024 and pass the
following resolution as an Ordinary Resolution:
RESOLVED THAT the interim dividend of Rs.2.25 per equity share and special dividend of Rs.2.25 per equity share,
aggregating to Rs.4.50 per equity share, already paid on 21,88,97,968 fully paid equity shares of Re.1/- each of the
Company for the financial year ended March 31, 2024 as per resolution passed by the Board of Directors of the Company at
their meeting held on January 30, 2024 be and is hereby approved and confirmed.
RESOLVED FURTHER THAT the final dividend of Rs.1.25 per equity share on 21,88,97,968 fully paid equity shares of
Re.1/- each of the Company, for the financial year ended March 31, 2024 as recommended by the Board of Directors out of
the profits of the Company be and is hereby declared and that the same be paid to all the eligible members of the Company.
3. Re-appointment of Mr Tarun Sawhney (DIN: 00382878) as a Director liable to retire by rotation
To re-appoint Mr Tarun Sawhney (DIN: 00382878), who retires by rotation and being eligible, offers himself for
re-appointment as a Director, liable to retire by rotation and pass the following resolution as an Ordinary Resolution:
RESOLVED THAT pursuant to the provisions of Section 152 and other applicable provisions of the Companies Act, 2013
and the Rules made thereunder, Mr. Tarun Sawhney (DIN: 00382878), who retires by rotation at this meeting and being
eligible, offers himself for re-appointment as a Director, be and is hereby re-appointed as a Director of the Company, liable
to retire by rotation.
SPECIAL BUSINESS:
4. Ratification of remuneration to the Cost Auditors for FY 2024-25
To consider and, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:
RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act,
2013 read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactments
thereof, for the time being in force), Mr Rishi Mohan Bansal, Cost Accountant (Firm Registration Number: 102056) and M/s
GSR & Associates, Cost Accountants (Firm Registration Number: 000069) appointed as Cost Auditors by the Board of
Directors of the Company, to conduct the audit of the cost records of the Company's sugar businesses (including
cogeneration and distillery) and power transmission business respectively for the financial year 2024-25 ending March 31,
2025, be paid the remuneration as set out at Item no.4 in the Explanatory Statement annexed to the Notice convening this
Meeting.
RESOLVED FURTHER THAT the Board of Directors of the Company be and are hereby authorized to take all such steps
and generally to do all such acts, deeds, things and matters as may be considered necessary, desirable or expedient and to
settle any question, difficulty or doubt that may arise for the purpose of giving effect to the above resolution.
5. Material Related Party Transactions with Sir Shadi Lal Enterprises Ltd., a subsidiary company
To consider and, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:
RESOLVED THAT pursuant to Regulation 23(4) and other applicable provisions, if any of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'), the applicable provisions of the
Companies Act, 2013 ('Act') and Rules made thereunder (including any statutory modification(s) or re-enactments thereof,
for the time being in force), and the Company's Policy on Related Party Transactions, and based on the approval of Audit
Committee and Board of Directors of the Company, consent of the members be and is hereby accorded to the Company to
(1)
enter into and/or to execute and/or to continue to enter into contract(s)/arrangement(s)/transaction(s) (whether by way of
an individual transaction or a series of transactions taken together) with Sir Shadi Lal Enterprises Ltd., a subsidiary
company ('SSEL'), and a related party within the meaning of Section 2(76) of the Act and Regulation 2(1)(zb) of the Listing
Regulations, for funding and financial support; sale, purchase, or supply of goods, materials, spares or equipment;
rendering/availing of any services, and transfer of any resources, services or obligations, as more particularly set out at
Item no.5 in the explanatory statement annexed to the Notice convening this Meeting. (“Related Party Transactions”), up to
an aggregate amount of Rs.733.40 crores during FY 2024-25, notwithstanding that such transactions may exceed the
threshold limits specified under the Listing Regulations and Act from time to time, on such terms and conditions as the Audit
Committee and/or Board of Directors may deem fit, in the normal course of business and on arm's length basis.
RESOLVED FURTHER THAT the Board of Directors of the Company be and are hereby authorized to delegate all or any of
its powers in terms of the foregoing resolution, to any Committee of Directors and/or Director(s) and/or official(s) of the
Company, and to do all such acts, deeds, matters and things, as it may in its absolute discretion deem necessary, including
but not limited to finalizing the terms and conditions, executing necessary documents and settling all issues that may arise
for the purpose of the Related Party Transactions with SSEL, without being required to seek further consent or approval of
the members of the Company, to the end and intent they shall be deemed to have given their approval thereto expressly by
the authority of aforesaid resolution.
6. Advancing/granting any loan, giving any guarantee and/or providing any security to all such person specified
under section 185 of the Companies Act, 2013 up to an aggregate limit of Rs.300 crores
To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:
RESOLVED THAT pursuant to Section 185 and other applicable provisions if any, of the Companies Act, 2013 and relevant
rules made thereto (including any statutory modification(s) or re-enactments thereof, for the time being in force) and subject
to such approvals and permissions as may be necessary, approval of the members be and is hereby accorded to the Board
of Directors of the Company (hereinafter referred to as the “Board” which term shall include any Committee constituted by
the Board or any person(s) authorized by the Board to exercise its powers, including the powers conferred by this
Resolution), to advance any loan(s) in one or more tranches including loan represented by way of book debt to, and/or to
give any guarantee(s) and/or to provide any security(ies) in connection with any financial assistance/loan taken/to be
taken/availed/to be availed by any entity which is a Subsidiary/ Associate/Joint Venture or such other entity/person as
specified under Section 185 of the Companies Act, 2013 and more specifically to such other entity/person as the Board of
the Directors in its absolute discretion deems fit and beneficial and in the best interest of the Company (hereinafter
commonly known as the Entities); all together with in whom or in which any of the Director of the Company from time to time
is interested or deemed to be interested; provided that the aggregate limit of advancing loan and/or giving guarantee and/or
providing any security to the Entities shall not at any time exceed Rs.300 crores (Rupees Three hundred crores only).
RESOLVED FURTHER THAT the aforementioned loan(s) and/or guarantee(s) and/or security(ies) shall only be utilized by
the borrower(s) for the purpose of its principal business activities.
RESOLVED FURTHER THAT the Board of Directors of the Company be and are hereby authorized to take all such steps
including negotiating, finalising and agreeing to the terms and conditions of the aforesaid Loans / Guarantees / Securities,
and generally to do all such acts, deeds, things and matters as may be considered necessary, proper, desirable or
expedient and to settle any question, difficulty or doubt that may arise for the purpose of giving effect to the above
resolution.
.
By Order of the Board
Geeta Bhalla
Group Vice President &
Place: Noida Company Secretary
Date : August 1, 2024 M.No.9475
NOTES:
1. In accordance with General Circular No.9/2023 dated September 25, 2023 read with Circular No.20/2020 dated May 5,
2020 and other applicable circulars issued by the Ministry of Corporate Affairs from time to time (“MCA Circulars”), and
pursuant to the relevant provisions of the Companies Act, 2013 ('the Act') and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations'), the Annual General Meeting ('AGM') of the Company for the year
2024 is being held through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”). Hence physical attendance
of the members at the AGM is not required and the members can attend/participate and vote in the ensuing AGM through
VC/OAVM. The deemed venue for the AGM shall be the Registered Office of the Company.
2. The MCA Circulars read with the Securities and Exchange Board of India (“SEBI”) Circular No. SEBI/HO/CFD/CFD-PoD-
2/P/CIR/2023/167 dated October 7, 2023 and other applicable circulars issued from time to time (“SEBI Circular”) also
dispense with the requirement of sending the physical copies of the AGM Notice and Annual Report to the members.
Accordingly, this Notice of the AGM along with the Annual Report 2023-24 are being sent only through electronic mode to
those members whose e-mail addresses are registered with the Company / Depositories.
3. Since this AGM will be held through VC/OAVM, Members will not be able to appoint proxies for the meeting, and (b)
Attendance Slip & Route Map are not being annexed to this Notice.
(2)
4. An Explanatory Statement, pursuant to Section 102 of the Companies Act, 2013 ('the Act'), relating to the Special Business
to be transacted at this AGM and the relevant details pursuant to Regulation 36(3) of the SEBI (LODR) Regulations, 2015
('Listing Regulations') and Secretarial Standards on General Meeting in respect of Directors seeking appointment/re-
appointment at the AGM are annexed hereto and forms part of this notice.
5. Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum under Section
103 of the Act.
6. The Record Date fixed for the purpose of determining entitlement of the members to the final dividend for the financial year
ended March 31, 2024 is Friday, September 6, 2024, and such dividend, if declared at the AGM, will be paid within 30 days
from the conclusion of the AGM to those members entitled thereto.
7. Pursuant to the Income-tax Act, 1961, as amended, dividend income is taxable in the hands of the members and the
Company is required to deduct tax at source (TDS) from such dividend at the prescribed rates. A communication providing
information and detailed instructions with respect to tax on dividend ('TDS Instructions on Dividend Distribution') for the
financial year ended March 31, 2024 is being sent to the members through email along with Notice of AGM and Annual
Report for FY24 and the same is also available on the website of the Company www.trivenigroup.com.
8. Members wishing to claim dividends that remain unclaimed are requested to correspond with the Company's Share
Department or its RTA, KFin Technologies Limited ('KFintech') at [email protected] / [email protected].
Members are requested to note that dividends which are not claimed within seven years from the date of transfer to the
Company's Unpaid Dividend Account, will be transferred to the Investor Education and Protection Fund ('IEPF'). Shares on
which dividend remains unclaimed for seven consecutive years shall also be transferred to the IEPF as per Section 124 of
the Act, read with applicable IEPF rules.
9. In the event of transfer of shares and the unclaimed dividend to IEPF, members are entitled to claim the same from the IEPF
Authority by submitting an online application in the prescribed Form IEPF-5 available on the website www.iepf.gov.in and
sending a physical copy of the same duly signed to the Company along with the requisite documents enumerated in Form
IEPF-5. The status of dividends remaining unpaid/ unclaimed along with the respective due dates of transfer to IEPF is
provided in the Annual Report.
10. In terms of provisions of Regulation 40 of the Listing Regulations as amended from time to time, requests for effecting
transfer of securities (including transmission/transposition) cannot be processed by the listed companies unless the
securities are held in dematerialized form. Further SEBI has, vide its Master Circular No. SEBI/HO/MIRSD/POD-
1/P/CIR/2024/37 dated May 7, 2024 ('SEBI Master Circular'), notified Common and Simplified Norms for processing
investor's service request by RTAs and norms for furnishing PAN, KYC details and Nomination. In terms of said Master
Circular, the listed companies shall issue the securities in dematerialized form only while processing the Investor service
requests for (a) issue of duplicate securities certificate; (b) claim from Unclaimed Suspense Account; (c) Renewal/
Exchange of securities certificate; (d) Endorsement; (e) Sub-division/ Splitting of securities certificate; (f) Consolidation of
securities certificates/folios; and (g) Transmission/Transposition. The Company/RTA shall verify and process the service
requests for the aforesaid purposes and thereafter issue a 'Letter of Confirmation' in lieu of physical securities certificate(s),
to the securities holder/ claimant. Such 'Letter of Confirmation' shall be valid for a period of 120 days from the date of its
issuance, within which the securities holder/ claimant shall make a request to the Depository Participant for dematerializing
the said securities, failing which the RTA/Company shall credit the securities to the Suspense Escrow Demat Account of the
Company. Necessary Form ISR-4 for the aforesaid service requests is available on the website of the Company at
https://www.trivenigroup.com/shareholders-information?q=kyc-forms. Accordingly, members are requested to make
service requests for aforesaid purposes by submitting a duly filled up and signed Form ISR – 4 directly to the Company's
RTA, M/s. KFin Technologies Limited, along with the documents / details specified therein for processing at Selenium
Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad-500032.
11. SEBI has also vide its aforesaid Master Circular dated May 7, 2024 made it mandatory for holders of physical securities in
listed companies to furnish PAN, Choice of Nomination, Contact details (Postal Address with PIN and Mobile Number),
Bank A/c details and Specimen signature for their corresponding folio numbers. The security holder(s) whose folio(s) do not
have these details shall be eligible to lodge grievance or avail any service request from the RTA/Company and any
payment of dividend, in respect of such folios, only through electronic mode with effect from April 01, 2024, upon furnishing
all the aforesaid details in entirety. The members holding shares in physical mode are therefore urged to furnish PAN, KYC
and Choice of Nomination by submitting the prescribed ISR Form(s) duly filled up and signed by all the registered holders
along with supporting documents to Company's RTA, by any one of the following modes:
a) Through 'In Person Verification' (IPV): the authorized person of the RTA shall verify the original documents furnished
by the investor and retain copy(ies) with IPV stamping with date and initials; or
b) Through hard copies which are self-attested, which can be shared on the address below; or
Name KFIN Technologies Limited
(Unit: Triveni Engineering & Industries Ltd.)
Address Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda,
Serilingampally, Hyderabad, Rangareddy, Telangana India - 500 032.
(3)
c) Through electronic mode with e-sign by following the link: https://ris.kfintech.com/clientservices/isc/default.aspx#
Detailed FAQ can be found on the link: https://is.kfintech.com/faq.html
Members who are holding shares in demat mode are requested to approach their respective Depository Participants
(‘DPs’) for change of address, registration of e-mail address, nomination and updation of bank account details etc.
12. Online Dispute Resolution ('ODR') Mechanism: In order to streamline the dispute resolution mechanism in the securities
market, SEBI has, vide its circular dated July 31, 2023, as amended from time to time, read with Master circular dated
December 28, 2023, introduced a common ODR mechanism which harnesses online conciliation and arbitration for
resolution of all kinds of disputes relating to securities market. Under ODR mechanism, an investor shall first take up
his/her/their grievance by lodging a complaint directly with the concerned Market Participant viz., Company. If the
grievance is not redressed satisfactorily at the first phase, the investor may escalate the same through the SCORES Portal
in accordance with the process laid out therein. ODR Mechanism provides a third level of escalation, if the investor is not
satisfied with the resolution provided by the Company, the investor may initiate the dispute through the ODR portal within
the timeframe prescribed under the circular. The ODR portal can be accessed at https://smartodr.in/login.
The detailed circular containing the process is also available on the website of the Company at
https://www.trivenigroup.com/shareholders-information?q=online-dispute-resolution.
13. The Register of Directors and Key Managerial Personnel and their shareholding under Section 170 of the Act, the Register
of Contracts or Arrangements in which the directors are interested under Section 189 of the Act will remain available
electronically for inspection during the AGM. All other material documents referred to in this Notice will also be available for
inspection in an electronic mode by the members from the date of circulation of this Notice till the date of the AGM, for which
purpose Members are required to send an e-mail to the Company Secretary at [email protected].
Dispatch of Annual Report:
14. In conformity with the applicable regulatory requirements, the Notice of this AGM and the Annual Report for FY24 are being
sent only through electronic mode to those Members who have registered their e-mail addresses with the Company or with
the Depositories. Members may note that the Notice of AGM and Annual Report FY24 will also be available on the
Company’s website www.trivenigroup.com, websites of the stock exchanges i.e. BSE Limited (‘BSE’) and National Stock
Exchange of India Limited (‘NSE’) at www.bseindia.com and www.nseindia.com respectively and on the website of
KFintech at https://evoting/kfintech.com.
Procedure and Instructions for Remote E-Voting and E-voting (insta-poll) at the AGM and for joining the AGM through
VC/OAVM
15. In terms of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and
Regulation 44 of the Listing Regulations, as amended, the Resolutions for consideration at the AGM will be transacted
through remote e-voting (i.e. facility to cast vote prior to the AGM) and also e-voting (insta-poll) during the AGM, for which
purpose the Company has engaged the services of KFintech. The Board of Directors has appointed Mr. Suresh Gupta,
Proprietor of M/s Suresh Gupta & Associates, Practising Company Secretaries (CP No.5204 / M.No.5660) as a Scrutinizer
to scrutinize the process of e-voting in a fair and transparent manner.
16. Voting rights will be reckoned on the paid-up value of shares registered in the name of the Members on Friday, September
6, 2024 (cut-off date). Only those Members whose names are recorded in the Register of Members of the Company or in
the Register of Beneficial Owners maintained by the Depositories as on the cut-off date will be entitled to cast their votes by
remote e-voting or e-voting during the AGM. Those who are not Members on the cut-off date should accordingly treat this
Notice as for information purposes only.
17. The remote e-voting period commences on Tuesday, September 10, 2024 at 10:00 a.m. (IST) and ends on Thursday,
September 12, 2024 at 5:00 p.m. (IST) when remote e-voting will be blocked by KFintech.
Once the vote on the resolution is cast by the member, the member shall not be allowed to change it subsequently or cast
the vote again. However, those members who will be present in the AGM through VC/OAVM facility and have not cast their
vote on the resolutions during the remote e-voting period and are otherwise not barred from doing so, shall be eligible to
vote through e-voting system during the AGM.
18. Any person who becomes a member of the Company after the dispatch of Notice of AGM and holding shares as on the cut-
off date, may obtain the login ID and password by sending a request at [email protected] well before closing of remote
e-voting. However, if he / she is already registered with KFintech for remote e-voting then he /she can use his / her existing
User ID and password for casting the vote. If the member has forgotten his/her password, he/she may reset his/her
password by using “Forgot User Details/ Password” option available on http://evoting.kfintech.com.
19. As per SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023 inter-alia on “e-Voting facility
provided by Listed Companies”, e-voting process has been enabled to all the individual demat account holders, by way of
single login credential, through their demat accounts / websites of Depositories / Depository Participants (DPs) in order to
increase the efficiency of the voting process. Members are advised to update their mobile number and e-mail ID with their
DPs to access e-voting facility.
(4)
20. Instructions for Shareholders for remote e-voting: The process and manner for remote e-voting (incl. insta poll) are
explained herein below:
(I) Login method for remote e-voting for individual shareholders holding securities in demat mode through
Depositories e-voting system
Type of shareholders Login Method
Individual Shareholders 1. User already registered for IDeAS facility:
holding securities in I. Visit URL: https://eservices.nsdl.com
demat mode with NSDL II. Click on the "Beneficial Owner" icon under "Login" under 'IDeAS' section.
III. On the new page, enter User ID and Password. Post successful authentication,
click on “Access to e-Voting” .
IV. Click on company name or e-Voting service provider and you will be re-directed
to e-Voting service provider website for casting the vote during the remote
e-Voting period.
2. User not registered for IDeAS e-Services
I. To register click on link : https://eservices.nsdl.com
II. Select “Register Online for IdeAS” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
III. Proceed with completing the required fields.
IV. Follow steps given in points 1
3. Alternatively User may directly access the e-Voting website of NSDL
I. Open URL: https://www.evoting.nsdl.com/
II. Click on the icon “Login” which is available under ‘Shareholder/Member’
section.
III. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit
demat account number held with NSDL), Password / OTP and a Verification
Code as shown on the screen.
IV. Post successful authentication, you will requested to select the name of the
company and the e-Voting Service Provider name, i.e.KFintech.
V. On successful selection, you will be redirected to KFintech e-Voting page for
casting your vote during the remote e-Voting period.
4. Shareholders/Members can also download the NSDL mobile app ‘NSDL
SPEED-e’ by scanning the QR code mentioned below for seamless voting
experience
.
Individual Shareholders 1. Existing user who have opted for Easi / Easiest
holding securities in demat I. Visit URL: https://web.cdslindia.com/myeasi/home/login or
mode with CDSL URL: www.cdslindia.com
II. Click on New System Myeasi
III. Login with your registered user id and password.
IV. The user will see the e-Voting Menu. The Menu will have links of ESP i.e.
KFintech e-Voting portal.
V. Click on e-Voting service provider name to cast your vote.
2. User not registered for Easi/Easiest
I. Option to register: Visit URL:
https://web.cdslindia.com/myeasi/Registration/EasiRegistration
II. Proceed with completing the required fields.
III. Follow the steps given in point 1
3. Alternatively, by directly accessing the e-Voting website of CDSL
I. Visit URL: www.cdslindia.com
II. Provide your demat Account Number and PAN No.
III. System will authenticate user by sending OTP on registered Mobile & Email as
recorded in the demat Account.
IV. After successful authentication, user will be provided links for the respective
ESP, i.e KFintech where the e- Voting is in progress.
(5)
Individual Shareholder I. You can also login using the login credentials of your demat account through
login through their demat your DP registered with NSDL /CDSL for e-Voting facility.
accounts / Website of II. Once logged-in, you will be able to see e-Voting option. Once you click on e-Voting
Depository Participant option, you will be redirected to NSDL / CDSL Depository site after successful
authentication, wherein you can see e-Voting feature.
III. Click on options available against company name or e-Voting service provider –
KFintech and you will be redirected to e-Voting website of KFintech for casting your
vote during the remote e-Voting period without any further authentication.
Important note: Members who are unable to retrieve User ID/Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL.
Login type Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by
securities in demat mode with NSDL sending a request at [email protected] or call at : 022 - 4886 7000 and
022 - 2499 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by
securities in Demat mode with CDSL sending a request at [email protected] or contact at toll free
no. 1800 22 55 33
(II) Login method for remote e-voting for shareholders other than individual shareholders holding securities in demat
mode and shareholders holding securities in physical mode.
(A) Members whose email IDs are registered with the Company/ Depository Participants (s), will receive an email from
KFintech which will include details of E-Voting Event Number (EVEN), USER ID and password. They will have to follow the
following process:
i. Launch internet browser by typing the URL: https://evoting.kfintech.com/
ii. Enter the login credentials (i.e. User ID and password). In case of physical folio, User ID will be EVEN (E-Voting Event
Number), followed by folio number. In case of Demat account, User ID will be your DP ID and Client ID. However, if
you are already registered with KFintech for e-voting, you can use your existing User ID and password for casting the
vote.
iii. After entering these details appropriately, click on “LOGIN”.
iv. You will now reach password change Menu wherein you are required to mandatorily change your password. The new
password shall comprise of minimum 8 characters with at least one upper case (A- Z), one lower case (a-z), one
numeric value (0-9) and a special character (@,#,$, etc.,). The system will prompt you to change your password and
update your contact details like mobile number, email ID etc. on first login. You may also enter a secret question and
answer of your choice to retrieve your password in case you forget it. It is strongly recommended that you do not
share your password with any other person and that you take utmost care to keep your password
confidential.
v. You need to login again with the new credentials.
vi. On successful login, the system will prompt you to select the “EVEN” i.e., “Triveni Engineering & Industries Limited
AGM” and click on “Submit”.
vii. On the voting page, enter the number of shares (which represents the number of votes) as on the Cut-off Date under
“FOR/AGAINST” or alternatively, you may partially enter any number in “FOR” and partially “AGAINST” but the total
number in “FOR/AGAINST” taken together shall not exceed your total shareholding as mentioned herein above. You
may also choose the option ABSTAIN. If the Member does not indicate either “FOR” or “AGAINST” it will be treated as
“ABSTAIN” and the shares held will not be counted under either head.
viii. Members holding multiple folios/demat accounts shall choose the voting process separately for each folio/ demat
accounts.
ix. Voting has to be done for the item mentioned in the Notice. In case you do not desire to cast your vote on the said item,
it will be treated as abstained.
x. You may then cast your vote by selecting an appropriate option and click on “Submit”.
xi. A confirmation box will be displayed. Click “OK” to confirm else “CANCEL” to modify. Once you have voted on the
resolution (s), you will not be allowed to modify your vote. During the voting period, members can login any number of
times till they have voted on the Resolution.
(6)
xii. Corporate/Institutional Members (i.e. other than Individuals, HUF, NRI etc.) are also required to send scanned
certified true copy (PDF Format) of the Board Resolution/Authority Letter etc., authorizing its representative on its
behalf to cast its vote through remote e-voting. Together with attested specimen signature(s) of the duly authorised
representative(s), to the Scrutinizer at email id [email protected] with a copy marked to
[email protected]. The scanned image of the above-mentioned documents should be in the naming format
“Corporate Name_Even No.”
(III) Members whose e-mail address is not registered/updated with the Company / KFintech / Depository
Participant(s), please follow the following steps to generate your login credentials:
a. Members holding shares in physical mode, who have not registered / updated their email address with the Company,
are requested to register / update the same by sending an e-mail request along with duly signed Form ISR-1 and
other relevant documents to KFintech at [email protected]. Form ISR-1 is hosted on the website of the
Company at www.trivenigroup.com and can also be downloaded from the following link and on the following link:
https://ris.kfintech.com/clientservices/isc/default.aspx.
b. Members holding shares in dematerialized form are requested to submit/update their KYC details with their
respective Depository Participant(s) with whom they are maintaining demat accounts. Any such changes effected by
the Depository Participant(s) will automatically reflect in the RTA/Company’s subsequent records.
c. After due verification, KFintech will forward your login credentials to your registered e-mail address.
d. Follow the instructions at (I) or (II) above to cast your cast.
(IV) Login method for all the shareholders for joining the AGM through VC/OAVM and e-voting (insta-poll) during the
meeting
i. Member will be provided with a facility to attend the AGM through VC / OAVM platform provided by KFintech.
Members may access the same at https://emeetings.kfintech.com Members are requested to follow the procedure
given below:
a) Launch internet browser (chrome/ firefox/safari) by typing the URL:https://emeetings.kfintech.com
b) Enter the login credentials (i.e., User ID and password for e-voting).
c) After logging in, click on “Video Conference” option
d) Then click on camera icon appearing against AGM event of Triveni Engineering & Industries Limited, to attend
the Meeting.
Please note that the members who do not have the User ID and Password for e-voting or have forgotten their User ID
and Password may retrieve the same by following the remote e-voting instructions mentioned in the notice.
ii. Facility for joining AGM though VC/ OAVM shall open at least 30 minutes before the scheduled time for
commencement of the Meeting. The facility of participation at the AGM through VC / OAVM will be made available for
at least 1,000 members on ‘first come first serve’ basis. This will not include large shareholders (shareholders holding
2% or more equity shares), Institutional Investors and other specified category of persons who are allowed to attend
the AGM without the aforesaid restriction. Institutional members are encouraged to participate at the AGM through
VC / OAVM and vote thereat.
iii. Members may join the Meeting through Laptops, Smartphones, Tablets or iPads for better experience. Further,
members will be required to use internet with a good speed to avoid any disturbance during the AGM. Members will
need the latest version of Chrome, Safari, MS Edge or Mozilla Firefox. Members will be required to grant access to
the webcam to enable two way VC / OAVM. Please note that members connecting from Mobile Devices or Tablets or
through Laptop connecting via mobile hotspot may experience Audio/Video loss due to fluctuation in their respective
network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid
glitches.
iv. Those members who are present at the meeting through VC /OAVM and have not cast their vote through remote e-
voting shall be eligible to cast their vote through e-voting system available during the AGM. E-voting (insta-poll)
during the AGM is integrated with the VC / OAVM platform. The members may click on the voting icon displayed on
the screen to cast their votes through insta-poll, which will be activated upon announcement by the Chairman at the
AGM.
v. A member can opt for only single mode of voting i.e., through Remote e-voting or voting at the AGM. If a member casts
votes by both modes, then voting done through Remote e-voting shall prevail and vote at the AGM shall be treated as
invalid.
(7)
(V) Other Instructions
i. Speaker Registration: The members holding shares as on the cut-off date and who would like to express their views
or ask questions on any items of the businesses to be transacted during the AGM may register themselves as
speakers by logging on to https://emeetings.kfintech.com and clicking on the ‘Speaker Registration’ option available
on the screen after login, which will be opened from Tuesday, September 10, 2024 (10:00 a.m. IST) to Wednesday,
September 11, 2024 (5:00 p.m. IST). Members shall be provided a ‘queue number’ before the meeting. The
Company reserves the right to restrict the speakers at the AGM to only those Members who have registered
themselves, depending on the availability of time for the AGM.
ii. Post your Question: Members holding shares as on the cut-off date and who wish to post their questions prior to the
meeting can do the same by visiting https://emeetings.kfintech.com. Please login through the user id and password
provided in the mail received from Kfintech. On successful login, select ‘Post Your Question’ option available from
Tuesday, September 10, 2024 (10:00 a.m. IST) to Wednesday, September 11, 2024 (5:00 p.m. IST).
iii. Members who may require any technical assistance or support before or during the AGM are requested to contact
KFintech at toll free number 1800-309-4001 or write to them at [email protected].
iv. In case of any query and/or grievance, in respect of voting by electronic means, members may refer to the Help &
Frequently Asked Questions (FAQs) and E-voting user manual available at the download section of
https://evoting.kfintech.com (KFintech Website) or contact Ms C. Shobha Anand, Vice President at
[email protected] or call KFintech’s toll free No. 1800-309-4001 for any further clarifications.
21. The voting results along with the Scrutinizer’s Report shall be placed on the website of the Company
(www.trivenigroup.com) and on the website of KFintech (https://evoting.kfintech.com). The Company shall,
simultaneously, forward the results to BSE and NSE, where the equity shares of the Company are listed within the
stipulated time.
(8)
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
Item No.4
The Board of Directors of the Company has, on the recommendation of the Audit Committee, approved the appointment and
remuneration of the following Cost Accountants as Cost Auditors to conduct the audit of the cost records of the Company’s
businesses mentioned against each of them for the financial year ending March 31, 2025:-
Sr.No. Name of the Cost Auditor Business Audit Fees* (Rs.)
1. Mr Rishi Mohan Bansal Sugar Business (including Cogeneration & Distillery) 6,60,000/-
2. M/s GSR & Associates Power Transmission Business 62,000/-
*plus applicable taxes and out of pocket expenses
In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors)
Rules, 2014, the remuneration payable to the Cost Auditors has to be ratified by the members of the Company. Accordingly,
consent of the members is sought for ratification of the remuneration payable to the Cost Auditors for the financial year ending
March 31, 2025, as mentioned above.
The Board commends the passing of Resolution set out at Item No.4 of the Notice.
None of the Directors or any KMPs of the Company or their respective relatives are either directly or indirectly concerned or
interested, financially or otherwise, in this Resolution.
Item No.5
Pursuant to Regulation 23 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (“SEBI LODR”), the applicable provisions of the Companies Act, 2013 (“Act”) read with the
applicable rules framed thereunder (including any statutory modification(s) or re-enactment thereof, for the time being in force),
and the Company’s Policy on Related Party Transactions (“the Policy”), the material related party transactions to be entered by
the Company on arm’s length basis with its subsidiary company namely, Sir Shadi Lal Enterprises Ltd. (‘SSEL’) as set out in Item
No.5 require prior approval of the members of the Company by means of an ordinary resolution.
In accordance with Regulation 23 of the SEBI LODR, “Material Related Party Transaction” means any transaction with a related
party if the transaction/transactions to be entered into individually or taken together with previous transactions during a financial
year, exceeds Rupees one thousand crore or ten percent of the annual consolidated turnover of the Company as per its last
audited financial statements whichever is lower.
Justification for the transactions
With the acquisition of 61.77% equity stake in SSEL by the Company, SSEL has become a subsidiary of the Company with effect
from June 20, 2024 and a related party within the meaning of Section 2(76) of the Act and regulation 2(1)(zb) of SEBI LODR.
SSEL requires adequate funding arrangements to be able to conduct its normal business and operate the plant satisfactorily and
reliably in the upcoming season 2024-25, and the funding is required to make payment towards old cane dues, suppliers &
employees’ dues, repairs of plant including capex, and working capital requirements. The funding will be partly undertaken in
SSEL through loans from lenders / banks and the balance requirements will need to be funded by the Company out of its internal
resources/accruals and/or any other appropriate sources permissible under law.
In view of weak financial position of SSEL and its loss-making track record, it would be difficult to for it to secure requisite funding
based on its financials alone and the banks / lenders may require some financial support from the Company in the form of a
comfort letter or a corporate guarantee or any other security.
Further, both the Company and SSEL are in the similar businesses and they can can benefit by availing technical and
management resources on secondment basis from each other. Being engaged in same line of business, the Company may also
purchase/sell certain goods & materials and avail/render any services for effective and optimal utilization of inventories and other
resources. All these transactions will be mutually beneficial to both the companies and will help the Company in expanding its
business operations in sugar and allied businesses.
The proposed RPTs, along with transactions already approved, are likely to exceed 10% of the turnover of the Company (FY
2023-24) and hence, being material RPTs, these are required to be approved by the shareholders. The management has
provided the relevant information to the Audit Committee including rationale, material terms and basis of the RPTs as per the
details below. The Audit Committee after reviewing the necessary information has approved the proposal for entering into
material related party transactions during FY 2024-25 with its subsidiary company, SSEL, subject to the approval of the members
of the Company. The Committee noted and satisfied that the transactions will be in the normal course of business and will be on
arm’s length basis.
The Company has in place a requisite process for approval of Material Related Party Transactions and on dealing with Related
Parties. As per the process, necessary details for the Related Party Transactions as applicable along with the justification are
provided to the Audit Committee in terms of the Company’s Policy on Related Party Transactions. Further, the Audit Committee
(9)
reviews on a quarterly basis, the details of all related party transactions entered into by the Company during the previous quarter,
pursuant to its approvals.
The Board has also, on the recommendation of the Audit Committee, approved the RPTs with SSEL up to Rs.733.40 crore valid
during FY 2024-25.
Details of proposed transaction with SSEL including information pursuant to SEBI Master Circular
SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023 are as follows-
a. Name of the related party and its Sir Shadi Lal Enterprises Ltd. (‘SSEL’), a subsidiary company and
relationship with the listed entity or its consequently a related party of the Company.
subsidiary, including nature of its concern
or interest (financial or otherwise);
b. Type, material terms and particulars of the (a) Sale, purchase, lease or supply of goods materials, equipment,
proposed transaction properties etc.
(b) Availing and rendering of services including providing loan(s) and
advance(s), guarantee(s) and security facilities.
(c) Transfer of resources, services or obligations to meet business
objectives and requirements.
For more details including material terms, please refer to Annexure B
c. Tenure of the proposed transaction(s) FY 2024-2025
(particular tenure shall be specified);
d. Value of the proposed transaction(s) Rs.733.40 crore
e. The percentage of annual turnover of the 11.92%
Company considering FY 2023-24, as the
immediately preceding financial year.
f. Justification as to why the RPT is in the Please refer to Item no.5 of the explanatory statement set out above.
interest of the listed entity
g. Details of transaction relating to any loans, Please refer to Item no.5 along with Annexure-B annexed to the Notice.
inter-corporate deposits, advances or
investments made or given by the listed
entity or its subsidiary
g(i) details of the source of funds in connection The Company proposes to fund up to Rs.150 crores to SSEL by way of
with the proposed transaction an inter-corporate loan from the internal accruals.
g(ii) where any financial indebtedness is No financial indebtedness may be required to be incurred.
incurred to make or give loans, Not applicable
interoperate deposits, advances or
investments
• nature of indebtedness;
• cost of funds; and
• tenure;
g(iii) applicable terms, including covenants, Applicable terms of the proposed loans are stated in Annexure-B.
tenure, interest rate and repayment
schedule, whether secured or unsecured;
if secured, the nature of security; and
g(iv) the purpose for which the funds will be Please refer to Item no.5 of the explanatory statement set out above.
utilized by the ultimate beneficiary of such
funds pursuant to the RPT
h A statement that the valuation or other The RPTs would be carried out at arm’s length basis.
external report, if any, relied upon by the
listed entity in relation to the proposed
transaction will be made available through
the registered email address of the
shareholders;
i Name of the director or key managerial Mr Tarun Sawhney, Vice Chairman & Managing Director is acting as the
personnel who is related, if any, and nature nominee director of the Company on the Board of SSEL, the subsidiary
of relationship company. His interest or concern or that of his relatives, is limited only to
the extent of his directorship and shareholding, if any, in the Company and
SSEL.
j Any other information that may be relevant None
(10)
The proposed transactions shall not, in any manner, be detrimental to the interest of members and are in the best interest of the
Company as it will help the subsidiary company, SSEL, to improve its operating and financial performance . As per SEBI LODR,
all entities falling under the definition of Related Parties shall not vote to approve the relevant transaction irrespective of whether
the entity is a party to the particular transaction or not.
Except above, none of the Directors and/or Key Managerial Personnel of the Company and/or any of their relatives is concerned
or interested, financially or otherwise, in the resolution set out at Item No.5 of the Notice.
The Board commends the passing of Resolution set out at Item No.5 of the Notice.
Item No.6
During the course of business, the Company may have to provide financial support by way of providing loan, guarantee or
security from its internal resources/accruals and/or any other appropriate sources, as permitted, for the business activities,
including working capital requirements and capital expenditure, of its subsidiary companies or associates or group entities or any
other entity in whom any of the Director of the Company is interested or deemed to be interested (hereinafter collectively referred
to as the "Entities") from time to time.
Pursuant to the provisions of Section 185 of the Companies Act, 2013 read with the Companies (Meeting of Board and its
Powers) Rules, 2014 (the “Rules”) (as amended from time to time), no company shall, directly or indirectly, advance any loan,
including any loan represented by a book debt to, or give any guarantee or provide any security in connection with any loan taken
by (a) any director of company, or of a company which is its holding company or any partner or relative of any such director; or (b)
any firm in which any such director or relative is a partner. However, a company may advance any loan including any loan
represented by a book debt, or give any guarantee or provide any security in connection with any loan taken by any person in
whom any of the director of the company is interested, subject to the condition that (a) a special resolution is passed by the
company in general meeting and the loans are utilized by the borrowing company for its principal business activities.
Accordingly, the Board of Directors in its meeting held on August 1, 2024 has considered and decided to seek shareholders’
approval by way of a special resolution for advancing any loan, giving any guarantee or providing any security to all such Entities
specified under Section 185 of the Companies Act, 2013 and more specifically such other entity/person as the Board of the
Directors in its absolute discretion deems fit and beneficial and in the best interest of the Company, provided that the aggregate
limit shall not at any time exceed Rs.300 crores. Further, the said loan(s) and/or guarantee(s) and/or security (ies) shall only be
utilized by the Borrower for the purpose of its principal business activities and that keeping the best interest of the Company.
The Board commends the passing of Special Resolution set out at Item No.6 of the Notice.
None of the Directors or any KMPs of the Company or their respective relatives are either directly or indirectly concerned or
interested, financially or otherwise, in this Resolution except to the extent of their directorships and shareholding in the Company
(if any).
By Order of the Board
Geeta Bhalla
Group Vice President &
Place: Noida Company Secretary
Date : August 1, 2024 M.No.9475
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Annexure-A
Details of Directors seeking re-appointment at the 88th AGM pursuant to Regulation 36(3) of the Listing Regulations
and the Secretarial Standards on General Meetings
Name of the Director Mr Tarun Sawhney
DIN 00382878
Date of Birth & Age September 25, 1973 (About 51 years)
Nationality Indian
Date of appointment on the Board November 19, 2008
Qualifications Bachelors’ and Masters’ degrees in Arts from Emmanuel College, University of
Cambridge, U.K. and Masters’ degree in Business Administration from The Wharton
School, University of Pennsylvania, U.S.A.
Experience and Expertise An industrialist and one of the promoters of the Company, with vast experience in
sugar and engineering industry having adequate functional and management
experience. His expertise include general management, leadership, corporate
governance and finance. The brief resume of Mr Sawhney is available on the
website of the Company at https://www.trivenigroup.com/leadership-
team#boardofdirectors which may please be referred to.
Terms and conditions of appointment Please refer to Corporate Governance Report forming part of Annual Report for
or re-appointment along with details of FY24.
remuneration sought to be paid
Remuneration last drawn by such
person, if applicable
Directorship held in other companies Chairman & Managing Director
(excluding foreign companies). Sir Shadi Lal Enterprises Ltd.
Director
Triveni Turbine Ltd
Centum Electronics Ltd.
Triveni Energy Solutions Ltd.
Indian Sugar Exim Corporation Ltd.
Triveni Foundation (Sec. 8 Company)
Memberships/ Chairmanships of Triveni Turbine Ltd.
Committees in other public companies Stakeholders’ Relationship Committee - Member
CSR Committee - Member
Sir Shadi Lal Enterprises Ltd.
Audit Committee - Member
Stakeholders’ Relationship Committee - Member
Nomination & Remuneration Committee - Member
CSR Committee - Chairman
Risk Management Committee – Chairman
Number of Board Meetings attended 5/5
during FY24
Name of the listed companies from None
which resigned in the past three years
Shareholding in the Company 1,24,94,259 Equity Shares of Re.1/- each
Relationship with other Directors, Mr Tarun Sawhney is the son of Mr Dhruv M. Sawhney, Chairman & Managing
Manager and Key Managerial Director and brother of Mr Nikhil Sawhney, Director of the Company.
Personnel of the Company
(12)
Annexure-B
S.No. Nature, material terms, monetary value and particulars of the contract or Value of transaction
arrangements (Rs. crores) *
1 To provide comfort letter or guarantee or any other financial support to the subsidiary 450.00
company namely, Sir Shadi Lal Enterprises Ltd. (‘SSEL’) for securing loans (term loans
and working capital) from banks / lenders
Fees of 0.75% p.a. will be charged by the Company from SSEL based on commission
3.40
normally charged by the banks for providing various guarantees and after considering
(annually)
financial position of SSEL.
2 Funding by the Company to SSEL by way of an inter-corporate loan 150.00
1. Interest rate – SBI one-year MCLR + spread of 100 basis points. To be reset **15.00
annually
2. Interest to be serviced on a quarterly basis.
3. Repayment: To be repaid over 16 equal quarterly instalments after an initial
moratorium period of 2 years.
4. Security: Unsecured
5. Payment of interest and repayment of loan will be subject to any restrictions
which may be stipulated by lenders
(**) annual amount based on present interest rates, accordingly it may vary.
3 Sale / Purchase of by-products - Bagasse and Molasses 100.00
Price: Ex works.
Market price will be determined:
a) By inviting quotations at the beginning of each month and arrive at the market rate
based on estimated supplies during the month. All supplies during the month will
be supplied at the determined market rate
b) Alternatively, long-term sales agreement will be entered into for a defined
quantity at the market price which will be determined based on quotations
received.
Payment terms: Within 15 days of dispatch
4 Secondment of employees from / to the subsidiary company 5.00
The amounts will be charged based upon the actual cost incurred
5. Sale/purchase of component, equipment, stores, spare parts, services and other 10.00
miscellaneous items (including lease of offices/ properties):
- Price of goods and spare parts will be determined at actual procurement cost + 2%
handling charges.
- Services (including lease charges) will be determined based on prevalent market
rates
- Expenses incurred on behalf of the other company shall be reimbursed on actual
*Excluding Taxes
Registered office : A-44, Hosiery Complex, Phase-II Extension, Noida 201 305 (U.P.)
Corporate office : 8th Floor, Express Trade Towers, Plot No.15-16, Sector 16A, Noida- 201 301, Uttar Pradesh
Website: www.trivenigroup.com, E-mail : [email protected], Phone : 91 120 4308000, Fax : 91 120 4311010-11,
CIN: L15421UP1932PLC022174
(13)
Triveni Engineering & Industries Limited
Regd.Office : A-44 Hosiery Complex, Phase II Extension, Noida-201305, U P
Corporate Office : 8th Floor, Express Trade Towers, Plot No.15-16, Sector 16A,Noida- 201301, U P
Tel: 91 120 4308000 / Fax: 91 120 4311010-11
E-mail : [email protected] Website : http://www.trivenigroup.com
CIN:L15421UP1932PLC022174
Dear Shareholder(s),
Subject: Deduction of tax at source on Final Dividend pay-out for the financial year ended on 31st
March 2024.
We hope this communique finds you safe and in good health. We are pleased to inform you that
the Board of Directors at their Meeting held on 20th May, 2024 have recommended payment of
final dividend of Rs. 1.25 per equity share of face value of Rs. 1/- each (125% on the paid-up equity
share capital) for the Financial year ended March 31, 2024, subject to approval of the shareholders
at the ensuing Annual General Meeting (AGM) of the Company.
Who is eligible to receive Final Dividend and when it will be paid
Friday, September 6, 2024
Members whose names appear in the Register
Record Date
of Members including the list of Beneficial
Owners as provided by the Depositories as on
September 6, 2024.
Final Dividend if approved by the Shareholders
at the AGM will be paid within 30 days of AGM.
Period when Final Dividend will be paid
AGM of the Company is scheduled to be held
on 13th September 2024.
Shareholders are requested to note that as per the revised provisions of the Finance Act, dividends
paid or distributed by a company shall be taxable in the hands of the shareholders. The Company
shall therefore deduct tax at source (‘TDS’) (at the applicable rates) at the time of payment of
dividend. The withholding tax rate will vary depending on the residential status of the shareholder(s)
and subject to verification of documents, uploaded by the shareholder(s) in this regard at
https://ris.kfintech.com/form15/default.aspx or emailed to [email protected] through
their registered email. Shareholder(s) is / are requested to upload/send all documents at the
aforesaid link or email id only.
Further, shareholders are requested to note the below:
a. Record date for the purpose of reckoning the list of shareholders entitled to receive
aforesaid Dividends is Friday, September 6, 2024, which is also the cut-off date for Shareholders
to upload/email their necessary tax declarations on the above link/email id. The Company shall
not consider any declarations received post the cut-off date.
b. For resident shareholders, tax shall be deducted from the payment of dividend if the
Dividend amount exceeds Rs. 5,000/- in a financial year.
c. Shareholders should submit fresh declarations for the Final Equity Dividend even if
he/she/it has already submitted Form 15G/15H to the Company earlier.
d. Shareholders intending to receive the TDS certificates in the name of the beneficial
owners should communicate details of the same before the cut-off date by providing a
declaration containing such particulars as prescribed under Rule 37BA of the Income Tax Rules
1962 (“Rules”) [Refer Annexure A].
The below mentioned communication provides a brief of the applicable TDS provisions under the
Finance Act for Resident and Non-Resident shareholder(s) categories.
Resident Shareholder:
Applicable
Particulars Documents required (if any)
Rate
In case of shares held in Demat: Update the PAN, if not
already done, with the depositories.
In case of shares held physically: Update the PAN, if not
With PAN 10%*
already done, with the Company's Registrar and
Transfer Agents (RTA) - KFin Technologies Private Limited
by sending a letter requesting correction of PAN
mentioning the Company name & folio number along
with the Self Attested PAN Card.
Without PAN/ Invalid If shareholders’ PAN is not reflected or correct PAN is
PAN/Inoperative PAN/ not updated in records of the depositories,
In case income-tax shareholders are advised to send a letter requesting
return not filed for last 20% correction of PAN mentioning the Company name &
one assessment year folio number along with the Self Attested PAN Card to
for which due date of the RTA.
return filing has
expired** In case PAN is not provided/ PAN is invalid/ PAN is
inoperative/ or shareholder is a Specified Person as per
section 206AB of the Income Tax Act, 1961 (“the Act”),
TDS will be deducted at 20%.
Declaration in Form No. 15G (applicable to resident
individual) / Form 15H (applicable to a resident
Submitting Form 15G/ Individual who is 60 years and older), fulfilling certain
NIL
Form 15H conditions. Please download Form 15G / 15H from the
Income Tax website www.incometaxindia.gov.in
(Please ensure to submit fresh form 15G/15H for the
subject Dividend even if you have already submitted
Form 15G/15H earlier.)
Submitting Order Rate
under Section 197 of provided Lower/NIL withholding tax certificate obtained from tax
the Act in the authority.
Order
Shareholders (e.g. LIC, Self-declaration that it has full beneficial interest with
GIC, other insurer etc.) respect to the shares owned by it along with Self
NIL
for whom Section attested copy of PAN card and copy of
194 of the Act is registration/incorporation certification to satisfy that
not applicable) the provisions of section 194 of the Act are not
applicable in their case.
Persons Covered
Documentary evidence that the person is covered
under Section 196 of
NIL under said Section 196 of the Act along with self-
the Act (e.g. Mutual
attested copy of PAN card and
Funds, Govt., RBI etc.)
registration/incorporation certificate as applicable.
Self-attested copy of PAN card, registration /
Entities whose income incorporation certificate and documentary evidence
is exempt under Nil establishing that the entity is an entity whose income
section 10 of the Act (including subject dividend income) is exempt under
the Act along with Self-declaration as per Annexure B.
*Notwithstanding the above, tax will not be deducted on payment of dividend to resident
Individuals, if the aggregate Dividend amount to be paid by the Company, does not exceed
Rs.5,000/- in a financial year.
Non-Resident Shareholder:
Particulars Applicable Documents required (if any)
Rate
Self-attested copy of certificate of registration
accorded under the relevant regulations of
Securities and Exchange Board of India (“SEBI”)
in the case of FIIs / FPIs.
In order to avail the beneficial TDS rate as per
respective Tax Treaty, following documents are
20% (plus
required:
applicable
Non-resident
surcharge
shareholders 1. Self-attested copy of PAN, if available
and cess)
{including Foreign
OR
Institutional 2. Self-attested copy of Tax Residency Certificate
Tax Treaty
Investors (FIIs) / (TRC) for the relevant period obtained from the
Rate***
Foreign Portfolio tax authorities of the country of which the
Investors (FPIs)} shareholder is a resident.
(whichever is
lower)
3. Electronically filed Form 10F.
4. Self-declaration as per Annexure C.
In case, the non-resident shareholder is a Specified
Person as per section 206AB of the Act, then the tax
will be deducted at source at higher rate as per
provisions of section 206AB of the Act.
Submitting Order
u/s 197 (i.e. lower Rate provided Lower/NIL withholding tax certificate obtained
or NIL withholding in the Order from tax authority.
tax certificate)
**The Central Board of Direct Taxes has provided a functionality for compliance check under
Section 206AB of the Act and to check the status of PAN being invalid or inoperative.
Accordingly, for determining TDS rate on Dividend, the Company will be using the said
functionality to determine the applicability of Section 206AB of the Act and the status of PAN
being invalid or inoperative.
***The Company is not obligated to apply the beneficial Tax Treaty rates at the time of tax
deduction/withholding on dividend amounts. Application of beneficial Tax Treaty Rate shall
depend upon the completeness of the documents submitted by the Non-Resident
shareholder and review to the satisfaction of the Company.
~Form 10F:
In pursuance of Notification no. 03/2022 dated 16th July 2022, non-resident shareholders are
required to furnish Form 10F electronically on income tax portal with their login credentials
at https://eportal.incometax.gov.in/iec/foservices/#/login.
For non-resident shareholders who do not have a Permanent Account Number (‘PAN’) or who
are not required to obtain PAN, the income tax department has, from 1st October 2023,
enabled a new category for obtaining Form 10F, while registering on the Income Tax
Portal. The new category is “non-residents not having a PAN and not required to have PAN”,
which enables such non-residents to register on the Income Tax portal without PAN and file
Form 10F electronically. The same is not applicable to non-residents who have PAN in India.
Such non-residents are required to furnish Form 10F electronically using their PAN login on
income tax portal only.
Notes:
1. Shareholders who are exempted from TDS provisions through any circular or notification
may need to provide documentary evidence in relation to the same to enable the
Company in applying the appropriate TDS on Dividend payment to such shareholder.
2. For the purpose of the Final Equity Dividend FY 2023-24, the aforesaid documents, as
applicable, should be uploaded at https://ris.kfintech.com/form15/default.aspx , or
through registered email of the shareholder with PAN being mentioned in the
subject of the email to [email protected] on or before cut-off date i.e.
September 6, 2024, to enable the Company to determine the appropriate TDS /
withholding tax rate that will be applicable. Any communication received after the above-
mentioned cut-off date will not be considered, for deduction of applicable tax.
3. The Company will arrange to email a soft copy of the TDS certificate to the shareholders
at their registered email ID in due course, post payment of the said Dividend. Shareholders
will also be able to see the credit of TDS in Form 26AS, which can be downloaded from
their e-filing account at https://www.incometax.gov.in/iec/foportal.
4. If the tax is deducted at a higher rate in absence of receipt of or satisfactory completeness
of the afore- mentioned details / documents by the Company before dividend processing
period, the shareholder may claim an appropriate refund in the return of income filed with
their respective Tax authorities. No claim shall lie against the Company for such taxes
deducted.
5. In the event of any income tax demand (including interest, penalty, etc.) arising from any
misrepresentation, inaccuracy or omission of information provided / to be provided by
the shareholder(s), such shareholder(s) will be responsible to indemnify the Company and
also, provide the Company with all information /documents and co-operation in any
appellate proceedings.
6. The above communication on TDS sets out the provisions of the law in a summary only and
does not purport to be a complete analysis or listing of all potential tax consequences.
Shareholders should consult with their own tax advisors for the tax provisions that may be
applicable to them.
7. Updating Bank Account details:
Shareholders are requested to ensure that their bank account details are updated with the
Depository/ RTA, as the case may be, to enable the Company to make timely credit of
dividend in their bank accounts.
8. Updating email ID:
Shareholders are requested to ensure that their latest email ID is updated with the
Depository/ RTA for receiving communication from the Company.
In case of any query please reach out to us by sending an email to [email protected] or
[email protected].
Thanking you and anticipating your kind cooperation in this regard.
Yours faithfully,
For Triveni Engineering & Industries Limited
Geeta Bhalla
Group Vice President &
Company Secretary
M.No.9475
Annexure-A
Declaration under Rule 37BA of the Income tax Rules, 1962 read with section 199 of the
Income tax Act, 1961
To,
Triveni Engineering & Industries Ltd.
8th Floor, Express Trade Towers,
15-16, Sector – 16A,
Noida,
Uttar Pradesh - 201301
1. I/We, ____________________________, Shareholder of Triveni Engineering &
Industries Ltd. holding shares of Company as on the record date for Final dividend
payouts for F.Y.2023-24 against __________________ (DPID & Folio No.) do hereby
request the company to provide the credit of Tax Deducted at Source on the dividend payouts
by the Company, separately to below mentioned shareholders (beneficiary shareholder) of the
said shares as per the following information given in this regard.
2. The reason for such request is that the beneficial ownership of shares are held by below
mentioned shareholders (Total number of shares). The details are provided as
under:
Name of PAN of No. of Residential Country of Address of Email Id &
Shareholder Shareholder Shares status of residence in Shareholder Contact No of
held Shareholder case Shareholder
for FY 2024- Residential
25 status
mentioned
in Column
(4) is other
than India
(1) (2) (3) (4) (5) (6) (7)
3. I/We further declare that the above-mentioned dividend income is assessable in the
hands of the beneficiaries of the shares (as per list provided above) and not in my/our
hands. As per Sub- rule 2(i) of rule 37BA of the Income tax Rules, 1962, Credit for
tax deducted at source (TDS) from the dividend Income is allowable to these
beneficiaries of shares.
4. I/We undertake that I/we will not claim credit of TDS from the dividend amount assessable
in the hands of the beneficiaries as listed above.
5. I/We hereby validate the above-mentioned information and I/we do hereby declare that to
the best of my/our knowledge and belief what is stated above is correct, complete and is
truly stated. I/We undertake to indemnify for any tax liability (including but not limited to
interest and penalty) that may arise on you in future on account of deduction of tax at source
in the hands of beneficial shareholders on the basis of the above declaration furnished by us.
Place: .......................................
Date: ..............................................
...............................................................
Signature & Seal
ANNEXURE B
Date:
To
Triveni Engineering & Industries Limited
Corporate Office: 8th Floor, Express Trade Towers, 15-16, Sector 16A,
Noida – 201301, Uttar Pradesh
India
Subject: Declaration regarding Category and Beneficial Ownership of shares
Ref: PAN – Mention PAN of Shareholder
Folio Number / DP ID/ Client ID – Mention all the account details
With reference to the captioned subject, and in relation to the appropriate withholding of taxes on the
dividend payable to me / us by Triveni Engineering & Industries Limited (the Company), I / We hereby
declare as under:
1. We, Full name of the shareholder _______________________________, holding share/shares of
the Company as on the record date, hereby declare that I am /we are tax resident of India for the
period from April 1, 2024 to March 31, 2025.
2. We hereby declare that (Select as applicable)
We are an Insurance Company in whose case income tax is not required to be deducted at
source under section 194 of the Income Tax Act, 1961 on dividend income credited/paid to us
and we are the beneficial owner of the share/shares held in the Company. We are submitting
self-attested copy of PAN Card and documentary proof of registration certificate.
We are a Mutual Fund specified in Section 10(23D) of the Income Tax Act, 1961 and are the
beneficial owner of the share/shares held in the Company. We are submitting self-attested copy
of PAN Card and registration certificate.
We are an Alternative Investment fund established in India and are the beneficial owner of the
share/shares held in the Company; and our income is exempt under Section 10(23FBA) of the
Act and are governed by SEBI regulations as Category I or Category II AIF; and we are submitting
self-attested copy of the PAN card and registration certificate.
We are mention the category of the entity and are the beneficial owner of the share/shares held
in the Company and are accordingly not subject to withholding tax under section 196 of the
Income Tax Act. We are submitting self-attested copy of the documentary evidence supporting
the exemption status along with self-attested copy of PAN card.
We are (Mention appropriate category from - Recognised Provident Fund/Approved
Superannuation Fund/Approved Gratuity Fund/National Pension Scheme / any other entity,
which is entitled to exemption from tax deduction at source in terms of Circular No.18 dated
May 29, 2017 issued by the Central Board of Direct Taxes, Ministry of Finance, Government of
India) and are the beneficial owner of the share/shares held in the Company. We are submitting
self-attested copy of the documentary evidence supporting the exemption status (e.g. relevant
copy of registration, notification, order, etc.) along with self-attested copy of PAN card.
3. I/ We further indemnify the Company for any penal consequences arising out of any acts of
commission or omission initiated by the Company by relying on my/ our above averment.
4. I/We hereby confirm that the above declaration should be considered to be applicable for all the
shares held in the Company under PAN/ accounts declared in the form.
Thanking you.
Yours faithfully,
For Nam
e of the shareholder
<<insert signature>>
Authorized Signatory -
ANNEXURE C
Date:
To
Triveni Engineering & Industries Limited
Corporate Office: 8th Floor, Express Trade Towers, 15-16, Sector 16A,
Noida – 201301, Uttar Pradesh
India
Subject: Declaration regarding Tax Residency and Beneficial Ownership of shares
Ref: PAN – Mention PAN of Shareholder
Folio Number / DP ID/ Client ID – Mention all the account details
With reference to the captioned subject, and in relation to the appropriate withholding of taxes on the
Dividend payable to me / us by Triveni Engineering & Industries Limited (the Company), I / We hereby
declare as under:
1. I / We, Full name of the shareholder , holding
share/shares of the Company as on the record date, hereby declare that I am /we are tax resident of
country name for the period April 1, 2024-March 31, 2025 (Indian Fiscal Year) as per tax treaty
betweenIndia and country name (hereinafter referred to as ‘said tax treaty’).
2. I / We hereby declare that, I am /we are the beneficial owner of the share/shares held in the
Company as well as the dividend arising from such shareholding and I/ we have the right to use
and enjoy the dividend received/ receivable from the above shares and such right is not constrained
by any contractual and/ or legal obligation to pass on such dividend to another person.
3. I/We confirm that I/We are entitled to claim the benefits under the Treaty as modified by the
multilateral convention to implement tax treaty related measures to prevent base erosion and profit
shifting (MLI) including but not limited to the Principal Purpose Test (PPT), limitation of benefit
clause (LOB), etc. as applicable.
4. I/We hereby furnish a copy of valid Tax Residency Certificate dated having Tax
Identification number issued by along with a copy of online filed Form 10F
for the period April 1, 2024 - March 31, 2025.
5. I/We further declare that the subject dividend income is not attributable / effectively connected to
any Permanent Establishment or fixed base in India.
6. I declare that, being individual, my aggregate presence in India for the period from April 1, 2024 to
March 31, 2025 shall not exceed 120 days.
7. I/ We further indemnify the Company for any penal consequences arising out of any acts of
commission or omission initiated by the Company by relying on my/ our above averment.
8. I/We hereby confirm that the above declaration should be considered to be applicable for all the
shares held in the Company under PAN/ accounts declared in the form.
Thanking you.
Yours faithfully,
For Name of the shareholder
<<insert signature>>
Authorized Signatory - Name and designation
Contact address: [Please insert]
Email address: [Please insert]
Contact Number: [Please insert]
Tax Identification Number [Please insert]
Note: Kindly strikethrough whichever is not applicable
SHAPING
OUR GROWTH
DRIVEN
FUTURE
FOCUSSED
PEOPLE
POWERED
TOMORROW
ANNUAL REPORT
2023-24
CONTENTS
02
02 Investing for Sustainable Growth
The future is brimming with
04 Stronger and Sustainable Business Model
View the report online at
opportunities and holds immense
08 Message from the Chairman
10 Q&A with Vice Chairman &
trivenigroup.com potential. At Triveni Engineering &
CORPORATE Managing Director
OVERVIEW 15 Leading our Journey to Long-Term Success Industries Limited (TEIL), we are not
20 Committed to Creating Perpetual Value
for All
just prepared to embrace it but are also
23 Progress Strengthened by
Financial Prudence
strategically investing to shape it, driving
24 Financial Performance innovation and excellence to ensure
25
26
Operational Performance
Driving Excellence with Technology
long-term success and value creation.
30 Business Segment Review – Sugar
34 Business Segment Review – Alcohol At TEIL, we are inspired by a tomorrow where we stay at the forefront of opportunities and
36 Business Segment Review – consolidate our prominent market position. We deliver superior performance while creating
Power Transmission enduring impact, including empowering our farmer partners and advancing India’s self-
reliance, supporting the nation’s fuel and water security, and addressing our industrial
40 Business Segment Review – Water
customers’ needs with innovative solutions. And, where we create value for all stakeholders.
42 Charting A Course for Sustainable Progress
IN RECENT YEARS, WE HAVE BEEN ON A TRANSFORMATIONAL JOURNEY…
48
48 Business Responsibility and
Sustainability Report Expanding Enhancing Reinforcing Strengthening Scaling
capacities R&D management and financial sustainability
100 Management Discussion and Analysis and improving capabilities in people bandwidth foundation practices
120 Financial Review operational Engineering to initiating
excellence in businesses digital transition
STATUTORY 127 Risk Management and Mitigation Sugar and Alcohol and embedding
REPORTS 131 Directors’ Report businesses technology
141 Corporate Governance Report
172
In FY 24, we embarked upon new capacity additions in Sugar and Alcohol businesses,
173 Standalone Financial Statements gearing them for future opportunities. In the promising Power Transmission business including
273 Consolidated Financial Statements Defence, we not only continued existing expansion projects but further scaled our investments.
374 Glossary and Definitions These proactive investments put TEIL in a position of strength, to deliver scalable and
FINANCIAL sustainable growth and augment value for all stakeholders.
STATEMENTS
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
INVESTING FOR
Key Updates from FY 24
Sugar Alcohol Power transmission
SUSTAINABLE GROWTH
At TEIL, we have built our business with prudence through the years, focussing on
the right areas, building the right competencies, and strategically aligning with the Sabitgarh sugar unit expansion New multi-feed 200 KLPD Announced further investment,
by 2,000 TCD to 9,000 TCD distillery at Rani Nangal of ` 180 crore towards capacity
priorities of the nation and our customers. With the future brimming with immense
enhancement in gears segment
opportunities, we are investing prudently for sustainable growth. Process change to DRP New modern bottling plant at (excl. Defence). Coupled with
(refining process) at Milak Muzaffarnagar alco-chemical previously announced investments,
This is how we are progressing ahead with agility and forward-thinking strategies, Narayanpur unit facility to produce premium the gears segment’s annual
ready to shape our tomorrow and create greater value for our stakeholders. Indian Made Foreign Liquor business potential to increase from
Modernisation, debottlenecking (IMFL) ` 250 crore to over ` 500 crore
and efficiency improvements
across units toward New dedicated defence multi-
cost optimisation modal facility at Mysuru
We thrive under visionary We have invested in
leadership capacities and people
We thrive under experienced, proficient We are confident of the industry’s We have reinforced our improved financial strength and up capabilities including enhancing
and visionary leadership. Our Board future and have invested a significant financial foundation outlook further resulted in an upgrade operational efficiency and decision-
of Directors, with their diversified capex of ` 357 crore during FY 24 in our long-term credit rating to AA+ making. Our field-related technologies
Our disciplined approach to capital
skills and competencies, guide us to towards expanding capacities and (Stable) ICRA, reinforcing our ability to empower farmers towards better
allocation ensures attaining long-term
anticipate and stay ahead of the trends capabilities. We added to the invest in the future at a lower cost. crop management while enabling
objectives, maximising shareholders’
and the competitive landscape. An workforce to align with future us to effectively manage the supply
return and sustaining financial health.
experienced management team, with opportunities, with plans to significantly We are scaling technology chain. In the Engineering business,
This has ensured a solid business
their deep understanding of respective augment headcount in the Power excellence we remain focussed on investing in
model, with steady growth and healthy
businesses, implement strategies Transmission business. advanced technologies to enhance our
cash flow generation, strengthening Through our digital transition journey,
to seize opportunities and ensure competitive edge.
our balance sheet position despite we have embraced cutting-edge
sustainable growth.
significant capex commitment. Our technologies to significantly ramp
02 03
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
STRONGER AND SUSTAINABLE
BUSINESS MODEL 61,000
Sugarcane crushing capacity
63,000 TCD*
Triveni Engineering & Industries Limited is a diversified and integrated industrial
conglomerate with prominent market positions in the businesses of sugar, alcohol,
power transmission and water and wastewater treatment.
Our robust business model is built on the foundation of research & development (R&D) capabilities, excellence in
manufacturing, investments in world-class digital technologies, stringent quality controls and a customer-centric approach.
22 3,35,000+
We maintain a sharp focus on operating with adherence to global safety and sustainability standards. These give us a World-class Farmer associates
significant competitive edge, positioning us to deliver quality products and solutions to clients globally.
manufacturing facilities
Our solid market position
860 KLPD 12,000+
Alcohol/Distillation capacity with High-speed gearbox
plans to expand to 1,110 KLPD installations globally
Amongst Amongst the
India’s largest leading players
integrated sugar and ethanol
manufacturers
in Power Transmission and Water &
Wastewater treatment solutions 1,500+ 12,000+ MLD
Water installations across India Of water treated
Preferred Preferred
partner supplier ` 8,669 crore ICRA AA+ (Stable)
to domestic and multinational of Propulsion Gearboxes, Propulsion Market Capitalisation as Long-term rating
Original Equipment Manufacturers Shafting, Fin Stabilisers, Special on June 30, 2024 upgraded
(OEMs) for gears/gearboxes Application Pumps for Indian Navy &
Indian Coast Guard
*Current sugarcane capacity 61,000 TCD, expansion to 63,000 TCD from SS 2024-25
04 05
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Our operating businesses
Sugar Alcohol Power Transmission Water
7 FSSC 22000 certified sugar mills in UP’s 5 ultra-modern distillation facilities across UP 3 business segments – Gears, Defence and Leading solutions provider for efficient water
sugarcane-rich belt Built-to-Print management for industrial/municipal/urban
Integrated operations providing assurance
applications
Best-in-class manufacturing processes with of feedstocks (molasses, syrup) and fuel Modern integrated manufacturing facility
stringent compliance and quality benchmarks (bagasse) in Mysuru, Karnataka with world-class Complete and sustainable water/wastewater
equipment, technology, automation and treatment solutions across water usage
Strong farmer relations and timely sugarcane Efficient operations with focus on improving
digitalisation segments and industries
payment recoveries and reducing supplementary fuel
Reputed for timely delivery, reliability Turnkey solutions offered on EPC/PPP
Extensive sugarcane development programme Adherence to Environment, Health, Safety and
and product excellence enabled by value (Engineering Procurement and Construction/
with farmers Sustainability standards
engineering, high-quality and cost-competitive Public Private Partnerships) / HAM (Hybrid
integrated manufacturing and R&D Annuity Model) / Build Own Operate Transfer
(BOOT) models
Co-generation Our feedstock and product mix Expertise in reverse engineering and
• 104.5 MW generation capacity from co-product • Flexibility of feedstocks - grain/sugarcane based replacement solutions Proven track record of executing large projects
bagasse across six plants, with three using highly in India, with over 100 projects executed
• Flexibility of products - Fuel-grade Ethanol, Extra Offering 360-degree service solutions,
efficient 87 ata/515° C steam cycle
Neutral Alcohol and Rectified Spirit, Indian Made health monitoring services, and spares and Customer Care Division for value-added
• Meeting captive needs, and surplus sold to Uttar Indian Liquor (IMIL) and upcoming Indian Made aftermarket solutions services for operation management and
Pradesh Power Corporation Limited (UPPCL) Foreign Liquor (IMFL) performance optimisation
Our products • High-quality by-products - Distillers Dried Grain
• Multi-grade - large, medium and small Solubles (DDGS), Potash-rich ash and CO2
Our products Solutions and services offered
• White Crystal Sugar, Refined Sugar (for high-grade Our customers • Power transmission: High-power and high-speed • Solutions: Water treatment, water & wastewater
end users), Raw Sugar (for export, based on market • Oil Marketing Companies (OMCs), Fertiliser gears for steam/gas turbines, compressors, network management, wastewater/sewage treatment
dynamics), Pharmaceutical-grade Sugar Companies, Institutional Customers etc. pumps, blowers, and other special-purpose (WTP/STP), desalination for seawater & brackish
industry applications; low-speed gearboxes for water, recycle and zero liquid discharge (ZLD)
Our Customers
diverse industries
• Multinational beverage companies, breweries, • Service: Operations and maintenance, annual
pharmaceutical companies, confectionery • Defence portfolio: Propulsion and other critical maintenance contracts, product & process audits,
manufacturers, dairy and ice cream producers gearboxes, critical turbo and motor driven pumps, gas health check-ups, upgradation of existing plants,
turbine generators for auxiliary power, fin stabilisers, spares and service, on-site support
• Large institutions for premium high-quality
propulsion system integration, propulsion shafting
crystal sugar Industries served
Industries we serve • Municipal WTP/STP, CETP/ZLD for Industrial
• Power Generation (IPPs), Refinery & Petrochemical, clusters, Refineries, Coal, Sand Processing Plant,
Rubber & Plastics, Oil & Gas, Sugar, Marine, Chemical Non-ferrous Industries, Oil & Gas, Thermal and
& Fertiliser, Cement and Steel Hydro Power Plants, Steel Plants, Sugar & Allied
Industries, Desalination
06 07
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MESSAGE FROM THE CHAIRMAN
Investing in the future For our employees, we have implemented a comprehensive
At Triveni, we have always been inspired to look beyond the Occupational Health and Safety (OHS) system that is designed
challenges. We invested a substantial capex of ` 357 crore in to proactively manage and mitigate risks in the workplace. The
FY 24, which is poised to be a key enabler of our future growth. implementation of enhanced training programmes and stricter
adherence to safety protocols resulted in 12% decrease in work-
related injuries during the year. We also supported employee
We have already commissioned a 200 KLPD multi-feed distillery
growth with various learning and development efforts.
at Rani Nangal which not only enhances distillation capacity
but also provides feedstock flexibility. Previously announced
projects are on track for scheduled commissioning. These Towards new horizons
At Triveni, we have always include i) enhancement of crushing capacity at Sabitgarh by We are operating in dynamic times, where despite the
2000 TCD (from 7000 TCD to 9000 TCD) ii) a new bottling short‑term challenges, the opportunities are numerous.
been inspired to look beyond plant at Muzaffarnagar facility for high-quality IMFL products A booming economy, expectations of favourable policy
iii) enhancing annual capacity of gears facility (not including decisions and the Government’s commitment to EBP
the challenges. It is this Defence) from ` 250 crore to over ` 500 crore. programme targets and self‑reliance journey augur well for the
enterprising spirit of ours that Digital technology is yet another area where we are making
sugar and alcohol industries. With our enhanced capacities, we
remain well-positioned for improved performances. In Sugar,
instead of being disconcerted strides. Deployment of advanced technologies like GPS-
based farming services, satellite mapping to detect diseases,
we continue to judiciously invest in enhancing sugarcane crush
rate, sugar quality and operational efficiencies.
by the current momentary drones for insecticide spraying and IoT-based supply chain
The focus on Make in India and industrialisation along with
management are revolutionising sugarcane farming. Several
changes, our vision is firmly digital projects are underway aimed at further empowering our the long-term prospects for water and wastewater treatment
solutions globally provide a positive outlook for our Engineering
farmer partners.
set on the horizon because businesses. In Power Transmission, our extensive international
customer outreach efforts and continued investments in
the future is bright and filled The Power Transmission business is also deploying augmented
reality technologies to train people and remotely support R&D and infrastructure position us to capitalise on the global
opportunity landscape.
with immense opportunities. customers. The business is set to significantly increase
manpower to support expanded capacities, ramp up R&D and
As we remain sharply focussed on execution and doing the right
innovation and strengthen international expansion.
things, we seek the continued support of all our stakeholders.
Your faith in us has been a source of inspiration. I express my
Delivering value to everyone gratitude to each one of you. I thank our employees and the
Triveni is a stakeholder-centric company and remains steadfast entire leadership team for their exemplary dedication and agility
in its commitment to creating sustainable value for all. that helped us tide through the challenges, and position us for
Dear Stakeholders, Strength in adversity
a stronger future. I thank our farmers, customers, partners,
Reflecting on our journey over the years, I am humbled by the In the year gone by, Triveni demonstrated resilience to report
Consistent with our focus on delivering healthy returns to vendors, employees and shareholders for their support,
milestones Triveni has achieved to become a world-class entity. a satisfactory performance despite the immense challenges.
shareholders and balancing financial stability, the Board encouraging us to take on bigger ambitions and achieve greater
Our legacy of expansion, excellence and innovation encourages Adverse climatic conditions and the spread of red rot disease
of Directors approved a total dividend of ` 5.75 in FY 24, success in the years to come.
impacted sugarcane yields in the state of Uttar Pradesh,
us to scale newer heights. The invaluable contribution of all amounting to 575% of the face of equity share of ` 1. This
presenting tough times for the sugar industry. Triveni was no I also take this moment to highlight key developments within the
our stakeholders as well as the efforts and dedication of our results in an outgo of ` 125.9 crore in dividend. Our contribution
different as we registered lower sugarcane crush in SS 2023‑24. Board. We bid farewell to Ms. Homai A. Daruwalla, who exits the
employees continues to be our driving force. to the exchequer remained robust at ~` 1,200 crore. We remain
To ensure sufficient sugar stock availability, the Government Board on the completion of her tenure. We are grateful for her
aligned with various Government initiatives, including water
limited sugar sacrifice through the B-heavy route for ethanol services and invaluable contributions to the Company. Joining
With the future brimming with opportunities, we are all set to management-related projects and the Ethanol Blended Petrol
and restricted sugar exports. This along with the stoppage us on the Board as Independent Non-Executive Directors are
(EBP) programme’s target of 20% blending by 2025-26. This
shape a better tomorrow that will power the next phase of of Surplus rice by FCI, impacted feedstock availability for our
year, we supplied 1,82,707 KL of alcohol including ethanol eminent members: Siraj Azmat Chaudhry, Dr. Rajender Pal
growth. We strive to build the right competencies, including Alcohol business. While we swiftly shifted to maize feedstock,
to Oil Marketing Companies (OMCs). Our ongoing efforts in Singh, Manoj Kumar Kohli and Dr. Meena Hemchandra. I am
better technology, digitalisation and an innovation-driven and it led to lower operating capacities and margins. The Water sure the Company will benefit from the extensive experience
these areas will be instrumental in addressing the challenges of
passionate team. The intent is clear – make Triveni future-ready business witnessed a muted period due to project delays. and expertise they bring.
climate change and water scarcity.
and resilient to effectively handle challenges and capitalise The Power Transmission business was a silver lining, yet again
on opportunities. delivering a stellar performance, with a growth of 29.5% in With the support of our valued stakeholders, we are enthused
Triveni continued to empower its communities. With a spending
revenue, 40.1% in segment profits and 42.3% in order booking. to create a brighter, more promising tomorrow where we grow
of ` 11.37 crore in community projects, we positively touched
over two lakh lives in the areas i.e. education, healthcare, together and create value for all.
Overall, our net revenue from operations declined by 7.1% to
women empowerment, promotion of sports, environmental
` 5,220.1 crore in FY 24 and EBITDA was marginally lower by With best regards,
sustainability, etc. Our farmer network stands strong at over
1.1% to ` 688.4 crore. The revenue contribution of the non-
three lakh and thirty five thousand and we ensured unwavering
Sugar business increased from 34% to 38% in FY 24. This was
support with sugarcane development programmes and digital
partly on account of the decline in the Sugar business, along
technologies. This year, we continued to help farmers shift to
with our ongoing efforts to achieve healthy diversification and
high-sucrose and high-yielding sugarcane varieties, which are DHRUV M. SAWHNEY
ensure more predictability in revenue and profits. Chairman & Managing Director
more disease-resilient.
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Q&A WITH VICE CHAIRMAN
& MANAGING DIRECTOR Q. Can you elaborate on the challenges
faced by the Company in FY 24?
and Milak Narayanpur units faced a decline in crush. Whereas,
the Khatauli and Sabitgarh units were relatively unimpacted
by the disease and thus saw a marginal decline in crush. The
A: FY 24 was a challenging period, especially for our Sugar
Ramkola unit became the only Group unit to register an increase
in sugarcane crush. This was on account of its proactive
and Alcohol businesses due to adverse climatic conditions effort to reduce the Co0238 sugarcane variety and shift to
Triveni is actively and regulatory developments. Heavy rainfall, water logging in
certain regions and the spread of red rot disease in the Co0238
other varieties in response to some instances of disease in the
previous season. Overall, our sugarcane crush declined by
partnering in India’s EBP variety sugarcane crop, significantly impacted plant cane. The 11.4% to 8.26 million tonnes.
season also witnessed a higher diversion of sugarcane to kolhus/
programme with a long- crushers, which is the unorganised jaggery sector. This reduced We continued our efforts to increase production of refined
term strategic intent sugarcane availability and thus its crush. and pharmaceutical-grade sugar which attracts a premium
over sulphitation sugar. The successful shift to the refining
of growing the Alcohol Amidst expectations of lower sugar production in the country, process (DRP) at the Milak Narayanpur unit, helped enhance
the Department of Food and Public Distribution (DFPD) issued
business. Aligned with this, directions on December 15, 2023, to limit the sugar sacrifice
the proportion of this premium portfolio from ~60% to
~70%, enhancing average blended realisations by 5.8% for
we recently commissioned through B-heavy molasses (BHM) and sugarcane juice route to
1.7 million tonnes, compared to 4.1 million tonnes in the previous
the Company.
a 200 KLPD multi-feed season. Additionally, the lower quota released for sale in the In distillery operations, we seamlessly transitioned to maize
domestic market and the restrictions on sugar exports by the
distillery at the Rani Nangal Government dampened the Company’s sales volumes.
feedstock at our multi-feed Milak Narayanpur facility and
grain-based distillery at Muzaffarnagar. Despite the challenges,
unit, which will start Distilleries were faced with significant feedstock challenges. The
alcohol production and sales were at 18.44 crore litres and
18.27 crore litres respectively, both higher than the previous
contributing to volumes suspension of surplus rice supplies by the Food Corporation year. Our continued focus on forward integration enhanced IMIL
TARUN SAWHNEY of India (FCI) for ethanol production in July 2023, necessitated
Vice Chairman & Managing Director
in FY 25. Our aggregate distilleries to adopt maize as feedstock. Further, with the
sales by 34% to 44.73 lakh cases, which along with an increase
in average realisation price led to an 8.6% increase in net
distillation capacity now restrictions on BHM, the sugar units, including ours, switched
to C-heavy molasses (CHM) for ethanol production in the
turnover in the Alcohol business.
stands at 860 KLPD. last quarter.
Q. How do you perceive the industry
With sugar operations largely carried out using CHM instead scenario for the Sugar and Alcohol business
of BHM and the distillery operations with maize instead of FCI in the near term? What strategic measures
rice, our operating capacities and production were lower. The are being implemented by Triveni in
Q. Reflecting on the performance in FY 24, in segmental profit to ` 180.9 crore. This was substantially profitability of the Alcohol business was also impacted given response to these dynamics?
could you highlight the key developments
offset by a strong 37.5% growth in segmental profit from the
Engineering businesses to ` 138.5 crore due to improved
a larger proportion of ethanol being produced from relatively
low‑margin maize as against the traditional high‑margin molasses
A: The year gone by was a one-off where several external
that transpired through the year? margins. Overall, the EBITDA was lower by 1.1% to ` 688.4 especially BHM. This was despite the OMCs incentivising maize-
variables posed tough challenges for both Sugar and Alcohol
A: Our performance has been satisfactory this year, given
crore and Profit before exceptional items and tax was lower by
5.95% to ` 529 crore.
based ethanol from January 5, 2024 onwards.
business. We expect the scenario to improve in FY 25. The
prediction of above-average monsoon and renewed focus on
the tough operating context. Our net turnover was lower by 7.1%
to ` 5,220.1 crore in FY 24. This was mainly on account of a Our order book position in the Engineering businesses Q. How did Triveni navigate the feedstock- the EBP by the Government are expected to create a favourable
operating context for both businesses. We are also taking
decline in revenue of the Sugar business by 11.6% to ` 3,857.9 remains strong giving visibility of revenues in the coming related challenges? several proactive measures to tackle challenges with agility and
crore and in the Water business by 30.1% to ` 246.3 crore. On
the other hand, the revenue from the Alcohol business (net) was
years. Order booking in the Power Transmission business
grew by 42.3% to a record ` 375.4 crore in FY 24, and the A: Lower sugarcane availability was an industry-wide
seize the opportunities.
up 8.6% to ` 1,273.6 crore, while that of Power Transmission closing order book stood at ` 287.4 crore. The Water business phenomenon and Triveni was no different. Our sugarcane development teams deployed a multi-pronged
business grew by 29.5% to reach a record ` 291.8 crore. witnessed a muted year in terms of new order booking due strategy to secure sugarcane availability. They are engaging with
to delays in project finalisation, and its closing order stood at The red-rot disease was mostly prevalent in western and central the farmers to uproot the diseased crop to contain the damage
Profitability was under pressure due to the input price ` 1,223.4 crore. Uttar Pradesh and thus our Deoband, Chandanpur, Rani Nangal
challenges in the Alcohol business which saw a 14.8% decline
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and limit its spread. A comprehensive varietal substitution allowing sugar mills to convert their existing 6,70,000 this was broad-based with demand coming from both the led by the Government’s Make in India programme is also
programme has been taken up, especially in low-lying, tonnes of B-heavy molasses stock into ethanol at the end of OEM and aftermarkets segments as well as domestic and opening a plethora of opportunities.
water-logging-prone areas, aimed at reducing the planting of April 2024. international markets.
vulnerable Co0238 cane variety and substituting it with other Considering the immense growth prospects, the Board
high-sucrose and high-yield varieties. Additionally, we continued Triveni is actively partnering in India’s EBP programme with Our Defence business is also witnessing healthy traction led by approved a further capex of ` 180 crore during the year.
to invest in our facilities to enhance crush rate, sugar quality a long-term strategic intent of growing the Alcohol business. the Government’s indigenisation efforts. In the Water business, Investments are aimed towards a new bay for both power
and efficiencies. This year we are adding 2,000 TCD of crushing Aligned with this, we recently commissioned a 200 KLPD while the long-term prospects are strong globally, this year saw transmission and defence products as well as setting up
capacity at our Sabitgarh sugar unit, enhancing our total multi-feed distillery at the Rani Nangal unit, which will start a slowdown in market activity and the finalisation of orders. a new multi-modal manufacturing, assembly and testing
capacity to 63,000 TCD. We expect these efforts to improve our contributing to alcohol volumes in FY 25. Our aggregate facility at Mysuru for defence products. This expansion is
crush and recoveries in the coming season. distillation capacity now stands at 860 KLPD.
Q. The performance of the Power poised to enhance the capacity of the gears business alone,
excluding defence, from ` 250 crore to ` 500 crore.
Transmission business has been
In the Alcohol business, we expect significant opportunities
from India’s Ethanol Blended Petrol (EBP) programme, which
Q. How was the operating scenario for remarkable. How does Triveni intend to
Our strategic initiatives in both product and aftermarket
the Engineering businesses in FY 24? scale from here?
targets achieving 20% ethanol blending in petrol by FY 26. For position us ideally to seize the opportunities, especially in
the Ethanol Supply Year 2023-24, the OMCs have floated a
tender for 825 crore litres with a 15% blending target which is
A: Our engineering segment comprises Power A: The growth and progress in our Power Transmission
steam, compressors and gas turbines, pump segments,
and sectors like steel, cement, oil and gas, and waste heat
Transmission, Defence and Water businesses. A rapidly business is inspiring. We have successfully established a
expected to progressively increase in the next year. recovery. In the defence segment, we expect increased
growing Indian economy coupled with capex programmes prominent position in high-speed gear solutions, supplying to
ordering in key segments like gas turbine packaging,
by companies across diverse sectors continues to benefit all major global OEMs in India including aftermarket support.
Considering the Government’s commitment to EBP and the propulsion gearboxes, propulsion shafting and special
our Power Transmission business. We witnessed excellent We have also made significant strides in the international
significance of sugarcane in achieving it, we expect favourable application pumps where we have made considerable
demand for our gears and gearboxes, especially in the market, with our technologies, products and aftermarket
policy decisions for addressing the industry’s feedstock and progress over the years.
Oil & Gas, API, Waste Heat Recovery (WHR), Waste to capabilities receiving excellent responses.
profitability challenges. Recent steps towards this were the
Q. What is the Company’s overall
Energy (WtE), high-technology compressor and high-
revisions in ethanol prices (from maize) and the Government
power small hydro turbine applications. Importantly, FY 24 was a breakthrough year for the gears segment with
prestigious product order bookings and progress in our outlook for FY 25? How is the Company
international expansion strategy. Throughout the year, we well-placed to deliver growth and create
undertook extensive international customer outreach and value for stakeholders?
A:
continued investments in R&D, technology advancements and
infrastructure to enhance product market share. These efforts We are confident of a strong rebound in FY 25. While
translated into orders from South American and European our performance saw some moderation during FY 24, it
customers, including a maiden order from a leading European was primarily on account of external factors. Our long-term
turbine manufacturer. The execution of initial orders resulted in growth fundamentals remain strong. The agility exhibited by
product qualifications in these critical markets, highlighting our our team in executing strategic priorities including capacity
growing acceptance in the international market. The Defence expansion initiatives along with the expectation of policy
segment is also witnessing healthy progress supported decisions and a favourable macro environment, positions
by our capabilities in multiple product lines and enhanced us for improved performance. The growth witnessed in
competencies through partnerships. our Engineering businesses has been exceptional, helping
reduce dependence on the Sugar business. At the same
These developments contributed to the best-ever performance time, our efforts around cost optimisation, efficiency
of the Power Transmission business with record revenue, improvement and value-additions will help improve
profitability and order booking in FY 24. That said, this is margins. Through a combination of these efforts, we
just the beginning. We expect the business to continue expect to deliver long-term growth and create value for our
benefiting from the rapid growth in the Indian economy and the stakeholders sustainably.
accelerated capex cycle towards infrastructure creation and
private sector capacity expansion. The defence indigenisation
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LEADING OUR JOURNEY TO
LONG-TERM SUCCESS
Present directorship(s) in other listed company(ies)
• Promoter and Chairman & Managing Director - Triveni
Dhruv Sawhney Turbine Limited
Promoter and Chairman &
Past appointments
Managing Director • President of the Confederation of Indian Industry (CII) (1991-92)
• Chairman - Executive, International Society of Sugar Cane
Academic & professional qualifications
Technology (ISSCT) 1995-99
• Master’s in Mechanical Sciences from Emmanuel College,
University of Cambridge, UK • Government-nominated founder Chairman of the Indian
• MBA with distinction from Wharton School, University of Institute of Management, Kashipur
Pennsylvania, USA • President Indian Sugar Mills Association (ISMA) – two terms
• On the Dean’s list for all terms and ranked second in (1985-86 and 1986-87)
the University • President of the All India Chess Federation for 12 years
• Chairman of Doon School, Dehradun
Areas of expertise • President Sugar Technologists Association (STAI) (1988-91)
• General Management and Leadership
• Functional and managerial experience Awards & recognitions
• Diversity behavioural and personal attributes • “Chevalier de la Legion d’Honneur” from President Chirac
• Corporate governance and Finance • ‘Honorary Lieutenant of the Royal Victorian Order’ (LVO)
from HM Queen Elizabeth II
Other current positions • Chaired the Commonwealth Leadership Development
• Chairman - Triveni Turbines DMCC, Dubai Conferences to foster and broaden the decision-making
• Director - Triveni Turbines Europe Pvt. Ltd, UK
ability of future commonwealth leaders
• Director - Triveni Energy Solutions Ltd
• Received the Mike Bennet Award 1998 from the British
• Director - Triveni Foundation
Society of Sugar Cane Technologists, U.K. for the best
• Chairman of the Board of Trustees of North India’s oldest
technical paper
charitable hospital - Tirath Ram Shah Charitable Hospital
• Chevalier of the Confrerie des Chevaliers du Tastevin
inaugurated by the first President of India, and funded by
in Burgundy
the Triveni Group and the Sawhney family.
• Member of the advisory board of the Indian Council of
Agricultural Research (ICAR)
Tarun Sawhney • Trustee of the Tirath Ram Shah Charitable Hospital,
Promoter and Vice Chairman & New Delhi
Managing Director • Member of the International Advisory Council of the Tate
Modern (UK)
Academic & professional qualifications • Member of the International Leadership Council of the New
• Master’s in Economics from Emmanuel College, University Museum (New York, USA)
of Cambridge, UK • Director - Indian Sugar Exim Corporation Limited
• MBA from Wharton School of the University of • Director - Triveni Energy Solutions Limited
Pennsylvania, USA • Director - Triveni Foundation
Areas of expertise Present directorship(s) in other listed company(ies)
• General Management and Leadership • Promoter & Non-Executive Director - Triveni Turbine Limited
• Functional and managerial experience Past appointments
• Diversity behavioural and personal attributes • Board member in Indian Public School’s Society
• Corporate governance and Finance • President of the Doon School Old Boys’ Society (DSOBS)
Other current positions • President of the Indian Sugar Mills Association (ISMA)
• CII - Member of the National Council Awards & recognitions
• CII - Chairman of the Agricultural Council • Industry Excellence Award (Sugar), conferred by the former
• CII - Co-Chairman of the National Committee on Bioenergy Hon’ble President of India, Smt. Pratibha Rao Patil
• Intrôniséd as a Chevalier du Tastevin in 2023
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• Co-Chair of the Ananta Aspen-led India-Israel Forum • Worked with the Ministry of Commerce and Industry
• Trustee of the Tirath Ram Shah Charitable Hospital, since 2011, first as Joint Secretary and then as Additional
Nikhil Sawhney J.K. Dadoo Secretary & Financial Adviser, till superannuation in
New Delhi
Promoter & Non-Executive Director Independent Non-Executive Director December 2017
• Chair of the CII - Triveni Water Institute and CII National
Committee on Capital Goods & Engineering • Sub-Divisional Magistrate in Delhi, Principal Secretary
(Environment) in Govt. of Delhi, Additional Commissioner
Academic & professional qualifications • Director - Triveni Energy Solutions Ltd. Academic & professional qualifications of Sales Tax in Delhi, Secretary to the Governor of Goa,
• Master’s of Arts from Emmanuel College, University of • Director - Triveni Energy Systems Ltd. • Bachelor of Arts (Honours) in Economics from Development Commissioner & Acting Chief Secretary
Cambridge, UK • Director - Mathura Waste Water Management Pvt Ltd. St. Stephen’s College, Delhi University in Goa, Deputy Commissioner in Arunachal Pradesh,
• MBA from The Wharton School, University of • Director - Pali ZLD Pvt Ltd. • Bachelor of Law (LLB) from Delhi University Administrator of Lakshadweep (Governor, Chief Minister
Pennsylvania, USA • MBA in Marketing from IIM, Ahmedabad and Chief Secretary) etc.
• Director - Triveni Foundation
Areas of expertise • IAS (Retd.) • Counsellor Coordination in the Embassy of India,
Past appointments Moscow, Russia
• General Management and Leadership
• CII - Chairman, Northern Region Areas of expertise
• Functional and managerial experience • Director (Air Force) in the Ministry of Defence
• CII - Chairman, Delhi State Council • General Management and Leadership
• Diversity behavioural and personal attributes • Functional and managerial experience Past Appointments
• CII - Co-Chairman, National Manufacturing Council
• Corporate governance and Finance • Director - MMTC Limited
• CII - Co-Chairman, National Committee on Capital Goods • Diversity behavioural and personal attributes
• Director - The State Trading Corporation of India Ltd. (STC)
Present directorship(s) in other listed company(ies) & Engineering • Corporate governance and Finance
• Promoter and Vice Chairman & Managing Director - • Director - India Trade Promotion Organization (ITPO)
• Member - Board of Governors of IIM (Calcutta) • Government Relations
Triveni Turbine Limited • Director - National Textiles Corporation LTD. (NTC)
Awards & recognitions • Public Affairs and Policy Expert
Other current positions • Director - National Institute of Fashion Technology (NIFT)
• Voted one of India’s forty ‘hottest’ business leaders under Past work experience
• President of the All India Management Association 40 by The Economic Times in 2015 • Director - Cotton Corporation of India and Jute Board
• 35 years of experience working in various senior
• Fellow of the Aspen Institute of India and the Aspen Global positions with the Government of India and • Member of the Committee of Approvals for projects of the
Leadership Network State Governments Export Credit Guarantee Corporation (ECGC) and Exim
Bank funded by the Ministry of Commerce
• On the Panel of Arbitrators of Singapore International
Arbitration Centre (SIAC) Other current positions
Sudipto Sarkar
• Associate Member of 6 Pump Court, Temple, London • Country Chairman of SATS India
Independent Non-Executive Director Siraj Azmat Chaudhry
Past work experience • Partner - Agvaya LLP
Independent Non-Executive Director
• Arbitrator in domestic and international matters Past appointments
Academic & professional qualifications Past appointments • Non-Executive Director and Chairman of National
• B.Sc. (Maths-Hons.) from Presidency College, Kolkata • Member of the Panel of Arbitrators of Hong Kong Academic & professional qualifications Commodity Management Ltd. (NCML)
• B.A. (Law Tripos), M.A. (Law) and LL.M, (International Law) International Arbitration Centre (HKIAC) and Pacific • Commerce graduate from Shri Ram College of Commerce, • Chair of the National Committee on Food Processing
from Jesus College, Cambridge, UK International Arbitration Centre (PIAC) University of Delhi at FICCI
Areas of expertise • Director - BSE Limited • MBA from the Indian Institute of Foreign Trade (IIFT) • Co-Chair of the National Committee for Agriculture at FICCI
• General Management and Leadership • Director - JSW Steel Limited Areas of expertise • Founding member of United Way, Delhi, and India Foodbank
• Functional and managerial experience • Director - B & A Limited • General Management and Leadership Present directorship(s) in other listed company(ies)
• Diversity behavioural and personal attributes • Director - McNally Bharat Engineering Co. Limited • Functional and managerial experience • Independent Director - Tata Consumers Products Limited
• Corporate governance and Finance • Director - Descon Limited • Diversity behavioural and personal attributes • Independent Director - Jubilant Ingrevia Limited
• Legal Expert, Specialising in Commercial and • Director - Eveready Industries Ltd. • Corporate governance and Finance • Independent Director - Dhanuka Agritech Limited
Corporate Law • Transforming businesses in the Agriculture and Food space • Independent Director - Bikaji Foods International Limited
Present directorship(s) in other listed company(ies)
Other current positions • Director - Vesuvius India Limited • Agribusiness, FMCG Expert Awards & recognitions
• Practising Senior Advocate • Director - EIH Associated Hotels Limited • Pride of Uttar Pradesh by Lucknow Management Association
Past work experience
• Barrister at Gray’s Inn, London, UK • Director - EIH Limited • 35 years of experience, including 20 years in leadership • Pioneer for Edible Oil Fortification by FSSAI
• On the Panel of Arbitrators of London Court of International role building, turning around, acquiring, and divesting
Arbitration (LCIA) businesses in the Agriculture and Food industry
• MD & CEO of NCML
• Chairman of Cargill India, the Indian arm of Cargill Inc.
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• Performance Audit • Various positions in Foreign Exchange Department
Dr. Rajender Pal Singh • Human resource management and capacity building Dr. Meena Hemchandra • Part of the senior management team which set up the
Other current positions two currency presses owned by RBI and introduced,
Independent Non-Executive Director Independent Non-Executive Director
• Secretary of the Retired Senior Police Officers inter-alia, costing system, MIS, financial management
Association (RESPOA) controls etc.
Academic & professional qualifications • Chief Advisor (Enforcement & Vigilance) at Meesho, Academic & professional qualifications • Established the ‘Standing Committee on Cyber
• Indian Police Service 1987 batch, U.P. Cadre Bengaluru, and Satya Micro Capital, New Delhi • Ph. D in Economics from Gokhale Institute of Politics Security in Banks’ in RBI, being its first Chairperson
• Graduate & Postgraduate from St. Stephen’s College, • Advisor (legal) Uttar Pradesh Microfinance Association and Economics, Pune (Maharashtra) • Associated with consultancy work which included
Delhi University. Earned LLB & PhD degrees during • EDP on Advanced Risk Management from both corporate entities, financial sector entities, and a
service tenure. Past work experience
• 37 years in various challenging field, operational and Wharton, USA premium international financial institution.
• Attended specialised courses on Leadership & administration assignments in U.P. • CFA (Chartered Financial Analyst), India • Advised in the areas of strategy formulation, financial
Management, Team Building, International Trade &
– Deputy Director General in the Narcotics Control • 1-year PG programme (online) in Data Science and regulation, risk management, institution building, IT
Development and Corporate Governance from ISB
Hyderabad, IIM Ahmedabad, WTO Geneva and IICA Bureau (NCB) - 5 years Business Analytics (University of Texas-Austin/Great financial software development, cyber-risk surveillance
MCA Delhi. – Director General of Police in U.P. Lakes Institute-Delhi) toolbox etc.
Areas of expertise – Held important dual charges of EOW (Economic Past appointments
Areas of expertise
• General Management and Leadership Offences Wing) and SIT (Special Investigation Team) • 14 years on RBI board & nominee directorship on the
• Strategy/policy formulation and implementation
for over 3 years (2018-2021)
• Functional and managerial experience Boards of Union Bank of India, Canara Bank, ECGC
– DGP Training Directorate and supervising Police • Corporate governance
• Diversity behavioural and personal attributes and supervisory board of NABARD
training in 11 Police Training Institutes and 75 recruit • Corporate balance sheets
• Corporate governance and Finance training centres across U.P., till superannuation in • Directorial positions with Suryoday Small Finance Bank
• Treasury management Limited and CFM ARC Private Limited post-retirement
• Risk Management February 2023
• Foreign exchange regulations • Principal of the Reserve Bank’s College of
• Emergency Response and Crisis Management Awards & recognitions
• IT governance including cybersecurity Agricultural Banking
• Compliance Programme • Several reputed awards/medals by the Hon’ble President
• Administration of India, Hon’ble Chief Minister of U.P., Hon’ble Chief Past work experience Other present positions
Justice of Allahabad High Court, MHA, U.S. Immigration • Career central banker with over 35 years of experience • Part time Chairperson and independent director of
and Customs Enforcement, National Unity Mission etc. in Reserve Bank of India Karur Vysya Bank Limited
• Head of department, RBI, managing India’s • Independent director on the Boards of Clearing
of USD 15 billion in over 25 AI focussed portfolio forex reserves Corporation of India Limited, and Digital Lending
companies in India • Executive Director of RBI in-charge of Supervision Association of India
Manoj Kumar Kohli
• Executive Chairman of SB Energy (2015-19) of Banks, Non-Banking Finance Companies • Senior Advisor to DMI Finance Pvt. Limited, a digital
Independent Non-Executive Director
• Managing Director and CEO of Bharti Airtel, for and Cooperative Banks from June 2015 till her finance company
operations in 20 countries in Asia and Africa (till 2015) superannuation in November 2017
Academic & professional qualifications • Led the formation of the world’s largest tower company
• Degrees in Law, Commerce and MBA from (Indus and Bharti Infratel) for achieving major
Delhi University infrastructure synergies for the industry
• Attended the “Executive Business Programme” at Other current positions
the Michigan Business School and the “Advanced • Chairman and Managing Partner in MK Knowledge LLP Board Independence Board Tenure
Management Programme” at the Wharton
8.2 years
• Chair of CII Unicorn Forum for attracting new tech
Business School investments in India 4
67
Areas of expertise Past appointments
• General Management and Leadership • Independent Director on the Board of Axis Bank Ltd
• Functional and managerial experience
of average Board (%)
• Board Member of GSMA 33 4
• Diversity behavioural and personal attributes • Chairman, CII Task Force on Ease of Doing Business
Tenure
• Corporate governance and Finance
Awards & recognitions
• International Business Transformation • Adjudged “Telecom Man of the Year” in 2000 by 1
• Manufacturing, Telecom, Renewable energy expertise Media TransAsia Promoter Independent <3 years 3-6 years
Directors Directors >6 years
Past work experience • Named “Distinguished Alumni” by SRCC
• Over 45 years in diverse sectors Delhi University
• Country Head - SoftBank India, supporting SoftBank • “Lifetime Achievement Award” in Voice & Data Telecom
Group and Vision Fund as one of the largest investors Leadership Forum 2020
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COMMITTED TO CREATING Customers
PERPETUAL VALUE FOR ALL Sugar Dispatches
FY 20
(tonnes)
10,69,545
Gearboxes Sold
FY 20
(Nos.)
250
FY 21 11,03,233 FY 21 103
FY 22 8,44,159 FY 22 346
FY 23 10,23,041 FY 23 463
Our value creation and enhancement for stakeholders FY 24 8,55,615 FY 24 461
We are a preferred sugar producer for our wide range of We support customers with high-quality and cost-
Employees Vendors products, focus on high-quality and premium offerings. effective solutions. We further offer aftermarket services to
Our products are available to consumers through our maximise uptime, performance and lifetime of solutions.
Employees Benefit Expenses (` in Crore) Sugarcane Payment to Farmers (` in Crore) trusted brands supported by omnichannel distribution.
For our B2B customers, we ensure ready availability
FY 20 256 SS 20 2,806 supported by efficient operations and timely expansions,
alongside offering customisation to suit requirements.
FY 21 271 SS 21 2,741
FY 22 303 SS 22 2,910
FY 23 348 SS 23 3,231 Quantity of Alcohol Sold (KL) Water Treated (MLD)
FY 24 375 SS 24 3,017
FY 20 84,566 FY 20 10,000
FY 21 1,03,637 FY 21 10,000
We are an employee-centric company. We empower our We maintain strong relations with farmers by
people through interventions around equal opportunities, supporting them with sugarcane development FY 22 1,17,837 FY 22 11,000
employee engagement and learning and development. By programmes. We promote their socio-economic
FY 23 1,80,423 FY 23 12,000
investing in plant modernisation and best practices, we development through counselling and educational
ensure a healthy and safe workplace for them. programmes and timely payments. Our mobile FY 24 1,82,707 FY 24 12,000
app supports them across the cane lifecycle with
the necessary guidance to improve yield. We also We produce a diverse mix of alcohol-based products for We offer cost-effective water & wastewater solutions
disseminate weather or pest attack information and
diverse requirements. Ethanol sold to OMCs accounts for along with and services to optimise operational efficiency
provide drone-based pest management services.
most of our alcohol sales, aligned with our objective to and lower lifecycle costs.
support the Government’s EBP programme.
Community
CSR Spending (` in Crore) Power Export Revenue (` Crore)
FY 20 1.41 We undertake multiple programmes towards the FY 20 54.16 We sell surplus power, post-meeting captive needs, to
holistic development of communities, including in the Uttar Pradesh Power Corporation Limited, helping meet
FY 21 4.40 FY 21 68.35
areas of education, sports & healthcare, environmental the state’s power requirements. Co-generation also
FY 22 7.18 sustainability and facilitating safe drinking water FY 22 62.38 has a wider environmental impact, through effective
FY 23 9.30 availability. Our programmes positively impacted over two FY 23 63.80 waste utilisation and contributing to a cut down in fossil
lakh community members in FY 24. fuel consumption.
FY 24 11.37 FY 24 56.99
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Shareholder value creation PROGRESS STRENGTHENED BY
Market capitalisation
FY 20
(` in Crore)
903
Buyback*
FY 20
(` in Crore)
100
FINANCIAL PRUDENCE
FY 21 2,043 FY 21 65
FY 22 7,522 FY 23 800
Our growth is We are focussed on Our balance sheet is
FY 23 6,002 diversified and stable profitable growth stronger
FY 24 6,810 • 14.3% gross revenue CAGR • 13.1% PBIT CAGR (FY 19-24) • Efficient capital structure with
(FY 19-24) net debt to equity at 0.46 as on
Note 1: Market capitalisation stood at ` 8,669 crore as on June 30, 2024 • PBIT contribution from
Note 2: Market capitalisation derived using closing stock price of the last March 31, 2024, despite ~` 600
• Revenue contribution from non- non-Sugar businesses is
trading day of the financial year crore capex in the last two years
Sugar business increased from progressively increasing;
21% in FY 19 to 38% in FY 24; 51% in FY 24 • Healthy coverage metrics with
Dividends* (` in Crore) Our business generates healthy cash flows, and we expansion in distillery and power interest cover of 11.64 and debt
have effectively deployed them in expanding capacities transmission capacities to further service coverage ratio of 2.48
FY 20 27.3 and growing the non-Sugar businesses of alcohol, scale non-sugar revenue
• Upgrade in long-term credit rating
power transmission and water solutions. This has
FY 21 42.3 from ICRA to AA+ (stable)
enhanced our long-term viability and positioned us to
FY 22 78.6 seize on the growing industry opportunities. We have
also maintained a healthy balance sheet, with a net
FY 23 71.1
debt to equity of 0.49 as on March 31, 2024.
FY 24 125.9 Revenue diversification
*Dividend and buyback amounts are excluding taxes We, in TEIL, realise that the Company needs to be
resilient and financially sound to be able to absorb
business challenges which may arise due to external
environment. We are in a journey to achieve these
objectives on multiple fronts. 38%
Firstly, the focus is to strengthen the business revenue
Capital expenditure risk profile of the company by ensuring equitable contribution
` 1,237 Crore dependence on various businesses: From being
predominantly a sugar company, the share of sugar
from non-Sugar
businesses in
30% of the cash generation business has reduced to 62% and 49% in FY 24 in
terms of turnover and segment profit respectively. FY 24
Secondly, there has been a conscious effort to reduce
the leverage, especially due to sugar business which
Cash generation Funds retained for working capital is seasonal in nature, and our financial prudence
has led to low leverage ratios - 0.46 (total net debt to Profitability enhancement
during FY 19-24
` 1,310 Crore equity ratio) and improved credit rating. It has helped
` 4,088 Crore 32% of the cash generation
us to access funds at competitive prices and has led
to lower finance cost and improved rating.
Lastly, the capex is being undertaken based on
acceptable return matrix only with shorter payback.
51%
With our vision, we are well on our journey to achieve PBIT contribution
Dividends & Buybacks (incl. taxes) growth with improved margins and value creation from non-Sugar
for stakeholders. businesses in
` 1,541 Crore Suresh Taneja
FY 24
38% of the cash generation
Group Chief Financial Officer
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FINANCIAL PERFORMANCE OPERATIONAL PERFORMANCE
Revenue (Gross) (` in Crore) EBITDA (` in Crore) Sugar Production (in lakh quintals) Average Blended Sugar Realisation (`/MT)
FY 20 4,436.6 FY 20 579.4
SS 20 100.9 FY 20 29,728
FY 21 4,703.4 FY 21 588.6
SS 21 93.8 FY 21 31,016
FY 22 4,694.0 FY 22 656.6
SS 22 88.8 FY 22 34,603
FY 23 6,310.1 FY 23 696.3
SS 23 95.3 FY 23 36,070
FY 24 6,151.4 FY 24 688.4
SS 24 89.0 FY 24 38,175
EBIT (Before Exceptional Items and PBT (After Exceptional Items and
Share of Net Profit of Associates) (` in Crore) Share of Net Profit of Associates) (` in Crore)
Alcohol Sales (in kilo litres) Average Alcohol Realisation (`/litre)
FY 20 504.6 FY 20 445.6
FY 21 509.5 FY 21 459.8 FY 20 84,566 FY 20 46.1
FY 22 575.9 FY 22 573.8 FY 21 1,03,637 FY 21 48.9
FY 23 602.9 FY 23 1,963.6 FY 22 1,17,837 FY 22 54.1
FY 24 584.3 FY 24 529.0 FY 23 1,80,423 FY 23 57.3
FY 24 1,82,707 FY 24 59.0
PAT (` in Crore) Shareholder Equity (` in Crore)
FY 20 335.1 FY 20 1,338.7
FY 21 294.6 FY 21 1,555.7 Power Transmission Closing
FY 22 424.1
Water Closing Order Book (` in Crore) Order Book (` in Crore)
FY 22 1,912.9
FY 23 1,791.8 FY 23 2,665.3 FY 20 995.3 FY 20 152.0
FY 24 395.2 FY 24 2,900.9 FY 21 912.0 FY 21 166.2
FY 22 1,512.8 FY 22 221.3
Total Debt (Net of Cash & Cash Average Cost of Debt (Standalone) (%)
Equivalents) (` in Crore) FY 23 1,393.4 FY 23 259.9
FY 20 6.3
FY 24 1,223.4 FY 24 287.4
FY 20 1,526.1
FY 21 6.1
FY 21 982.7
FY 22 5.0
FY 22 1,544.7
FY 23 5.1
FY 23 841.8
Healthy operational
FY 24 6.5
FY 24 1,334.6
Net Debt: Equity (x times)
metrics across
FY 20 1.14
Upgrade in long-term
credit rating to
businesses
ICRA AA+ (stable)
FY 21 0.63
FY 22 0.81
FY 23 0.32 Note: FY 23 results include an exceptional income of ` 1,401.20
crore (net of expenses) resulting from sale of the entire 21.85%
FY 24 0.46 equity stake held in an Associate company, Triveni Turbine Limited.
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DRIVING EXCELLENCE
2. Satellite mapping and drone-based services
At TEIL, we are transforming sugarcane farming through the innovative use of satellite mapping
of sugarcane plots and drone technology to help farmers improve crop health and yield.
WITH TECHNOLOGY How this technology works
Empowering farmers with technology Facilitating drone-based services involving:
Use of satellite data to Providing real-time
1. Farmer engagement and assistance -U
sing technology to gather granular insights into the
identify waterlogged areas, data to farmers,
We operate a dedicated cane development portal and app for farmers, Triveni Cane, which is revolutionising nature of the disease, the soil type and composition,
analyse sugarcane health empowering them
farmer engagement and assistance. The platform provides a wide range of support services empowering and the area affected
and growth, AI-based to take necessary
farmers to efficiently manage crops and boost agricultural productivity. yield estimation using precautionary -U
sing drones to perform pesticide spraying
scientific assessments, actions, to prevent precisely and uniformly coverage with optimal water
and disease detection. crop loss. usage, ensuring effective disease control and better
Triveni Cane platform features Impact achieved crop health in an environment-friendly manner
Provides valuable insights and value-added
services at farmers’ fingertips, including
soil testing, fertiliser use and plot-specific
1.98 lakh
suggestions Farmers using the platform regularly How this helps
Enables seamless communication between
farmers and our experts, using both text and
Farmers get assistance Farmers get support in controlling
voice-based messaging in both English and
Hindi languages 9.25 lakh with real-time information diseases with drone-based
Farmers plots mapped
Leverages GPS technology to facilitate farmers on disease pesticide spraying
to nearby vendors for seed and other agri-input
procurement alongside real-time updates on
weather, disease and other notifications
1,05,223
Queries of farmers resolved
26 27
Annual Report 2023-24
Business
3. Streamlining supply chain management Impact achieved
An efficient supply chain is critical in our Sugar
business given different plant locations, wide farmer
networks and multiple variables. It necessitates effective Sugarcane cut to crush times
segment review
communication with the Government and farmers,
decreased significantly, and is
visibility on truck movements, and accordingly planning
procurements from farmers or collection centres amongst the best in the industry
across locations.
We have addressed this challenge by installing Internet
of Things (IoT) based devices across our network of Way forward in farm technologies
trucks and integrating them with software. Real-time We have planned various technology initiatives to further
supply chain information such as collection, payments enhance communication with farmers. Key efforts
and truck movement details are available on dashboards, towards this include: 30 Sugar
which are monitored by a dedicated call centre and
34 Alcohol
necessary actions taken. Tablets are also given to A quality control initiative involving tracking the
marketing managers for tracking and resolving issues. sugarcane quality of farmers and following up with 36 Power Transmission
This has significantly optimised supply chain planning them on subsequent orders
and improved turnaround times, reducing sugarcane cut
40 Water
to crush time and ensuring its quality is maintained and Text-to-call notification, whereby text alerts will be
better recovery. converted to voice and automatically calls will be
We are further taking action to enhance call centres forwarded to farmers
with call automation technologies to streamline
communication with truck drivers, ensuring prompt AI-based communication/farmer assistance to
actions in case of any unforseen delays. enable replying to farmer queries through AI
4. Scaling industrial excellence
Our Power Transmission business proactively uses Augmented Reality (AR) technology to train people and support
refurbishing operations by facilitating remote training of customers. Our AR modules specifically focus on high speed gearbox
product range consisting of steam/gas turbines, compressors and high speed planetary. We have further planned several
digital initiatives for FY 25 including:
Automation of complex design calculations and Project management tool to optimise
documentation for enhanced accuracy resource allocation
Implementation of Industry 4.0 initiatives at the plant Portal to effectively manage supply
level through a pilot project chain operations
Integration of Computer-Aided Design (CAD) with Knowledge management to facilitate innovation
Computer-Aided Manufacturing (CAM) to enhance and decision-making
manufacturing efficiency
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Sugar Business
SECURING RESILIENCE AND
LONG-TERM GROWTH We faced several operating challenges in FY 24,
primarily from climatic factors, disease spread
How TEIL exhibited resilience in FY 24
• Carried out operations with C-heavy molasses amidst
In a year marred with unprecedented challenges of feedstock availability, we and policy decisions. Undaunted by these, we
continued with capex plans and focussed on future restrictions on use of B-heavy molasses and sugar
persisted and focussed on strengthening our competitive edge. Through expanding readiness. We completed various modernisation, sacrifice for ethanol production
capacities and driving operational efficiencies, optimising portfolio mix and securing debottlenecking and efficiency improvement • Enabled a 5.8% increase in average blended realisations,
sugarcane availability for the next season, we have positioned ourselves for growth. projects which increased sugarcane crush
led by sugar price increases and change to refining
capacity, reduced process steam consumption
Our focus on farmer empowerment and agriculture self-sufficiency remained and enhanced refined sugar production to ~70%.
process (DRP) at Milak Narayanpur, in addition to Khatauli,
unwavering, through our efforts around sugarcane development and leveraging Sugarcane planting for the next season with better Sabitgarh & Deoband facilities, leading to increase in
premium refined portfolio from ~60% to ~70%
digital technologies to improve farm yields. and more resilient varieties was also achieved
which is poised to enhance sugarcane availability • Ensured steady sugarcane crush in Khatauli and
and quality. We proudly supported several farmers
Sabitgarh units which had no instances of red
with our advanced farm technologies, and have
Key highlights FY 24 identified several digital projects to scale impact.
rot disease
• Ramkola unit proactively reduced Co0238 sugarcane
Headed into FY 25, our fundamentals are strong,
varietal plantation due to incidence of red rot
Sugarcane crushed (SS) and through a combination of favourable macro
diseases in the previous season, shifting to other
environment, policy decisions and company-wide
8.26 million tonnes efforts, we expect to improve performance. We will varieties to mitigate impact and ensure healthy
sugarcane availability
continue judiciously investing in enhancing crush
rate, sugar quality and efficiencies.
Sugar produced (SS) How TEIL is investing in a better tomorrow
Sameer Sinha
8,90,126 tonnes CEO - Sugar Business
• Structured varietal substitution programme underway
across our cane area to reduce dependence on the
vulnerable Co0238 variety, by switching to other high
Gross sugar recovery (SS) sucrose and high-yield varieties. The Company has
reduced its dependence on Co0238 variety from 98% a
11.49% few years ago to 77% in current season and endeavours
to reach 50-55% in the upcoming season.
Performance highlights FY 24
Net sugar recovery (SS) • Completed modernisation and debottlenecking capex
• Faced sugarcane availability shortage as yields
initiatives at various units:
10.78% were impacted by heavy rainfall, water logging,
inclement weather and spread of red rot – Deoband unit installed falling film evaporators to
disease in Co0238 varieties along with some reduce process steam consumption
diversion of sugarcane to kolhus/crushers
Average blended realisation (FY)
– Sabitgarh unit made changes in the boiling house to
` 38,175/MT
• Sugarcane crush declined 11%; four of
enhance cane-crushing capacity
seven units including Deoband, Chandanpur,
Rani Nangal and Milak Narayanpur saw a – Rani Nangal unit installed new small-capacity boiler
major decline
Revenue (FY) along with turbines to meet utility requirements
• Sales volume impacted due to lower monthly
` 3,857.9 Crore releases by the Government under quota Sabitgarh unit initiated project to expand sugarcane crushing
mechanism and export restrictions; exports capacity by 2,000 TCD to 9,000 TCD which will enhance the
were lower by 87.6% total crushing capacity to 63,000 TCD by SS 2024-25.
PBIT (FY)
` 305.6 Crore Sugarcane crushed, Sugar produced and Recoveries
pertain to Sugar Season (SS) 2023-24
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Ramkola unit outperforms and
sets a precedent
Ramkola sugarcane crushing success
In a year marked by weather and disease-related red rot disease again spread in SS 2023-24, this
challenges, our Ramkola unit demonstrated unit’s sugarcane command area remained virtually
immense resilience and foresightedness. The
unit, with a cane command area in low-lying
areas, experienced marginal incidences of red rot
uninfected, becoming the only one at TEIL to register
an increase in cane crush and recovery over the
previous season.
0.78 0.87
disease in the previous season. Proactively, the
unit implemented a structured varietal substitution Considering the success, similar varietal substitutions million tonnes million tonnes
programme in the spring planting season, replacing were undertaken across other units, with the support
the vulnerable Co0238 varieties with CoP9301. When and guidance of the Ramkola unit’s team. SS 2022-23 SS 2023-24
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Alcohol Business
ACTIVE PARTNER IN ETHANOL
BLENDED PETROL (EBP) PROGRAMME We exhibited resilient performance despite several
feedstock challenges which impacted planned
production. Amidst restrictions on traditional
How TEIL navigated challenges with agility
in FY 24
• Carried out operations with C-heavy molasses
The Government’s EBP programme has been a game-changing move feedstocks, our team exhibited immense agility
in experimenting with maize as feedstock and and maize as feedstocks amidst challenges in the
helping the nation address the dual challenge of reducing dependence on availability of B-heavy molasses and FCI rice
deploying it into ethanol production. Our long-
imported crude oil and climate change by lowering vehicular emissions. We term strategy is to grow operations by actively • Leveraged the multi-feed Milak Narayanpur facility
are proactively participating in this through accelerated expansion of our partnering in India’s Ethanol Blended Petrol (EBP)
and grain-based Muzaffarnagar facility to seamlessly
ethanol capacities. Alongside, we have unlocked new revenue opportunities by programme and self-reliance journey. Aligned
transition to maize feedstock, becoming among the
with this, we recently expanded aggregate
forward-integrating into the liquor business and creating market linkages for distillation capacity to 860 KLPD, aiming to reach first few in India to manufacture ethanol using this
by-products. 1,110 KLPD. We also progressed on our forward route and supplying it to Oil Marketing Companies
integration strategy, expanding the Indian Made (OMCs)
Indian Liquor (IMIL) business and venturing into the
• Scaled up dispatches of IMIL by 34% to 44.73 lakh
Key highlights FY 24 new premium Indian Made Foreign Liquor (IMFL)
cases which helped improve product mix and achieve
business for which a bottling plant is being set up.
higher turnover
Alcohol produced Sameer Sinha
How TEIL is investing in a better tomorrow
1,84,351 KL CEO - Sugar Business
• Commissioned 200 KLPD Rani Nangal plant (in
May 2024), enhancing total distillery capacity to
860 KLPD, which includes two multi-feed units,
Alcohol sales
two molasses-based units and one grain-based
1,82,707 KL unit, giving significant operational flexibility in
feedstock usage
IMIL Sales Performance highlights FY 24 • Active participation in the Government’s EBP
• Faced significant feedstock challenges due Programme aimed at increasing bio-ethanol blending
44.73 lakh cases to suspension of surplus rice supplies by the in petrol to 20% by FY 26; OMCs have already floated
tenders for ` 825 crore litres in Ethanol Supply Year
Food Corporation of India and restrictions
on B-heavy molasses usage, necessitating (ESY) 2023-24 (Nov-Oct) targeted at 15% blending
Alcohol sales from sugarcane : introduction of Maize as feedstock which led • Plans to increase captive consumption of alcohol for
grain-based feedstocks to lower operating capacities and production value-added forward integration projects, including
67% : 33% • Margins were impacted due to low-margin production of IMIL and the newly launched premium
maize operations and volatility in its prices IMFL segment; a modern IMFL bottling plant being
set up in Muzaffarnagar with expected commissioning
Average realisation in H1 FY 25. Focus on continued enhancement of
` 59/litre revenues from value-added propositions such as:
– Distillers Dried Grain Solubles (DDGS), a by-product
of grain-based operations with high protein content
Revenue (net of excise duty)
` 1,273.6 Crore – Potash-rich ash generated from using Slop in
incineration boilers
PBIT – CO2, a by-product in the fermentation process of
alcohol manufacturing
` 180.9 Crore
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Power Transmission Business
EXPANDING HORIZONS TO SEIZE
GLOBAL OPPORTUNITIES
Performance highlights FY 24
• Business reported strong performance, with
The Power Transmission business scaled new new milestones in revenues, profitability and
heights in FY 24. The year was marked by order booking
extensive efforts to exhibit competencies and
build relations with international customers with
We are a prominent player in India’s high-speed gears market with proven capabilities sustained investments in R&D and infrastructure
• Witnessed healthy demand for our products,
in manufacturing energy-efficient, high-power and high-speed products and creation. Considering the potential in both our including high-technology compressor
gearboxes, high-power small hydro turbine
providing aftermarket services. With installations spanning over 80 countries and a gears and defence businesses, we augmented
our investments and intend to further enhance applications, high‑power API gearboxes, etc.
strong global potential, the business also has an enhanced focus on international
manpower, R&D efforts and digital technology
growth. Our Defence business riding on India’s indigenisation journey has emerged adoption. In gears, we aim to leverage our proven • Won prestigious orders in 40 MW and above
as a preferred supplier to the Indian Navy and Indian Coast Guard with superior value propositions of reducing life cycle costs power ranges, including that of API standards,
technologies and capabilities. We are now investing in capacities and manpower, and providing world-class quality, to expand from South American and European customers
our products and aftermarket solutions globally.
R&D capabilities and technologies to capitalise on the growing Indian economy and The Defence business is equally attractive with • Saw order bookings in high power small hydro
industrialisation opportunities, while also leveraging our solid foundation to power increased capital outlay from the Government. turbine applications, helping sustain market
our global growth aspirations. We are setting up a dedicated multi-modal facility share across high-speed applications in both
and intend to enhance service offerings and
products and aftermarket segments
order booking.
Key highlights FY 24 Rajiv Rajpal
CEO - Power Transmission
No. of Gearboxes sold
461
Order booking
` 375.4 Crore
Revenue
` 291.8 Crore
PBIT
` 107.1 Crore
Closing order book
` 287.4 Crore
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Our legacy of R&D excellence
R&D efforts in FY 24
Development of high efficiency gearboxes for High-Speed High-power applications
2007 2023
We initiated a project in collaboration with a leading Indian university to improve the efficiency of high-power capacity
of greater than 30 MW and pitch line velocity of greater than 120 metres per second, by 0.15 percentage points. The
Integrally geared compressor Developed high efficiency
technology’s results have been validated and brought it on par with global competition.
gearbox development gearbox for high-power
high‑speed application Development of High-Speed High-power Compressor gearbox
Our international growth strategy necessitated introducing high speed, high power compressor gearboxes technology
2008 which can be horizontally deployed across multiple customers in high-potential global markets. Accordingly, we
Optimised oil flow to the gearbox initiated a project in FY 24 for a 27 MW speed increaser compressor application for a European customer and
Developed vertical offset horizontal and developed materials and validated it through testing. This technology is deployable for medium to high-power high-speed compressor
shaft vertical offset hybrid hydro high applications utilising specialised bearings and materials.
metallurgy for high PLV gears
power gearbox Development of PTB’s Augment Reality Platform named as Xperia
This product showcases gearbox unique features and its benefits, provides immersive experience of installation and
2009 commissioning, reduce turnaround time, enriches troubleshooting knowledge using cause and effect simulations.
2021 Xperia App is developed to educate and showcase Steam Turbine, Gas Turbine, Planetary and Integral Gear
Developed high power Frame 6 Gas compressor gearboxes using Android and iOS devices to all existing or potential end customers as well as to PTB
Turbine gearbox Developed 40 MW integrated load employees. This product is aimed to provide ‘feel it own it’ experience, enhance brand value, improve product
cum accessories train gearbox for patronage along with user analytics.
gas turbine generator application
2011 How TEIL capitalised on the market • Leverage existing strong relations with multinationals
opportunities in India to grow in international markets by proving
Developed offset halve radial journal technology and achieving qualifications; focus will be
bearing for very high-speed application 2020 Undertook extensive international customer on Western Europe and the US where maximum OEMs
outreach to demonstrate capabilities and are present
Developed special establish relationships • Expand international aftermarket business by leveraging
profile bearings for very our engineering products expertise and strong relations
2013 high‑speed applications Continued investments in R&D and infrastructure, in the Asian subcontinent; service footprint being
including expansion of capabilities to manufacture expanded in high-potential markets by hiring employees
Developed Planetary gearbox gear with 2.8 metres diameter, up from 2 metres, to and expanding agent network to capture opportunities,
for Sugar mill application capitalise on the global opportunity landscape and especially retrofitting of existing installations
2019 enhance market share • Focus on building on defence business, led by the
progress made through qualifications and Request for
Developed in-house Gear Executed key long-term initiative of establishing Proposal (RFP) in gas turbine generator packaging,
2014 gearboxes and special application pump segments; a
design software for gear Centres of Excellence for Gear technology, Finite
sizing and optimisation element analysis, Rotor dynamics, Fluid mechanics, dedicated multi-modal facility is underway for propulsion
Developed Bevel Planetary technology
Tribology, Vibration and noise analysis and systems of large surface ships or subsurface vessels to
for Cement and Thermal power plants gain customer confidence and expand service offerings
Structural mechanics
• Strengthen people strategy, tailored to the unique needs
Strengthened manpower to support growing
of the Gears (supporting capacity, international and
operations and address market demand
2015 2016 aftermarket expansion) and Defence (scaling R&D,
engineering capabilities) businesses
Numerical simulation of gear growth and 40MW highest power test rig gearbox How TEIL is investing in a better tomorrow • Intensify R&D for IP enhancement, international product
distortion during heat treatment developed for compressor testing • Executing an intense capex programme including development, product performance improvement and
a new bay (grinder/hobber/equipment), to enhance enhancing technology knowledge of high-efficiency
gears business capacity from ` 250 crore to over gearboxes and high-speed materials; an R&D laboratory
` 500 crore and capitalise on significant domestic is being developed to expedite specialised product and
opportunity and international expansion technology launches
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Water Business
FOCUSSED ON GROWTH AND
PROFITABILITY The water and wastewater treatment solutions
industry’s long-term prospects remain positive
across global markets. With our competencies and
Globally water shortage is a major crisis, with governments and agencies making credentials, we are well-placed to capitalise on
upcoming opportunities. Our focus is on executing
continued investments to sustained growing urban landscape. As a leading player the existing order book, enhancing operational
in Water & Wastewater solutions, we stand at the forefront of addressing the efficiencies, bringing in new technologies. We
challenge with our diverse, impactful and innovative solutions. We continue to are also actively working towards capturing
new business opportunities and enhancing our
explore new opportunities while focussing on cost optimisation to create scalable global presence.
impact and grow profitably.
Kamal Verma
CEO - Water Business
Key highlights
Water & Wastewater treated
12,000+ MLD
Performance highlights FY 24
• Business witnessed a muted period; revenue
Pan-India Installations
declined due to slower execution and finalisation in
1,500+ certain projects and order booking declined due to
delay in awarding new projects, where we are the
lowest bidders
Projects executed
100+ • Profitability was healthy due to cost optimisation
and savings in various projects executed during
the year
Current Projects in municipal
and industrial areas
17 How TEIL is investing in a better tomorrow
Leverage success in India, Maldives and Bangladesh
Closing order book* FY 24
to identify new opportunities and expand in the
` 1,223.4 Crore overseas markets; actively target foreign projects
with secured funding from multilateral and
reputed agencies
Revenue FY 24
` 246.3 Crore Target domestic wastewater recycling and reuse, zero
liquid discharge, sewage recycling, and attractive
municipal opportunities across various states
PBIT FY 24
` 31.4 Crore Participate extensively in EPC and HAM (PPP) model
projects, where the outlook is positive given the
large investment commitments by the Central and
State Governments
* including long duration orders of ` 879.8 crore for Operations & Maintenance (O&M)
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CHARTING A COURSE FOR
Water and wastewater management • Carbon dioxide (CO2): A CO2 plant at Sabitgarh
We are a leading player in water and wastewater captures the entire CO2 from the fermentation section
management, providing integrated municipal and industrial which is compressed and sold as liquid CO2 and dry
SUSTAINABLE PROGRESS
solutions to address water challenges globally. ice, avoiding greenhouse gas emissions.
• Fly ash: Fly ash derived from bagasse during the steam
We have installed water treatment plants across our and power generation process is sold for fly ash brick
businesses, ensuring zero liquid discharge. The sugar, manufacturing/soil enrichment.
distillery and power transmission businesses treat process
wastewater and reuse it. This minimises groundwater • Press mud/filter cake: A residue of cane processing
rich in convertible substrates, it is used as organic
At TEIL, we are shaping a better, more resilient, and prosperous tomorrow for extraction and prevents harm to soil health and biodiversity.
manure by farmers to enrich soil nutrients. We aim to
The PTB also has rainwater harvesting with a sump
all through our commitment to sustainable growth. Our focus is on operating convert this into renewable biogas through an anaerobic
capacity of 8 lakh litres, which is 100% used for cooling and
responsibly by addressing climate change, circular economy and water challenges, gardening purposes. digestion process in future.
ensuring stakeholders’ prosperity and practising good governance. These efforts
not only drive our success but also contribute to a brighter future and foster long- Circular economy operations Promoting sustainable agriculture practices
term value creation. We effectively utilise co-products generated in our sugar We have implemented several best practices to make
and distillery businesses to produce value-added products, sugarcane farming more sustainable, including:
minimising environmental impact and maximise value • Improving soil health through optimal nutrient
from them. management, guided by soil analysis based on soil
ESG-driven approach at TEIL
health cards, and encouraging leaving sugarcane on
Some of the key efforts include: soil to enhance organic content in soil
Maintaining ecological balance while ensuring Capital allocation focussed on reducing carbon
• Co-generation: Using bagasse, a renewable source of
business excellence footprint and promoting energy efficiency • Enhancing irrigation efficiency for optimising water
energy, to generate power which is captively used and
surplus sold to the grid. and fertiliser consumption, thereby reducing costs and
Best-in-class sustainable processes and solutions Promoting circular economy by utilising co-products as improving soil health
across all facets of operations raw materials for other products • Alcohol: Using all generated molasses (after levy
obligation) to produce alcohol – ethanol to blend with • Integrated pest management using methods which
petrol and ENA for potable and industrial purposes. are economic and environment-friendly
Enabling community development and Highest level of ethical and corporate
social empowerment governance standards • Potash rich ash: A co-product from the incineration • Promoting intercropping with legumes, mustard,
of slop, which is a concentrated form of spent wash wheat, etc. to optimise natural resources, stabilise
generated during the conversion of molasses/syrup crop yield and enhance productivity while enhancing
farmer income
Environmental to ethanol. This is sold for potash fertiliser production,
contributing to India’s potash self-sufficiency.
Reducing carbon footprint and emissions
Our Sugar business has 104.5 MW of co-generation
capacity which reduces carbon footprint and facilitates
in meeting nearly all the captive power requirement
of the sugar & distillery units. Installation of bag filters,
electrostatic precipitators and wet scrubbers in steam
boilers at sugar and distillery units keeps air pollution below
regulatory norms.
Our Power Transmission business (PTB) provides innovative,
value-engineered solutions, including to the renewable
energy sector, promoting a green economy. They have
reduced their carbon footprint by switching to LED lighting,
having captive wind capacity which meets ~85% of power
needs and using variable frequency drive for heavy-duty
motors. The use of sea routes for export/imports optimises
fuel consumption.
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Sustainable sourcing Fostering social, employee and community empowerment
Our robust sourcing strategy enables the effective selection of vendors based on sustainable requirements. This ensures
alignment of their performance with TEIL and contributes to our supply chain resilience.
How our businesses are promoting sustainable sourcing
Socio-economic development of farmers Holistic development and prosperity of
We maintain continuous communication with communities
farmers to address their needs. We support them Education and Women Empowerment
with counselling/education, sugarcane development • Support to schools at Khatauli, Deoband
programmes and soil health improvement to enhance and Ramkola
productivity and yields. Digital technologies are used The Company supports schools at Khatauli,
Sugar Alcohol Power Transmission Water
to empower them. Utilising GPS technology, we Deoband and Ramkola which provide free/
• Established efficient • Sourcing of Business • Vendor selection provide real-time information on weather, disease or subsidised education to children from the local
logistics arrangements, feedstock (molasses, • Most supplies are based on past any other matters. Satellite mapping and drone-based communities. The Company also provided
including the use of GPS sugarcane juice/ engineered-to-order performance, cost chemical spraying technologies are employed for computers to the schools in order to upgrade the
and geofencing to track syrup and grain) and ‘largely outsourced’ competitiveness disease management. Through these measures, we education standards at these schools.
movements. These ensure from own sugar to approved vendors, and compliance have strengthened relations with farmers and helped
efficient movement of raw mills and market, and inspected in with regulations enhance productivity and income. • Support to Nursing School
materials and products, alongside transport line with our Quality and various As part of the CSR projects relating to promotion of
contributing to reduced arrangement Assurance program and ESG matters education and women empowerment, the Company
transport-related emissions, monitoring ensures directly deliver at the provided financial support to the Nursing School of a
associated costs and timely uninterrupted project sites hospital to improve teaching standards.
deliveries which maintains operations
• Structured mechanism Delighting industrial customers
sugarcane quality Healthcare
to develop vendors We deliver innovative and exceptional products to
• Seamless and resource- and maintain approved our customers in power transmission and water • Screening of Cancer, Osteoporosis and
efficient supply of bagasse vendors list for various businesses, addressing the evolving needs and Anaemia in Females
from own sugar units to requirements to empowering their businesses. We have further The Company organised a programme to promote
cogeneration plants ensure efficiency deployed robust data protection and privacy policies to healthcare in women, especially of the lower socio-
secure critical information. economic strata in Delhi. Under this project, the
hospital provided free investigations and medical
advice/consultation to the women from lower income
groups of Delhi.
Minimising the Effluents in Sugar Power Transmission Water business: • Preventive Health Check-up Programme for
& Alcohol businesses business: Reducing Contributing to Empowering employees Young Girls
• Treating and recycling water for use Carbon footprint Environment and Social We promote a work culture that fosters diversity, equity, It also supported a project under which Screening of
in sugar & distillery processes to • Invested in a Group Captive Welfare and inclusion, ensuring all employees feel respected Developmental & Behavioural Problems in children
minimise the groundwater extraction Wind Project to facilitate to • Majority of our new STPs are and valued. We maintain ongoing engagement through was undertaken and consultants provided advice for
meet 85% of total power compliant to new NGT surface diverse channels and platforms, ensuring their needs preventing these problems and promoting healthcare
• Using effective systems and
consumption from wind discharge standards like are met and promoting a supportive workplace. All our in children, especially of the lower socio-economic
equipment to reduce effluents, also
energy currently BOD (<10 ppm), COD (<50 plants maintain stringent health and safety standards strata in Delhi.
installed & operating incineration
ppm), and TSS (<10) thereby resulting in a track record of zero incidents and have
boilers along with complete related • Gearbox oil and lubricants
protecting the environment policies for human rights ensuring compliance with • New-born Screening Programme
systems to ensure Zero Liquid used in the plant for
from possible pollution and labour principles. These efforts have resulted in a highly The Company organised a programme for core
Discharge (ZLD) in all distilleries and manufacturing and
creating a healthy environment engaged and satisfied workforce contributing to the screening of new-borns especially who belong
generating Value Added Products testing of gearboxes are
for public at large. organisation’s growth. to the lower socio-economic strata. The core
(VAP) like potash rich ash collected, stored and sold
screening included Congenital Hypothyroidism (CH),
to the State Pollution Control • Our recycle & reuse
• Limiting air pollution well below Congenital Adrenal Hyperplasia (CAH), Glucose
Board-approved vendor projects are minimising the
regulatory norms through installation 6-Phosphate Dehydrogenase Deficiency (G6PD) and
for recycling pollution load and reducing
of well-engineered Bag Filters/ Oto Acoustic Emission (OAE) for hearing loss
dependence on fresh
Electrostatic precipitators (ESPs)/Wet
water usage.
Scrubbers in its boilers
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Highest standards of governance
• Healthcare Mobile Vans (Mobile Chikitsa)
TEIL is a professionally-run organisation with an
The Company through Triveni Foundation is running
experienced management team and visionary leaders.
four mobile healthcare vans (Mobile Chikitsa)
Our robust governance framework ensures accountability,
in the nearby villages of sugar units in the state
transparency and fairness in business practices. We have
of Uttar Pradesh to facilitate community-based
a robust Code of Conduct which is stringently followed by
healthcare projects in association with Jubilant
all employees as well as systems, processes and policies
Bhartia Foundation (JBF) targeting around three
which ensure the highest governance standards and
lakh farmers. ethical practices.
Our Board is underpinned by diversity with members
Promoting Sports having broad-based functional and managerial
• Promoting Football for Children & Youth competencies and experience. ~67% of our Board is
The Company supported India Youth Soccer independent ensuring all decisions and actions are in the
Association, an NGO promoting football among the interest of the organisation and its stakeholders. We also
economically backward section of the society. IYSA have in place a robust Enterprise Risk Management (ERM)
implemented Josh Rural project under which they policy, ensuring effective management of uncertainties
supported boys, girls and coaches in villages and and our long-term success.
small-town Football Academies in North India with
kit, footballs & training equipment
Environment Sustainability
• Soil Health Analysis and Fertiliser
Incentive Program
The Company implemented soil health analysis and
fertiliser incentive programme among the farmers
community in order to support the environment
sustainability and maintain ecological balance of
the soil.
• Developing, applying innovative methods,
tools, and techniques to enable improved
water management
Under this project, Triveni Foundation provided
funding support to CII Triveni Water Institute for this
project which is focussed on raising awareness,
of diverse stakeholders on usage of innovative
methods, state-of-the-art tools and world-class
techniques that meet international standards and
enable appropriate decision-making for water
resource planning in India
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Business Responsibility and II. Products/services
Sustainability Report 16. Details of business activities (accounting for 90% of the turnover):
% of the gross
S. Description of
Section A General Disclosures No. Main Activity
Description of Business Activity turnover of
the entity
4.70
1 Sugar Sugar and Co-gen plants 52.57 3.97
52.57
I. Details of the listed entity 2 Distillery Ethanol, Extra Neutral Alcohol (ENA) and 35.86
Alcoholic Beverages % of
35.86
S. No. Particulars Response 3 Water Equipment / Turnkey Projects under EPC 3.97 Turnover
1. Corporate Identity Number (CIN) of the Listed Entity L15421UP1932PLC022174 Business relating to water treatment and incidental
2. Name of the Listed Entity Triveni Engineering & Industries Limited (TEIL) Group services including O&M
3. Year of incorporation 1932 4 Power Manufacture of high speed and niche low 4.70
4. Registered office address A-44, Hosiery Complex, Phase-II Extension, Noida-201 Transmission speed Gear Boxes, including gear internals,
305, Uttar Pradesh Business defence products, aftermarket services and
5. Corporate address ‘Express Trade Towers’, 8th Floor 15-16, Sector-16A, retro fitment solutions
Noida 201 301 (U.P.)
6. E-mail [email protected]
17. Products/Services sold by the entity (accounting for 90% of the entity’s
7. Telephone 0120-4308000 Turnover):
8. Website https://www.trivenigroup.com/
S. % of total gross
9. Financial year for which reporting is being done 2023-24 Product/Service NIC Code
No. turnover contributed 4.70
10. Name of the Stock Exchange(s) where shares are listed Equity shares are listed on BSE Limited (BSE) and 3.97
National Stock Exchange of India Limited (NSE) 1 Sugar 1072 52.57* 52.57
11. Paid-up Capital 21.89 Crore 2 Cogeneration (Power) 35106
12. Name and contact details (telephone, email address) of the Mr. Sanjeev Asthana (Vice President – Human Resources), % of
3 Industrial Alcohol including Ethanol, 1101 35.86 35.86
person who may be contacted in case of any queries on the Corporate Office Turnover
ENA and Alcoholic Beverages
BRSR report [email protected]
0120-4308000 4 Water & Wastewater Treatment 3600 3.97
13. Reporting boundary - Are the disclosures under this report made Disclosures made in this report are on a standalone 5 Industrial Gear Boxes / Gears 2814 4.70
on a standalone basis (i.e. only for the entity) or on a consolidated basis as it forms 99.96% of the consolidated turnover.
basis (i.e. for the entity and all the entities which form a part of its *Includes Sugar & Cogeneration
consolidated financial statements, taken together).
14. Name of assurance provider Not Applicable
15. Type of assurance obtained Not Applicable
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III. Operations IV. Employees
29
18. Number of locations where plants and/or 20. Details as at the end of Financial Year:
operations/offices of the entity are situated: a. Employees and workers (including differently abled):
20 2
S. Male Female
Number Number Particulars Total (A)
Location Total No. No. (B) % (B / A) No. (C) % (C / A)
of plants of offices 76
EMPLOYEES
National 20 2 22 1 Permanent (D) 937 901 96.2% 36 3.8%
International - - - 2 Other than Permanent (E) 89 87 97.8% 2 2.2%
3 Total employees (D + E) 1026 988 96.3% 38 3.7%
19. Markets served by the entity: WORKERS
4 Permanent (F) 1683 1674 99.5% 9 0.5%
a. Number of locations
5 Other than Permanent (G) 1783 1777 99.7% 6 0.3%
Location Number 6 Total Workers (F + G) 3466 3451 99.6% 15 0.4%
National (No. of States) 29 Number of plants Number of offices
b. Differently abled Employees and workers:
International (No. of Countries) 76 Number of locations Male Female
S.
Particulars Total (A)
No. No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
b. What is the contribution of exports as a percentage of the total turnover of the entity?
0.59% 1 Permanent (D) 1 1 100% - -
2 Other than Permanent (E) - - - - -
c. A brief on types of customers 3 Total differently abled employees (D + E) 1 1 100% - -
TEIL’s customer groups are predominantly business-to-business (B2B) along with some business-to-consumer (B2C). As a DIFFERENTLY ABLED WORKERS
diversified business conglomerate that adapts itself with the changing needs of the time, TEIL has positioned itself across 4 Permanent (F) 1 1 100% - -
various business segments – agriculture (sugar, alcohol and power co-generation) and engineering (water and wastewater 5 Other than Permanent (G) 2 2 100% - -
treatment solutions, power transmission and defence). It is guided by a strong commitment to customer satisfaction that 6 Total differently able workers (F + G) 3 3 100% - -
drives TEIL’s long-term strategic objectives. A deep dive into TEIL’s distinct customer groups:
An integral component to social responsibility is to promote diversity and inclusion. TEIL is fully committed to creating a
diverse workforce. Not only does it lead to diverse perspectives, ideas and experiences that create a rich environment
conducive to innovation, but it also ensures resilience and capacity to meet with the global demands. Accordingly, tangible
actions are taken in the shape of policies and initiatives to establish fair and inclusive atmosphere. As a result of this a work
culture has been created where everyone feels safe, respected and included.
Sugar Alcohol Power Transmission Water & Wastewater
TEIL engages with TEIL supplies ethanol to TEIL serves industrial TEIL caters to both industrial 21. Participation/Inclusion/Representation of women:
wholesalers, industrial clients, Oil Marketing Companies customers and is engaged and municipal clients.
private label distributors, (OMCs), extra neutral alcohol in the development and Tailored solutions for water No. and percentage of Females
and branded retailers. This for the production of potable manufacture of specialised treatment and wastewater Total (A)
No. (B) % (B / A)
comprehensive approach liquor and alcoholic beverages equipment required management are offered
Board of Directors 9 1 11.1%
allows TEIL to cater to various (IMIL – Indian Made Indian by defence entities. to address diverse needs
demand requirements of Liquor) for retail purposes. Apart from meeting the of industries as well as Key Management Personnel 3 1 33.33%
the sugar industry, ensuring This dual focus enables TEIL requirements of original municipalities. Apart from
its products and solutions to serve both industrial clients equipment manufacturers, EPC and PPP projects, it is 22. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years):
meet the diverse needs of and retail consumers within it is engaged in the supply also engaged in equipment
stakeholders across the the alcohol market, leveraging of spare parts, services supply (Product) and
FY 24 FY 23 FY 22
supply chain. its expertise to deliver and retro-fitment solutions. operations & maintenance. Male Female Total Male Female Total Male Female Total
quality products to different Permanent 12.68% 29.33% 13.33% 14.4% 20% 14.6% 12.84% 14.29% 12.9%
segments of the industry. Employees
Permanent 12.78% - 12.72% 10.2% 16.7% 10.2% 9.05% - 9.01%
Imperative to TEIL’s strategic approach in gaining customer insights is to understand and cater to the unique demands
Workers
of various market segments within its diverse verticals. By consistently delivering high-quality products and specialised
solutions, TEIL has established itself as a trusted partner across multiple industries, driving success and fostering long-term
relationships with its customers.
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V. Holding, Subsidiary and Associate Companies (including joint ventures) VII. Transparency and Disclosure Compliances
25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
23. (a) Names of holding / subsidiary / associate companies / joint ventures: Business Conduct:
Indicate whether Does the entity indicated FY 24 FY 23
% of shares Grievance Redressal Number of Number of
Names of the holding / subsidiary / holding/ at column A, participate in Stakeholder
Mechanism in Place Number of complaints Number of complaints
S. held by group from
associate companies / joint ventures Subsidiary/ the Business Responsibility (Yes/No) (If Yes, then Complaints pending Complaints pending
No. Listed whom complaint
Provide web-link for grievance filed during resolution
Remarks
filed during resolution
Remarks
(A) Associate/ Joint initiatives of the listed entity? is received
entity redress policy) the year at close of the year at close of
Venture (Yes/No) the year the year
1 Triveni Industries Limited Subsidiary 100 The subsidiary companies do not
Communities Yes, through TEIL CSR Policy - - - - - -
2 Triveni Engineering Limited Subsidiary 100 engage in significant business
https://www.trivenigroup.com/
3 Triveni Energy Systems Limited Subsidiary 100 activities, except as outlined
files/policies/CSR%20Policy.pdf
4 Triveni Entertainment Limited Subsidiary 100 in items 7, 8 and 11. In view
of their limited manpower and
5 Triveni Sugar Limited Subsidiary 100
not so significant businesses, Investors Yes, through TEIL Grievance - - - - - -
6 Svastida Projects Limited Subsidiary 100 the parent company extends (other than Redressal Policy
7 Mathura Wastewater Management Private Subsidiary 100 business responsibility initiatives shareholders) https://www.trivenigroup.com/
Limited to these subsidiaries and there files/policies/Grievance%20
8 Pali ZLD Private Limited Subsidiary 100 is a continuous effort to ensure Redressal%20Policy.pdf
9 Gaurangi Enterprises Limited Subsidiary 100 compliance with such initiatives.
10 United Shippers & Dredgers Limited Subsidiary 100 Shareholders Yes, through TEIL Grievance 14 - All Resolved 17 - All
11 Triveni Sports Private Limited Joint Venture 50 Redressal Policy resolved
12 Triveni Foundation (Section 8 Company) Subsidiary 100 Yes, it is a special purpose vehicle https://www.trivenigroup.com/
to pursue CSR program of the files/policies/Grievance%20
Company Redressal%20Policy.pdf
Employees Yes, through TEIL Whistle - - - - - -
and workers Blower Policy & Code of
VI. CSR Details Conduct
https://www.trivenigroup.
com/files/policies/Whistle%20
24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) Yes Blower%20Policy.pdf
(ii) Turnover (in `) 61,49,14,10,163 (gross) Customers Yes, through TEIL Grievance 96 18 The 96 11 In
(iii) Net worth (in `) 28,43,46,38,437 Redressal Policy complaints process
https://www.trivenigroup.com/ are in the of
files/policies/Grievance%20 process closure
Redressal%20Policy.pdf of being
resolved at
the end of the
fiscal year.
Value Chain Yes, through TEIL Grievance - - - - - -
Partners Redressal Policy
https://www.trivenigroup.com/
files/policies/Grievance%20
Redressal%20Policy.pdf
Other (please - - - - - -
specify)
TEIL recognises the importance of creating open and transparent communication channels with its stakeholders. Not only
does it cultivate positive relationships and drive sustainable growth, but inputs from stakeholders also allow for continuous
improvement and learning. Through inputs from the stakeholders, valuable insights are gained into their expectations,
allowing TEIL to adjust it in their strategies accordingly. It leads to better operations and performances. Accordingly, feedback
is therefore seen as one of the drivers for innovation. It is valued and actively sought after through ongoing engagements
and proactive initiatives.
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26. Overview of the entity’s material responsible business conduct issues. Indicate
Financial implications of
Please indicate material responsible business conduct and sustainability issues pertaining to whether
S. Material issue Rationale for identifying the In case of risk, approach to adapt the risk or opportunity
environmental and social matters that present a risk or an opportunity to your business, rationale No. identified
risk or
risk / opportunity or mitigate (Indicate positive or
opportunity
for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, negative implications)
(R/O)
as per the following format:
2 Water & Risk and Water and wastewater Sustainable water management Positive Implication:
Financial
Wastewater Opportunity management presents and creating more awareness
Indicate implications TEIL’s sugar business
Rationale for Management a significant opportunity around the usage of water is
Material whether of the risk or have incorporated various
S. identifying for TEIL in its sugar essential for safeguarding a vital
issue risk or In case of risk, approach to adapt or mitigate opportunity efforts in minimising risks.
No. the risk / manufacturing operations. resource such as water. TEIL is
identified opportunity (Indicate positive
opportunity The sugar industry is
(R/O) or negative Sugarcane consists of over fully committed to reducing water
implications) notable for its efficient use
70% water, and during consumption through various
of waste by-products,
1 Climate Risk A significant TEIL is ambitious of its approach in mitigating climate risks Negative the sugar manufacturing initiatives and policies aimed at
with the majority being
Risk part of associated with the sugar business. Consequently, several Implication: process, surplus water is reducing water consumption,
repurposed for farming,
TEIL’s sugar key strategies have been adopted through which TEIL has generated. This surplus reusing water in its operations
Disruptions in alcohol production, power
business is shown its commitment to consciously navigate through water, after treatment in a smart way and creating an
the sugarcane generation, and other
presented with the risks with clear policies, programmes and initiatives: in lagoons, is used for overall organisational culture
production due beneficial uses. Materials
potential risks gardening and provided with more responsibility and
1. Dynamic varietal substitution programme: to climate change such as sewage treatment
associated to farmers for irrigation ownership towards water.
The characteristics of each variety of sugarcane is could result in plant sludge, press-mud,
with changes purposes. Water is crucial
regularly observed and based on its vulnerability decreased sugar 1. Reclaimed water: and bagasse are all utilised
in climate. in generating steam to
(including proneness to certain diseases) to climate production, Water used in the sugar effectively. Additionally,
Rainfall run the plants, cleaning
change, it is substituted by more appropriate varieties. leading to financial production gets stored in three distillery plants have
patterns, equipment and premises,
losses and a lagoons, which eventually is implemented ZLD systems
frequency 2. Propagating disease and pest resilient, drought and extracting juice
diminished market reused in the manufacturing which enhances water
of extreme and flood tolerant sugarcane varieties: from fibers. To minimise
share. process, gardening needs of resource management
high and low TEIL is propagating Disease & Pest resistant varieties groundwater abstraction
temperature plants and also gets pumped within the industry,
of sugarcane. Also focus is on propagating cane and wastewater generation,
directly and varieties which can withstand drought and flood to the farmlands for the ensuring that water used in
TEIL continually reduces
indirectly situations with an aim to improve the crop yield. irrigation of sugarcane/other processes is recycled and
its water usage. Any threat
impact crops. reused, thereby reducing
3. Farmer Support Programmes: to water availability poses
agricultural the environmental impact
TEIL is consciously and continuously working with a risk to the viability of
activities; and preserving water
its sugarcane farmers to create climate resilient TEIL’s business operations.
specifically, the resources.
and sustainable solutions, whilst simultaneously Rigorous planning is
procurement of necessary to ensure
raw materials. strengthening their livelihoods. The farmer support
programme assists, adapt and transforms the working better distribution and
methods of farmers making them more resilient management of water
towards climate challenges. The focus thereby lies usage. The availability and
on encouraging farmers to embrace adaptive farmer utilisation of water have
techniques that protect their farmland and sustains a direct impact on the
yield. This process is done in a collaborative manner environment and society,
where TEIL focuses on consistent outreach, guidance making it a risk that must
and provision of required resources. be carefully considered and
managed.
4. Business Diversification:
With a view to insulate from the cyclicality of climate
dependent sugar business, TEIL also places emphasis
on reducing its dependency on the sugar business
by promoting other businesses like, distillery (to
be operated on feedstock other than sugarcane
related) and Engineering. TEIL is thereby proactively
moving towards income sources that are not climate
dependent.
5. Renewable Energy Use:
TEIL integrates biofuels and other renewable energy
sources to reduce its carbon footprint and promote
the usage of sustainable energy. By promoting cleaner
energy sources, TEIL is thereby addressing the
environmental concerns and is taking proactive steps
towards reducing greenhouse gas emissions.
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Indicate Indicate
Financial implications of Financial implications of the
whether whether
S. Material issue Rationale for identifying the In case of risk, approach to adapt the risk or opportunity S. Material issue Rationale for identifying the In case of risk, approach risk or opportunity (Indicate
risk or risk or
No. identified risk / opportunity or mitigate (Indicate positive or No. identified risk / opportunity to adapt or mitigate positive or negative
opportunity opportunity
negative implications) implications)
(R/O) (R/O)
3 Employee Risk and By identifying a healthy TEIL embodies a zero-harm Positive Implication: 4 Responsible Risk and Strong relationship with supply TEIL actively forges Positive Implication:
Well-being Opportunity and safe work environment safety culture and has employed Supply Chain opportunity chain partners is essential strong relationships with A responsible supply chain
Creating a healthy and (including in TEIL’s ESG strategy. its supply chain partners strategy offers substantial
and Safety as a risk and opportunity, various processes, policies
safe workplace increases Farmers) Maintaining a sustainable with a strong outlook benefits to TEIL. By building
TEIL not only recognises and initiatives to ensure a safe
productivity, reduces supply chain involves ensuring on creating a wider strong partnerships and
but prioritises employee working environment.
absenteeism and helps socially responsible business community of responsible promoting ethical practices
well-being and safety.
1. Regular trainings in reducing attrition rate practices. Failing to effectively companies that embrace through initiatives like the
Efforts are taken to nurture
TEIL conducts regular training and achieving employee identify and strategically ESG approaches in their Supplier Code of Conduct
robust employee relations
sessions to educate and longevity. It leads to collaborate with farmers and operations. Below are and Farmer Outreach
and cultivate a positive
empower employees on enhanced employee other suppliers who provide some of the initiatives Program, TEIL enhances
work environment. Apart
safety protocols and best engagement and essential products and services undertaken that strengthen operational resilience
from its intrinsic value it
practices. These trainings satisfaction. It furthermore can result in contractual, this: and sustainability. This
impacts the productivity,
cover a wide range of leads to lowering of legal, and business continuity approach improves product
business performance
topics including emergency healthcare costs, attraction 1. Supplier Code of
and thereby the long-term risks. On the other hand, quality and efficiency and
response procedures, of top talent as well as Conduct
success of the company. the opportunities associated also results in attracting
proper use of personal retention of top talent. To mitigate business
This focus elevates the with a responsible supply business opportunities. In
protective equipment (PPE), All the above lead to the risks, the company
overall morale, strengthens chain strategy are immense. the long term, a responsible
safe handling of hazardous overall improvement of the has implemented
workplace safety protocols, TEIL recognises its sphere of supply chain supports
materials, and ergonomic brand reputation. a Supplier Code of
minimises accidents, and influence and the carryover TEIL's market position and
practices to prevent Conduct that educates
fosters a motivated and effect of extending its contributes to sustainable
workplace injuries. By offering and guides suppliers
engaged workforce. This, in sustainability commitments to development, benefiting
hands-on training, safety on compliance and
turn, drives organisational its supply chain partners. TEIL both the company and its
drills, and continuous learning sustainability.
efficiency and resilience. Not views it as an important duty stakeholders.
opportunities, TEIL ensures and responsibility to creating
doing so would not only risk 2. Farmer Outreach
that all employees are well- Negative Implication:
the moral fiber of TEIL, but wider community of committed Program
prepared to handle potential Not maintaining a
also negatively impact its partners to sustainable The program
hazards and contribute to a sustainable supply chain
performance and reputation. development. conducts training to
safer work environment. can lead to regulatory
farmers where they
fines, supply disruptions,
2. OHS system learn about new
and reputational damage,
TEIL has implemented a sugarcane varieties,
which in turn could result
comprehensive Occupational yield enhancement
in increased operational
Health and Safety (OHS) and balanced
costs and lost business
system that is designed irrigation techniques.
opportunities. As
to proactively manage The program
sustainability becomes
and mitigate risks in the simultaneously
a priority for consumers
workplace. This system introduces advanced
and investors, the financial
includes regular safety audits technologies such as
risks associated with non-
and risk assessments. drones and mobile
compliance and inefficiency
The OHS system also apps to manage
could significantly impact
involves monitoring and pests and diseases
the profitability.
reporting mechanisms to effectively, while
track incidents enabling the providing timely
company to identify patterns information on weather
and implement corrective conditions and best
measures. agricultural practices.
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Indicate Indicate
Financial implications of the Financial implications of
whether whether In case of risk,
S. Material issue Rationale for identifying the In case of risk, approach risk or opportunity (Indicate S. Material issue Rationale for identifying the risk / the risk or opportunity
risk or risk or approach to adapt or
No. identified risk / opportunity to adapt or mitigate positive or negative No. identified opportunity (Indicate positive or
opportunity opportunity mitigate
implications) negative implications)
(R/O) (R/O)
5 Community Opportunity Integral to social responsibility Positive Implication: 8 Transparency Opportunity Adherence to high standards of Positive Implication:
Engagement is to build stronger and more By actively engaging and transparency through reporting Transparency and
and Social sustainable communities. in social responsibility Reporting is given priority by TEIL. Not only accurate reporting boost
Responsibility Transparency and trust are initiatives, the organisation does it incorporate compliance investor confidence,
key to this, which is gained cultivates stronger and promotes accountability, enhances access to
through open and collaborative relationships with the on a deeper level it creates the capital, and improves
engagements. TEIL proactively community, fostering a opportunity to cultivate trust risk management.
engages with communities and collaborative environment thereby strengthening TEIL’s These practices also
undertakes social initiatives in that enables shared growth reputation with stakeholders and foster customer loyalty,
the healthcare, education and and prosperity. the wider public. streamline operations,
maintaining quality of soil that and facilitate regulatory
create avenues for fostering compliance. Eventually
goodwill making a positive leading to increased
impact on the community. profitability and brand
Apart from deepening loyalty strength.
and enhancing community
9 Product Risk and Risks include high R&D Increasing and Negative Implication:
support it aligns with
Innovation Opportunity expenses, safeguarding prioritising research and High initial cost for
stakeholders’ expectations,
and intellectual property, competitive development efforts can sustainable product
vision and long-term strategies.
Technology market place demanding drive innovation, foster research and
6 Selling Risk and Non-compliance with labeling The approach followed to Negative Implication: Development constant product innovation product advancements, development.
Practices Opportunity regulations can lead to legal mitigate risks is to prioritise Risk of compliance failure and technology development. and ultimately lead to a
Positive Implication:
& Product issues and product recalls. compliance and standards, due to increased scrutiny Investing in R&D, securing strong competitive advantage
Improving the quality of
Labelling Failing to adhere to client or which gets validated by and potential penalty risk. intellectual property protection, in the market.
products and customer
contractual requirements poses both internal and external and effectively navigating
Positive Implication: satisfaction can expand
a significant risk. Additionally, audits. competitive pressures and
Gaining customers trust market reach and increase
risks include misleading claims, regulations present opportunities
Other approaches include and confidence leading to market penetration.
customer complaints, and for faster innovation, improved
meeting legal compliance, higher market acceptance
regulatory fines. Adhering to product quality, enhanced
foster stakeholder trust, and leverage market
labeling regulations fosters credibility, and long-term growth.
and reduce risks for the position to capitalise on new
trust and enhances customer
organisation. opportunities.
loyalty. Enhanced consumer
satisfaction through customer
education and awareness, and
brand differentiation are key
opportunities.
7 Ethical Risk and It is responsible for an By Prioritising rigorous Negative Implication:
Business Opportunity organisation to uphold high policy adherence, effective Non - compliances and
Practices and standards of business ethics implementation, regular penalties may result in
Integrity and integrity circumventing internal or external review, a direct impact on the
potential risks such as and comprehensive audits. operations of the Company
ethical violations, damage and cause financial stress.
to reputation, and legal
Positive Implication:
repercussions.
Adopting ethical business
Embracing and practicing practices enhances
business ethics and integrity reputation, attracts
offers opportunities for ethical investment, and increases
leadership, builds trust among operational efficiency.
stakeholders, and meets social Ethically led companies can
responsibilities. differentiate in competitive
markets, securing long-term
business and improving
financial stability.
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Section B Management and Process Disclosures S. No. Disclosure Questions
4 Name of the national
P1 P2 P3 P4 P5 P6
Water & Power Division: ISO 45001, ISO 9001, ISO 14001,
P7 P8 P9
and international codes/ Sugar & Distillery Division: FSSC 22000, BRCGS and SEDEX, FSSAI
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place certifications/labels/ standards
towards adopting the NGRBC Principles and Core Elements: (e.g. Forest Stewardship Our company is dedicated to aligning its operations with globally recognised codes,
Council, Fairtrade, Rainforest certifications, labels, and standards that underscore our commitment to sustainability,
S. No. Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Alliance, Truste) standards social responsibility, and quality assurance. In our Sugar division, all units are
(e.g. SA 8000, OHSAS, ISO, certified under FSSC 22000, demonstrating our adherence to safe and quality sugar
Policy and management processes
BIS) adopted by your entity production practices. Furthermore, our branded sugar products are distinguished by
1 a. Whether your entity’s See note 1 (below the table) additional BRCGS and SEDEX certifications, reinforcing our dedication to maintaining
and mapped to each principle.
policy/policies cover each high standards in our production processes.
principle and its core
elements of the NGRBCs. We are actively pursuing Bonsucro certification for our Chandanpur and Khatauli
(Yes/No) sugar units this year. This certification from a global non-profit organisation
promotes sustainable sugarcane production, processing, and trade by recognising
b. Has the policy been Y Y Y Y Y Y Y Y Y companies that adhere to rigorous economic, social, and environmental sustainability
approved by the Board? standards. Achieving this certification aims to bolster our sustainability initiatives,
(Yes/No) strengthen our market standing, improve profitability, and mitigate risks associated
c. Web Link of the Policies, https://www.trivenigroup.com/corporate-governance.php?q=policies&page=1 with our operations. Beyond our Sugar business, we also emphasise compliance
if available with international standards and industry-specific certifications across our Power
Transmission and Water Business groups. These areas follow rigorous guidelines
2 Whether the entity has Yes. The company has observed that its Code of Conduct and associated policies,
that cover environmental management, social responsibility, occupational health and
translated the policy into which encapsulate specific principles, are largely being adhered to by stakeholders.
safety, and product quality. For instance, our implementation of ISO 9001 certification
procedures. (Yes / No) In an effort to enhance this compliance further, the company is actively working
focuses on optimising quality management practices. Similarly, ISO 14001
on raising awareness and fostering accountability among its stakeholders. These
certification ensures our environmental management practices meet global standards,
measures are intended to deepen the understanding and consistent application of
showcasing our commitment to sustainable operations. Additionally, ISO 45001
these ethical standards across all business dealings. The expectation is for every
certification underlines our focus on ensuring a safe and healthy work environment for
stakeholder, including employees, partners, and suppliers, to consistently uphold
all employees.
these guidelines in their interactions related to the company. This commitment
helps maintain a high standard of conduct within the company, reinforcing its ethical By aligning with these prestigious certifications and standards, we aim to uphold
framework and corporate integrity. high operational standards, foster continuous improvement, and contribute positively
3 Do the enlisted policies extend Y Y Y Y Y Y Y Y Y to a sustainable and responsible global environment. Our commitment extends to
to your value chain partners? continually enhancing and refining our processes, striving not only to meet but also
Yes, the company is its initial stage of implementing its policies to its value chain to exceed the recognised benchmarks and expectations in every aspect of our
(Yes/No) partners by implementing a comprehensive supplier code of conduct by formalising business.
it. This code ensures that all partners adhere to standards that reflect the company's
commitment to ethical practices and corporate responsibility. Specifically, the 5 Specific commitments, goals 1. Water Consumption: Triveni remains dedicated to reducing its consumption of
suppliers’ code of conduct encompasses a wide range of principles that are integral and targets set by the entity freshwater and has established a goal to achieve a 10% reduction.
to maintaining high standards throughout the supply chain. These principles include: with defined timelines, if any.
2. Employee Well-being and Safety: Triveni has recognised the reported injuries
• Compliance from the previous year and has set up a system of Cause Analysis and Preventive
• Anti-Corruption Action (CAPA) for each incident so that learnings are built in the system and
horizontally deployed facilitating reduction of such incidents in future.
• Conflict of Interest
• Confidentiality 3. Responsible Supply Chain: Triveni is devoted to implementing its corporate
governance policy consistently across its supply chain. The company strives for
• Insider Trading. complete adherence to the supplier code of conduct throughout its entire supply
• Fair Competition chain. Additionally, Triveni promotes a responsible cane supply chain by providing
• Quality and Product Responsibility Farmers with clear Do’s and Don’ts guidelines. These guidelines cover best
practices in seed selection, plantation methods, plant health management, water
• Human Rights and Labour Standards
and weed management, ensuring sustainable and efficient farming operations.
• Environmental Protection
• Social Responsibility
• Whistleblower Protection
• Grievance Redressal
By incorporating these principles into the supplier code of conduct, the company
reinforces its ethical standards and promotes a culture of integrity and accountability
throughout its value chain. This approach not only enhances the company's
reputation but also contributes to the overall sustainability and success of its business
practices.
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S. No. Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 10 Details of Review of NGRBCs by the Company:
6 Performance of the 1. Water Consumption: Triveni has successfully achieved its goal of reducing Indicate whether review was undertaken by Director / Frequency (Annually/ Half yearly/
entity against the specific freshwater consumption by 18% through the implementation of various initiatives, Subject for Committee of the Board/ Any other Committee Quarterly/ Any other – please specify)
commitments, goals and such as optimising production processes and enhancing water recycling systems. Review
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
targets along-with reasons in 2. Employee Well-being and Safety: Triveni has demonstrated improvements in
case the same are not met Performance Currently, our approach to policy management involves The review is carried out on a dynamic
employee safety measures, including the implementation of enhanced training
against above regular reviews which consider feedback from a wide range basis so that the policies are reviewed at
programs and stricter adherence to safety protocols which resulted in 12%
policies and of stakeholders, insights gained from past experiences, and once annually.
decrease in work-related injuries.
follow up opportunities for enhancing policy effectiveness. This process of
3. Responsible Supply Chain: Triveni has made strides in promoting a responsible action continuous evaluation allows us to refine our policies and make
supply chain by implementing policies for supplier code of conduct and diligently informed decisions that align with our strategic objectives and
monitoring supplier compliance. operational needs. By integrating stakeholder input and learning
Governance, leadership, and oversight from our experiences, we ensure that our policies remain
relevant, robust, and responsive to the evolving demands of our
7 Statement by director At Triveni, our dedication to upholding the highest standards of Environmental,
business environment.
responsible for the business Social, and Governance (ESG) practices is unwavering. We firmly believe that
responsibility report, sustainable development is not only a responsibility but also a foundational element Compliance The organisation has established a comprehensive framework The performance reviews to ensure
highlighting ESG related for our long-term success. Guided by this principle, we are committed to making with statutory to ensure full compliance with all relevant requirements and compliance with relevant statutory
challenges, targets and positive contributions to the communities we serve, preserving the environment, and requirements regulations. This system ensures that we adhere strictly to all requirements is ongoing.
achievements (listed entity maintaining ethical business practices. of relevance applicable legal and legislative guidelines. By implementing
has flexibility regarding the To fulfill this commitment, we prioritise transparency in our operational, investment, to the such a robust structure, we maintain legal integrity and uphold
placement of this disclosure) and decision-making processes, striving to be an institution known for its integrity principles, and, our commitment to regulatory compliance across all areas of
and positive impact. Our comprehensive strategy encompasses a diverse range of rectification operation. Additionally, in its governance role, the Internal Audit
initiatives aimed at reducing our environmental footprint, enhancing social well-being, of any non- Cell and Group Chief Financial Officer review compliance with
and upholding robust governance standards throughout our organisation. compliances statutory requirements and rectifies any non-compliances.
We have achieved 29% increase in our renewable energy electricity consumption
compared to last year, reflecting our dedication to reducing our carbon footprint. 11 Has the entity carried out P1 P2 P3 P4 P5 P6 P7 P8 P9
Furthermore, we have achieved significant reductions in water extraction and independent assessment/
consumption. Yes, TEIL has engaged an external agency for independent assessment or evaluation of
evaluation of the working of its policies and has applied suggested modifications in the policies TEIL also implements a
Recognising the importance of transparency in monitoring our progress and its policies by an external comprehensive and integrated internal process to assess the effectiveness of its policies.
remaining accountable to our stakeholders, we consistently provide detailed agency? (Yes/No). If yes, From the vantage point of best practices as well as a risk management, the policies are
reports on our sustainability efforts. These reports offer valuable insights into our provide name of the agency. accordingly reviewed and revised by various department heads and business leaders.
achievements, challenges, and future objectives, ensuring that our stakeholders are
well-informed and engaged in our sustainability journey.
By embracing this strategic approach and fostering a culture of responsible business 12 If answer to question (1) above is “No” i.e. not all Principles are
P1 P2 P3 P4 P5 P6 P7 P8 P9
conduct, we strive to create a significant positive impact both internally and within covered by a policy, reasons to be stated:
our broader community. This approach not only aligns with our ethical values but also The entity does not consider the Principles material to its business (Yes/No)
enhances our corporate reputation and contributes to sustainable, long-term growth. The entity is not at a stage where it is in a position to formulate and
Moreover, in alignment with NGRBC's policies, we have implemented various new implement the policies on specified principles (Yes/No)
measures such as the Supplier Code of Conduct, Environmental Policy, and ESG The entity does not have the financial or/human and technical resources Not applicable
Policy to strengthen our corporate governance framework and enhance operational available for the task (Yes/No)
efficiency. It is planned to be done in the next financial year (Yes/No)
As we continue this journey, we remain steadfast in our commitment to advancing Any other reason (please specify)
sustainability and contributing positively to society and the environment. Together, we
can build a better, more sustainable future for generations to come. Note 1:
8 Details of the highest authority Mr. Tarun Sawhney P1:
C ode of Conduct; Related Party Transactions Policy; Anti-corruption Policy; Policy on Material Subsidiary;
responsible for implementation Designation: Vice Chairman & Managing Director, DIN No. 00382878 Policy for Determination of Materiality of Events or Information; Anti- Bribery Policy; Dividend Distribution Policy;
and oversight of the Business Archival Policy; Code of Conduct for prevention of Insider Trading.
Responsibility policy (ies). P2: Suppliers Code of Conduct.
9 Does the entity have a Yes, Mr. Tarun Sawhney P3: Equal Opportunity Policy; Whistle Blower Policy; Nomination and Remuneration Policy.
specified Committee of the Designation: Vice Chairman & Managing Director, DIN No. 00382878 P4: Familiarisation Programme for Independent Directors; Grievance Redressal Policy
Board/ Director responsible P5: Equal Opportunity and Non-Discriminatory Policy; Whistle Blower Policy; Anti-Sexual Harassment Policy.
for decision making on P6: BRSR Policy
sustainability related issues?
P7: Codes of Fair Disclosure of UPSI; Ethics Policy.
(Yes / No). If yes, provide
details. P8: CSR Policy; BRSR Policy.
P9: Cyber Security & Data Privacy Policy.
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3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases
Section C Principle Wise Performance Disclosure where monetary or non-monetary action has been appealed:
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions
Not applicable
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and
in a manner that is Ethical, Transparent and Accountable. 4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if
available, provide a web-link to the policy.
Essential Indicators Yes, TEIL has an anti-bribery & anti-corruption policy, which is available on the Company’s website in the following link:
https://www.trivenigroup.com/files/policies/Anti-bribery%20policy%20and%20Anti-corruption%20policy.pdf.
1. Percentage coverage by training and awareness programmes on any of the Principles during the
financial year: TEIL’s anti-bribery and anti-corruption policy establishes a firm prohibition against all forms of bribery and corruption,
%age of persons in underscoring the company’s dedication to fostering a professional and ethical workplace culture. The policy is designed to
Total number of
Topics / principles covered under respective category both prevent and detect any instances of bribery, corruption, or unethical behavior, ensuring that TEIL’s business operations
Segment training and Awareness
the training and its impact covered by the
programmes held are conducted with the highest levels of honesty and integrity.
awareness programmes
Board of Directors Total eight training The Board of Directors (BoDs) It is a priority for us to
To ensure that these ethical standards are ingrained throughout the organisation, TEIL actively engages in promoting
programs for the board and Key Management Personnel ensure that all our BoDs,
of directors including (KMPs) receive regular updates, as KMPs, are thoroughly these practices. This is achieved through comprehensive training programs, detailed guidance, and continuous awareness
three induction programs required, on critical matters such covered through our campaigns that are tailored not just for employees but also for third-party partners. These initiatives are crucial in cultivating
Key Managerial
Personnel for new directors and as governance, decision-making, training and awareness a deep-rooted ethical awareness and understanding that supports the policy’s objectives.
factory visits of directors risk management, compliance, and programs.
from time to time. industry knowledge. Moreover, the effectiveness of the anti-bribery and anti-corruption policy are safeguarded through periodic reviews of the
Employees other than 645 EHS/ functional/ Technical/ Soft Skills 100% policy. These reviews are conducted by the Executive Sub-Committee of the Board of Directors, which is responsible for
BoD and KMPs evaluating the policy’s relevance and effectiveness. This rigorous oversight mechanism demonstrates TEIL’s unwavering
Workers 632 EHS/ functional/ Technical/ Soft Skills 100% commitment to maintaining the highest standards of ethical conduct in all its business dealings.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in 5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by
proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ any law enforcement agency for the charges of bribery/ corruption:
judicial institutions, in the financial year, in the following format. FY 24 FY 23
(Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30
Directors - -
of SEBI (Listing Obligations and Disclosure obligations) Regulations, 2015 and as disclosed on the
entity’s website): - -
KMPs
Monetary
Employees - -
Name of the regulatory/
NGRBC Amount Brief of the Has an appeal been
enforcement agencies/ - -
Principle (In `) Case preferred? (Yes/No) Workers
judicial institutions
Penalty/ Fine - - - - - During the reported period, there were no incidents where disciplinary actions were taken by any law enforcement agencies
Settlement - - - - - against the Directors, Key Managerial Personnel (KMPs), employees, or workers of the company on charges of bribery
Compounding fee - - - - - or corruption.
In the fiscal year 2023-24, neither the entity nor its Directors or Key Managerial Personnel (KMPs) were subject to any significant
6. Details of complaints with regard to conflict of interest:
fines, penalties, punishments, awards, compounding fees, or settlement payments from regulatory, law enforcement, or
FY 24 FY 23
judicial authorities.
Number Remarks Number Remarks
Number of complaints received in - NA - NA
At Triveni, we understand the critical importance of compliance with legal and regulatory requirements. Our approach is
relation to issues of Conflict of Interest
centered around operating strictly within the law and fulfilling the expectations of regulatory bodies. By upholding a clean track
of the Directors
record, we showcase our dedication to responsible business conduct and adherence to the highest governance standards.
Number of complaints received in - NA - NA
Non-Monetary relation to issues of Conflict of Interest
of the KMPs
Name of the regulatory/
Has an appeal been
NGRBC Principle enforcement agencies/ Brief of the Case
preferred? (Yes/No) During the reporting period, the company received no complaints related to conflicts of interest.
judicial institutions
Imprisonment - NA NA NA
Punishment - NA NA NA
In the fiscal year 2023-24, neither the entity nor its Directors or Key Managerial Personnel (KMPs) were
subject to any non-monetary sanctions from regulatory, law enforcement, or judicial authorities.
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7. Provide details of any corrective action taken or underway on issues related to fines / penalties / 2. Does the entity have processes in place to avoid/ manage conflict of interests involving members
action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption of the Board? (Yes/No) If Yes, provide details of the same
and conflicts of interest. TEIL has established a comprehensive Code of Conduct specifically tailored for its Board of Directors and Senior Management
Not Applicable Personnel. This code includes crucial provisions designed to prevent, identify, and disclose any actual or potential conflicts
of interest that might affect their decisions in relation to the company. By implementing these guidelines, TEIL ensures a
8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) rigorous and systematic approach to scrutinising potential conflicts of interest.
in the following format:
FY 24 FY 23 Whenever there is a possibility of a conflict of interest, it is mandatory for the involved parties to fully disclose all relevant
facts and circumstances to the Chairman and Managing Director of the company. This level of transparency is crucial for
Number of days of accounts payables 30.54 30.65
maintaining the integrity of the company’s governance.
9. Open-ness of business: Following such disclosures, the Board and the Executive Sub-Committee undertake a thorough evaluation of the situation.
Provide details of concentration of purchases and sales with trading houses, dealers, and related Their assessment is aimed at determining the appropriate measures to address the conflict. Depending on the nature
parties along-with loans and advances & investments, with related parties, in the following format: and severity of the conflict, the actions taken may include the individual’s abstention from related discussions or decision-
Parameter Metrics FY 24 FY 23 making processes, seeking independent external advice, or taking other necessary steps to safeguard the company’s and
Concentration a) Purchases from trading houses as % of total - - stakeholders’ interests. This structured approach not only helps in managing conflicts effectively but also reinforces TEIL’s
of Purchases purchases commitment to uphold the highest standards of ethical conduct and governance, ensuring decisions are made in the best
b) Number of trading houses where purchases are NA NA interests of the company and all associated parties.
made from
c) Purchases from top 10 trading houses as % of NA NA The policy is accessible on the Company’s website: https://www.trivenigroup.com/files/policies/Code%20of%20Conduct%20
total purchases from trading houses for%20director%20and%20senior%20managent%20Policy.pdf
Concentration a) Sales to dealers / distributors as % of total sales 46.24% 48.5%
of sales b) Number of dealers / distributors to whom sales are 38 36
made PRINCIPLE 2 Businesses should provide goods and services in a manner
c) Sales to top 10 dealers / distributors as % of total 75.31% 74.52% that is sustainable and safe
sales to dealers / distributors
Share of a) Purchases (Purchases with related parties / Total 0.39% 0.12% Essential Indicators
RPTs in Purchases)
b) Sales (Sales to related parties / Total Sales) 1.53% 1.30% 1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve
c) Loans & advances (Loans & advances given to 98.07% 98.07% the environmental and social impacts of product and processes to total R&D and capex investments
related parties / Total loans & advances) made by the entity, respectively:
d) Investments 94.14% 88.50% Details of improvements in
FY 24 FY 23
(Investments in related parties / Total Investments environmental and social impacts
made) R&D The company is actively engaged in various initiatives aimed at enhancing environmental and social impacts
through its R&D and capital expenditure (CapEx) investments. For instance, in the Power Transmission Business
Leadership Indicators (PTB), efforts focus on improving efficiency, reducing oil flow, and optimising weights to conserve natural
resources and increase equipment reliability. PTB facilities in Mysuru source a significant portion of their power
1. Awareness programmes conducted for value chain partners on any of the Principles during the from wind energy, contributing to sustainability across the value chain. In the Sugar Business Group, investments
financial year: are directed towards enhancing soil fertility and promoting best agricultural practices, which improve yields and
%age of value chain partners covered (by value farmer incomes while optimising utility use and setting up projects like distilleries with technologies for zero liquid
Total number of awareness Topics / principles covered
of business done with such partners) under the discharge.
programmes held under the training
awareness programmes
Additionally, the company is implementing schemes to reduce groundwater abstraction, with expected benefits
1 (Conducted After the financial Supplier Code of Conduct/ All 53.71%* starting in FY 2024-25. Initiatives include process steam savings at units like Khatauli and Ramkola, which
year end) principles
Capex will lower water requirements through increased condensate recovery. Flowmeters are being installed across
units to monitor and control water applications, and condensate-based juice heaters are being introduced at
Though many initiatives were taken from time to time to familiarise and to encourage our key value chain partners to adopt the Ramkola unit for heat recovery and process efficiency. The company also continues to focus on energy
the practices being followed by the Company, we conducted formal awareness and training programs for all our value chain conservation through various measures such as installing energy-efficient equipment and utilising renewable
partners following the end of the financial year. As a result, 156 suppliers participated in the session. Additionally, we have energy sources like solar panels and captive bagasse for power generation across its facilities.
provided training videos to all other suppliers to facilitate their understanding.
A total of ` 1,446 Lakh has been incurred for energy conservation initiatives this year.
*This is calculated based on Purchase Order value and excluding cane suppliers The diverse nature of initiatives in each business may not involve significant cost but requires clear management
focus and coordination. Hence, more than the specific measurements or percentages of R&D and capex
investments, the goals are set up in terms of activities to be performed. However, the company remains
committed to continuous innovation and sustainability in its operations.
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2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) 4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No)
Yes, TEIL has instituted a Supplier’s Code of Conduct that places significant emphasis on environmental sustainability. If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR)
This code mandates that all suppliers adopt practices that ensure the sustainable use of natural resources and strive plan submitted to Pollution Control Boards? If not, provide steps taken to address the same
to minimise or eliminate the adverse environmental and climatic impacts of their operations. Moreover, suppliers Yes, Extended Producer Responsibility (EPR) is applicable to the entity’s sugar and distillery business activities. Our sugar
are encouraged to innovate by developing and implementing environmentally friendly products, processes, and plants and the Muzaffarnagar Distillery Complex are registered as brand owners on the Central Pollution Control Board
technologies. This proactive stance not only helps in reducing the ecological footprint of their activities but also aligns (CPCB) portal, adhering to the requirements of the Plastic Waste Management Rules 2016. This compliance is in alignment
with broader environmental goals. with the EPR objectives.
To ensure compliance and commitment, TEIL requires all major suppliers to formally acknowledge and accept the Our waste collection plan is in line with the Extended Producer Responsibility plan that we have submitted to the Pollution
principles outlined in the Supplier’s Code of Conduct. This formal agreement helps guarantee that suppliers are aligned Control Boards. As part of our EPR compliance, we have established a partnership with an authorised third-party waste
with TEIL’s sustainability objectives and practices. recycler to efficiently manage the recycling of both pre-consumer and post-consumer plastic waste. This partnership ensures
that our recycling efforts are robust and meet the regulatory standards set forth by the CPCB under the EPR framework.
Additionally, the policy emphasises the importance of bolstering the local economy and reducing supply chain
vulnerabilities by promoting local vendors and prioritising local sourcing. TEIL specifically aims to support local small
Leadership Indicators
and medium-sized enterprises (MSMEs), fostering economic growth within the community. This strategy not only aids
in developing robust local supply chains but also enhances the sustainability of the operations by reducing the logistics 1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for
footprint associated with long-distance transportation of materials. manufacturing industry) or for its services (for service industry)? If yes, provide details in the
following format:
These measures collectively contribute to the sustainability of the supply chain and demonstrate TEIL’s commitment Boundary for which the Whether conducted
Name of % of total Results communicated in
to responsible and ethical business practices. Through these initiatives, TEIL ensures that its suppliers are not only NIC Life Cycle Perspective by independent
Product/ Turnover public domain (Yes/No) If
compliant with environmental standards but are also active participants in the journey towards a more sustainable and Code / Assessment was external agency
Service contributed yes, provide the web-link.
resilient future. conducted (Yes/No)
Currently, our company has not conducted Life Cycle Assessments for any of our products. Nevertheless, the majority of
b. If yes, what percentage of inputs were sourced sustainably? our products are designed with environmental considerations in mind. For example, our ethanol production supports eco-
47.20% friendly initiatives as ethanol is recognised as a sustainable biofuel. In our sugar operations, we utilise renewable energy
sources such as bagasse, a by-product of sugar manufacturing, for power generation. Additionally, our wastewater
N ote: As a predominantly sugar manufacturing company, our suppliers primarily consist of farmers. This data
treatment processes contribute to water conservation by reducing pollution and enabling the recycling and reuse of water.
pertains to suppliers other than farmers. We have circulated a document outlining dos and don’ts for sustainable
Furthermore, our sugar is derived from sugarcane sourced directly from farmers, supporting local agriculture.
cane cultivation among our farmers. Much work in a structured manner is required to be done to educate the farmers
and on-board them to our sustainability programmes. The company is fully committed to make substantial progress We are deeply committed to environmental sustainability and social responsibility across all facets of our operations.
in a phased manner. We rigorously comply with both national and regional environmental regulations to minimise our ecological and social
footprints. Through ongoing monitoring and evaluation of our processes, we consistently maintain high standards
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing of environmental stewardship and continuously pursue sustainable practices within our business operations. This
at the end of life, for: commitment ensures that we not only adhere to current regulations but also strive to set a benchmark in sustainable
(a) Plastics (including Due to the nature of our business and its products reflects the specific characteristics practices within the industry.
packaging) and market operations of our offerings safe reclaimation of E waste, hazardous waste is
not applicable to us. Our engineering businesses and distillery primarily operate in a B2B 2. If there are any significant social or environmental concerns and/or risks arising from production
(business‑to-business) model, focusing on industrial and municipality clients rather than or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments
(b) E-waste direct consumer sales. Additionally, our product lines, such as sugar and ethanol, do not lend (LCA) or through any other means, briefly describe the same along-with action taken to mitigate
themselves to traditional reuse and recycling practices. We are recycling plastic bags through
the same:
recyclers.
We recognise the importance of environmental responsibility and customer safety. To this end, Name of Product / Service Description of the risk / concern Action Taken
(c) Hazardous waste for our PTB business we provide comprehensive manuals detailing safe operational practices Not applicable. As previously outlined, the characteristics of our products inherently minimise environmental or social
and disposal procedures for our products, particularly when specialised processes are involved. concerns or risks related to their production and disposal.
This ensures that our clients are well-informed on how to handle the products at the end of their
(d) Other waste life cycles in compliance with environmental standards.
This approach underscores our commitment to sustainability and environmental responsibility,
even in industries where traditional recycling is not feasible. Through rigorous compliance and
proactive partnerships, we aim to mitigate any potential environmental impact associated with
our products.
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3. Percentage of recycled or reused input material to total material (by value) used in production (for
PRINCIPLE 3 Businesses should respect and promote the well-being of all
manufacturing industry) or providing services (for service industry):
employees, including those in their value chains
Recycled or re-used input material to total material
Indicate input material
FY 24 FY 23
Essential Indicators
Our company employs an efficient system for utilising by-products throughout the sugar manufacturing process. In this
process, bagasse, a by-product in the manufacture of sugar, is used for generating steam, which is essential both for 1. a. Details of measures for the well-being of employees:
sugar production and our distillery operations, and for generating power. The power generated exceeds our plant's needs, % of Employees Covered by
allowing us to export the surplus to the local grid, contributing to sustainable energy usage.
Health Accident Maternity Paternity Day Care
Moreover, molasses, another by-product of sugar production, serves as a key ingredient in our distillery for producing Category Total insurance insurance benefits Benefits facilities
ethanol, aligning with our commitment to sustainable practices. Additionally, press mud, which is a residue remaining after (A) Number % Number % Number % Number % Number %
processing sugarcane, is rich in organic materials. This by-product is provided to local farmers as organic manure, helping (B) (B/A) (C) (C /A) (D) (D /A) (E) (E /A) (F) (F /A)
to enrich soil nutrients and promote sustainable agriculture. Permanent employees
Furthermore, during the steam and power generation process using bagasse, a renewable fuel, fly ash is produced Male 901 901 100% 901 100% - - - - - -
This ash is sold in the open market for purposes such as soil enrichment and landfill, further extending the lifecycle of Female 36 36 100% 36 100% 36 100% - - - -
our manufacturing by-products. In our distillery operations, waste products from the ethanol production process are
Total 937 937 100% 937 100% 36 3.84% - - - -
concentrated using a Multi-Effect Evaporator (MEE) and then utilised as a supplementary fuel in specially designed
incineration boilers, alongside bagasse. The resultant ash from this process, a mixture of slop and bagasse ash, is then Other than Permanent employees
used in the production of granulated fertiliser, enhancing our sustainability efforts as the fly ash is rich in potash content. Male 87 87 100% 87 100% - - - - - -
Despite these extensive recycling and reuse practices for by-products, the direct recycling or reuse of input materials Female 2 2 100% 2 100% 2 100% - - - -
in our production processes remains limited. This systematic approach to by-product management underscores our Total 89 89 100% 89 100% 2 2.25% - - - -
commitment to environmental sustainability and efficient resource utilisation, significantly reducing potential waste and
enhancing the overall eco-friendliness of our operations. The company demonstrates a strong commitment to employee well-being by providing comprehensive health and
accident insurance to all employees, both permanent and non-permanent, with 100% coverage. Maternity benefits
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) are also fully extended to all female employees, reflecting support for maternal health.
reused, recycled, and safely disposed, as per the following format:
FY 24 FY 23 b. Details of measures for the well-being of workers:
Safely Safely % of Worker Covered by
Re-Used Recycled Re-Used Recycled
Disposed Disposed Health Accident Maternity Paternity Day Care
Plastics (including packaging) NA NA NA NA NA NA Category Total insurance insurance benefits Benefits facilities
E-waste NA NA NA NA NA NA (A) Number % Number % Number % Number % Number %
Hazardous waste NA NA NA NA NA NA (B) (B /A) (C) (C /A) (D) (D /A) (E) (E /A) (F) (F /A)
Other waste NA NA NA NA NA NA Permanent workers
Male 1674 1674 100% 1674 100% - - - - - -
Due to the nature of our products and the materials involved in their production and packaging, which do not fall into these Female 9 9 100% 9 100% 9 100% - - - -
specific waste categories. Our operational focus has been on utilising sustainable resources and minimising waste through
Total 1683 1683 100% 1683 100% 9 0.53% - - - -
efficient by-product management practices as described previously. However, recognising the importance of comprehensive
Other than Permanent workers
waste management, we are continuously exploring opportunities to enhance our waste handling processes. This includes
potential future initiatives to reduce, reuse, or recycle materials that could otherwise contribute to environmental degradation, Male 1777 1777 100% 1777 100% - - - - - -
aiming to further our commitment to sustainability and environmental stewardship. Female 6 6 100% 6 100% 6 100% - - - -
Total 1783 1783 100% 1783 100% 6 0.34% - - - -
5. Reclaimed products and their packaging materials (as percentage of products sold) for each
product category: The company demonstrates a strong commitment to workers well-being by providing comprehensive health and
accident insurance to all workers, both permanent and non-permanent, with 100% coverage.
Reclaimed products and their packaging materials as % of
Indicate product category
total products sold in respective category
c. Spending on measures towards well-being of employees and workers (including permanent
The percentage of reclaimed products and their packaging materials, in relation to the total products sold, is currently and other than permanent) in the following format:
nil for each product category within our company. This is primarily due to the intrinsic characteristics of the products we FY 24 FY 23
manufacture.
Cost incurred on well-being measures as a % of total revenue of the 0.11% 0.08%
company
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2. Details of retirement benefits, for Current Financial Year and Previous Financial Year: 4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act,
FY 24 FY 23 2016? If so, provide a web-link to the policy.
No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and Yes. TEIL’s equal opportunity policy is foundational in fostering an inclusive work environment, actively promoting workplace
Benefits covered as Covered as Deposited with covered as Covered as Deposited with diversity and ensuring that all employees are treated equitably, regardless of age, colour, disability, origin, nationality, religion,
a % of total a % of total the authority a % of total a % of total the authority race, gender, or sexual orientation. The company rigorously enforces a zero-tolerance policy against any verbal or physical
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.) harassment to maintain a respectful and safe workplace for everyone.
PF 100% 100% Y 100% 100% Y
Gratuity 100% 100% Y 100% 100% Y TEIL is committed to achieving growth by cultivating an equitable, diverse, and inclusive workplace. The company not only
ESI NA 4.2% Y NA 5.9% Y values diversity and actively works to nurture talent across its organisational spectrum, but it also recognises the significant
Others - - - - - - impact that diversity has on its success. TEIL firmly believes that the best results are produced when employees work
– please together in an environment of mutual trust and cooperation, reflecting the company’s commitment to leveraging diversity
Specify as a key driver of innovation and effectiveness.
The company maintains a robust commitment to the retirement benefits of its employees, ensuring comprehensive coverage The policy is accessible on the Company’s website: https://www.trivenigroup.com/files/policies/Equal%20Opportunity%20
across multiple benefit schemes for both the current and previous financial years. The data indicates full coverage for Policy.pdf
Provident Fund (PF) and Gratuity for all employees and workers, marked at 100% for both FY 24 and FY 23. Additionally,
all deductions for these benefits have been responsibly deposited with the relevant authorities, confirming the company’s 5. Return to work and Retention rates of permanent employees and workers that took parental leave:
compliance with regulatory requirements.
Permanent employees Permanent workers
Furthermore, the Employee State Insurance (ESI) coverage for the current financial year is extended to 100% of workers, Gender Return to work Return to work
Retention rate Retention rate
who are mandated to be covered under ESI. rate rate
Male NA NA NA NA
3. Accessibility of workplaces.
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of
Female 100% 100% 100% 100%
the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Total 100% 100% 100% 100%
Yes, TEIL has actively committed to creating a disability-inclusive workplace by implementing several accessibility measures
at its facilities, wherever required. This is to ensure that all areas are accessible to employees with disabilities. Key access The data provided highlights the company’s strong support for work-life balance and family-friendly policies. Both female
points such as gates and office entrances have smooth surfaces to facilitate easy access for those with mobility challenges. permanent employees and workers exhibit a 100% retention rate post- maternity leave.
This ongoing assessment helps to ensure that the workplace remains inclusive and accommodating to all employees,
reflecting TEIL’s dedication to diversity and equal opportunity. 6. Is there a mechanism available to receive and redress grievances for the following categories of
employees and worker? If yes, give details of the mechanism in brief:
Yes/No (If Yes, then give details of the mechanism in brief)
Permanent Yes, TEIL actively fosters an open and communicative workplace environment, where all categories of
Workers employees and workers are encouraged to discuss any concerns or issues directly with their supervisors,
managers, or the Human Resources Manager. This approach promotes transparency and ensures that
Other than issues are addressed promptly and effectively.
Permanent Additionally, the company has established robust mechanisms to support this culture of openness through
Workers its whistle blower policy and grievance redressal policy. These policies provide clear guidelines and
designated channels for employees and workers to report grievances. They ensure that concerns are heard
Permanent and addressed by the appropriate authorities specified within these documents, safeguarding the rights and
Employees interests of the workforce.
Furthermore, Works Committees, which have been set up in all company units, play a pivotal role in
Other than this process. These committees are instrumental in facilitating dialogue between the workforce and
Permanent management, addressing concerns, and fostering a harmonious work environment. Through these
Employees structured channels and committees, TEIL not only addresses immediate employee concerns but also
reinforces its commitment to maintaining a supportive and responsive workplace.
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7. Membership of employees and worker in association(s) or Unions recognised by the listed entity: 10. Health and safety management system:
FY 24 FY 23 a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/
Total No. of employees / Total No. of employees / No). If yes, the coverage of such system?
Category employees workers in respective employees workers in respective Yes, TEIL places significant importance on the safety and well-being of its employees and other relevant stakeholders. As
% %
/ workers in category, who are part / workers in category, who are part
(B / A) (D / C) evidence of this commitment, TEIL’s HSEMS in certain plants have been certified to meet the ISO 45001:2018 standard.
respective of association(s) or respective of association(s) or
category (A) Union (B) category (C) Union (D)
The entity has taken significant measures to implement an occupational health and safety management system across
Total Permanent 937 - - 999 - - its various business segments, aligning with international standards and ensuring employee well-being. In the Power
Employees
Transmission Business, the system adheres to ISO 14001:2015 and ISO 45001:2018 standards, showcasing a commitment
Male 901 - - 960 - - to maintaining high safety and environmental standards.
Female 36 - - 39 - -
In the Sugar Business, comprehensive medical coverage and expenses are provided for employees in case of accidents,
Total Permanent 1683 670 39.81% 1492 652 43.70% alongside the enforcement of safety equipment usage and standard operating procedures across all units to ensure
Workers consistent adherence to safety practices.
Male 1674 666 39.78% 1486 648 43.61%
The Distillery Business has also robustly embraced health and safety systems. The Muzaffarnagar distillery complex (MZN
Female 9 4 44.44% 6 4 66.67% unit) has developed a thorough Health and Safety System that incorporates safety, health, environmental policies, fire-fighting
standards, and personal protective equipment policies, along with regular safety monitoring and fire system maintenance.
8. Details of training given to employees and workers: The Sabitgarh sugar unit (SBT unit) and the Milak Narayanpur sugar unit (MNP unit) both have extensive health and safety
FY 24 FY 23 management systems that cover a broad range of safety protocols, including regular audits, equipment inspections, incident
On Health and On Skill On Health and On Skill reporting, safety trainings, and various safety and environmental awareness programs.
Category Total safety measures upgradation Total safety measures upgradation
(A) % % (D) % % Furthermore, the Water Business Segment has implemented an occupational health and safety management system, also
No. (B) No. (C) No. (E) No. (F)
(B/ A) (C / A) (E/ D) (F / D) in compliance with ISO 14001:2015 and ISO 45001:2018. These comprehensive efforts across different segments underline
Employees the entity’s dedication to upholding the safety and health of its employees and stakeholders, affirming its adherence to
Male 988 988 100% 988 100% 884 661 74.77% 678 76.7% recognised safety standards and regulations.
Female 38 38 100% 24 86% 19 12 63.16% 9 47.37%
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
Total 1026 1026 100% 1012 99% 903 673 74.53% 687 76.08% basis by the entity?
Workers At TEIL, the processes used to identify work-related hazards and assess risks on a routine and non-routine basis are done
Male 3451 3451 100% 2510 73% 3310 1463 44.20% 1580 47.73% in two-steps:
Female 15 15 100% 2 13% 2 2 100% - - • Hazard Identification and Risk Assessment (HIRA): this involves analyzing the workplace and work activities to identify
Total 3466 3466 100% 2512 72% 3312 1465 44.23% 1580 47.7% any hazards that could cause potential harm to employees, visitors, or the environment. Once hazards are identified,
the risk associated with each hazard is assessed to determine the likelihood and potential consequences of an incident
This data is disclosed for both permanent and other than permanent employees and workers. occurring. Corrective actions are planned and implemented accordingly.
• Health and Safety Inspections: this involves a comprehensive review of the organisation’s policies, procedures, and
9. Details of performance and career development reviews of employees and worker*: practices related to health, safety, and environmental management. The objective of an HSE inspection and audit is to
FY 24 FY 23 identify areas where improvements can be made to minimise the risk of incidents or accidents. It is also used to ensure
Category
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C) that the organisation is in compliance with relevant regulatory requirements and industry best practices. The findings
of an HSE inspection and audit are used to develop corrective action plans to address any deficiencies identified.
Employees
Male 901 901 100.0% 960 960 100.0% c. Whether you have processes for workers to report the work related hazards and to remove themselves from
Female 36 36 100.0% 39 39 100.0% such risks. (Y/N)
Total 937 937 100% 999 999 100% Yes. Safety / Works Committee are put in place and cater to all work-related hazards. These concerns are formally raised
through functional supervisors to these committees for quick redressal.
Workers
With a strong focus on prevention strategies all the unsafe acts and conditions are reported and recorded. Following which
Male 1674 1674 100.0% 1486 1486 100.0%
necessary actions and steps are taken to ensure the safety of the workforce and nearby environment.
Female 9 9 100.0% 6 6 100.0%
Total 1683 1683 100.0% 1492 1492 100.0% d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
(Yes/ No)
*This data is disclosed for Permanent Employees
Yes, all employees are covered under Health & Accidental Insurance which can be used for any non-occupational medical
& healthcare service. Also, first-aid facility and trained first aiders are available at all sites as well as offices.
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11. Details of safety related incidents, in the following format: boxes, fire extinguishers, and clear safety visuals. Trolleys for safer cylinder transportation, guards on grinding machines, and
specialised equipment such as scaffolds, scissor lifts, and safety harnesses for high-altitude work have been introduced.
Safety Incident/Number Category* FY 24 FY 23
Additional enhancements include screens for grinding work, marked gangways and aisles, standardised personal protective
Lost Time Injury Frequency Rate (LTIFR) (per one Employees - -
million-person hours worked) equipment, and advanced electrical safety features like distribution boards with RCCB and top plugs. These measures
Workers 2.39 -
reflect our ongoing commitment to maintaining a safe work environment by continually identifying risks and implementing
Total recordable work-related injuries Employees - -
necessary improvements.
Workers 29 33
No. of fatalities Employees - -
Workers - - Leadership Indicators
High consequence work-related injury or ill-health Employees - - 1. Does the entity extend any life insurance or any compensatory package in the event of death of
(excluding fatalities) Workers - -
(A) Employees (Y/N) Yes
*Including the contract workforce
(B) Workers (Y/N) Yes
12. Describe the measures taken by the entity to ensure a safe and healthy work place.
The organisation is deeply committed to ensuring the financial security and well-being of the families of its employees
The company has established a robust framework to ensure a safe and healthy workplace through a combination of rigorous
and workers, particularly in the event of an employee’s untimely death. To support this commitment, comprehensive life
compliance measures, training, and emergency preparedness. Regular work permit issuances, safety inductions, and safety
insurance coverage are provided uniformly across all business segments. This approach guarantees that the families of
committee meetings enforce adherence to established safety protocols, supported by behaviour-based safety initiatives and
deceased employees receive essential financial support, helping to alleviate the economic challenges faced during such
comprehensive shop floor inspections. We enhance contractor safety through a dedicated Safety Induction program and
difficult periods. By extending these benefits, the organisation demonstrates its dedication to its workforce and their families,
an EHS training card system. Our commitment to continuous improvement is demonstrated through regular internal and
emphasising a compassionate and supportive corporate culture.
external HSE audits, including third-party safety audits and ISO 45001 & 14001 certifications, with risk assessments and
controls validated. Emergency preparedness is prioritised with detailed site-specific plans and regular mock drills covering
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted
potential emergencies such as fire, electric shock, and snake bites, alongside extensive training in hazard awareness and
and deposited by the value chain partners.
safe material handling. Health monitoring is conducted via health camps. Additionally, the availability of Safety Committee
The organisation has instituted robust measures to ensure that all statutory dues are meticulously managed by its value
support prompt reporting and management of work-related hazards. The maintenance of workplace safety is further
chain partners. Specifically, the entity oversees the deduction and deposition of Goods and Services Tax (GST) charged by
supported by “5S” practices, and the organisation’s safety culture is reinforced through the celebration of National Safety
these partners to guarantee compliance with government regulations. This oversight not only aligns with legal requirements
Week and the recognition of safety achievements.
but also facilitates the seamless acquisition of input tax credits, thereby avoiding any breaches of tax laws.
13. Number of Complaints on the following made by employees and workers: In addition to monitoring GST, the entity conducts thorough verifications for services rendered by vendors and contractors.
FY 24 FY 23 This includes checking that accurate deductions for Provident Fund (PF), Employee State Insurance (ESI), and GST are
Filed Pending Filed Pending made and that these amounts are properly remitted to the appropriate authorities. Such diligence ensures that all statutory
during the resolution at Remarks during resolution at Remarks financial obligations are met, reinforcing the integrity of financial transactions throughout the supply chain.
year the end of year the year the end of year
Working Conditions 439 - - 603 - - Through these proactive measures, the entity not only meets its legal responsibilities but also sets high standards of
Health & Safety 383 - - 467 - - compliance for its partners. This system of checks and verifications is critical in maintaining transparency and accountability,
establishing a value chain that is both trustworthy and compliant with all relevant regulations. The organisation’s commitment
14. Assessments for the year: to rigorous statutory compliance underscores its dedication to fostering a responsible and reliable business network.
% of your plants and offices that were assessed (by
entity or statutory authorities or third parties) 3. Provide the number of employees / workers having suffered high consequence work- related
Health and safety practices 100% injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been are
Working Conditions 100% rehabilitated and placed in suitable employment or whose family members have been placed in
suitable employment:
Entity regularly undertakes Safety audits and internally takes care of health and safety practices and working conditions
No. of employees/workers that are
across all its businesses. rehabilitated and placed in suitable
Total no. of affected employees/ workers
employment or whose family members have
15. Provide details of any corrective action taken or underway to address safety-related incidents (if been placed in suitable employment
any) and on significant risks / concerns arising from assessments of health & safety practices and FY 24 FY 23 FY 24 FY 23
working conditions. Employees - - - -
Triveni have implemented several corrective actions to enhance health and safety practices across our operations. This Workers - - - -
includes Safety Induction Training for all employees, particularly new hires and contractors, to ensure comprehensive
familiarity with safety protocols. We have improved safety equipment and facilities on the shop floor by adding first aid
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4. Does the entity provide transition assistance programs to facilitate continued employability and 2. List stakeholder groups identified as key for your entity and the frequency of engagement with
the management of career endings resulting from retirement or termination of employment? each stakeholder group:
(Yes/ No) Frequency of
Whether
Yes, the entity is committed to providing comprehensive support to employees as they approach the end of their careers, Channels of Communication engagement Purpose and scope of
identified as
whether due to retirement or termination. Specifically, the organisation offers transition assistance programs designed Stakeholder (Email, SMS, Newspaper, Pamphlets, (Annually/ Half engagement including key
Vulnerable &
Group Advertisement, Community Meetings, yearly/ Quarterly topics and concerns raised
to facilitate a smooth transition for these individuals. This includes counselling sessions for retiring employees and their Marginalised
Notice Board, Website), Other / others – please during such engagement
spouses, which are aimed at helping them prepare for life post-retirement. These sessions offer guidance and resources Group (Yes/No)
specify)
to help individuals manage the transition effectively, allowing them to explore opportunities for continued employability or Investor/ - Annual General Meeting, Ongoing Share price discussion,
personal fulfilment. Shareholders shareholder meetings, annual report, dividends, risks and threats,
quarterly results, media releases, competitiveness and financial
Recognising the significance of a well-supported career transition, the entity proactively assists employees during this critical company website, email, Stock stability, growth perspective
phase, ensuring they have the support needed to navigate these changes successfully. Additionally, in some instances, the Exchange (SE) announcements,
entity provides options to extend employment beyond retirement, offering further flexibility and support to those who may face-to-face meetings / conference
calls, investor conferences
not be ready to leave the workforce entirely. This approach underscores the organisation’s dedication to the well-being of
Government - Meetings with local / state / national Ongoing Policy advocacy, business
its employees throughout their entire career span, including the transition into retirement.
government and ministries through disclosures
industry associations, conferences,
5. Details on assessment of value chain partners: press releases
% of value chain partners (by value of business done with such Supplier/ - Discussions, email, events, Ongoing Performance & sustainability,
partners) that were assessed* vendor/ communication and partnership brand building, dialogue for
Health and safety practices 47.20% third party meetings transparency
Working Conditions 47.20% manufacturer
Media - Press briefs, mails, meetings Ongoing
* This assessment of value chain partners excludes cane suppliers.
Employees/ - Internal portal, email, survey tools, Ongoing Learning, career advancement,
trainees/ town-hall, meetings well-being programs, employee
6. Provide details of any corrective actions taken or underway to address significant risks / concerns workers appreciation, work-life balance
arising from assessments of health and safety practices and working conditions of value chain NGO Yes Meetings, engagement through CSR Ongoing Community development
partners. implementation arm aspect discussion, awareness,
We are committed to upholding high standards of health and safety by ensuring our value chain partners adhere to our training, Health check-ups,
comprehensive Supplier Code of Conduct. Our suppliers are required to adhere to the policies outlined in our Code of installation of solar lights,
Conduct, which they have committed to uphold. We have also conducted awareness sessions for our value chain partners various basic infrastructure
to comply with NGRBC principles and ensure the adherence in the conduct of business. related activities
Farmers Yes Message, meetings, advertisements, Ongoing Training, Soil testing, new
notice boards technologies usage, feedback,
PRINCIPLE 4 Businesses should respect the interests of and be responsive procurement, others
to all its stakeholders
Leadership Indicators
Essential Indicators 1.
Provide the processes for consultation between stakeholders and the Board on economic,
1. Describe the processes for identifying key stakeholder groups of the entity. environmental, and social topics or if consultation is delegated, how is feedback from such
At Triveni, recognising and engaging with our key stakeholder groups is a crucial part of our business strategy. Our consultations provided to the Board.
commitment to stakeholders is embedded in our Corporate Values & Beliefs: Open Communication, Commitment to We conduct regular interactions with our key stakeholders i.e., farmers, investors, customers, suppliers, employees, industry
Customers, Proactive Behaviour, and Innovation. These values guide us to act as responsible corporate citizens, aiming to associations & regulators and continually strive to address the concerns that are most significant to our stakeholders and
improve lives in a manner that reflects humility and ensures equal opportunities for everyone. To identify and prioritise these business in this rapidly changing environment. By understanding these challenges, we can better define our strategic
stakeholders we adopt a methodical approach, focusing on their influence on the company and the impact our business priorities and communicate effectively with our stakeholders about the issues that matter most to them. Moreover, we
activities might have on them. engage with various stakeholder groups to gather their insights and concerns on key issues. This process helps us identify
and define material factors and create a roadmap for long-term value. The assessment also plays a crucial role in selecting
We consider customers, business partners, regulatory bodies, shareholders, investors and other communities as our and prioritising these material components. The feedbacks from these consultations/assessments are communicated to
stakeholders. We carefully assess how our business decisions might affect these stakeholders, considering the social, the board as per the requirement.
environmental, and economic consequences, as well as identifying any potential risks or opportunities that could emerge.
2. Whether stakeholder consultation is used to support the identification and management of
To ensure a structured approach to stakeholder engagement, we have implemented a comprehensive Grievance Redressal environmental, and social topics (Yes / No). If so, provide details of instances as to how the
Policy. This policy provides a platform for stakeholders to address their grievances and aims to reduce conflict and strengthen inputs received from stakeholders on these topics were incorporated into policies and activities
relationships between external stakeholders and TEIL. of the entity.
Yes, stakeholder consultation is crucial to the Company’s operations as it is committed towards addressing and safeguarding
the interests and concerns of its stakeholders regarding the identification of the key issues which are material to their
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business. We ensure the same by investing in environmentally friendly processes and technologies that help us in mitigating 2. Details of minimum wages paid to employees and workers, in the following format:
and minimising any negative impact. For its key stakeholder, the farmers, we have made efforts to address their concerns FY 24 FY 23
by improving their standard of living through our CSR initiatives and obtaining cane at fair and better prices. Equal to More than Equal to More than
Category Total Total
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
3. Provide details of instances of engagement with, and actions taken to, address the concerns of (A) (D)
No. (B) % (B /A) No. (C) % (C /A) No. (E) % (E /D) No. (C) % (F /D)
vulnerable/ marginalised stakeholder groups. Permanent Employees
TEIL is committed to actively engaging with and addressing the specific concerns of vulnerable and marginalised groups
Male 901 - - 901 100% 960 - - 960 100%
within its stakeholder community. Recognising the importance of direct communication and participatory processes, TEIL
has implemented targeted engagement strategies to ensure these groups are not only heard but actively supported. Female 36 - - 36 100% 39 - - 39 100%
Other than Permanent Employees
In alignment with TEIL’s operations, the primary stakeholders include farmers and local community members, who are Male 87 - - 87 100% 47 - - 47 100%
crucial to the operational ecosystem. To facilitate effective engagement with these groups, TEIL has established the Female 2 - - 2 100% 1 - - 1 100%
following actions:
Permanent Workers
• Daily Liaison with Farmers: TEIL has a dedicated representative at each of its sugar unit from the cane department. Male 1674 - - 1674 100% 1486 - - 1486 100%
This representative is responsible for addressing immediate needs and concerns that may arise, such as issues related
Female 9 - - 9 100% 6 - - 6 100%
to seeds, plant diseases, and the timing of payments. Each grievance or issue raised by the farmers is meticulously
Other than Permanent Workers
recorded and promptly resolved, ensuring that farmers receive timely and effective support. This daily interaction helps
in building trust and ensures that the farmers’ operational challenges are minimised. Male 1777 1777 100% - - 1837 1837* 100% - -
Female 6 6 100% - - - - - - -
• Community Grievance Handling: TEIL recognises that grievances may also arise from other community members not
directly involved in farming. To address this, individuals are encouraged to directly contact designated department
In FY 22-23, TEIL paid ‘Equal To Minimum Wages’ to its ‘Other Than Permanent Worker category’.
representatives at the plant offices. These representatives are specifically tasked with the responsibility of addressing
and resolving any issues that community members bring forward. This approach ensures that all community members
3. Details of remuneration/salary/wages, in the following format:
have direct and immediate access to solutions for their concerns, fostering a transparent and responsive relationship
a. Median remuneration/wages:
between TEIL and the surrounding communities.
Male Female
These targeted actions are part of TEIL’s broader commitment to sustainability and social responsibility. By establishing Median remuneration/ Median remuneration/
Number Salary/ wages of Number Salary/ wages of
clear and effective channels for communication and problem resolution, TEIL ensures that the concerns of all stakeholders,
respective category respective category
especially the most vulnerable and marginalised, are addressed, thereby reinforcing their commitment to an inclusive and
Board of Directors (BoD)* 1 1025.22 Lakh - -
supportive operational environment.
Key Managerial Personnel 1 293.39 Lakh 1 125.07 Lakh
Employees other than BoD and KMP 891 12.98 Lakh 34 7.69 Lakh
PRINCIPLE 5 Workers 1683 4.57 Lakh 9 4.11 Lakh
Businesses should respect and promote human rights * Includes only Vice-chairman and Managing Director, who is also a KMP. Other directors, not drawing any remuneration or entitled for only
sitting fee and commission, are not considered here.
Essential Indicators b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
1. Employees and workers who have been provided training on human rights issues and policy(ies) of FY 24 FY 23
the entity, in the following format: Gross wages paid to females as % of total wages 2.22% 2.16%
FY 24 FY 23
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts
Category No. of employees / No. of employees /
Total (A) % (B / A) Total (C) % (D / C) or issues caused or contributed to by the business? (Yes/No)
Workers covered (B) Workers covered (D)
Yes, TEIL has a designated focal point consisting of the Corporate Vice President of Human Resources (VP-HR) and Unit
Employees The Company upholds the following human rights principles:
HR Heads who are responsible for addressing human rights impacts or issues caused or contributed to by the business.
Permanent - Every human being is equal in dignity and rights.
Other than - People possess reason and conscience and should treat each other with a sense of brotherhood. 5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
permanent
- Everyone is entitled to all rights and freedoms without discrimination based on race, color, sex, TEIL has an internal mechanism in place to redress human rights related grievances. All employees are encouraged and
Total Employees
language, religion, national or social origin, property, birth, or other status. expected to raise their human rights related grievances to their respective Functional Heads/Unit HR Heads, who in turn are
Workers
All employees and workers regularly undergo sensitisation on various human rights policies to promote responsible for resolving the same in consultation with the Unit/Business Head and HR Head. The importance is thereby
Permanent
awareness and understanding of fundamental human rights principles. Each workplace has approved placed on creating transparent processes. As a part of the compliance need, TEIL also has Works Committees in all units
Other than standing orders that encompass a wide range of healthy work practices, as outlined under the Model for addressing and resolving such issues.
permanent Code of Conduct Act.
Total Workers
We endeavour to train 60% of our employees in the respective category in FY 2024-25 on the subject.
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6. Number of Complaints on the following made by employees and workers: 11. Provide details of any corrective actions taken or underway to address significant risks / concerns
FY 24 FY 23 arising from the assessments at Question 10 above.
Filed Pending Filed Pending Not applicable, as no risks/ concerns observed across the above parameters as stated in question 10 above.
during the resolution at Remarks during resolution at Remarks
year the end of year the year the end of year
Leadership Indicators
Sexual Harassment - - - -
Discrimination at - - - - 1. Details of a business process being modified / introduced as a result of addressing human rights
workplace grievances/complaints.
Child Labour - - - - Business processes have not been modified or introduced as a result of addressing human rights grievances/complaints.
Forced Labour/ Involuntary - - - - The reason being is that no concerns or risks have been observed.
Labour
Wages - - - - In response to addressing human rights grievances and complaints, our entity has implemented modifications and introduced
Other human rights related - - - - new processes to further strengthen our commitment to human rights. Specifically, our policies on Sexual Harassment,
issues Whistleblower Protection, and Equal Opportunity Policy have been enhanced or introduced to ensure the confidentiality of
complainants while ensuring swift and decisive actions against those found guilty.
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013, in the following format: To facilitate the resolution of human rights concerns, each of our manufacturing units has established a Works Committee
FY 24 FY 23 in compliance with the relevant acts. These committees serve as dedicated forums for addressing grievances and ensuring
Total Complaints reported under Sexual Harassment on of Women at - - adherence to human rights standards.
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees / workers - - By modifying and introducing these processes, our entity aims to create a safer and more inclusive work environment, where
Complaints on POSH upheld - - the rights and well-being of all individuals are protected. These measures reinforce our commitment to upholding human
rights, fostering a culture of respect, and continuously improving our practices to address any grievances that may arise.
8.
Mechanisms to prevent adverse consequences to the complainant in discrimination and
harassment cases. 2. Details of the scope and coverage of any Human rights due-diligence conducted.
Adverse consequences to discrimination / harassment complaints are actively avoided by the Company through policies In line with our core values of human respect and dignity, our entity conducts comprehensive human rights due diligence
and processes. TEIL not only values a safe working environment but ensures that retaliation (in any form) is prohibited so across various aspects of our operations. Our commitment extends to interactions with both internal and external
that individuals in discrimination and harassment cases are protected. The work culture is conducive to this. stakeholders, ensuring that human rights considerations are central to our business practices.
Employees are encouraged to report any suspected violations without fear of retribution. The Sexual Harassment and We maintain compliance with all statutory requirements pertaining to our employees, encompassing areas such as labour
Whistle-blower Protection policies support these processes. These policies include mechanisms that not only ensure laws, workplace safety, non-discrimination, and fair employment practices. This includes adhering to relevant regulations,
confidentiality and safety of the complainant, but also enforce strict prohibitions against any form of threat or retaliation. standards, and codes of conduct that safeguard human rights in the workplace.
Investigations are conducted in an impartial manner and the resolution process is centered around confidentiality, sensitivity
and fairness. Furthermore, our due diligence efforts encompass ongoing monitoring and assessment of our supply chain to identify and
address any potential human rights risks or impacts. We collaborate with our suppliers and partners to promote responsible
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No) practices and uphold human rights throughout our value chain.
Yes, Triveni’s Human Rights Policy highlights its commitment to protecting human rights and respecting the dignity of each
individual. The company requires all employees to follow these principles. This responsibility extends to all dealings with By conducting comprehensive human rights due diligence, our entity strives to create an environment that respects and
business partners, including during the negotiation and execution of agreements and contracts upholds the rights of individuals involved in our operations. We remain committed to continuous improvement, working
towards mitigating risks, and ensuring that our business practices align with the highest human rights standards.
10. Assessments for the year:
% of your plants and offices that were assessed The scope and coverage of human rights due diligence are conducted to identify, prevent, and mitigate potential issues that
(by entity or statutory authorities or third parties)* may have been present in TEIL’s business operations and/or the value chain. Some of the identified risks include compliance,
child labour, forced labour, discrimination, wages, harassment, collective bargaining, and freedom of association. Through
Child labour 100%
proactive measures, we aim to address these risks effectively and uphold the principles of human rights across all facets
Forced/involuntary labour 100% of our operations.
Sexual harassment 100%
Discrimination at workplace 100%
Wages 100%
Others – please specify -
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3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements
PRINCIPLE 6 Businesses should respect and make efforts to protect and restore
of the Rights of Persons with Disabilities Act, 2016
the environment
Yes, TEIL recognises the importance of ensuring accessibility for all employees, visitors, and workers, irrespective of their
physical abilities. To uphold this commitment, TEIL has implemented various measures to provide easy access and support
to differently abled individuals within its premises and offices. Essential Indicators
Accessibility Features: 1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following
format:
1. Infrastructure Review:
Parameter FY 24 FY 23
a. TEIL conducts regular reviews of its premises to identify areas requiring accessibility enhancements.
From Renewable Sources
b. Where necessary, modifications are made to ensure compliance with accessibility standards and regulations.
Total electricity consumption (A) (GJ) 17,766.00 13,788.00
2. Assistive Technologies: Total fuel consumption (B) (GJ) 17,820,635.11 20,595,090.94
a. TEIL acknowledges the significance of assistive technologies in facilitating the work environment for differently Energy consumption through other sources (C) (GJ) - -
abled individuals. Total energy consumption from Renewable sources (A+B+C) (GJ) 17,838,401.11 20,608,878.94
b. The company has equipped its premises with appropriate assistive technologies to support individuals with From Non - Renewable Sources
diverse disabilities. Total electricity consumption (D) (GJ) 10,714.06 8,099.10
3. Commitment to Inclusivity: Total fuel consumption (E) (GJ) 36,991.86 20,293.46
a. TEIL is committed to fostering an inclusive workplace culture where everyone feels valued and supported. Energy consumption through other sources (F) (GJ) - -
Total energy consumption from Non-Renewable sources 47,705.91 28,392.56
b. Accessibility initiatives are integrated into the company’s broader diversity and inclusion strategies, reflecting TEIL’s
(D+E+F) (GJ)
core values.
Total energy consumed (A+B+C+D+E+F) 17,886,107.02 20,637,271.50
4. Details on assessment of value chain partners:
Energy intensity per rupee of turnover 0.0002909 0.00032722
% of value chain partners (by value of business done with such (Total energy consumption/ turnover in `)
partners) that were assessed**
Energy intensity per rupee of turnover adjusted for Purchasing 0.0002909 0.00032722
Child labour 47.20% Power Parity (PPP)
Forced/involuntary labour 47.20% (Total energy consumed / Revenue from operations adjusted for PPP)
Sexual harassment 47.20% Energy intensity in terms of physical output - -
Discrimination at workplace 47.20% Energy intensity (optional) – the relevant metric may be selected by the - -
entity
Wages 47.20%
Others – please specify* 47.20% Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency
* Compliance topics covered under Supplier Assessment:
nti-Corruption, Conflict of Interest, Confidentiality, Insider Trading, Fair Competition, Quality and Product Responsibility, Human Rights and
A NO
Labour Standards, Environmental Protection, Social Responsibility, and Whistleblower Protection.
** This is excluding cane suppliers. * Total fuel consumption has increased due to improvement in data availability, for FY 22-23 only DG set diesel was considered.’
5. Provide details of any corrective actions taken or underway to address significant risks / concerns 2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the
arising from the assessments at Question 4 above. Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose
NA whether targets set under the PAT scheme have been achieved. In case targets have not been
achieved, provide the remedial action taken, if any.
No, the entity does not have any sites or facilities identified as designated consumers (DCs) under the Performance, Achieve
and Trade (PAT) Scheme of the Government of India.
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3. Provide details of the following disclosures related to water, in the following format: 4. Provide the following details related to water discharged:
Parameter FY 24 FY 23 Parameter FY 24 FY 23
Water withdrawal by source (in kilolitres) Water discharged by destination and level of treatment
(i) Surface water - - (in kilo litres)
(ii) Groundwater 1,479,095.15 1,807,179.00 (i) To Surface water
(iii) Third party water 6,345.52 9,571.44 a. No treatment NA NA
(iv) Seawater / desalinated water - - b. With treatment – please specify level of treatment NA NA
(v) Others - - (ii) To Groundwater
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 1,485,440.67 1,816,710.44 a. No treatment NA NA
Total volume of water consumption (in kilolitres) 1,485,440.67 1,816,710.44 b. With treatment – please specify level of treatment NA NA
Water intensity per rupee of turnover (Water consumed / turnover in `) 0.000024 0.000029 (iii) To Seawater
Water intensity per rupee of turnover adjusted for Purchasing 0.000024 0.000029 a. No treatment NA NA
Power Parity (PPP) b. With treatment – please specify level of treatment NA NA
(Total water consumption / Revenue from operations adjusted for PPP) (iv) Sent to third-parties
Water intensity in terms of physical output - - a. No treatment NA NA
Water intensity (optional) – the relevant metric may be selected by the - - b. With treatment – please specify level of treatment NA NA
entity (v) Others
a. No treatment NA 925
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, b. With treatment 1,145,736.15 1,000,810.92
name of the external agency. Total volume of water discharged (in kilolitres) (i + ii + iii + iv + v) 1,145,736.15 1,001,736.72
Yes. Water Audit has been undertaken by external agency named Laghu Udyog Bharati, New Delhi.
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
Water Audit has been undertaken by external agency named Laghu Udyog Bharati, New Delhi.
5. Has
the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its
coverage and implementation.
Yes, the entity has implemented a mechanism for Zero Liquid Discharge (ZLD). The three distilleries located in Milak
Narayanpur, Muzaffarnagar, and Sabitgarh, along with one power transmission plant, have implemented ZLD. In the remaining
plants, although ZLD is not fully implemented, robust processes are in place to minimise water wastage. Groundwater
extraction is reduced, and water generated during sugarcane processing is treated and stored in lagoons. This treated
water is utilised in internal processes, and a portion is also supplied to farmers for irrigation purposes.
6. Please
provide details of air emissions (other than GHG emissions) by the entity, in the following
format:
Parameter Please specify unit FY 24 FY 23
NOx MT 540.01 -
SOx MT 211.35 -
Particulate matter (PM) MT 1,100.91 67.00 mg/Nm3 *
Persistent organic pollutants (POP) - - -
Volatile organic compounds (VOC) - - -
Hazardous air pollutants (HAP) - - -
Others – please specify - - -
* In FY 22-23 report, Particulate matter was declared in units of mg/Nm3. This year the same data is disclosed in MT of CO2 equivalent.
SOx and NOx was not disclosed for FY 22-23.
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No
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7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the 9. Provide details related to waste management by the entity, in the following format:
following format: Parameter FY 24 FY 23*
Parameter Unit FY 24 FY 23 Total Waste generated (in metric tonnes)
Total Scope 1 emissions Metric tonnes of CO2 36,546.38 Not Calculated Plastic waste (A) 1,975.40 1570.64
(Break-up of the GHG into CO2, CH4, equivalent E-waste (B) 5.11 7.91
N2O, HFCs, PFCs, SF6, NF3, if available) Bio-medical waste (C) 0.25 0.20
Total Scope 2 emissions Metric tonnes of CO2 2,130.91 Construction and demolition waste (D) - -
(Break-up of the GHG into CO2, CH4, equivalent Battery waste (E) 7.50 6.16
N2O, HFCs, PFCs, SF6, NF3, if available) Radioactive waste (F) - -
Total Scope 1 and Scope 2 emission intensity MT of CO2 equivalent 0.06290 Other Hazardous waste. Please specify, if any. (G) 16.43 13.29
per rupee of turnover / Lakh ` Other Non-hazardous waste generated (H). Please specify, if any. 404.21 431.90
(Total Scope 1 and Scope 2 GHG emissions / (Break-up by composition i.e. by materials relevant to the sector)
Revenue from operations)
Total (A+B + C + D + E + F + G+ H) 2,408.9 2,030.11
Total Scope 1 and Scope 2 emission MT of CO2 equivalent - Waste intensity per rupee of turnover 0.0000000392 0.00000003219
intensity per rupee of turnover adjusted / Lakh ` (Total waste generated / Revenue from operations)
Total Scope 1 and Scope 2 emission intensity - - - Waste intensity per rupee of turnover adjusted for Purchasing 0.0000000392 0.00000003219
per rupee of turnover adjusted for Purchasing Power Parity (PPP)
Power Parity (PPP) (Total waste generated / Revenue from operations adjusted for PPP)
(Total Scope 1 and Scope 2 GHG emissions /
Waste intensity in terms of physical output - -
Revenue from operations adjusted for PPP)
Waste intensity (optional) – the relevant metric may be selected by the - -
Total Scope 1 and Scope 2 emission - - - entity
intensity in terms of physical output
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
Total Scope 1 and Scope 2 emission intensity - - - operations (in metric tonnes)
(optional) Category of waste
– the relevant metric may be selected by the entity
(i) Recycled 2,406.75 1280.83
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, (ii) Re-used - Not Available
name of the external agency. (iii) Other recovery operations - Not Available
No Total 2,406.75 1280.83
For each category of waste generated, total waste disposed by nature of disposal method
8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide (in metric tonnes)
details. Category of waste
Yes, the entity has several projects aimed at reducing greenhouse gas emissions as part of its commitment to sustainability.
(i) Incineration 1.75 5.57
In line with this dedication, the company continuously explores opportunities to minimise its environmental impact across
(ii) Landfilling 0.01 Not Available
its operations. One significant initiative involves the utilisation of bagasse for power generation, effectively reducing
reliance on grid power and mitigating carbon emissions associated with conventional energy sources. Additionally, the (iii) Other disposal operations 0.47 743.71
company has entered into an agreement with wind power producing unit, procuring units at lower costs compared to Total 2.16 749.28
standard rates, thus promoting the adoption of renewable energy sources and further reducing greenhouse gas emissions.
Furthermore, technological enhancements such as the installation of Variable Frequency Drives (VFD) at the Dust Collector Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
ID Fan contribute to energy efficiency and carbon footprint reduction. These initiatives highlight the company’s proactive name of the external agency.
approach to environmental stewardship and its ongoing commitment to combat climate change through innovative and No
sustainable practices.
* Waste data has been revised for FY 22-23
10. Briefly describe the waste management practices adopted in your establishments. Describe the
strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your
products and processes and the practices adopted to manage such wastes.
The waste management practices adopted by our establishment encompass a multifaceted approach tailored to the specific
types of waste generated. For instance, in dealing with manufacturing wastes, e-waste, and plastic waste, we engage
licensed vendors approved by regulatory bodies such as the Karnataka State Pollution Control Board (KSPCB). This ensures
proper recycling or reprocessing of these materials in compliance with environmental guidelines.
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In the Power Transmission business, hazardous wastes like plastic, oil, and empty barrels are securely stored in designated 13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such
areas and disposed of through authorised vendors approved by the KSPCB. Additionally, we prioritise waste minimisation as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution)
by recovering oil from centrifuges to reduce procurement needs and promote the reuse of wooden packing materials. Act, Environment protection act and rules thereunder (Y/N). If not, provide details of all such non-
compliances, in the following format:
Within the Distillery business, advanced technology is employed to minimise waste generation throughout operations. Specify the law / regulation Provide details Any fines / penalties / action taken by Corrective
Waste products such as slop is efficiently burnt in incineration boilers as fuel, contributing to both waste reduction and S.
/ guidelines which was not of the non- regulatory agencies such as pollution action taken,
No.
energy recovery. complied with compliance control boards or by courts if any
Yes, we are complying with the applicable norms
In the Sugar business, hazardous wastes like oil and grease are managed through authorised distributors, ensuring proper
disposal in line with regulatory guidelines.
Leadership Indicators
To reduce the usage of hazardous and toxic chemicals in our products and processes, we follow a comprehensive strategy. 1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
This involves rigorous evaluations and assessments of chemicals used, actively seeking safer alternatives, and adopting For each facility / plant located in areas of water stress, provide the following information:
environmentally friendly options. Our waste management practices are designed to handle and dispose of any hazardous a. Name of the area- Not Applicable
waste generated in compliance with regulations, thereby minimising our environmental footprint and promoting sustainable b. Nature of operations
waste management.
c. Water withdrawal, consumption and discharge in the following format:
Furthermore, by effectively managing by-products such as bagasse, molasses, and press mud, we contribute to resource Parameter FY 24 FY 23
efficiency and sustainability. Bagasse fuel is utilised for steam and power generation, surplus power is sold to the state Water withdrawal by source (in kilo litres)
electricity board, molasses is used for ethanol production, and press mud is provided to farmers as a bio-fertiliser, ensuring
(i) Surface water NA NA
optimal utilisation of resources and minimising waste.
(ii) Groundwater NA NA
In addition to the comprehensive waste management practices outlined earlier, specific measures are taken for the (iii) Third party water NA NA
disposal of certain types of waste. For instance, waste generated, including e-waste and hazardous materials, is directed to (iv) Seawater / desalinated water NA NA
M/S Bharat Oil & Waste Management for recycling and disposal within prescribed timelines. This ensures that such materials (v) Others NA NA
are handled by specialised entities equipped to manage them safely and efficiently. Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) NA NA
Total volume of water consumption (in kilolitres) NA NA
Furthermore, waste oil and grease are managed through a systematic process. Oil skimmers and collection pits are employed Water intensity per rupee of turnover (Water consumed / turnover) NA NA
to gather oil and grease on a daily basis, which is then mixed with bagasse and burned in a boiler. Additionally, oil skimmers Water intensity (optional) – the relevant metric may be selected by the entity NA NA
are installed at the Effluent Treatment Plant (ETP) inlet to separate oil and grease from effluent. The separated oil and grease
Water discharged by destination and level of treatment (in kilo litres)
are collected in labeled containers designated as hazardous waste and subsequently sent to authorised recyclers. This
(i) Into Surface water
approach not only ensures proper disposal of hazardous materials but also contributes to resource efficiency by utilising
a. No treatment NA NA
waste oil and grease as a fuel source in the boiler.
b. With treatment – please specify level of treatment NA NA
11.
If the entity has operations/offices in/around ecologically sensitive areas (such as national (ii) Into Groundwater
parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal a. No treatment NA NA
regulation zones etc.) where environmental approvals / clearances are required, please specify b. With treatment – please specify level of treatment NA NA
details in the following format: (iii) Into Seawater
Whether the conditions of environmental approval / a. No treatment NA NA
S. Location of Type of
clearance are being complied with? (Y/N) b. With treatment – please specify level of treatment NA NA
No. operations/offices operations
If no, the reasons thereof and corrective action taken, if any (iv) Sent to third-parties
Not Applicable a. No treatment NA NA
b. With treatment – please specify level of treatment NA NA
12.
Details of environmental impact assessments of projects undertaken by the entity based on (v) Others
applicable laws, in the current financial year: a. No treatment
Name and Whether conducted by Results communicated in b. With treatment – please specify level of treatment NA NA
EIA Notification Relevant Web
brief details Date independent external public domain Total volume of water discharged (in kilolitres) (i + ii + iii + iv + v) NA NA
No. link
of project agency (Yes / No) (Yes / No)
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
Not Applicable name of the external agency.
No.
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2. Please provide details of total Scope 3 emissions & its intensity, in the following format: 5. Does the entity have a business continuity and disaster management plan? Give details in 100
Parameter Unit FY 24 FY 23 words/ web link.
Total Scope 3 emissions Metric tonnes of CO2 - - Yes, Triveni has implemented a detailed Business Continuity and Disaster Management Plan to maintain resilience and ensure
(Break-up of the GHG into CO2, CH4, N2O, HFCs, equivalent uninterrupted operations during unforeseen events. This plan includes risk assessments for scenarios like natural disasters,
PFCs, SF6, NF3, if available) technological failures, and pandemics. It specifies roles and responsibilities for a coordinated emergency response, prioritises
Total Scope 3 emissions per rupee of Metric tonnes of CO2 - - critical business functions, and establishes protocols for emergency responses and operational recovery. The plan also
turnover equivalent/ ` includes safeguards for essential data, ensures continuous communication, and sets up alternative work arrangements.
Total Scope 3 emission intensity (optional) – - - Regular training, testing, and reviews are essential components to keep the plan effective and up to date.
the relevant metric may be selected by the entity
6. Disclose any significant adverse impact to the environment, arising from the value chain of the
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If entity. What mitigation or adaptation measures have been taken by the entity in this regard.
yes, name of the external agency. No, Triveni does not expect any significant adverse impact to the environment arising from the value chain of the entity due
No. to the nature of products being procured from them. Also, TEIL’s major business revolves around sugarcane, which forms
the largest constituent of raw materials purchased. This, however, is directly purchased from the farmers of TEIL’s command
3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators area ensuring that any risks can be directly mitigated by TEIL itself.
above, provide details of significant direct & indirect impact of the entity on biodiversity in such
areas along-with prevention and remediation activities. 7. Percentage of value chain partners (by value of business done with such partners) that were
Not Applicable assessed for environmental impacts.
47.20*
4. If the entity has undertaken any specific initiatives or used innovative technology or solutions
to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste *This is excluding cane suppliers.
generated, please provide details of the same as well as outcome of such initiatives, as per the
following format:
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy,
Details of the initiative (Web-link, should do so in a manner that is responsible and transparent
S. Initiative
if any, may be provided along-with Outcome of Initiative
No. undertaken
summary)
1 Decanter used in Separation of solids from effluent Total Suspended Solids (TSS) has come down which Essential Indicators
ETP improving the downstream treatment helped the downstream system to achieve best 1. a. Number of affiliations with trade and industry chambers/ associations.
system at our sugar units parameters than standard norms. 8
2 Diffusers for the State-of-the-art diffusers are utilised to Enhanced aeration leads to an improved
ETP enhance aeration within the tanks of the performance of the Effluent Treatment Plant and b. List the top 10 trade and industry chambers/ associations (determined based on the total
ETPs at our sugar units reduce the pollutant load in the discharged effluent members of such body) the entity is a member of/ affiliated to:
when compared to standard norms.
S. Name of the trade and industry chambers/ Reach of trade and industry chambers/
3 Energy saving Replacement of MH lamps by Induction 50% reduction in electrical energy consumption than No. associations associations (State/National)
Measure lamp at our Power Transmission Unit the convention MH lamps.
1 Indian Sugar Mills Association National
Major reduction in process steam saving at Deoband
Sugar plant. 2 UP Sugar Mills Association State
4 Waste reduction Oil recovery through a centrifuge Oil is recycled through a centrifuge system to have a 3 Confederation of Indian Industry National
system installed at Power Transmission prolonged life and reduce hazard waste generation. 4 Federation of Indian Chambers of Commerce & Industry National
unit
5 Quality Circle Forum of India National
5 Energy saving VFD installed for Blowers at our Power Based on the requirement, the motor speed is
Measure Transmission unit and a distillery unit. regulated with VFD which facilitated 10% energy 6 American Gear Manufacturer Association (USA) International
conservation. 7 All India Distillers Association National
6 Energy saving Purchase of renewable energy Facilitate better environmental condition by reducing 8 Indian Chambers of Food & Agriculture National
measure (wind energy) GHG emission.
7 Air emission control Installed bag filter in the incineration Reduction of PM in air emission as well as capturing 2. Provide details of corrective action taken or underway on any issues related to anti-competitive
measure boiler which reduces the emission of the maximum potash ash from the flue conduct by the entity, based on adverse orders from regulatory authorities:
PM (Particulate matter) in a distillery gas which is used as a fertiliser.
unit. Name of authority Brief of the case Corrective action taken
8 Water conservation Installed a Condensate Polishing Unit Wastewater generated from process is treated in Throughout the reporting period, the Company operated without receiving any notices concerning anti-competitive
and recycling (CPU) in distillery units CPU to achieve ZLD as well as recycle the behavior, antitrust violations, conflicts of interest, or monopolistic practices from regulatory authorities. Consequently, no
water back to process which facilitates water corrective actions were necessitated or undertaken in response to such matters. The Company remains dedicated to
conservation. upholding these standards and adhering to regulatory requirements to ensure integrity and accountability in its operations.
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Leadership Indicators 4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 24 FY 23
1. Details of public policy positions advocated by the entity:
Directly sourced from MSMEs/small producers 68.71% 78.69%
Method Whether information Frequency of Review by Board
S. Public policy Web Link,
resorted for available in public (Annually/ Half yearly/ Quarterly / Directly from within India 98.77% 94.18%
No. advocated if available
such advocacy domain? (Yes/No) Others – please specify)
Company has proactive engagement in policy advocacy with industry associations, governmental bodies and regulators. 5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or
Through transparent and responsible advocacy practices, the Company ensures alignment with both its own interests and workers employed on a permanent or non-permanent / on contract basis) in the following locations,
the broader national interest. It firmly believes that policy advocacy should serve to preserve and expand the public good, as % of total wage cost:
without advocating for changes solely for self-benefit or that of a select few. Upholding this ethical stance, the Company Location FY 24 FY 23
remains committed to responsible corporate citizenship and fostering positive societal impact. These endeavours are Rural 67.5% 65.6%
integral to the Company's overarching mission of contributing to the welfare of society while upholding the highest
Semi-urban - -
standards of integrity and accountability.
Urban 32.5% 34.3%
Metropolitan - -
PRINCIPLE 8 Businesses should promote inclusive growth and equitable
(Place to be categorised as per RBI Classification System - rural / semi-urban / urban / metropolitan)
development
Leadership Indicators
Essential Indicators
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable 1. Provide details of actions taken to mitigate any negative social impacts identified in the Social
laws, in the current financial year: Impact Assessments (Reference: Question 1 of Essential Indicators above):
Whether conducted Results Details of negative social impact identified Corrective action taken
Name and
SIA Notification Date of by independent communicated in Relevant Web Not Applicable
brief details
No. notification external agency public domain link
of project
(Yes / No) (Yes / No) 2.
Provide the following information on CSR projects undertaken by your entity in designated
Not Applicable aspirational districts as identified by government bodies:
S. No. State Aspirational District Amount spent (In `)
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
Triveni's CSR endeavours in the reporting year did not include targeted projects for aspirational districts. Nonetheless,
undertaken by your entity, in the following format:
our steadfast commitment to impactful initiatives remains resolute. Leveraging robust community need assessments and
No. of Project % of PAFs Amounts paid to organisational strengths, we strategically allocate resources to sectors of social significance. Through this methodical
S. Name of Project for
State District Affected covered by PAFs in the FY approach, we endeavour to cultivate sustainable outcomes that foster community development. Continuously assessing
No. which R&R is ongoing
Families (PAFs) R&R (In `) and refining our strategies allows us to optimise our positive impact.
Not Applicable We acknowledge the transformative power of collaboration and partnerships in effecting enduring change. By actively
engaging with key stakeholders, including local community leaders, NGOs, and governmental bodies, we forge
meaningful relationships and harness collective expertise. Through these concerted efforts, we are dedicated to catalyzing
3. Describe the mechanisms to receive and redress grievances of the community.
positive change in the lives of the communities we serve, contributing to a future brimming with opportunity and prosperity.
TEIL has a system in place that not only ensures that communication channels with the community are open, but also looks
after implementing participatory approaches so that any concerns / grievances received by the community are taken up in
3. (a) Do you have a preferential procurement policy where you give preference to purchase from
a collaborative manner.
suppliers comprising marginalised /vulnerable groups? (Yes/No)
Community interaction in the sugar business in particular (all located in the rural areas) proactively takes place by the No, As outlined in our Equal Opportunity Policy, TEIL upholds a commitment to non-discrimination in supplier selection.
Company’s specifically assigned Cane Staff. They continuously engage with the farming community in a formal and informal We provide equal opportunities for engagement with all potential suppliers, without prejudice or bias towards any
manner surrounding the sugar mills. The engagement process encompasses community feedback, suggestions and particular group. While marginalised or vulnerable groups are not specifically singled out in our supplier qualification
complaints. Often feedback relates to education, healthcare, drinking water, flooding and drainage issues, access to roads criteria, we do encourage collaboration with local suppliers, including those in close proximity to our facilities, such
and other developmental needs. The Company takes proactive steps to resolve such issues and those beyond its control as farmers.
are taken up with the local district authorities. In addition to this, in order to serve the community better, the Company also
provides sustainable solutions by aligning the community challenges / issues with Corporate Social Responsibility (CSR) This approach not only fosters economic development within local communities but also aligns with our sustainability
function. By integrating the CSR function into the community grievance redressal mechanisms TEIL not only strengthens goals. By sourcing locally, we minimise carbon emissions associated with transportation and travel, thus reducing our
the mechanisms to receive and redress grievances by the community but also reinforces its commitment to responsible environmental footprint. This dual benefit of supporting local economies and promoting environmental stewardship
and community-oriented practices. underscores our holistic approach to supplier engagement
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(b) From which marginalised /vulnerable groups do you procure? When we receive complaints or feedback, our team diligently investigates the matter and takes necessary actions. We
In Sugar business, we purchase 100% sugarcane from farmers. prioritise swift resolution and strive to address each concern fairly and satisfactorily. Beyond resolving individual issues, we
conduct thorough analyses of feedback and complaints to uncover recurring patterns. This analysis guides us in identifying
(c) What percentage of total procurement (by value) does it constitute? areas for enhancement and implementing requisite changes across our products, services, or processes.
Not Applicable
We view consumer complaints and feedback as invaluable chances for progress and development. Our dedication is
unwavering in enhancing our operations to ensure utmost customer satisfaction. Our grievance mechanism is seamlessly
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by
integrated into our customer-centric approach, focusing on delivering timely and effective resolutions to address any concerns
your entity (in the current financial year), based on traditional knowledge:
our esteemed customers raise.
Intellectual Property based on Owned/ Acquired Benefit shared Basis of calculating benefit
S. No.
traditional knowledge (Yes/No) (Yes / No) share 2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
Nil NA NA NA information about:
As a percentage to
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property total turnover
related disputes wherein usage of traditional knowledge is involved: Environmental and social parameters relevant to the product (Labelling and certification) 62%
Name of authority Brief of the Case Corrective action taken
Safe and responsible usage (Labelling and certification like Product Safety Labelling) 79%
NA NA NA
NA NA NA Recycling and/or safe disposal (Labelling and Certification like Recycle Labelling) 74%
6. Details of beneficiaries of CSR Projects: 3. Number of consumer complaints in respect of the following:
No. of persons % of beneficiaries FY 24 FY 23
S. Received Pending Received Pending
CSR Project benefitted from from vulnerable and Remarks Remarks
No. during resolution at during resolution at
CSR Projects marginalised groups
the year end of year the year end of year
1. Support to Nursing School of a charitable hospital 90 students 100%
Data privacy - - - - - -
2. Screening of Cancer, Osteoporosis, and Anaemia in Females 680 Females 100%
Advertising NA NA NA NA NA -
Support to schools at Khatauli, Deoband and Ramkola
3. 1140 students 100% Cyber-security - - - - - -
(Support to schools around our sugar mills)
Delivery of essential 96 18 The complaints 114 8 The complaints
4. Preventive Health Check-up Programme for Young Girls 844 girls 100% services are in the process were in the
5. New-born Screening Programme 600 new-born babies 100% of being resolved process of being
at the end of the resolved at the
6. Healthcare Mobile Vans (Mobile Chikitsa) 51969 100% fiscal year. end of fiscal year.
289 Family members Restrictive Trade NA NA NA NA NA NA
7. Eyes and Dental camps organised for Caddies 100%
of caddies Practices
8. Promoting Football for children & youth 370 boys & girls 100% Unfair Trade NA NA NA NA NA NA
Practices
9. Soil Health Analysis and fertiliser incentive Program 167716 90%
Other NA NA NA NA NA NA
Developing applying innovative methods, tools, and
10. Not Ascertainable -
techniques to enable improved water management
4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall
PRINCIPLE 9 Businesses should engage with and provide value to their consumers Voluntary recalls NA NA
in a responsible manner Forced recalls NA NA
Throughout the reporting period, our organisation has not experienced any product recalls due to safety concerns. We
Essential Indicators
prioritise product safety and have established stringent testing and quality assurance protocols to uphold the highest
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback. standards. Our products undergo thorough evaluation to guarantee safe usage and handling. Furthermore, we furnish
The Company has established a comprehensive grievance mechanism to receive and address consumer complaints and customers with comprehensive product information, including manuals, leaflets, and packaging, to clearly delineate
feedback efficiently. Customers can contact the company via multiple channels, such as email and phone, facilitating easy instructions for safe usage. These proactive initiatives highlight our steadfast dedication to ensuring the safety and reliability
communication of their concerns. A dedicated team trained in ISO 9000 Quality Management standards promptly reviews of our products.
each submission. TEIL prioritises quick and fair resolutions, ensuring satisfaction. Additionally, TEIL analyze all feedback
and complaints to identify patterns to make improvements to its products, services, and processes.
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5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/ initiatives ensure safety throughout the value chain, encouraging responsible product usage. At Triveni, we remain committed
No) If available, provide a web-link of the policy. to promoting safe and responsible usage, even within the B2B framework, and continuously seek opportunities to enhance
Yes, TEIL has implemented a policy and framework for cybersecurity and data privacy risks. This framework features strong consumer awareness and education.
protections, including encryption protocols, access controls, frequent security audits, and ongoing monitoring to maintain
the highest standards of data privacy and cybersecurity. 3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential
services.
Encryption protocols encode data to prevent unauthorised access. Stringent access controls limit data access to authorised
TEIL has not faced any major disruptions or discontinuation of essential services during the year. Issues that arise in
personnel, reducing risks. Regular security audits maintain TEIL’s cybersecurity integrity, identifying vulnerabilities. Continuous
any customer / supplier relationship are addressed by the Company through open and continuous communication with
monitoring detects and responds to security breaches promptly.
customers. The focus thereby lies on problem identification and promptly addressing these before they become serious.
TEIL’s comprehensive cybersecurity and data privacy framework underscores its unwavering commitment to upholding With the emphasis on quality of customer service, the mechanism in place allows both parties to work on a resolution in a
the highest standards of security and safeguarding the confidentiality, integrity, and availability of data entrusted to participatory manner. This has significantly strengthened the relationship and position of TEIL as a trusted partner.
the organisation.
TEIL prioritise the proactive identification and management of risks related to potential disruptions in essential services.
Web link where the policy is available: Cyber Security and Data Privacy Policy.pdf (trivenigroup.com)
Robust mechanisms engage internal stakeholders for early detection. Through systematic risk assessment, we monitor
factors affecting service continuity. Prompt actions mitigate identified risks.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and
delivery of essential services; cyber security and data privacy of customers; re-occurrence of In case of disruptions, customers are promptly notified to uphold transparent communication. Our commitment to customer
instances of product recalls; penalty / action taken by regulatory authorities on safety of products satisfaction ensures timely updates. Additionally, delays in dispatches are communicated via email.
/ services.
While no recalls have been issued, in cases of essential service delivery issues like gearbox complaints, our Quality head, These measures ensure customers are informed and prepared for any potential disruptions. Our dedication to service
leading the customer complaint handling process, initiates a Customer Feedback Team (CFT). They collaboratively address continuity and customer needs remains steadfast.
the problem and determine corrective actions promptly. This may involve adjustments to design, materials, or manufacturing
processes, serving as preventive measures for future supplies. Through proactive resolution and continual improvement, 4. Does the entity display product information on the product over and above what is mandated as
we uphold customer satisfaction and product quality standards. per local laws? (Yes/No/Not Applicable)
If yes, provide details in brief.
7. Provide the following information relating to data breaches: Yes, as a responsible and ethical organisation, we prioritise meeting all legal requirements and industry standards for product
a. Number of instances of data breaches - information disclosure and labeling. We ensure that our products are accompanied by comprehensive documentation and
b. Percentage of data breaches involving personally identifiable information of customers - specifications that provide the necessary information for our B2B clients to make informed decisions. Safety warnings are
c. Impact, if any, of the data breaches - prominently displayed on the Gearbox and stickers, including alerts in different languages. Additionally, nameplates with
specifications are affixed for clarity and compliance.
Leadership Indicators
5. Did your entity carry out any survey with regard to consumer satisfaction relating to the major
1. Channels / platforms where information on products and services of the entity can be accessed products / services of the entity, significant locations of operation of the entity or the entity as a
(provide web link, if available). whole? (Yes/No)
TEIL’s product-related information can be accessed at our website and social media handles. For our Power Transmission Yes, our entity has actively conducted consumer satisfaction surveys across its major operational sectors. In the Power
Business we conduct workshop & provide catalogues as per our customer requirements Transmission Business, we employ third-party services to administer detailed customer satisfaction surveys. These surveys
Website: https://www.trivenigroup.com/businesses assess various aspects of our offerings, including pre-sales interactions, order execution, commissioning, service quality,
equipment performance, overall customer perception, and commercial conditions. This systematic feedback collection
Linkedin: https://www.linkedin.com/company/triveniengineering/
helps us fine-tune our processes and product offerings to better meet our customers’ needs.
Youtube: https://www.youtube.com/channel/UCJla4fACodZmBS5PPsaBFiw
Similarly, in our Sugar Business, we conducted a dip stick survey with 300 customers, focusing on key aspects such as
Facebook: https://www.facebook.com/triveniengineering
monthly expenditure on sugar, preference between loose and packaged sugar, purchasing locations, and satisfaction
with the quality of Shagun Sugar and Triveni Sugar. Other survey topics included issues like clumping or moisture in sugar
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/
pouches, preferred pack sizes, willingness to pay a premium for packaged sugar, average purchase prices, and the primary
or services.
uses of our sugar products. This survey also solicited specific feedback or suggestions for packaging improvements,
Although our primary focus lies in B2B operations, consumer safety education is paramount to us. Our Operations and
ensuring that we continue to align our products closely with consumer expectations and enhance overall satisfaction.
Maintenance (O&M) manual meticulously details gearbox safety precautions. Furthermore, safety information is included
in technical files sent to European customers. We conduct installation training sessions and offer comprehensive manuals
and protocols for visitors. Our technical files adhere to safety certifications and country-specific standards for EU, USA, and
For and on behalf of the Board of Directors
Canada. Adhering strictly to disclosure regulations and industry standards ensures transparency and compliance.
Active participation in industry events furthers safety discussions. Despite our B2B emphasis, we acknowledge our influence Dhruv M. Sawhney
on end consumers and are committed to promoting safety and responsibility. Our compliance efforts and educational Place: Noida Chairman and Managing Director
Date: May 20, 2024 DIN: 00102999
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Management Discussion and Analysis timely payments of outstanding dues to the sugarcane farmers.
These measures include:
For SS 2023-24, however, there was a wide divergence in
production estimates throughout the season. Preliminary
estimates in August 2023 had projected all-India sugar
• Fixing Fair and Remunerative Price (FRP) of sugarcane
production at 31.7 million tonnes after diversion of 4.5 million
• Fixing Minimum Selling Price (MSP) of sugar to prevent fall tonnes for ethanol, implying a gross production estimate
SUGAR BUSINESS Since sugar and sugarcane are essential commodities under in ex-mill sugar prices & accumulation of sugarcane arrears of 36.2 million tonnes for the season. By October 2023,
the Essential Commodities Act, the Government regulates
expectations for gross sugar production had declined
Indian Sugar Industry various aspects pertaining to the industry. Sugarcane • Diversion of surplus sugar to production of ethanol,
considerably to 33.7 million tonnes, driven by projections of
Indian Sugar Industry Overview pricing, sugarcane procurement through land demarcation, leading to improved financial conditions of the sugar mills
substantially lower crush in Maharashtra and Karnataka.
India has the distinction of being the largest consumer and the sale of sugar by mills in the domestic and international • Progressive export policies, such as export subsidies
second-largest producer of sugar in the world. A significant markets, diversion of sugarcane/sugar for other uses such as On December 15, 2023, the Department of Food and Public
and timely evacuation of surplus sugar stocks at
contributor to the country’s economy, the Indian sugar industry production of alcohol/bioethanol etc. are the key Government Distribution (DFPD), Government of India, issued directions that
remunerative prices
provides employment and creates significant value for over intervention areas. in view of the lower expected sugar production in the country
50 million farmers. Sugar season 2023-24 reported the lowest pending cane (with major drop in Maharashtra & Karnataka), the sugar
Recent years have also seen the sugar sector emerge as a arrears in the history of the sugar sector, with 99.5% cane industry should restrict the sugar sacrificed for ethanol through
As an ecologically sustainable crop, sugarcane produces major contributor to the alcohol industry through bioethanol dues of the previous sugar season 2022-23 and 99.9% of all the B-heavy & sugarcane juice/syrup route to 1.7 million tonnes
sugar and generates a variety of by-products, such as production, in view of the Government impetus to the Ethanol other sugar seasons already paid to the farmers. India has the vs 4.1 million tonnes in the previous season.
bagasse, molasses, filter cake (commonly known as press Blended Petrol (EBP) programme, which includes a stated unique distinction of being the highest sugarcane price payer In March 2024, the sugar production estimates were revised
mud) etc. These by-products have economic value, and also target of 20% EBP for the year 2025-26. The EBP programme to its farmers, while still being efficient enough to make profits upwards to 34 million tonnes, owing mainly to higher sugarcane
a strong potential as a feedstock for the production of biofuels/ aims to reduce import dependency while minimising the and operate in a self-sufficient manner without any financial yields expected in Maharashtra and Karnataka. Assuming
bioenergy, such as power, bioethanol, biogas, etc. environmental footprint of vehicular emissions, conserving assistance from the Government. 2 million tonnes for production of ethanol via sugarcane juice
foreign exchange, and further boosting the agriculture sector.
/ B-heavy molasses for Ethanol Supply Year (ESY) 2023-24, it
Over the years, the industry has undergone modernisation Indian Sugar Industry: Balance Sheet implies net sugar of around 32 million tonnes.
and diversification, and has become more sustainable and Government initiatives have eradicated the cyclicality of
The total acreage under sugarcane in the country is estimated to
profitable as a result of effective exploitation of the potential of the Indian sugar industry In terms of state-wise split, sugar production in Maharashtra
be around 59.81 lakh hectares in Sugar Season (SS) 2023‑24,
its by-products to generate additional revenue streams. This Once saddled with cyclicality and huge sugarcane arrears, is estimated to increase to 11 million tonnes this season, up
which is almost at a similar level as that for SS 2022-23.
has made the sugar industry more viable and valuable in the the industry has come a long way in the last 10 years. The from 10.53 million tonnes in the previous season. Production
country’s economic growth landscape. transition has been driven by a series of favourable and The all-India sugar production estimate for SS 2022-23 in Karnataka is estimated at 5.26 million tonnes, lower than
supportive Government policy measures, aimed at facilitating (after diversion to ethanol) was 32.8 million tonnes. This took last season’s 5.8 million tonnes but above the initial estimates.
into account diversion of about 4.1 million tonnes of sugar Uttar Pradesh is expected to produce around 10.3 million
equivalent to ethanol, implying a gross production estimate of tonnes sugar, marginally up from the previous season but
36.9 million tonnes for the season. below the initial estimates.
Healthy closing stocks of 8.6 million tonnes for SS 2023-24
With an opening balance of around 5.6 million tonnes as on October 1, 2023, net sugar production of around 32 million tonnes, and
domestic sales of around 29 million tonnes, the closing stock is expected at 8.6 million tonnes. This translates into approximately
three months of consumption. The net sugar production measure takes into consideration diversion of about 2 million tonnes of
sugar equivalent into ethanol (as stated above).
(in million tonnes)
+3.2* +4.1* +2.0*
8.2 7.0 5.6 35.8 32.8 32.0 27.3 27.9 29.0 11.1 6.4 - 5.6 5.6 8.6
Opening Stock as Production Internal Exports Closing Stock as
on 1st Oct Consumption on 30th Sep
2021-22 2022-23 2023-24e
*sugar diversion to ethanol production in million tonnes
Note: Opening stock for SS 2022-23 revised as per GOI numbers
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Indian Sugar Industry: Market Updates • Hike in State Advised Price (SAP): On January 18, Triveni Sugar Realisation (Domestic) (`/Quintal)
• Restrictions on use of sugarcane-based feedstocks 2024, the Government of Uttar Pradesh revised the State
for production of ethanol: On December 15, 2023, Advised Price (SAP) of sugarcane for Sugar Season 4,062
the Department of Food and Public Distribution (DFPD), 2023‑24 as follows:
3,934 3,932
Government of India, issued directions that in view of the • Sugarcane price for Early Variety was revised from 3,872
3,879 3,851 3,855 3,855
lower expected sugar production in the country (with major ` 350 to ` 370 per quintal
drop in Maharashtra & Karnataka), the sugar industry 3,761
• Sugarcane price for General Variety was revised from 3,717 3,713 3,737 3,732
should restrict the sugar sacrificed through the B-heavy 3,685 3,696
` 340 to ` 360 per quintal 3,639 3,653
& sugarcane juice/syrup route for ethanol to 1.7 million
3,593
tonnes vs 4.1 million tonnes in the previous season. It • Sugarcane price for Rejected Variety was revised from 3,570
3,523 3,526 3,620 3,539 3,488
directed sugar units countrywide to operate on C-heavy ` 335 to ` 355 per quintal 3,505 3,615 3,517
3,568
process. This was done to ensure sufficient sugar stock 3,527 3,521 3,513
• The society commission rate was maintained at 3,511
availability in the country to meet internal consumption 3,339 3,478
` 5.50 per quintal 3,394 3,307
requirements. At the end of April 2024, the Government
allowed sugar mills to convert their existing stocks of • There was a revision in the transportation rebate for 3,340 3,333 3,327
3,289 3,276 3,274 3,311 3,267
6,70,000 tonnes of B-heavy molasses into ethanol. lifting of sugarcane from outside centres to ` 9 per 3,263 3,257
3,224 3,203
quintal - up from the previous ` 8.35 per quintal. The 3,168
• Hike in Fair and Remunerative Price (FRP): The Central
slab rate within the transport rebate was adjusted to
Government fixed the FRP of sugarcane for SS 2024-25 at
` 0.45 per quintal per km from the earlier ` 0.42 per
` 340 per quintal. This was linked to a basic recovery of
quintal per km
ly
ry
er
ay
ch
r
y
st
ril
ne
r
r
be
be
be
ar
Ju
10.25% and subject to a premium of ` 3.32 per quintal for
ua
gu
Ap
ob
M
ar
Ju
nu
em
em
em
br
Au
M
ct
Ja
Fe
O
ov
ec
pt
every 0.1% increase of recovery, over and above 10.25%, • Minimum Selling Price (MSP) remains unchanged:
Se
D
and also linked to reduction in FRP at the same rate for Despite increase in sugarcane procurement costs, i.e. SAP
each 0.1% decrease in the recovery rate till 9.5%. With a in the case of Triveni, the MSP fixed by the Government FY 21 FY 22 FY 23 FY 24 FY 25
view to protecting the interests of farmers, the Government in February 2019 at ` 31/kg remains unchanged. It is
has decided that there shall be no deduction where imperative that the MSP of sugar and ethanol prices
recovery is below 9.5%; such farmers will get ` 315.1 per undergoes enhancement in a coordinated manner, along International Sugar Industry International Sugar Prices
quintal for sugarcane. The FRP for SS 2024-25 was 8% with input costs. On an average, the international sugar prices increased by
International Sugar Industry: Balance Sheet
higher than the previous sugar season. 20-25% during FY 24. However, most of this outperformance
As per recent estimates, the global sugar balance is estimated
to be in surplus of ~1.89 million tonnes in 2023-24, and over was during the early part of the financial year. In November
Domestic Sugar Prices 6 million tonnes in 2024-25. This is on account of improved 2023, the NY #11 raw sugar futures front month contract nearly
supplies from key producing nations, such as Brazil and broke the US 28.00 cents/lb threshold, driven by global supply
Sugar prices in India moved up by 5-7% on an average in FY 24. Since April 2024, the domestic prices have inched up 3-4%,
Thailand, along with sufficient production in India. concerns due to lower production expectations. London White
due to higher demand during the peak summer season.
Sugar #5 also peaked at USD 763.40 per tonne. Prices have
Sugar production in Brazil’s Centre South (CS) region is trended downwards since then, with emergence of news of
Domestic Sugar Realisation (`/Quintal)
expected to improve in this year’s sugar season due to rains higher production in Brazil and Thailand. In mid-March 2024,
4200
in late March and early April. As per recent reports, Brazil’s London White Sugar #5 front month contract was trading at
4000 CS sugarcane crop for 2024-25 is projected to be in a range USD 611.60 tonne, whereas the New York Sugar #11 front
between 620 million tonnes and 630 million tonnes. The sugar month contract was trading at US 21.72 cents/lb.
3800 production is estimated at 42.5-44.5 million tonnes, with a crop
target of 43.8 million tonnes, which would nearly equal the As on May 10, 2024, the NY #11 front month contract was
3600
record production seen in the previous crop. trading at US 19.3 cents/lb, while London #5 was trading at
3400 USD 569.3 per tonne.
The sugar mills in Brazil are boosting their sugar production
3200 capacity as much as 10% in the new season from April, to
3000
take advantage of the relatively high sugar prices and relatively The global sugar balance is
lower returns in ethanol.
estimated to be in surplus of
25 May 2023
30 Mar 2023
13 Apr 2023
27 Apr 2023
05 May 2023
06 Jun 2023
22 Jun 2023
07 Jul 2023
20 Jul 2023
17 Aug 2023
31 Aug 2023
14 Sep 2023
28 Sep 2023
13 Oct 2023
26 Oct 2023
09 Nov 2023
23 Nov 2023
07 Dec 2023
21 Dec 2023
04 Jan 2024
18 Jan 2024
01 Feb 2024
15 Feb 2024
29 Feb 2024
14 Mar 2024
28 Mar 2024
11 Apr 2024
25 Apr 2024
Expectations from Thailand have also improved with the overall ~1.89 million tonnes in 2023‑24,
sugar production of ~9 million tonnes, up from initial estimates and over 6 million tonnes in
of 8 million tonnes. For next year, the crop is expected to further 2024-25.
improve, with an estimated production of ~10-11 million tonnes.
Maharashtra Tamil Nadu Karnataka Uttar Pradesh All India
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
NY#11 & London#5 Price Trend Pradesh, especially in the Western and Central parts of
the state. The Company crushed 8.26 million tonnes of
800 29 sugarcane in SS 2023-24 across the state. This marked a
750 27 decline from 9.33 million tonnes crushed in the previous
700 season, and was attributable to lower cane yields in three
25
of the Company’s sugar units, viz. Rani Nangal, Deoband
650
23 and Milak Narayanpur. The cane yields came down due to
600
21 heavy rains and water logging in certain regions, and the
550 associated proliferation of red rot disease in the plant crop
19
500 in the second half of sugar season. The Co0238 variety
450 17 of sugarcane, which is widely used in the state of UP, has
400 15 become susceptible to red rot disease in recent years.
This impacted many sugar groups, including Triveni,
350 13
in SS 2023-24. A comprehensive varietal replacement
23
23
23
23
23
023
023
0 23
23
23
23
023
023
24
024
24
24
24
24
programme is underway at the Company to reduce
l 202
ar 20
pr 20
ay 20
n 20
n 20
ct 20
ct 20
ov 20
n 20
ar 20
ar 20
pr 20
ay 20
ug 2
ug 2
ep 2
ec 2
ec 2
eb 2
dependence on this variety. SS 2023-24 witnessed a
14 Ju
02 Ju
23 Ju
19 Ja
greater impact of higher diversion of sugarcane to kolhus
06 O
27 O
31 M
01 M
22 M
21 A
12 A
12 M
17 N
03 M
08 D
29 D
04 A
25 A
15 S
09 F
and khandsari (unorganised jaggery sector), affecting
London #5 NY #11 the availability of sugarcane (drawal) to each of the
Company’s units.
Note: London #5 on left hand side (LHS) in USD/tonne; NY #11 on right hand side (RHS) in US cents/lb • Sugar production and recoveries: The Company
reported a gross recovery of 11.49% in SS 2023-24,
as compared to 11.47% in SS 2022-23. It produced
0.89 million tonnes of sugar in SS 2023-24 as compared to
Triveni Sugar Business the Company are FSSC 22000 certified, and pursue the
highest standards in terms of manufacturing processes and 0.95 million tonnes in SS 2022-23. In view of restrictions on
Triveni Sugar Business: Overview • Improved performance in Khatauli and Ramkola units:
quality. The Company supplies sugar to major multinational the use of B-heavy molasses and sugarcane juice to limit
One of the largest integrated sugar producers in India, Triveni Despite the lower crush overall, two of the Company’s
soft drink companies, leading confectionery manufacturers, sugar sacrifice for ethanol production, sugar operations
has a production footprint spanning seven state-of-the-art facilities stood out in SS 2023-24. Khatauli, Triveni’s
breweries, pharmaceutical companies, dairies, top ice cream were largely carried out with C-heavy molasses, which led
sugar manufacturing facilities, spread strategically across largest unit, performed well yet again, and was the largest
producers, etc. to relatively higher sugar production.
the state of Uttar Pradesh (UP). All units are located in well sugarcane crushing and sugar producing unit in Northern
irrigated and fertile areas suitable for sugarcane cultivation. • Capex initiatives underway: Triveni continued to focus and Central India with a crush of 2.4 million tonnes. It was
While Khatauli (District Muzaffarnagar), Deoband (District
Triveni Sugar Business: Performance on enhancement in crushing capacity, modernisation, also one of the last units in UP to close the operations
Key financial highlights of our Sugar business debottlenecking, and efficiency improvement activities, for SS 2023-24. Ramkola, the Company’s only Eastern
Saharanpur), Sabitgarh (District Bulandshahr) are located
performance in FY 24: with its previously announced Capex. This includes UP unit, saw a sharp improvement in crush, from 0.78
in Western UP, Chandanpur (District Amroha), Rani Nangal
• During FY 24, the Company’s Sugar segment reported expansion in the crushing capacity of the Sabitgarh million tonnes in SS 2022-23 to 0.87 million tonnes in SS
(District Moradabad) and Milak Narayanpur (District Rampur)
revenues of ` 3,858 crore, lower by 11.6% on a year-on- sugar unit by 2,000 TCD, thereby increasing the crushing 2023-24. The sugarcane command area for this unit has
are located in Central UP. One unit, namely Ramkola (District
year basis. The decline was the outcome of 16.4% lower capacity to 9,000 TCD. This will lead to increased crushing a lot of low-lying areas, where the Company noticed some
Kushinagar), is located in Eastern UP.
overall dispatches, both domestic and international. The capacity for the Company as a whole, from 61,000 TCD incidence of red-rot, albeit small, in the previous season.
The Company’s diverse product profile comprises plantation Government did not announce any export programme to 63,000 TCD. In the spring planting season, a structured programme
white sugar as well as refined sugar. The latter currently for SS 2023-24, and the only sugar exported during the was implemented to move to non-Co0238 varieties, such
financial year was a balance of 14,531 tonnes from the • Increase in refined sugar contribution: In addition to
constitutes ~70% of the total sugar production and realises a as Co0118 & CoP9301 etc. This effort yielded exceptional
previous year’s programme Khatauli, Sabitgarh and Deoband facilities, the Company
premium over normal crystal sugar realisation. The Company results during the season, with Ramkola becoming the
has transitioned to refinery process (DRP) at its Milak
also produces different grades of pharmaceutical (pharma) • Blended sugar realisations improved 5.8% y-o-y to Company’s only unit to see increased crush along with
Narayanpur sugar unit. This has enhanced the contribution
sugar that can be customised as per the user requirements. ` 38,175/tonne, mitigating some of the impact of lower an improved recovery. The Company aims to implement
of refined sugar to its overall portfolio - from ~60% in
Refined and pharma sugar is supplied to high grade end- dispatches and cost increases similar plans in the units affected in the current season,
the previous season to ~70% this year. It is important
users, thereby creating a niche customer profile for Triveni. in order to improve its crushing performance in the
• Segment PBIT was largely flat y-o-y at ` 306 crore, with to highlight that, in addition to fetching a premium over
The Company also supplies high quality crystal sugar from upcoming season.
margins enhancing by ~90 bps to 7.9% in FY 24 normal sugar, the growing contribution of refined sugar
some of its non-refinery units to large institutions, securing a • Lower steam consumption in Deoband: The Company
also reduces the amount of sulphur used by the Company.
high premium for it. Key operational highlights of our Sugar business had undertaken a major process steam reduction activity
The Company thus benefits from both, a superior product
performance in SS 2023-24: mix and more environment-friendly operations. at Deoband, which resulted in 3% lower process steam
In addition, Triveni Sugar has a contract manufacturing • Reduced crush due to water logging, crop consumption during the year.
business for private label sugar in North India, and is focussing submergence, and red-rot disease: During SS 2023‑24,
on branded sugar for growth. All the seven sugar units of there was a general trend of lower crush across Uttar
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Particulars 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
THIS STRATEGY IS PILLARED ON
Area under sugarcane (Ha) 167068 156671 166675 183423 194159 191840 195537 198376 204092 206170
Sugarcane crushed (LQ) 512.72 452.07 640.03 836.70 797.58 874.25 853.97 840.91 932.54 825.72
Sugar produced (LQ) 49.1 48.8 70.8 95.2 94.0 100.9 93.8 88.8 95.4 89.0 Structured varietal substitution programme
Net recovery (%) 9.57 10.80 11.06 11.38 11.79 11.54 10.98 10.55 10.23 10.78
In SS 2023-24, many sugar mills in the state of UP, including Triveni, faced the problem of red rot, resulting in
Gross recovery (%) 9.57 10.80 11.06 11.38 11.79 11.97 11.86 11.70 11.47 11.49
a decline in sugarcane processing and consequently, in sugar production. A major factor behind this was that
Co0238, which is widely grown, is highly susceptible to red rot. The Company has been working on diversifying
Sugarcane Crushed Sugar Production crop varieties in the command area of its sugar factories. It has also adopted rigorous crop management
Sugar Recovery (%) *
Units (Million Tonnes) (Million Tonnes) practices. An aggressive varietal substitution programme is underway for identification, faster multiplication,
SS 2022-23 SS 2023-24 SS 2022-23 SS 2023-24 SS 2022-23 SS 2023-24 and commercial use of desired high sugar and disease resistant varieties for the mutual benefit of the Company
Khatauli 9.96 10.87 2.49 2.40 0.25 0.26 and the farmers. Various digitalisation measures have been undertaken as part of this programme to promote
Deoband 10.17 10.29 1.85 1.55 0.19 0.16 real-time information sharing and interventions, as well as faster dissemination of best practices across units
Ramkola 10.64 11.07 0.78 0.87 0.08 0.10 and among the farmer community.
Sabitgarh 10.53 11.10 1.23 1.17 0.13 0.13
Chandanpur 10.28 10.98 1.04 0.91 0.11 0.10
Rani Nangal 10.54 10.67 1.11 0.71 0.12 0.08 Significant focus on yield improvement through various agronomic inter ventions
Milak Narayanpur 9.82 10.53 0.83 0.65 0.08 0.07 (e.g. wide spacing, trench planting, etc.). The Company has been emphasising on before-wheat planting
Group 10.23 10.78 9.33 8.26 0.95 0.89 and ratoon management, providing higher time in the field to the spring planted sugarcane, thus leading to
increased yield.
*Recovery for SS 2023-24 is not comparable with previous season due to switching from B-heavy to C-heavy operations in line with the Government’s
directives
Triveni Sugar Business: Sugarcane Development on new technologies and innovations in the field of agriculture Active farmer engagement
Programme in general and sugarcane in particular. Triveni has developed a large number of model demonstration (demo) plots, with yields 40-50% higher than
Triveni’s sugarcane development programme is pivotal to its normally obtained by farmers in their sugarcane fields. The aim is to showcase advanced practices to farmers.
sustainable growth strategy. The Company has in place a The Company has been relentlessly pursuing a six-pronged The plots are also helping educate the farmers on ways to achieve yield improvement, for replication in their
comprehensive sugarcane development programme, through strategy, aimed at the development of improved planting, own plots for income enhancements.
which it continuously engages with farmers to increase cultivation, crop protection and harvesting techniques.
sugarcane productivity. Its dedicated sugarcane development The strategy also seeks to boost the crop quality and land
team works closely with the farmers, disseminating knowledge productivity, resulting in enhanced income in the hands Crop protection from various pests & diseases, using a structured and scientific surveillance programme:
of farmers. The Company is working rigorously to help farmers in implementing all recommended agronomic practices
to mitigate disease severity. These include utilising healthy planting materials and certified seeds, maintaining
field sanitation, practising crop rotation, ensuring proper drainage facilities, and implementing bunding in
infected fields.
Soil health improvement
The Company is judiciously applying balanced dosage of fertilisers and nutrients, as per soil analysis reports
and recommendations
Improvement in farm implements and mechanisation
This is aimed at making farm activities less labour intensive and driving economic improvements.
Various digitalisation measures have been undertaken with regard to the above-mentioned programmes to
promote real-time information sharing and interventions, besides faster dissemination of benchmark practices
across units and among the farmer community.
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Triveni Sugar Business: Outlook Indian Ethanol Industry: Overview Indian Ethanol Industry: Market Updates
The Company is focussing on substitution of the Co0238 The Central Government has been focussing on reducing • Ethanol feedstock related updates
variety through its robust and well-structured sugarcane • In July 2023, the Food Corporation of India (FCI)
For ESY 2023-24 (November-
the country’s dependence on imported crude oil, while
development programmes across its seven sugar units. It suspended supplies of surplus rice for the purpose of October), OMCs floated tenders
minimising the environmental impact resulting from pollution
is striving to substantially improve its crush, and enhance ethanol production. Despite the feedstock challenges, for 825 crore litres with a 15%
and emissions. The Government has been actively promoting
recoveries further in the upcoming sugar season over SS
the production and blending of fuel ethanol with petrol, and
the industry has promptly shifted to damaged foodgrain blending target. Offers were
2023-24. Judicious investments in improving efficiencies and and maize in the wake of this decision by FCI.
reducing energy consumption are being made to reduce the has targeted 20% blending through Ethanol Blended Petrol
received for 560 crore litres
• On December 15, 2023, the Department of Food and with 48% from sugarcane‑based
overall cost of production. (EBP) Programme or EBP20 by 2025. EBP20, which was Public Distribution (DFPD) issued directions that in view
earlier targeted by 2030, was advanced in December 2020, of the lower expected sugar production in the country
feedstocks, and the balance 52%
Triveni’s varietal replacement programme is driven by other
promising, well-proven and high yielding/high sucrose varieties reaffirming the Government’s focus and commitment towards (the major drop being from Maharashtra & Karnataka), from grain‑based feedstocks.
in the sugarcane command areas of its sugar units. Coupled biofuels as a key sustainability initiative. the sugar industry should restrict the sugar sacrificed
with various yield enhancement measures, like spaced row, through the B-heavy & sugarcane juice/syrup route for
ethanol, to 1.7 million tonnes vs 4.1 million tonnes in the • The sugar sector supplied 56% of the total supplied
trench and autumn planting, this will help assure sugarcane The blending of ethanol with petrol increased from 1.53% in
previous season. It directed sugar units countrywide quantity, whereas the grain sector supplied 44% of the
availability to meet higher sugarcane requirements at the 2013-14 to 12% in ESY 2022-23, on the back of efforts made
to operate on the C-heavy process. The move was total supplied quantity, as of March 31, 2024
sugar units. by farmers and industry, aided by favourable government
prompted by the need to ensure sufficient sugar stock • Contracts for 320.36 crore litres had been executed by
The Company’s overall crushing capacity enhancement, policies. The supply of ethanol to Oil Marketing Companies availability in the country to meet internal consumption the OMCs till March 31, 2024
from 61,000 TCD to 63,000 TCD, is progressing well, and is (OMCs) increased from 38 crore litres in 2013‑14 to 502 crore requirements. At the end of April 2024, the Government
expected to support a higher crush in the coming season. litres in ESY 2022-23. allowed sugar mills to convert their existing stocks of • Uttar Pradesh Molasses Policy:
6,70,000 tonnes of B-heavy molasses into ethanol. During the year, the UP State Government retrospectively
ALCOHOL BUSINESS amended the Molasses Policy for 2022-23 on levy molasses
According to a report by Niti Aayog and remarks of the Food • Ethanol requirements and supplies obligations. The amendment was aimed at equating B and
Indian Alcohol Industry and Consumer Affairs Ministry, ~1,016 crore litres of ethanol • For ESY 2023-24 (November-October), OMCs floated C heavy molasses without considering the respective
The Indian Alcohol industry consists predominantly of ethanol would be required in order to achieve the target of 20% EBP tenders for 825 crore litres with a 15% blending target. increased generation and equivalent ethanol output.
for the purpose of blending with petrol, as well as industrial Offers were received for 560 crore litres with 48%, i.e.
by 2025. About 334 crore ethanol would be required for other For molasses year 2023-24, the State Government has
alcohol such as Extra Neutral Alcohol (ENA), Rectified Spirit 267 crore litres, from sugarcane-based feedstocks, and
usages. This would necessitate capacity addition of 1,700 introduced an elevated levy obligation. In case of C-heavy
(RS) and Denatured Spirit (SDS), which are used in various the balance 52%, or 292 crore litres from grain-based
crore litres, with the plant operating at 80% efficiency. molasses, sugar mills are now mandated to allocate 26% of
industries such as potable spirits, chemicals, solvents, etc. feedstocks. The ratio for sugarcane and grain‑based their molasses generation for country liquor purposes, and
feedstocks supplied in the previous tender stood at in case of B-heavy molasses they are obligated to allocate
73:27 19% of their B-heavy molasses generation for country liquor
• Till March 31, 2024, OMCs had procured 224.46 crore purposes. It is important to point out that a different levy
litres out of the total requirement of 825 crore litres for obligation in respect of C-heavy and B-heavy molasses
ESY 2023-24 (November–October). The sugar sector recognises the distinction in their respective ethanol output,
contributed 126.25 crore litres of this procurement, as desired by the industry.
while the grain sector contributed the remaining
98.21 crore litres Indian Ethanol Industry: Prices
Keeping in mind the developments and volatility in feedstock,
• The achieved blending percentage, as of March 31, the rates of ethanol were revised on multiple occasions during
2024, stands at 11.96% the year. The prevailing ethanol prices, along with recent
changes, are summarised as under:
(`/litre)
Revised Rates
Revised Rates
Name of Feedstock used for producing with incentive
ESY 2022-23 ESY 22-23 Effective ESY 2023-24
Ethanol ESY 2023‑24 Effective
from August 22, 2023
from January 5, 2024
Sugarcane Juice / Syrup 65.61 65.61 65.61 65.61
B-Heavy Molasses 60.73 60.73 60.73 60.73
C-Heavy Molasses 49.41 49.41 56.28 56.28
Damaged Food Grains 55.54 64.00 64.00 64.00
Maize 56.35 66.07 66.07 71.86
Surplus Food Grains (FCI Rice) 58.50 58.50 58.50 58.50
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However, considering the Government’s existing policy During the year, the Company ventured into the new business
and challenges in availability of permitted grains at viable of manufacturing, marketing and selling own brands in the
procurement costs for distillery operations, it has been decided premium segment of Indian Made Foreign Liquor (IMFL) as
to keep the implementation of the new proposed distillery a forward integration of its distillery operations. The business
expansion project at Sabitgarh, UP, in abeyance. foray would involve setting up a state-of-the-art bottling plant
in Muzaffarnagar, Uttar Pradesh, to produce high quality IMFL
Triveni Alcohol Business: Performance products at an estimated cost of about ` 25 crore, subject to
FY 24 saw the Company gripped by several feedstock receipt of necessary statutory clearances. The new facility is
challenges, leading to disruption in planned production, such expected to be ready for commencement of production during
as abrupt stoppage of surplus rice by FCI, restrictions with H1 FY 25.
respect to usage of B-heavy molasses, introduction of maize
as feedstock, price volatility in feedstocks, etc. Summary of Alcohol business performance is as
follows:
The distillery operations in the latter part of FY 24 were • Achieved production of 18.44 crore litres & sales of
carried out with C-heavy molasses and maize as feedstocks, 18.27 crore litres during FY 24
instead of the B-heavy molasses and FCI rice which were
• The net turnover in Distillery business increased by
being used earlier. This caused the operating capacities to
8.6% over the previous year, mainly due to 1.3% higher
decline, leading to lower production. This, in turn, resulted in
dispatches, 2.9% higher average realisation price on
the margins on maize operations being relatively lower despite
account of increase in the ethanol prices and product mix,
price corrections.
and higher turnover of IMIL business driven by 34% higher
Triveni Alcohol Business of its commissioning, the distillery at MNP was among the dispatches (44.73 lakh cases in FY 24 as compared to
While it was creditable on the part of the Government to act
largest new multi-feed distilleries set up in India. The newly 33.36 lakh cases in the previous year)
Triveni Alcohol Business: Overview swiftly to revise the prices of ethanol produced from maize and
As on March 31, 2024, the Company had an overall capacity commissioned facility at RNG is also a multi-feed stock plant, from Damaged Food Grains (DFG), most of this increase did • During the year, revenues from the distilleries contributed
of 660 Kilo Litre Per Day (KLPD), which was further enhanced having the ability to use molasses and sugarcane juice/syrup, not, however, materialise in terms of profitability as raw material 24% of TEIL’s net turnover
by 200 KLPD, taking the aggregate distillation capacity to as well as grains to produce high-quality ethanol. prices also went up considerably.
• Ethanol constituted 93% of alcohol sales during FY 24,
860 KLPD.
As an environmentally conscious and responsible corporate, similar to last year
The Company also experienced reduced availability of
The Company has state-of-the-art distilleries spread across the Company follows the highest standards in Environment, sugarcane-based feedstocks for its distillery operations due • Sale of Ethanol / ENA produced from sugarcane-based
Muzaffarnagar (MZN) – two facilities with an aggregate of Health, and Safety (EHS), with stringent compliance to to lower crush in SS 2023-24, which also impacted the overall feedstocks (majorly B-heavy) constituted 67% of the total
260 KLPD capacity, a 200 KLPD facility at Sabitgarh (SBT), environmental and pollution norms. It has set up concentrated operational and financial metrics. alcohol sales for FY 24 (75% for FY 23), while Ethanol /
a 200 KLPD facility at Milak Narayanpur (MNP) in Uttar spent wash (termed SLOP) fired incineration boilers at all the ENA produced from grain contributed to the balance 33%
Pradesh, and a recently commissioned 200 KLPD facility at distilleries, as per the prescribed directives and guidelines for in FY 24 (25% in FY 23)
Rani Nangal (RNG). effluent treatment, ensuring Zero Liquid Discharge (ZLD).
Triveni Alcohol Business: Outlook
MZN houses two facilities, with the latest being a grain-based Our distillation capacity journey over the years and Our long-term strategy for growing the Alcohol business, and
distillery. The first 200 KLPD distillery at MZN boasts of flexible outlook to be an active partner in India’s E20 programme and self-
product manufacturing capability - Ethanol, Extra Neutral In FY 23, the Company embarked on capacity expansion and reliance journey, is driven by our passion for manufacturing
Alcohol (ENA), Rectified Spirit (RS) and Denatured Spirit (SDS) enhanced its total distillation capacity from 320 KLPD to 660 premium quality products at all our manufacturing facilities.
from molasses. The second 60 KLPD grain-based facility at KLPD. This was achieved through capacity augmentations
MZN produces both Ethanol and ENA. Dried Distillers Grain at Sabitgarh & Muzaffarnagar distillery to 200 KLPD each, Our distillation facilities have the flexibility to operate with a
with Solubles (DDGS), a by-product produced in grain plants, commissioning of the 200 KLPD multi-feed distillery at Milak range of feedstocks to choose from, which also mitigates the
is sold to premium institutions and has been well accepted Narayanpur (MNP), and a 60 KLPD grain-based distillery at risk of dependency on a particular feedstock. However, it is
in the market. The Company also manufactures Indian Made Muzaffarnagar Distillery complex, where superior quality equally important for the Government to set viable prices for
Indian Liquor (IMIL) at this complex, to effectively use molasses Ethanol / ENA is produced. In the next phase of expansion, the each feedstock, to facilitate continuous and uninterrupted
that are reserved to be sold to country liquor units at a price Company announced that its capacity will be further enhanced capacity additions to meet the overall ethanol blending targets.
much lower than the market price, and to facilitate forward through two new multi-feed stock distilleries with an aggregate
integration of its distillery operations. capacity of 450 KLPD, at Rani Nangal and Sabitgarh, UP, at a Regarding further enhancement of capacity, the situation is
cost of ` 460 crore. This will take the total distillation capacity under watch and the Company is hopeful that the feedstock
SBT distillery produces high quality ethanol from molasses, to 1,110 KLPD. and profitability challenges faced in FY 24 are temporary, and
while the distillery at MNP is a multi-feed stock plant equipped the situation will normalise soon as the Government of India is
with the ability to use molasses and sugarcane juice/syrup, In May 2024, the Company commissioned the 200 KLPD committed to ethanol blending targets.
as well as grains to produce high-quality ethanol. At the time multi‑feed distillery unit at its Rani Nangal sugar complex,
taking its aggregate distillation capacity to 860 KLPD.
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POWER TRANSMISSION BUSINESS a wide range of applications. The business has extensive Built-to-Print Segment:
Market: Overview expertise in design and development of all sorts of gears • PTB has ventured into built-to-print gears of high quality
and gearboxes, as well as a modern, globally benchmarked for select global customers, leveraging its high-precision A new multi-modal Defence
Indian Industrial Gears Industry Overview
The Company estimates the Indian industrial gear industry manufacturing facility. specialised manufacturing capability. The precision facility is being set up with
at ~USD 500 million, of which the high-speed gear market quality requirements for these select customers resonate large - scale infrastructure
PTB has grown to become one of the largest and leading well with PTB’s forte in high-speed gearing
is estimated at ~USD 30 million. High-speed gears are used for manufacture, integration
gear manufacturing companies in India with a 48-year
in various applications like Steam Turbine Generators / Gas
track record and a rich legacy. It has carved a niche for
• PTB’s strong edge in this segment aids the business with and testing of various naval
Turbine Generators / Rotary & Reciprocating Compressors / recurring revenues and effective utilisation of its capacities
Centrifugal and Reciprocating Pumps / Blowers, Hydro Turbine
itself by being ubiquitous across industry segments and marine equipment.
through selective participation in opportunities
application spectrums.
Generators / ID-FD Fans.
Aftermarket Segment:
OEM Segment: • Aftermarket services are integral to the industry. PTB etc. Based on its vast expertise and experience in rotary
New product demand in this segment is being fuelled by
• PTB caters to international OEMs for their new product undertakes repair & refurbishment, predominantly of equipment and engineered systems, Triveni has ventured into
investments in end use industries, which include Ethanol
requirements, provides durable aftermarket solutions world-renowned brands followed by local brands as well the development of indigenous technology for many major
Blended Petrol (EBP) programme, capacity enhancement
across all brands, and also manufactures built-to-print equipment for defence.
of refineries, and investments in Petrochemical complexes
gears for some of the world’s leading OEMs • A two-pronged strategy is adopted in the event of failure
attached to refineries, along with captive power requirements
- short-term & long-term solutions. Short-term solutions Triveni’s expertise lends it the versatility needed to take on
across all segments. Aftermarket growth is driven by higher • PTB is a world-class business, with an unwavering
include minor repair with minimum lead time to maximise the development of a range of engineered equipment and
capacity utilisation, leading to higher maintenance spends, dedication to research & development, product
the uptime of the equipment, whereas long-term solutions systems for different applications. A new multi-modal facility
increased demand for efficiency enhancements, and the need excellence, technological superiority, and customer care
are aimed at creating higher order of reliability, and include is being set up with large-scale infrastructure for manufacture,
for upgrades, to name a few.
• PTB is being patronised by all the major global OEMs in major repair and replacement of parts integration and testing of various naval marine equipment.
India, Southeast Asia and other parts of the world, offering PTB has ventured into a specialised business vertical of
Defence Industry Overview
power transmission solutions to various applications like • PTB’s current product portfolio - OEM as well as repair propulsion shafting by partnering with an internationally
The Government’s ‘Make in India’ policy is propelling the Indian
Steam Turbine Generators / Gas Turbine Generators / & refurbishing - is supplemented by its service portfolio, renowned technology partner for all upcoming projects related
defence industry towards the development of indigenous
Rotary & Reciprocating Compressors / Centrifugal and which includes: to surface ships. The Company’s in-house technology for
capability and technology across a wide spectrum, including
Reciprocating Pumps / Blowers, Hydro Turbine Generators multiple products, coupled with technology partnerships for
critical areas, to minimise import dependence. – Diagnostic study and health check-up
/ ID-FD Fans other product lines, is facilitating participation in multiple ship
– Overhauling building projects of Indian Navy and Coast Guard. This is a
The Defence Budget of India has seen a consistent and • PTB gearboxes are compliant to API and AGMA standards,
notable increase over the past few financial years. The Ministry – Upgradation and automation of existing plants pioneering initiative aligned to the Atmanirbhar Bharat policy
and cater to various industry segments like Thermal, Oil
of Defence (MoD) has been allocated ` 6.21 lakh crore, which of the Government of India.
& Gas, Petrochemicals, IPPs, Fertilisers, Steel, Cement,
– Installation and commissioning
is 13% of the total budget, for FY 25. The allocation to DRDO Sugar, Rubber & Plastics, spanning all geographies
for Research and Development in Defence in the FY 25 budget – On-site training and assistance Triveni’s offerings in this segment are backed by:
• PTB gearboxes are optimally designed to comply with
is ` 23,855 crore, of which a significant portion is for capital
stringent API and AGMA standards for installation • Triveni PTB provides reliable 360-degree customised Research & development expertise on critical
expenditure. MoD is proactive in identifying and encouraging
in extreme ambient conditions of sub-zero or high services throughout the product life cycle at the lowest turbo products
competent and capable vendors. The geopolitical environment
temperatures. The gearboxes are engineered to various cost, thus maximising uptime and performance. Major end
is also driving higher defence budget spending due to a
configurations, such as multiple outputs, vertical and customers include global O&G companies and refineries, Fully equipped design, engineering and
growing focus on national security.
horizontal offset, quill shaft, etc. Accessories include Cement, Sugar, Steel, Fertiliser, IPP, Thermal, Hydro, analysis capability
Triveni Power Transmission Business: Overview in-built and skid-mounted lubrication system and Paper and Pulp, Petrochemical and Chemical industries
Triveni’s Power Transmission Business (PTB) is segregated temperature, as well as vibration instrumentation package
Best-in-class manufacturing infrastructure
across two streams - Gears & Defence. Within gears, the suitable for hazardous area applications, meeting stringent Defence Business:
business segments include Original Equipment Manufacturer noise and vibration limits Triveni is an OEM for a host of important products for the Compliance with the dynamic defence market
(OEM), Built to Print (which together are referred as Product), • Reliability, achieved through superior technology, Indian Navy and Indian Coast Guard. The Indian Navy has demands in India
and Aftermarket. manufacturing and product quality, coupled with over four chosen Triveni as its reliable supplier for propulsion shafting
and half decades of rich experience in high technology and turbopumps for its indigenous sub-surface project.
Stringent adherence to quality requirements
PTB was founded in 1976 to meet the increasing demand gears, is the Company’s key strength in this business.
for high-speed gears for Steam Turbine Generator (STG) This enables Triveni to develop customised gear drives, Triveni Defence business solutions include: platform level
applications. It has, over the years, evolved and grown, and is meeting tough demands of industries across high-speed support, propulsion systems equipment as gearboxes Vast experience in reverse engineering, retrofitting,
today synonymous with cutting-edge technology, knowledge as well as niche slow-speed applications and propulsion shafting, gas turbine generator for auxiliary and customisation
and expertise, covering installations in 80 countries across power generation, and individual equipment such as pumps,
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State-of-the-art Infrastructure Triveni Power Transmission Business: Triveni Power Transmission Business: Outlook
Triveni manufactures quality products, benchmarked to the Performance India’s economic growth is likely to sustain its momentum, with
highest standards, in this segment at its state-of-the-art PTB has consistently sustained its majority market share major investments being realised in infrastructure development.
manufacturing facilities. The facilities have the most advanced across high-speed applications in diverse markets, in both Thus, Steel, Cement, Oil & Gas and other process industries
world-class multi-axis CNC machinery and equipment- new products as well as Aftermarket segments. are likely to fuel growth, even as India is emerging as an
handling capacity of 80 tonnes, and are ideally suited to support attractive manufacturing hub for the global majors. Geopolitical
the manufacturing of technologically superior products for the In FY 24, PTB obtained substantial orders in 40 MW and factors are also favouring India’s growth story.
Indian Defence sector. above power ranges, including that of API standards, which
incidentally shall be one of the highest power API gearboxes PTB’s growth is being realised not only from the growing
In FY 24, Triveni’s Board announced Capex towards to be installed in India. PTB’s presence in high technology economy and India’s emergence as a manufacturing hub but
expansion of the Power Transmission business aggregating compressor gearboxes, both for integrally geared as well also from the gain in the overseas market share, as well as
to ` 360 crore, of which ` 180 crore was approved by the as centrifugal compressor units, is laying the foundation for forays into new product applications.
Board of Directors in Q3 FY 24. This Capex enhances the future growth in international markets. Some of the very large
capacity of gears business alone (not including Defence) from API gearbox orders were received from South American and The Government of India’s continuing thrust on Atmanirbhar
` 250 crore to ` 500 crore. The investments are aimed towards European customers, including the first order from a leading Bharat and Make in India programmes directly opens up
the development of a new bay (grinder/hobber/equipment) for Organic Rankine Cycle turbine manufacturer in Europe. During a plethora of opportunities for indigenisation of imported
both power transmission and defence products. the year, PTB also saw healthy orders coming from high power gearbox installations in all the public sector units. This is
small hydro turbine applications – an area of renewed potential expected to be a growth driver for the Aftermarket business
Expansions include setting up a new multi-modal facility, expected to show growth in the coming years. as well as Defence.
dedicated to Defence products. Given the potential for further
expansion and growth in this segment, Triveni is in the process PTB’s strong share of market in the Aftermarket space has been In Defence, Triveni’s presence in multiple product lines and
of establishing a large, dedicated multi-modal manufacturing, sustained, enabling it to maintain business-level profitability. partnerships positions it ideally for participation in many
assembly and testing facility at Mysuru for defence products. PTB’s key focus continues to be on providing replacement upcoming ship building projects of Indian Navy and Indian
This will have 50-80 tonnes handling capability and large-scale and refurbishment of any make of gearboxes, not just in high Coast Guard. Further, Triveni’s strength in providing complex
machining facility, in addition to dedicated test benches for a speed but also in niche low speed applications. PTB so far has engineered products and solutions, developed over the last
range of equipment and system integration capability. replaced over 90 international brands in India and overseas, many decades, shall be leveraged to venture into very diverse
totalling more than 1,200 third party gearboxes. product lines and other services as well in the future.
Focus on R&D
PTB’s continued focus on R&D is directed towards the Key highlights for FY 24 are: In FY 24, Triveni amplified its focus on exports by leveraging
development of products to address its international forays, its own technology and the fact that its products are qualified
• PTB order booking stood at ` 375.4 crore, registering a
improve product performance to stay ahead, and also to create by all major global OEM customers. The diligence process
growth of 42%, and revenues stood at ` 291.8 crore - a infrastructure, there remains a significant gap between sewage
a robust fundamental understanding of different technology included stringent qualification criteria, and the successful
growth of 30% over FY 23 generation and installed treatment capacity.
elements of high-speed gearing. The new upcoming specialised qualifications achieved through execution of initial orders
R&D laboratory will strengthen PTB’s ability to fast-track the • Aftermarket contributed ~36% to the overall revenue from during the year underlined Triveni’s growing acceptance in the
the Power Transmission Business international market. Triveni’s competitive technology, along Water and wastewater management is a promising subsector in
introduction of new specialised products and technologies.
with its cost and quality leadership, are the major drivers of its India’s environmental technology segment. Public and private
• PBIT for the business grew faster than revenues at 40.1% sector facilities have ambitious plans to develop comprehensive
During the year, the business developed a high-speed leadership position, not just in the domestic market but also in
to ` 107 crore, with PBIT margins of 36.7%, up 276 bps water and wastewater treatment and distribution infrastructure.
high‑power compressor gearbox, based on the market the high potential export markets from where Triveni expects
on a year-on-year basis Demand for high-end treatment technologies is growing in
projections for international growth. The new gearbox can major growth in the coming years.
be horizontally deployed across multiple customers in the • Steam Turbine Generator segment continues to be the India. Ensuring sustainable wastewater management is also
high potential Western markets. Accordingly, the project mainstay for PTB, while the emerging compressors WATER BUSINESS crucial for public health and environmental well-being.
was initiated for a speed increaser compressor application segment shows the highest potential for growth in the Market: Overview
future. From end users’ point of view, sectors like Sugar, Notwithstanding the continuing growth in the industry,
for a European customer and validated through testing, both India is one of the most water-stressed regions in the world,
Ethanol, Oil & Gas, Steel and Cement have witnessed challenges exist in the form of lack of skilled manpower,
of which were completed in FY 24. This new technology is with 600 million Indians facing extreme water stress, according
considerable investments, with large power range orders inadequate funding, and inefficient regulatory frameworks.
deployable for medium to high power compressor applications, to a NITI Aayog report. The report warns that by 2030, water
coming from infrastructure sectors like Steel However, the Indian Government and private sector are
utilising specialised bearings and materials. demand could be twice the existing supply, which could lead
working towards overcoming these challenges, and building a
to severe water scarcity for millions of people and a ~6% loss
more sustainable and efficient wastewater treatment industry.
to the country’s GDP. In this backdrop, the importance of
understanding and managing the nation’s water needs and The Indian Government and various State Governments have
resources in an efficient manner is becoming ever more crucial. launched several programmes and missions to improve water
Recycling and reusing wastewater is essential to maintaining a supply, sanitation, and wastewater management.
sustainable future. Despite ongoing efforts to expand treatment
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• National Rural Drinking Water Programme (NRDWP) and Group (WBG) of Triveni offers complete range of Water & • Wastewater/sewage treatment based on advanced Triveni is a leading player in the Indian market, and also has
Jal Jeevan Mission (JJM) aim to provide potable tap water Wastewater solutions, utilising innovative and advanced technologies like Sequencing Batch Reactor (SBR), presence in international locations such as Maldives and
to every rural household equipment and technology across a wide spectrum of Moving Bed Biofilm Reactor (MBBR), etc., both for Bangladesh. The Company constantly endeavours to deploy
applications. As tightening water and wastewater quality municipal and industrial effluents advanced technological solutions to contribute towards the
• The National Mission for Clean Ganga (NMCG) or
regulations are challenging the limits of conventional treatment growing needs of the society.
Namami Gange programme is another initiative aimed at • Design, Build, and Operate water & wastewater treatment
systems, the Company provides cost-effective systems and
rejuvenation of the river Ganga and effective abatement plant, based on Ultra Filtration, Reverse Osmosis, Zero
services to optimise operational efficiency and lower the Operations and Maintenance (O & M)
of pollution Liquid Discharge and Reuse
life‑cycle costs. Operation and Maintenance (O&M) of water and wastewater
• Atal Mission for Rejuvenation and Urban Transformation • Design, Build and Operate (DBO) water & wastewater systems encompasses decisions and actions taken for control
(AMRUT) aims to provide basic services like water supply In-house Equipment department of Water Business adds to management systems on Engineering Procurement and and upkeep of infrastructure and equipment. Triveni provides
and sewerage to households in urban areas its strength in EPC business. The business also boasts of a Construction (EPC)/ Public Private Partnership (PPP)/ O&M to keep the water supply safe. It is focussed on achieving
strong in‑house Design & Engineering team. Triveni’s good Hybrid Annuity Model (HAM)/ Build Own Operate Transfer the following outcomes related to operations & maintenance,
• Global agencies like the World Bank, Japan International
financial health is a key strength for participating in PPP/HAM (BOOT) models and ensures that its client’s system remains sustainable
Cooperation Agency (JICA), and the Asian Development
concession projects, and it is actively exploring opportunities. and affordable:
Bank (ADB) are actively involved in funding water • Operations & maintenance of water and wastewater
The Company is geared up to undertake medium and large
infrastructure projects in India treatment plants
sized projects in India and overseas. • Reduction in Non-Revenue Water (NRW) through
• State Governments fund various water & wastewater metered water supply and consumption to estimate water
Water Treatment, Wastewater Treatment, Tertiary
projects through their own budgets The various business sub-segments are detailed below: usage and losses and, if necessary, implement a leak
Treatment, Recycle & Reuse, and Zero Liquid Discharge
detection programme
• Private sector investments are promoting wastewater Turnkey/Engineering Procurement and Construction The Company is committed to contributing sustainable
treatment, particularly in the PPP/HAM projects in (EPC) solutions solutions for water treatment, wastewater treatment, tertiary • Maintain the source water from intake point from river, sea,
municipal and industrial sectors • Manufacturing of equipment for the entire spectrum of treatment, recycle & reuse, and zero liquid discharge, along dam, raw water reservoir, or wellhead site
water and wastewater treatment Industry with environmental protection with enhanced quality of life.
Water business opportunities are also arising in Eastern • Monitor any internal and external corrosion of piping and
It strives to provide a growing number of people with access
European Countries, South Asia, several African countries • Water and wastewater collection and distribution equipment and, if necessary, implement measures to
to clean drinking water, and to secure environmentally-
and MENA region. networks, including their design, construction, operation reduce the rate of corrosion
compatible disposal of municipal and industrial wastewater.
and management
This task drives the Company towards the development of • Monitor and maintain the condition of the water system
Triveni Water Business
• Water treatment based on Conventional processes, Ultra new technologies, besides the ongoing optimisation of existing
Triveni Water Business: Overview • Maintain a stipulated disinfection residual before
Filtration, Reverse Osmosis, Demineralisation, and Sea processes with a focus on emerging markets.
Triveni Water business has pan-India presence, besides discharge point
Water Reverse Osmosis
operations in Maldives and Bangladesh. The Water Business The wide range of water & wastewater treatment plants • Maintain positive water pressure under foreseeable
supplied by Triveni in India includes: operating conditions
• Implement a backflow prevention and cross-connection
Municipal Water Treatment Plants
control programme
Sea Water Desalination Plants • Ensure the use of proper disinfection and flushing
procedures for repairs and new construction
Brackish Water Desalination
• Swab and/or flush the water mains
Industrial Process Water Treatment Plants
• Keep the treatment plant, pumping stations and reservoirs
in good working order
Sewage Water Treatment Plants
• Keep the distribution system’s valves and hydrants in
Common Effluent Treatment Plants good working order
Tertiary Treatment Plants using UF/RO • Maintain reasonable level of spare parts inventory
Triveni has significant experience in the Operations &
Recycle and Reuse of Wastewater
Maintenance space of business for water and wastewater
Zero Liquid Discharge treatment plants, and offers the following services to customers:
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• Refurbishment, upgradation and automation of Hybrid Annuity Model (HAM)/ Public-Private- Foundation (Pali) along with Rajasthan Government through • In 2022, received PALI HAM/PPP project
existing plants Partnership (PPP) their designated agencies/departments.
• In 2022, received Bhiwadi 6 MLD Zero Liquid Discharge
• Spares, service consumables, and chemicals Triveni Water is executing following two projects in Hybrid
This Common Effluent Treatment Plant (CETP) is Zero Liquid (ZLD) project
Annuity Model (HAM) format:
• Annual maintenance contracts Discharge (ZLD) facility wherefrom the treated water shall be • In 2021, received Maldives project of water and sanitation
• Operations and maintenance Mathura Wastewater Management Private Limited used by the Member industries and solids be disposed of in of 6 islands
• On-site or off-site piloting (MWMPL) – a 100% subsidiary of TEIL secured landfill facility. The treated water for Process water use
After achieving Commercial Operation Date (COD), MWMPL is for the member industries shall be generated through state-of- Triveni Water Business: Outlook
• On-site training and assistance
successfully managing an Integrated Sewerage project under the-art advanced tertiary level treatment plant (TTP) involving The WBG business outlook for FY 25 is positive. With current
• Product and process audits, health check-ups, UF & RO membranes system at post-treatment stage.
one-city-one-operator framework in PPP/HAM mode for the visibility, the Company expects to book healthy orders,
and overhauls
holy city of Mathura (Uttar Pradesh) under Namami Gange including EPC and HAM projects. However, procedural delays
To minimise the Sludge generation as well as to ensure its
program of the Ministry of Jal Shakti, Government of India. may result in orders to be booked in the latter part of the year.
Processes and Technologies least hazardous, extensive sludge dewatering, drying, heating
Triveni Water has access to the latest technologies in water and & incineration processes are being deployed within the facility.
Objective is to make the Yamuna river flowing through Mathura Overall, the business anticipates a surge in growth opportunities,
wastewater treatment plants, and has gained vast experience
city pollution-free for which all city sewage from the project’s The project includes operation & maintenance (O&M) of the and new funding will flow from Government of India and
in the following technologies:
command area had been intercepted and diverted to various facilities for 15 years post COD. various State Governments. The private sector is ready to
• Moving Bed-Bio Reactor (MBBR) Sewage Treatment Plants (STPs) before discharging into the take investment position in PPP/HAM concessions and there
• Sequential Batch Reactor (SBR) river. Part of sewage is being recycled post its treatment Triveni Water Business: Performance is a need to structure the projects properly by the respective
through membrane-based (Ultrafiltration followed by Reverse Concession Authorities. Equally important is the need to focus
• Activated Sludge Process (ASP)
Osmosis – UF/RO) advanced treatment for process water use Key Highlights on mobilising new funding sources. Urban Local Bodies (ULBs)
• Anaerobic-anoxic-aerobic Process (A2O) in a nearby Crude oil refinery of IOCL (Indian Oil Corporation also need to build financial and operational capacity.
• The Water business achieved turnover of ` 246.33 crore
• Conventional technologies Limited, Mathura). in FY 24, lower by 30.1% y-o-y due to slow execution in
• Filtration systems: Sand or Membranes certain projects and delay in receipt of new projects for Due to significant gap between demand and current availability
The project is currently under Concession period of 15 years. which the Company’s lowest bids are awaiting award of water & wastewater treatment plants, Water industry growth
• High Rate Clarifiers
will be sustainable for a long period of time. Demand for
• Membranes systems Pali ZLD Private Limited (PZPL) – a 100% subsidiary • PBIT stood at ` 31.41 crore in FY 24, higher by 29.4% y-o-y. high‑end treatment technologies is growing in India. Thus,
• Wastewater Recycling and Reuse of treated of TEIL The higher profitability was driven by cost optimisation/ the Water sector has a positive outlook and offers significant
wastewater water For the industrial city, Pali, in the state of Rajasthan, PZPL savings in various projects executed during the year opportunities for various stakeholders, including EPC
• Zero Liquid Discharge (ZLD) is executing a 12,000 M3 per day (12 MLD) capacity textile • FY 24 PBIT margins stood 12.8%, up 586 bps y-o-y players, private developers, consultants, and technology and
wastewater treatment plant to treat the wastewater from over equipment suppliers.
500 industrial units in its command area. This PPP/HAM job • WBG’s regular participation in new bids in India and
project is being part funded, as capital grant, by the CETP overseas has given it a strong market recognition and New opportunities are emerging in recycle, reuse and Zero
WBG is now recognised as a major force in this business Liquid Discharge businesses on EPC as well as HAM model.
• Going forward, the majority of investments are expected Sewage recycling business opportunities are expanding, and
from NMCG, BWSSB, DJB, UP, Telangana, Andhra wherever Industries are available as off-takers for buying treated
Pradesh and Maharashtra. WBG is well positioned to sewage, this market segment will show significant adoption.
undertake more jobs in its areas of expertise. Following With NMCG’s focus on Ganga, STP opportunities continue to
its success in Bangladesh and Maldives, it is targeting emerge on EPC/HAM basis, besides opportunities in schemes
selected overseas markets in Asia, Africa and Eastern like AMRUT, JJM, etc. Exim Bank of India is providing significant
Europe and others for new opportunities funding in Asia and Africa, and it is expected that opportunities
in the Water sector will increase with other major River Basins
Key achievements in recent years across India being taken up on the lines of Ganga River basin
• Across India, over 1,500 installations are successfully for holistic development.
operating in various segments - infrastructures, industrial,
and municipal The Company is also evaluating various international
opportunities and intends to participate in several tenders in
• Over 12,000+ MLD of water has been treated through water & wastewater treatment projects.
WBG’s projects and equipment
• Received several Water Awards for innovative The business is in discussion with several municipal
project designs corporations/Urban Local Bodies and water boards to catalyse
PPP and HAM opportunities, and is trying to create a business
• In 2022, received Bangladesh (construction of two niche. Triveni, with its strong financials, will invest in PPP/HAM
sewerage treatment plant for Khulna Water Supply and concession projects and increase its EPC opportunities.
Sewerage Authority), funded by ADB
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Financial Review Raw Material and Manufacturing Expenses
` in lakh
In the seasonal Sugar industry, manufacturing costs are directly
linked to production rather than to the sales. Manufacturing
Change expenses increased by 9% due to 33% higher production
Description 2023-24 2022-23 in alcoholic beverages, to 44.4 lakh cases, as well as higher
%
Cost of material repair and cane development activities in the Sugar business.
Standalone Results
consumed (including
` in lakh Personnel Cost, Administration Expenses and
purchase of stock in trade)
Description 2023-24 2022-23 Change % Selling Expenses
- Sugarcane 3,49,262 3,47,452 1%
Income from operations (Gross) 6,14,914 6,30,690 -3% ` in lakh
Excise Duty on Alcoholic Beverages (IMIL) 93,131 69,326 34% - Grains 30,223 22,214 36% Change
Description 2023-24 2022-23
Income from operations (Net) 5,21,783 5,61,364 -7% - Others 23,069 30,111 -23% %
(incl. Engineering business) Personnel cost 37,333 34,702 8%
EBITDA 67,507 69,651 -3%
EBITDA % 13% 12% - Total 4,02,554 3,99,777 1% % to net sales 7% 6%
Depreciation & Amortisation 10,412 9,348 11% Percentage to net sales 77% 71% Administration 15,767 14,638 8%
Finance Cost 4,696 4,984 -6% Manufacturing expenses 40,983 37,431 9% % to net sales 3% 3%
Profit Before Exceptional/Non-recurring items & Tax 52,399 55,319 -5% Percentage to net sales 8% 7% Selling expenses 4,778 4,208 14%
Exceptional income / (expenses) - 1,58,594 % to net sales 1% 1%
Tax 13,247 21,512 -38% The variation in the raw material cost is explained as under:
Personnel Costs: The increase in personnel costs was due
Profit After Tax 39,152 1,92,401 -80% • Despite 4% lower crush, the cost of sugarcane was
to normal salary increase.
Other Comprehensive income 1,014 -319 higher by 1% due to ` 200/MT increase in the cane price
Total Comprehensive income 40,166 1,92,082 -79% applicable for SS 2023-24.
Administration Expenses: The 8% increase in administrative
• Cost of grain consumed was higher due to increase in expenses was nominal, and inclusive of inflation, consultancy
alcohol production from grain by 17% and on account of charges for sugar margin improvement, and increase in
Net income from operations during the year declined by 7% were imposed on the usage of B-heavy molasses (BHM)
the higher procurement price of maize. warranty provisions in respect of some specific contracts.
to ` 5,217.83 crore. This was mainly due to the lower sales and sugarcane juice as feedstocks, and consequently, the
volumes of sugar, which were based on lower monthly releases sugarcane crush operations were changed largely from BHM • Cost of material consumed in the Engineering business
as determined by the Government and lower exports, and on to C-heavy molasses (CHM) for the production of ethanol in was lower due to the 30% decline in the turnover in the Selling Expenses: Selling expenses were higher by 14%,
account of the lower turnover of the Water Business resulting the last quarter of the year. The operations on maize and CHM Water business. mainly due to the increase in licence fees and denaturation
from slow execution of some projects. The turnover of the led to lower capacity utilisation due to technical reasons, which fees by ` 0.50/litre on dispatch of ethanol.
Power Transmission Business (PTB) and Distillery were higher limited the increase in production of alcohol during the year
by 30% and 9% respectively. to only 2%. Reduced sales volume of higher margin ethanol
Segment Analysis
produced from BH molasses due to Government policies ` in lakh
Profit before Exceptional items and Tax was 5% lower, at and substitution of high margin FCI rice operations, which Revenue (Net) PBIT*
` 523.99 crore. Lower profitability (PBT) of Sugar and Distillery reduced by 16%, by low margin maize operations led to lower Description 2023-24 2022-23 Change % 2023-24 2022-23 Change %
businesses was partly off-set by the improved profitability profitability in the Distillery segment. There was, however, Business Segments
in the Engineering business due to higher turnover and significant improvement in the performance of Alcoholic - Sugar & Allied Businesses 5,13,146 5,53,422 -7% 48,646 51,815 -6%
better margins. beverages during the year. - Engineering 53,588 57,423 -7% 13,861 10,203 36%
- Others 18,211 15,936 14% -67 -801 92%
Sugar sales volumes were lower by 16% due to the significant The Power Transmission business achieved 30% and 40% Unallocated/inter unit adjustment -63,162 -65,417 3% -5,345 -914 -485%
reduction in export of sugar and the lower quota allocation for growth in turnover and profitability (PBT) respectively, while the Total 5,21,783 5,61,364 -7% 57,095 60,303 -5%
sale in the domestic market. In anticipation of the lower sugar profitability (PBT) of the Water Business improved by 24% due *Before exceptional items
production in the country, the Government did not permit to project cost savings, despite the lower turnover resulting
The Company has two major business segments - Sugar & Allied Businesses, and Engineering Business.
export of sugar produced during SS 2023-24. Accordingly, from slow execution of some projects.
the sugar export turnover was down by ` 418 crore than Sugar & Allied businesses comprise sugar manufacturing operations across 07 sugar mills, 03 independent co-generation plants
the previous year. However, the impact of the lower sugar Depreciation was higher by 11%, mainly due to fresh located at two of the Company’s sugar mills, 03 incidental co-generation facilities at three sugar mills, and 05 distillery units
despatches was somewhat mitigated due to the 6% increase capitalisation and full year impact of Capex incurred last year. (04 as on March 31, 2024), all located in the state of U.P. Further, the Distillery segment is engaged in the production of ethanol,
in the sugar realisation price as compared to the previous year. Extra Neutral Alcohol and Alcoholic Beverages. Co-generation plants of the Sugar business source bagasse from the sugar units,
Profit after Tax was at ` 391.52 crore, as against ` 1,924.01 crore whereas the distillery plants source molasses and bagasse, to the extent available, from the sugar units. Grain operations at the
In the Distillery Segment, the supply of the FCI rice for (including after tax exceptional items of ` 1,508.74 crore) in the distillery require procurement of surplus rice from FCI (currently not permitted), damaged grains and maize from open market.
ethanol production was discontinued in July 2023 and the previous year.
grain operations were switched to maize. Later, restrictions The Engineering business comprises Power Transmission manufacturing facilities at Mysuru, and Water and Wastewater
Treatment business operating from Noida, UP.
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Sugar Business Segments The net turnover in the Distillery business was higher by Further, the Company is in the process of venturing into a
Sugar Operations 9% over the previous year, mainly on account of the 3% new business of manufacturing, marketing and selling own
` in lakh improvement in the average realisation price, driven by brands in the premium segment of Indian Made Foreign Liquor
Description 2023-24 2022-23 Change % higher prices of ethanol produced from maize and higher (IMFL) as a forward integration of its distillery operations. This
sales volume in alcoholic beverages (net turnover increased would involve setting up a state-of-the-art bottling plant in
Turnover 3,80,088 4,29,820 -12%
by ` 41.23 crore, with volumes of 44.7 lakh cases vs 33.4 lakh Muzaffarnagar, Uttar Pradesh, to produce high quality IMFL
Power exported to UPPCL (including incidental) 5,699 6,375 -11%
cases in the previous year). products at an estimated cost of about ` 25 crore, subject to
PBIT (Segment Profit) 30,560 30,583 - receipt of necessary statutory clearances. The new facility is
PBIT/Turnover (%) 8% 7% The turnover of ethanol produced from molasses declined by expected to be ready for commencement of production during
Cane crush (MT) 91,66,764 95,50,843 -4% 11%, whereas the turnover of ethanol produced from grains H1 FY 25.
Recovery % - Gross 11.59% 11.42% 0.17% increased by 49%. During the year, supply of rice from FCI was
Recovery % (net of sugar diverted in BHM*) 10.70% 10.21% 0.49% discontinued in July 2023 and restrictions were imposed on Engineering Business Segment
3,810 3,638 5% the use of B-heavy molasses (BHM) and sugarcane juice for Power Transmission Business (PTB)
Cane cost (landed) (`/MT)
the production of ethanol during SS 2023-24. ` in lakh
Production of sugar (MT) 9,80,879 9,74,996 1%
Volume of sugar sold (MT) Change
Lower profitability of the distillery operations, despite the 9% Description 2023-24 2022-23
%
Domestic 8,41,084 9,05,692 -7% increase in turnover, was attributable to:
Turnover 29,181 22,525 30%
Export 14,531 1,17,349 -88%
a) Change in sales mix – Sales in the high-margin ethanol PBIT (Segment Profit) 10,709 7,644 40%
Total 8,55,615 10,23,041 -16% produced from FCI were substituted by the low-margin
PBIT/Turnover (%) 37% 34%
Average Blended Realisation (`/MT) ** 38,175 36,070 6% ethanol produced from maize. The main feedstocks in
FY 23 were BHM and FCI rice and the ethanol produced The business has performed well – both in terms of turnover
(*) B- heavy molasses
from both these feedstocks yielded high margins. The and profitability. The growth in the business during the year
(**) including export realisations
restrictions imposed on these feedstocks in FY 24 stemmed from robust OEM sales and highly profitable export
resulted in ethanol production being lower by 17% from orders, leading to a significant improvement in performance.
The turnover in the Sugar business in FY 24 declined by 12% due to 16% lower sugar dispatches, partially offset by 6%
these feedstocks, thereby affecting the profitability of the The turnover during the year increased by 30%, PBIT by 40%,
improvement in the sugar realisation price as compared to the previous fiscal. No export was permitted by the Government in
distillery operations. and order booking by 42% over the previous year.
respect of sugar produced in SS 2023-24.
b) Increase in internal transfer pricing of BHM by ` 1000/MT.
Despite the 16% lower sales volume and the increase in cane price by ` 200/MT for SS 2023-24, the segment profit for FY 24 PTB has consistently sustained its majority market share in
was almost at the same level as last year, on account of the 6% improvement in the sugar realisation price. c) increase in licence and denaturation fees by ` 0.5/litre on high-speed applications across all markets – in new products
dispatch of ethanol. as well as in the aftermarket. The focus on exports has
Crush was lower by 4% during the financial year, mainly in respect of SS 2023-24 wherein the yields were impacted due to flooding
in certain regions, resultant onset of diseases, and the absence of sunlight for a long spell of around 4-5 weeks in winters. multiplied, as a result of leveraging Triveni’s own technology
The Company commissioned a new dual feed distillery
and its products being qualified by all the major global OEM
adjacent to its existing sugar unit at Rani Nangal shortly after
Distillery Operations customers. PTB is actively engaged with Defence Sector for
the close of FY 24. With the commissioning of the Rani Nangal
` in lakh their diverse requirements, and the Indian Navy has chosen
distillery, the total distillation capacity of the Company stands
Description 2023-24 2022-23 Change % PTB as its reliable supplier for various products.
enhanced to 860 KLPD.
Gross Turnover 2,20,490 1,86,553 18%
The outstanding order book as on March 31, 2024 stood at
Excise duty on Alcoholic Beverages 93,131 69,326 34% Considering the present government policy and challenges
` 287.4 crore, 10% higher than the previous year, including long
Net Turnover 1,27,359 1,17,227 9% with respect to the availability of permitted grains at viable
tenure orders of ` 89.4 crore.
PBIT 18,086 21,232 -15% procurement costs for distillery operation, it has been decided
to keep the implementation of the new proposed distillery
PBIT/Net Turnover (%) 14% 18%
expansion project at Sabitgarh, U.P, under abeyance.
Production (KL) 1,84,351 1,81,194 2%
% Production from Molasses 68% 72%
% Production from Grain (Rice & Maize) 32% 28%
Total Sales Volume (KL) 1,82,707 1,80,423 1%
% Ethanol to total sales Volume 93% 93%
% Ethanol sales produced from Molasses 60% 68%
% Ethanol sales produced from grain (Rice & Maize) 33% 25%
Avg. realisation price of alcohol (` /litre) 58.96 57.33 3%
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Water and Wastewater Treatment Business Other Current Assets Current Liabilities
` in lakh Other current assets were lower by ` 31.53 crore at Borrowings
` 237.12 crore, as on March 31, 2024, from ` 268.65 crore as Short-term borrowings (excluding current maturities of
Standalone Consolidated on March 31, 2023. The decrease was mainly due to lower long‑term borrowings) were higher at ` 1,046.88 crore
Description 2023-24 2022-23 Change % 2023-24 2022-23 Change % customer retention in the Water Business by ` 15.21 crore, and as on March 31, 2024, as against ` 523.88 crore as on
Turnover 24,407 34,898 -30% 24,633 35,217 -30% ` 19.72 crore lower indirect tax & duties recoverable. March 31, 2023. The increased utilisation was in view of the
PBIT 3,152 2,559 23% 3,141 2,428 29% higher sugar inventories held by 1,25,938 MT, and the higher
Other Equity cane payments due to the increase in the cane price by
PBIT/Turnover (%) 13% 7% 13% 7% During the year, the reserves and surplus increased by ` 200/MT in SS 2023-24.
` 232.01 crore to ` 2,869.51 crore due to profit of ` 391.52 crore
earned during the year, net of ` 169.65 crore dividend paid Trade Payables
The consolidated results of this business include the financial Investments – Financial Assets (final dividend of last year + interim dividend of the current Trade payables were lower at ` 356.46 crore as on
results of the wholly-owned subsidiaries, Mathura Wastewater Investments have increased by ` 49 crore at ` 102.51 crore, as year) and inclusion of ` 10.15 crore in other comprehensive March 31, 2024, as against ` 414.60 crore as on
Management Private Limited (MWMPL) & Pali ZLD Pvt. Ltd. on March 31, 2024, mainly due to investment of ` 46.46 crore income mainly towards fair value gain on investments in equity March 31, 2023. This was mainly the result of the
MWMPL is engaged in the execution of a project awarded (including ` 11.46 crore towards fair valuation gain) relating to instruments of SSLEL. ` 28.77 crore lower outstanding cane dues in the Sugar
by the National Mission of Clean Ganga (NMCG) under the acquisition of 25.43% equity stake in Sir Shadi Lal Enterprises business, and the ` 37.41 crore lower levels in the Water
Namami Gange programme for the city of Mathura, UP, and Ltd (SSLEL), a company engaged in Sugar and Distillery Term Borrowings (Non-Current & Current) business due to lower activities.
Pali is executing a project in Pali (Rajasthan) for a cluster of business, and an investment of ` 2.50 crore in the newly Total long-term borrowings at the year end, including current
printing and dyeing units. Both the companies are executing formed JV, “Triveni Sports Private Limited”. maturities of long-term borrowings, were at ` 277.81 crore, Other Current Liabilities
projects under the Hybrid Annuity Model. as against ` 301.08 crore as at the end of the previous year.
Other current liabilities were lower by ` 31.90 crore at
Consequent to the aforesaid acquisition of 25.43% equity stake During the year, fresh term loans of ` 135 crore were availed
` 125.19 crore as on March 31, 2024, as against ` 157.09 crore
The turnover of WBG decreased by 30% to ` 244.07 crore in SSLEL, with an intention to acquire control of the company, in respect of the new distillery being set up at the sugar unit
as on March 31, 2023 mainly due to the reduction in advance
during the year, due to slow execution of some projects. pursuant to, and in compliance with Regulations 3(1) and 4 in Rani Nangal. Repayments were made to the extent of
from customers by ` 22.5 crore (previous year included
However, PBIT increased by 23% to ` 31.52 crore on account of the Securities and Exchange Board of India (Substantial ` 160 crore during the year.
advance of ` 20 crore against export of sugar).
of project cost savings. Acquisition of Shares and Takeovers) Regulations, 2011, as
amended, an Open Offer Triveni made on January 30, 2024 Almost all the outstanding term loans were at concessional
The business has participated in various tenders and has for acquisition of 26% of the outstanding paid-up equity share interest rate or carry interest subvention of 50%.
visibility of upcoming opportunities of significant amounts. capital of SSLEL, which was in progress as at the year end.
It is also actively targeting foreign projects after assessing Key Financial Ratios
satisfactory financial arrangements of projects and other Other Non-Current Assets
risk factors. Other non-current assets were higher at ` 31.44 crore as on
March 31, 2024, from ` 10.81 crore as on March 31, 2023. Ratios Mar ‘24 Mar ‘23 Remarks Formula used for ratios
Review of Balance Sheet The increase was attributable to higher capital advances by Debtors Turnover 16.98 19.39 Due to the higher average Revenue from operations
Major changes in the Balance Sheet items are explained ` 21.12 crore, mainly in PTB and for the upcoming distillery trade receivables (due to higher (gross) / Average
as hereunder: project at Rani Nangal. opening receivables) and lower Trade Receivable
gross turnover.
Non-Current Assets Current Assets
Property plant and equipment Inventories Note: The turnover was lower on account
Inventories were higher by 21% at ` 2,419.93 crore as on March of the lower sales volume of sugar
During the year, there were additions to the extent of
` 153.35 crore (including capitalisation from the Capital work 31, 2024, as against ` 1,996.49 crore in the previous year, mainly
in progress). The additions comprised ` 111.62 crore in the due to 27% higher sugar inventories (at 5,89,383 MT) and 5% Inventory Turnover 2.36 2.78 Due to decline in net turnover by Revenue from operations
Sugar Segment, mainly towards debottlenecking, efficiency higher sugar inventory valuation rate at ` 35.3/kg, mainly due 7% and higher sugar inventories (net) / Average Inventory
improvement, and conversion of manufacturing process to to increase in cane price by ` 200/MT for SS 2023‑24. due to reduced sugar sales volume
produce refined sugar (DRP) in the Milak Narayanpur sugar unit.
Note: As a result of the policy decision
Trade Receivables
of the Government, exports were not
Capital work in progress Trade receivables were lower by 13% (` 49.38 crore) at permitted for sugar produced in SS
The Capital work in progress of ` 225.70 crore mainly ` 337.35 crore, as on March 31, 2024, from ` 386.73 crore 2023-24 and the Government released
lower quota for sale in the domestic
comprised ` 209.06 crore pertaining to the distillery as on March 31, 2023, mainly due to lower receivables in the
market
project at Rani Nangal and ` 10.89 crore relating to the Distillery segment as a result of the lower year-end despatches.
Sugar segment, including ` 5.4 crore for construction of a
permanent godown.
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Ratios Mar ‘24 Mar ‘23 Remarks Formula used for ratios
Risk Management and Mitigation
Interest Coverage 11.55 41.48 Due to the impact of the substantial (PAT + Depreciation &
exceptional profits in the previous Amortisation + Finance Cost)
Given its presence in multiple businesses, the Company each business has been devised considering its complexity
year, resulting from the equity stake / Finance Cost
faces several unique risks associated with each business. and uniqueness.
sale in an associate company
It has adopted a well-structured Enterprise Risk Management
Current Ratio 1.72 1.98 Due to higher availment of short- Current Assets / (ERM) policy, with the objective: to ensure that all material risk The Company’s Board of Directors and the Risk
term borrowings in view of the Current Liabilities exposures of the Company are identified, assessed, quantified Management Committee regularly analyse various
higher sugar inventories held and appropriately mitigated, minimised and managed. It changes in the internal and external environments, and
seeks to establish a framework for the Company’s risk accordingly evaluate the adequacy of the risk management
Long-term Debt - Equity 0.10 0.12 Improved ratio was due to increase Long-Term Debt (including
management processes and ensure its implementation, and framework and formulate the necessary counter measures,
in equity on account of accretion Lease Liability) / Total Equity
to enable compliances with appropriate regulations, wherever if required. The risk management strategy at Triveni is
of profits during the year and net
applicable, and assure business growth with financial stability. regularly reviewed, and necessary adjustments are made,
repayment of term loans
as may be necessary.
Total Debt-Equity Ratio 0.46 0.32 Due to higher shor t-term Total Debt and Lease Liability The Company’s ERM is pillared around strategic and
borrowings necessitated by higher / Total Equity operational risk management, and covers its financial, SUGAR & DISTILLERY BUSINESSES
sugar inventories reputation and compliance risk management. At Triveni, ERM The Sugar business is exposed to significant external risks,
Operating Profit Margin 10.07% 9.33% Due to lower percentage reduction {PBIT (before exceptional is a holistic approach that looks at risk management from the which are largely uncontrollable in nature. This makes
(%) (OPM) in profits (owing to better profitability – other income} / Revenue perspective of the entire organisation and not just specific it imperative for the Company to optimise the controllable
of Engineering businesses) than from operations (net of functional groups or business units. business productivity and efficiencies on a dynamic
percentage reduction in revenue excise duty) basis to counteract the impact of such external risks. In
The policy defines the processes through which business contrast, the internal risks are moderate and, by and large,
from operations
decisions are taken, after assessing the attendant risks and predictable and manageable. Some of the major risks being
Return on Net Worth (%) 14.30% 88.30% Due to the impact of substantial PAT / Average Net worth formulating effective mitigation plans to contain the impact experienced by the Sugar & Distillery businesses
exceptional profits in the (excluding Capital, of such risks. Since the Company is engaged in diversified are listed below:
previous year Amalgamation & Hedging businesses having varying risk profiles, the framework for
Reserves)
Indicates favourable ratio movement from previous year
Risks & Impact Mitigation
Indicates adverse ratio movement from previous year
Risk of adverse Government policies • The Company strives to achieve benchmark efficiencies in
The Sugar industry is extensively regulated and is guided all areas under its control with the aim to offset and absorb
by various metrics, including sugarcane price, export policy, the impact of uncontrollable risks
monthly sugar sales quota, and minimum sale price of sugar
• The Company has been setting up distilleries on multi-
(MSP). The Distillery business is also controlled, with the
feedstock basis to ensure flexibility to choose the appropriate
Government determining the feedstocks to be used based
feedstock based upon commercial viability
on the overall availability in the country and also prescribing
ethanol prices from time to time. • The Company has well diversified businesses in Sugar,
Distillery and Engineering, which lends it a well-balanced
Impact risk profile. The Distillery and Engineering businesses
Unfavourable Government policy may adversely impact the constitute 31% of the segment turnover (net) and 51% of the
operations and viability of the Sugar & Distillery business. total segment profitability, enabling reduced dependence
on the Sugar business
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Risks & Impact Mitigation
ENGINEERING BUSINESS
The Company’s Power Transmission business and Water business are part of the capital goods and infrastructure sectors. They
Risk & impact of climatic factors • The Company is quite vigilant in assessing the condition of
are largely dependent on the country’s industrial and general economic conditions, which regulate the demand of the products
Global warming has catalysed a clear change in weather the crop and takes remedial action wherever the crops show
of the Engineering businesses. These businesses are exposed to the following major risks:
patterns around the world. Climatic factors have the potential symptoms of stress or onset of diseases
to impact sugarcane crush and sugar production. Apart from
• The Company carefully assesses the vulnerability of Risks & Impact Mitigation
the profitability of the Sugar business, the climatic factors
sugarcane varieties to climatic factors and diseases, and
may also adversely impact the captive feedstock availability Risk of economic slowdown • India achieved GDP growth at 7.3% in FY 24, and the
accordingly carry out appropriate variety substitution so that
for Distillery operations, for which molasses are the major It results in slowdown in investments in capital goods by the estimated growth in FY 25 is estimated close to 7%. Thus,
the sugarcane crop is largely able to withstand the vagaries
raw material. user industry for new capacities or capacity expansion, and the industrial climate is conducive for the growth of the
of weather change
leads to sluggish demand for the Company’s products. Engineering Businesses
• One of the focus areas for the Company is maximisation
of the yields to scale up the availability of sugarcane, • In the case of PTB, the total order booking increased by 42%
Impact
commensurate with the installed capacity, and to offset the in FY 24, and the demand outlook is expected to be robust
Economic slowdown limits the growth of business and
impact of climatic factors on sugarcane crop in the coming years as well. The business is also looking
impacts profitability.
at geographical diversification in the international market
• Additionally, PTB is focussing on projects in the defence
Risks & Impact Mitigation sector, which has the potential to be a sizeable business in
Risk & impact of low sugar price resulting from high • The Government is well aware of the implications of low the next few years
sugar production sugar price, as it incapacitates the ability of sugar mills • The Water Business has participated in a large
Low sugar price will trigger an adverse impact on the to deliver on their timely cane payment obligations. The number of bids, and has visibility of oncoming bids of
financials of the Company. Government has, therefore, prescribed a Minimum Sale substantial amounts
Price (MSP) of sugar, which may be increased from time to
time to support the sugar prices • In view of the above outlook, the demand of the products of
PTB and Water Business remains robust
• In order to increase the overall realisation price, the Company
is producing 66% refined sugar and 3% pharma grade
sugar. It strives to increase the sugar sale to institutional Risks & Impact Mitigation
customers, who normally pay a higher price for reliability of
supply and better quality Technology Risk • PTB is constantly engaged in updating its technology
It is vital for the Engineering business to offer technology and and developing new products, including for the Defence
• The Company sells sugar under private labels and as efficiencies at par with the competition. sector. In view of its high quality and low-cost model,
branded sugar, which helps it to capture healthy premium there is an enormous potential for its products in the
as the market matures Impact international market
In the event of a significant gap in the technical efficiencies
• The Water business possesses a wide range of technologies
as compared to the peers, the customers may not prefer the
Risks & Impact Mitigation for different applications, which equips the business to
products of the Company.
participate in various tenders
Risk of arranging working capital funding at • The Company is rated ‘ICRA A1+’ for short-term and ‘ICRA
competitive cost AA+ (with stable outlook)’ for long-term. In view of its robust
The Sugar industry is working capital intensive, and adequate financials and rating, the Company does not foresee any Risks & Impact Mitigation
funding is required to fund the inventories and make timely problems in arranging the required funds to finance its
Risk of project delays and payment risk • The Company does proper diligence on its customers prior
cane price payments. working capital at a competitive cost
This risk is particularly applicable to the Water business, to accepting any order. Such diligence includes evaluation
where the period of EPC extends over 2 to 4 years, and in the of the financials, financial closure of the project, credit
Impact
event of financial problems with the customers, the project ratings (if any), track record, and market feedback
High quantum of working capital borrowings and cost of
may get delayed, resulting in credit risks, cost overruns and
funds will lead to higher finance cost, which will have an • To diversify the project risks, the Company has also secured
blockage of working capital.
adverse impact on the financials of the Company. some international orders, along with HAM projects in PPP
and in the private sector
Impact
Any project delays and payment issues have an adverse
impact on the financials of the Company.
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Risks & Impact Mitigation Directors’ Report
IT & CYBER SECURITY RISKS • Strong Authentication and Access Controls: Triveni
These risks pertain to all the businesses and extend over the has implemented multi-factor authentication (MFA) for
entire Company. In view of the grave implications of these accessing critical systems and sensitive data. Access to
risks, there is a need to be vigilant of the potential danger privileges is restricted to employees, based strictly on their Your Directors have pleasure in presenting the 88th Annual Report and audited financial statements for the Financial Year (FY)
and make continuous improvements in the security systems work requirements ended March 31, 2024.
and the contingency plans.
• Backup and Disaster Recovery: Critical data and systems Financial Results
are regularly backed up to ensure they can be restored in the
Impact (` in lakh)
event of a cyber-attack or system failure. Backups are tested
Cybersecurity risks refer to potential vulnerabilities and Particulars Standalone Consolidated
periodically to verify their effectiveness and restoration.
threats that can compromise the Company’s confidentiality,
Disaster recovery systems have been implemented in 2023-24 2022-23 2023-24 2022-23
integrity, or availability of digital information and systems.
different seismographic zones for critical application
These risks can lead to unauthorised access, data breaches, Revenue from operations (Gross) 614914.10 630690.29 615140.31 631009.62
theft of sensitive information, disruption of services, and • Network Security Measures: Firewalls, intrusion detection Revenue from operations (Net of excise duty) 521783.10 561363.80 522009.31 561683.13
other detrimental consequences. and prevention systems have been implemented to secure Operating Profit (EBITDA) 67506.73 69651.05 68843.57 69632.06
systems and network configurations to protect against Finance cost 4695.79 4983.75 5549.91 5673.83
unauthorised access and network-based attacks Depreciation and Amortisation 10412.24 9347.77 10412.24 9347.77
• Employee Awareness and Training: Employees are made Profit before exceptional items and Share of Profit of 52398.70 55319.53 52881.42 54610.46
Associates/JV & tax
aware about the best practices for cybersecurity, such as
Share of Profit of Associates/JV 0.00 0.00 17.58 1633.44
recognising phishing emails, using strong passwords, and
Profit before exceptional items & tax 52398.70 55319.53 52899.00 56243.90
reporting suspicious activities
Exceptional Items 0.00 158593.58 0.00 140119.61
• Regular Software Updates and Patching: All software, Profit before Tax 52398.70 213913.11 52899.00 196363.51
operating systems and applications are updated regularly Tax Expenses 13247.19 21512.53 13383.08 17182.86
with the latest security patches. Vulnerabilities in software Profit after Tax 39151.51 192400.58 39515.92 179180.65
are often patched by vendors, and timely updates help Other comprehensive income (net of tax) 1014.10 -318.72 1014.10 -374.85
protect against known security risks
Total comprehensive income 40165.61 192081.86 40530.02 178805.80
• Periodic audits of the Company’s security systems are Earning per equity share of ` 1 each (in `) 17.89 80.08 18.05 74.58
arranged through external agencies Retained Earnings brought forward 258950.43 112764.22 259523.60 125359.79
Appropriation:
- Equity Dividend 16964.59 4835.10 16964.59 4835.10
- Others 124.19 41379.27 124.19 40181.74
Retained earnings carried forward 281013.16 258950.43 281950.74 259523.60
(*) includes ` 41141.34 lakh relating to the Buy-Back of equity shares in FY 23. Additionally, ` 57588.27 lakh relating to the aforesaid Buy-back of equity
shares have been adjusted against Securities Premium and General Reserves.
No material changes and commitments affecting the financial the net turnover of the Company declined by 7%. The decline
position of the Company have occurred between the end of the in turnover is mainly in Sugar business due to lower domestic
financial year to which these financial statements relate and the dispatches as well as due to reduced exports as a consequence
date of this report. of the policy decision of the Government. The turnover of Water
business was also lower due to slow execution of contracts in
Performance Results certain projects, but the net turnover of Power Transmission
It was a difficult year, especially, in respect of Sugar and Distillery business and Distillery business were higher by 30% and
businesses wherein export of sugar, which was being permitted 9% respectively.
for the last 2 years, was banned in respect of sugar produced
during the season 2023-24 and further various restrictions were Profit before Tax and Exceptional items at consolidated level
imposed on the usage of feedstocks in the Distillery operations. was 6% lower at ` 528.99 crore whereas Profit after Tax was
lower at ` 395.16 crore as against ` 1791.81 crore in the
However, despite such constraints, the Company has done previous year which included exceptional income (net of tax)
reasonably well. The consolidated gross turnover of the of ` 1369.49 crore. Despite significant shortfall in dispatches,
Company has declined by 3% to ` 6151.40 crore whereas segment profitability of Sugar business was almost at the
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same level as last year due to higher sugar realisation prices Distillery and profitability for PTB. During the year, it has secured 42% (125%), subject to the approval of the shareholders in the
whereas the segment profitability of Distillery business declined Distillery operations achieved 18% higher gross turnover at higher orders at ` 375.38 crore and the total order book as on upcoming Annual General Meeting. If approved, the total
significantly by 15% due to feedstocks constraints and increase 31.3.2024 is at ` 287.39 crore (including long tenure orders dividend (including the interim dividend of ` 2.25 per equity
` 2204.90 crore and 9% higher net turnover at ` 1273.59 crore.
in internal transfer pricing of molasses in view of increase in cane aggregating to ` 89.41 crore), which is 10% higher than the share and special dividend of ` 2.25 per equity share) for the
However, segment profits are 15% lower at ` 180.86 crore.
price. The profitability of Engineering business was, however, previous year. The increase in the profitability is due to scale of fiscal year 2023-24 will be ` 5.75 per equity share (575 %)
The decline in the profitability is due to certain policy decisions
higher for both Power Transmission and Water Business. operations as well as due to better pricing. resulting in a total outlay of ` 125.87 crore.
of the Government as a result of which the sale volumes of
high margin ethanol produced from FCI and BHM is lower by
Sugar Business (including Cogeneration) PTB has consistently sustained its majority market share in high Dividend Distribution Policy
16% as compared to the previous year. Distillery operations
include operations of Alco Beverages wherein the net turnover speed applications across all markets – in new products as well As per the provisions of Regulation 43A of the Securities and
Turnover of the Sugar business declined by 12% to ` 3857.87
has increased by 50% to ` 123.02 crore. as in the after-market. The major business has emanated from Exchange Board of India (Listing Obligations and Disclosure
crore whereas segment profits were almost at the same level as
sectors like Sugar, Ethanol, Oil & Gas, Steel and Cement which Requirements) Regulations, 2015 (“Listing Regulations”), the
last year. While the total dispatches (including exports) declined Company had adopted a Dividend Distribution Policy. The
In July, 2023, the Government discontinued the supplies of have witnessed considerable investments with large power
by 16%, sugar realisation price, however, increased by 6% said policy sets out the parameters and circumstances that
FCI rice for the production of ethanol and instead encouraged range orders coming from infrastructure sectors like steel.
which largely offset the impact of lower sales volume. will be considered by the Board in determining the distribution
the usage of maize. It resulted in several challenges in terms The focus on export has multiplied by leveraging Triveni’s own
of cost, procurement logistics, viability and lower capacity technology having secured qualifications of its products from all of dividends to the shareholders of the company and to retain
During the year, addition to fixed assets of ` 111.62 crore profits earned by the company. The policy is available on the
utilisation, which were partly addressed by the Government major global OEM customers. Triveni’s competitive technology
were undertaken in the Sugar business mainly towards website of the Company at https://www.trivenigroup.com/files/
by raising the price of ethanol produced from maize but the along with cost and quality leadership has helped its business
debottlenecking, efficiency improvement and conversion of policies/Dividend%20Distribution%20Policy.pdf
resultant margin was still much less than margin applicable to to gain strength in domestic as well as in the export markets,
manufacturing process to produce refined sugar (DRP) in the
FCI rice. Further, in December 2023, anticipating lower sugar from where Triveni expects major growth in the coming years.
sugar unit at Milaknarayanpur Subsidiary and Associate/Joint Venture
production, Government mandated that sugar diversion to
Companies Performance
ethanol should not exceed 1.7 million tonnes and thus imposed PTB has been actively engaged with Defence Sector for their
In view of expected lower sugar production and to maintain restrictions on the usage of B Heavy molasses and sugar cane various requirements and Indian Navy has chosen PTB as its Associate / Joint Venture Companies
sugar prices, the Government banned export of sugar and juice as feedstocks. It resulted in shortage of captive molasses Acquisition of 25.43% equity stake in Sir Shadi Lal
reliable supplier for propulsion shafting and turbopumps for
mandated to restrict the diversion of sugar to ethanol only to as feedstock. its indigenous sub-surface project. Defence segment of PTB Enterprises Limited (SSLEL) during the financial year
the extent of 1.7 million tonnes as against 4.1 million tonnes in includes Platform level support, propulsion systems equipment under review
the previous season. Due to such policy decisions, accretion Despite the aforesaid policy decisions which adversely as gearboxes and propulsion shafting, gas turbine generator The Company has acquired 25.43% paid-up equity share
in sugar stocks by ~ 3 million tonnes is expected in the season impacted the operations of Distillery, we are confident that the for auxiliary power generation and individual equipment such capital of Sir Shadi Lal Enterprises Limited (SSLEL), a listed
2023-24 which will result in closing sugar stocks of 8.6 million Government is committed to its ethanol blending programme as pumps, etc. There are high value orders in the pipeline and entity incorporated under the laws of India and engaged
tonnes as at the end of the sugar year 2023-24. and various restrictions may be lifted in the next season thereby it has the potential of diversification for PTB into a strategic and in the business of manufacture of sugar and ethanol, from
restoring normalcy in operations. attractive business proposition. certain members of the promoter group of SSLEL at a price of
There was an increase in sugarcane price by ` 200/MT for ` 262.15 per equity share, aggregating to total consideration
The Company has commissioned another dual feedstock- of about ` 35 crore, under a Share Purchase Agreement
the Sugar Season 2023-24. The crush operations were largely Water Business (WBG)
carried out with C-heavy molasses in the last quarter of the based Distillery at its Sugar unit at Raninangal in April, 2024. dated January 30, 2024. Given the intent of the Company
The turnover has declined by 30% to ` 246.33 crore but the
year as the Government imposed restrictions on the usage of With this, the distillation capacity has increased to 860 KLPD. to acquire majority shareholding and management control of
The Company has put its plan for expansion of Sabitgarh segment profitability is 29% higher at ` 31.41 crore. The decline
B-heavy molasses and sugarcane juice as feedstocks for the SSLEL and since the Company has entered into an agreement
Distillery on hold till a clear policy emerges in respect of in turnover has been due to slow execution of certain projects
production of ethanol. It resulted in lower diversion of sugar to acquire voting rights in excess of 25% (twenty-five per
permitted feedstocks. due to the reasons attributable to the customers. However,
cent) of the equity share capital of SSLEL, the Company has
to ethanol by 0.34 lakh tonnes over the previous year and Water Business has been able to enhance its profitability in view launched an open offer on January 30, 2024 for acquisition
consequently, sugar production, despite lower crush by 4%, of substantial savings in the project costs.
Further, the Company is in the process of venturing into new of 26% of the outstanding paid-up equity share capital of
is marginally higher at 9.8 lakh tonnes. business of manufacturing, marketing and selling own brands in SSLEL at a price of ` 262.15 per share, under Regulation 3(1)
the premium segment of Indian Made Foreign Liquor (IMFL) as The business has participated in various tenders and has visibility and Regulation 4 of the Securities Exchange Board of India
The sugarcane crop during the season 2023-24 were impacted a forward integration of the distillery operations. It would involve of upcoming opportunities of significant amounts. It is also (Substantial Acquisition of Shares and Takeovers) Regulation,
due to lower yields as a result of flooding in certain regions, setting up a state-of-the-art bottling plant in Muzaffarnagar, actively targeting foreign projects after assessing satisfactory 2011, which is subject to SEBI approval/observations.
absence of sunlight for a long spell of 4-5 weeks in winter and Uttar Pradesh to produce high quality IMFL products at an financial arrangements of projects and other risk factors.
infestation of red rot due to the aforesaid reasons. It has resulted estimated cost of about ` 25 crore, subject to receipt of As on 31 March 2024, the Company holds 25.43% of the paid-
in lower crush by ~11% in the SS 2023-24. The Company has necessary statutory clearances. The new facility is expected to Transfer to reserve up equity share capital of SSLEL and the Company does not
undertaken to remedy the situation on a priority basis by way be ready for commencement of production by end of H1 FY 25. Your Board of Directors do not propose to transfer any amount have any right of representation on the Board of Directors of
of accelerating the varietal change and to eradicate disease to general reserves. SSLEL and nor does it have any right to participate in the policy
infested crop. It is likely to result in much improved performance Power Transmission Business making process of SSLEL. The Management is of the opinion
in the next season. The Company will continue to deploy its Power Transmission Business (PTB) has achieved 30% higher Dividend that the Company does not presently have significant influence
resources to ensure better yields, healthy crop and to reduce turnover at ` 291.81 crore with segment results registering an over SSLEL so as to consider it as an associate company. The
Your Board of Directors are pleased to recommend a final
investment in equity shares held by the Company in SSLEL has
cut-to-crush time for better recoveries. increase of 40% at ` 107.09 crore. This is a record turnover dividend of ` 1.25 per equity share of face value ` 1/- each
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been valued at fair value pending outcome of the open offer Consolidated Financial Statements Related Party Contracts/Transactions Risk Management System has been integrated with the
which may result in the relationship of SSLEL as an associate In compliance with the provisions of Companies Act, 2013 and In accordance with the amended provisions of the Companies requirements of internal controls as referred to in Section 134(5)
company or a subsidiary. Indian Accounting Standards (Ind AS) as specified in Section (e) of the Companies Act, 2013 to evolve risk related controls.
Act, 2013 and the Listing Regulations, the Company has
133 of the Act and Regulation 34 of the Listing Regulations, Detailed internal financial controls have been specified covering
formulated a Related Party Transaction Policy, which has been
As reported last year, a new Company namely, Triveni Sports your Directors have pleasure in attaching the consolidated key operations, to safeguard of assets, to prevent and detect
uploaded on its website at https://www.trivenigroup.com/files/
Private Limited (‘TSPL’) [a 50:50 sports venture between your financial statements of the Company which form a part of the frauds, to ensure completeness and accuracy of accounting
policies/Revised%20Related%20Party%20Transactions%20
Company and Triveni Turbine Limited (‘TTL’)] was incorporated Annual Report. Financial Statements including consolidated records, to ensure robust financial reporting and statements
Policy.pdf. It is the endeavour of the Company to enter into
as a special purpose vehicle for participation in and promotion of financial statements and the audited accounts of each of the and timely preparation of reliable financial information. These
related party transaction on commercial and arms’ length basis
subsidiary are available on the website of the Company at are achieved through Delegation of Authority, Policies and
sports (including chess), and with a key objective of enhancing with a view to optimise the overall resources of the group.
https://www.trivenigroup.com/financials?q=financial-report Procedures and other specifically designed controls, and their
the corporate visibility for Triveni Brand at a global level. As a
effectiveness is tested regularly as per the laid-out mechanism
franchisee/owner of the Triveni Continental Kings team, TSPL All transactions entered into with related parties during the year
Directors Responsibility Statement as well as through external agencies.
took part in the inaugural edition of Global Chess League in were in the ordinary course of business of the Company and
Dubai and crowned as Champions. Pursuant to Section 134(5) of the Companies Act, 2013, your at arms’ length basis. The Company has not entered into any
Directors and Key Managerial Personnel
Directors confirm that: contract/arrangement/transactions with related parties which
(KMP)
During the year under review, TSPL achieved income from could be considered material in accordance with the Policy of
a) in the preparation of the annual accounts for the financial the Company on the materiality of related party transactions. As per the provisions of the Companies Act, 2013 (‘Act’),
operations of ` 494.41 lakh including prize money for winning
year ended March 31, 2024, the applicable accounting This Board’s report does not include Form AOC-2 as there Mr. Tarun Sawhney (DIN:00382878), Vice Chairman &
the first edition and profits (PBT) of ` 48.62 lakh after meeting Managing Director will retire by rotation at the ensuing Annual
standards have been followed and there are no was no such related party transaction that required disclosure
all the expenses General Meeting (‘AGM’) of the Company and, being eligible,
material departures; in terms of Section 134(3)(h) of the Companies Act, 2013 read
seeks re-appointment. The Board has recommended his re-
Subsidiary Companies with Rule 8(2) of the Companies (Accounts) Rules, 2014.
b) they have selected such accounting policies and applied appointment.
The Company has 11 wholly owned subsidiaries, as detailed in them consistently and made judgments and estimates Risk Management Policy and Internal Financial
Annexure A. All the companies, except Mathura Wastewater that are reasonable and prudent so as to give a true and During the year under review, Mr Siraj Azmat Chaudhry
Control-
Management Private Limited (MWMPL) and Pali ZLD Private fair view of the state of affairs of the Company at the end (DIN:00161853), Dr. Rajender Pal Singh (DIN:10198810)
The Board of Directors of the Company have formed a Risk and Mr Manoj Kumar Kohli (DIN:00162071) were, on the
Limited (PZPL), are relatively much smaller and there have not of the financial year and of the profit of the Company for
Management Committee to assess the risks relating to the recommendations of the Board of Directors/Nomination and
been any material business activities in these companies. that year;
businesses of the Company and the mitigation plans / measures Remuneration Committee (‘NRC’), appointed as Independent
thereof. Implementation of the Enterprise Risk Management Directors of the Company with the approval of shareholders by
MWMPL is engaged in “Development of Sewage Treatment c)
they have taken proper and sufficient care for the
Framework & Policy that has been aligned with the regulatory way of special resolutions passed at the 87th Annual General
Plants and Associated Infrastructure on Hybrid Annuity PPP maintenance of adequate accounting records in
requirements is being monitored and adhered to. Meeting of the Company held on September 8, 2023, for a
basis at Mathura, Uttar Pradesh” under the Namami Gange accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for period of five consecutive years with effect from July 25, 2023,
Programme, whereas PZPL is engaged in the development The policy on risk assessment and minimisation procedures as
preventing and detecting fraud and other irregularities; August 12, 2023 and August 12, 2023 respectively, whose
of a Common Effluent Treatment Plant along with a Zero laid down by the Board are periodically reviewed by the Risk offices shall not liable to retire by rotation.
Liquid Discharge facility (unit-4) for Pali Industrial Complex Management Committee, Audit Committee and the Board. The
d) they have prepared the annual accounts on a going
(Rajasthan) on PPP/HAM basis. During the year under review, concern basis; policy facilitates identification of risks at appropriate time and Further, Dr. (Mrs.) Meena Hemchandra (DIN: 05337181) was,
MWMPL and PZPL have achieved revenue of ` 8.33 crore and ensures necessary steps to be taken to mitigate the risks. on the recommendations of the Board of Directors/NRC,
` 3.56 crore and profitability (PBT) of ` 3.92 crore and ` 0.06 e) they have laid down internal financial controls to be appointed as an Independent Director of the Company with
crore, respectively. followed by the Company and that such internal financial The policy recognises that all risks in the business cannot be the approval of shareholders by way of a special resolution
controls are adequate and were operating effectively; and eliminated but these could be controlled or minimised through passed through postal ballot on March 30, 2024, for a period
As required under the provisions of Section 129 of the Companies effective mitigation measures, effective internal controls and by of five consecutive years with effect from January 30, 2024,
Act, 2013 read with Companies (Accounts) Rules, 2014, a f) they have devised proper systems to ensure compliance defining risk limits. Brief details of risks and concerns are given whose office shall not liable to retire by rotation.
statement containing salient features of the financial statement with the provisions of all applicable laws and that such in the Management Discussion and Analysis Report.
of subsidiaries and associates is provided in the prescribed systems were adequate and operating effectively. In the opinion of the Board, Mr Chaudhry, Dr. Singh, Mr Kohli
A comprehensive Risk Management Framework has been and Dr. Hemchandra, Independent Directors are persons
format AOC-1 as Annexure-A to the Board’s Report.
Corporate Governance put in place for each of the businesses of the Company of integrity and possesses relevant expertise, experience
In accordance with the Listing Regulations, a separate report which is stringently followed for the management of risks, and knowledge.
In accordance with the Regulation 16 of the Listing Regulations,
on Corporate Governance is given in Annexure-B along with including categorisation thereof based on their severity. Such
none of the subsidiaries of this Company is a material non-
the Auditors’ Certificate on its compliance in Annexure-C to categorisation gives highest weightage to the risks which have Consequent to completion of her second tenure of five
listed subsidiary. The Company has formulated a policy for
the Board’s Report. The Auditors’ Certificate does not contain the potential to threaten the existence of the Company. The risks consecutive years, Ms. Homai A. Daruwalla (DIN: 00365880)
determining material subsidiaries. The policy has been uploaded
any qualification, reservation and adverse remark. with higher severity receive more attention and management ceased to be an Independent Director of the Company with
on the website of the Company at time and it is the endeavour of the Company to strengthen effect from the close of business hours on March 31, 2024.
https://www.trivenigroup.com/files/policies/Policy%20on%20 internal controls and other mitigation measures on a continuous The Board places on record its sincere appreciation and
Material%20Subsidiary.pdf basis to improve the risk profile of the Company. gratitude for the valuable contribution and guidance provided
134 135
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
by Ms. Daruwalla during her association with the Company Auditors The composition of the CSR Committee and Annual Report and Remuneration of Managerial Personnel) Rules, 2014 is
over the years. Statutory Audit on CSR activities during FY 24, as recommended by the provided in Annexure-G to the Board’s Report.
CSR Committee and approved by the Board, is provided in
M/s S.S. Kothari Mehta & Co. LLP (SSKM), Chartered
The Company has received declarations of independence Annexure-E to the Board’s report. The particulars of employees drawing remuneration in excess
Accountants (FRN: 000756N), were re-appointed as Statutory
in terms of Section 149 of the Companies Act, 2013 and of limits set out in the Rule 5(2) of Companies (Appointment
Auditors of the Company at the 86th AGM to hold office for Audit Committee
also under the Listing Regulations from all the Independent and Remuneration of Managerial Personnel) Rules, 2014 are
another term of five consecutive years until the conclusion of
Directors and the same has been taken on record by the Board The composition of Audit Committee is provided in the Corporate provided in Annexure-H to the Board’s Report. However,
91st AGM of the Company, which will be held in the year 2027.
of Directors. Governance Report that forms part of this Annual Report. as per the provisions of Section 136 of the Companies Act,
Cost Audit 2013, the annual report is being sent to all the members of
As required under the provisions of Section 203 of the Vigil Mechanism the Company excluding the aforesaid information. The said
In terms of the provisions of Section 148 of the Companies
Companies Act, 2013, the key managerial personnel, namely, The Company has established a vigil mechanism through
Act, 2013 read with the Companies (Audit and Auditors) Rules, information is available for inspection by the members at the
Vice Chairman and Managing Director, CFO, and Company Whistle Blower Policy for the employees and other directors of
2014 and the Companies (Cost Records and Audit) Rules, registered office of the Company up to the date of the ensuing
Secretary, continue to hold those offices as on the date of the Company to report genuine concern (including reporting
2014 duly amended, Cost Audit is applicable to the Sugar Annual General Meeting. Any member interested in obtaining
this report. of instances of leakage of unpublished price sensitive
and Power transmission businesses of the Company. The such particulars may write to the Company Secretary at the
Company has been maintaining cost accounts and records information) and to ensure strict compliance with ethical and
registered office of the Company.
Board Evaluation Mechanism in respect of the applicable products. Mr Rishi Mohan Bansal legal standards. The provisions of the policy are in line with
Pursuant to the provisions of the Companies Act, 2013 and and M/s GSR & Associates, Cost Accountants have been Section 177(9) of the Act and Listing Regulations. The policy
Employees Stock Option
Listing Regulations, the Board has carried out an annual appointed as Cost Auditors to conduct the cost audit of the is uploaded on the website of the Company at https://www.
trivenigroup.com/files/policies/Whistle%20Blower%20Policy. During the year under review, TEIL ESOP 2013 come to an
performance evaluation of its own performance, that of individual Sugar businesses (including cogeneration and distillery) and
Power transmission business respectively of the Company for pdf end and there are no outstanding stock options and no stock
directors as well as evaluation of its committees. The evaluation
the FY 2024-25, subject to ratification of their remuneration by options were either issued or allotted.
criteria, as defined in the Nomination and Remuneration Policy
the shareholders at the ensuing Annual General Meeting. The Disclosure under the sexual harassment of
of the Company, covered various aspects of the Board, such
Board recommends the ratification of the remuneration of the women at workplace (Prevention, Prohibition Management Discussion and Analysis
as composition, performance of specific duties, obligations
Cost Auditors for the FY 25. and Redressal) Act 2013 In terms of the provisions of Regulation 34 of the Listing
and governance.
The Company has in place Anti-Sexual Harassment Policy in Regulations, the Management Discussion and Analysis is set
The performance of individual directors was evaluated Secretarial Audit line with the requirements of Sexual Harassment of Women at out in this Annual Report.
on parameters such as: number of meetings attended; In terms of Section 204 of the Companies Act, 2013 read with Workplace (Prevention, Prohibition and Redressal) Act 2013
contributions made in the discussions; contribution towards the Companies (Appointment and Remuneration of Managerial (POSH Policy). The Company has complied with the provisions Business Responsibility & Sustainability
Personnel) Rules, 2014, the Board appointed M/s Suresh Gupta relating to the constitution of Internal Complaints Committee Report (BRSR)
formulation of the growth strategy of the Company;
& Associates, a firm of Company Secretaries in practice to under the said Act. No complaint was received by the Internal
independence of judgement; safeguarding the interests of the In terms of the provisions of Regulation 34 of the Listing
undertake the Secretarial Audit of the Company for FY 24. The Complaint Committee during FY 24.
Company and minority shareholders; additional time devoted Regulations, the BRSR is set out in this Annual Report
report on secretarial audit is annexed as Annexure-D to the
besides attending Board/Committee meetings. The directors
Board’s report. The report does not contain any qualification, Particulars of Loans, Guarantees or
have expressed their satisfaction with the evaluation process. Secretarial Standards
reservation or adverse remark. Investments made under section 186 of the
Companies Act, 2013 The Company has devised proper systems to ensure compliance
Policy on Directors appointment and
Comments on the Auditors Report Notes 7 of the standalone financial statements of the Company with the provisions of all applicable Secretarial Standards issued
remuneration
The Auditors report for the financial year 2023-24 does not forming part of the Annual Report provide particulars of the by the Institute of Company Secretaries of India and that such
The policy of the Company on Directors’ appointment and investments made by the Company in the securities of other
contain any qualification, reservation or adverse remark. The systems are adequate and operating effectively.
remuneration, including criteria for determining qualifications, comments of the Auditors in para 2(b) of their report are bodies corporate; Notes 9 and 49 provide details of loans
positive attributes, independence of a director and other self-explanatory. Further pursuant to section 143(12) of the advanced; and, Note 39(v) provides details of guarantee given Deposits
matters provided under sub-section (3) of Section 178 of the Companies Act, 2013, the Statutory auditors of the Company by the Company.
The Company has not accepted any public deposits under
Companies Act, 2013 and the Listing Regulations, adopted have not reported any instances of fraud committed in the
Section 73 of the Companies Act, 2013.
by the Board, is available on the website of the Company at Company by its officers or employees, the details of which are Conser vation of energy, technology
https://www.trivenigroup.com/files/policies/Nomination%20 required to be mentioned in the Board’s Report. absorption, foreign exchange earnings and
&%20Remuneration%20Policy.pdf outgo Debentures
Disclosures The particulars required under Section 134(3)(m) of the No debentures were issued during the period under review.
Board Meetings Corporate Social Responsibility (CSR) Companies Act, 2013 read with the Companies (Accounts)
During the year, five board meetings were held, the details of Rules, 2014 are provided in Annexure-F to the Board’s report. Annual Return
The CSR Policy formulated by the CSR Committee in line with
which are provided in the Corporate Governance Report that the Companies (Corporate Social Responsibility Policy) Rules, Pursuant to Section 92(3) and 134(3) of the Companies Act,
forms part of this Annual Report. The maximum interval between 2014 as amended, is available on the website of the Company Particulars of employees 2013, the annual return for the financial year 2023-24 is available
the two board meetings did not exceed 120 days, as prescribed at https://www.trivenigroup.com/files/policies/CSR%20 The information as required under Section 197 of the Companies on website of the Company at https://www.trivenigroup.com/
under the Companies Act, 2013 and the Listing Regulations. Policy(Revised).pdf Act, 2013 read with Rule 5(1) of the Companies (Appointment shareholders-information?q=annual-return
136 137
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Significant and material orders/General
Disclosures
Appreciation
Your Directors wish to take the opportunity to express their
Annexure-A
There are no significant and material orders passed by the sincere appreciation to our customers, suppliers, shareholders,
regulators or courts or tribunal impacting the going concern employees, the Central, Uttar Pradesh and Karnataka
Statement containing salient features of the financial statement of subsidiaries or Associate
status and Company’s operations in future. Governments, financial institutions, banks and all other
Companies or joint-ventures
stakeholders for their whole-hearted support and co-operation.
During the year under review, neither any application was Part A : Subsidiaries
made nor any proceedings is pending against the Company We look forward to their continued support (` in Lakh)
under the Insolvency and Bankruptcy Code, 2016. Further, and encouragement. Name of the Triveni Triveni Triveni Triveni Svastida Triveni Mathura PALI ZLD Triveni Gaurangi United
there was no instance of one-time settlement with any bank subsidiary Energy Engineering Entertainment Sugar Projects Industries Wastewater PVT LTD Foundation* Enterprises Shippers
Systems Ltd. Ltd. Ltd. Ltd. Limited Management Ltd. & Dredger
or financial institution.
Ltd. Pvt Ltd. Limited
(TESL) (TEL) (TENL) (TSL) (SPL) (TIL) (MWMPL) (PALI) (TF) (GEL) (USD)
Human Resources For and on behalf of the Board of Directors
Wholly Wholly Wholly Owned Wholly Wholly Wholly Wholly Wholly Wholly Wholly Wholly
Your Company believes and considers its human resources Owned Owned Subsidiary Owned Owned Owned Owned Owned Owned Owned Owned
as the most valuable asset. The management is committed to Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary
provide an empowered, performance oriented and stimulating Dhruv M. Sawhney
work environment to its employees to enable them to realise Place: Noida Chairman and Managing Director Date of becoming 15.02.2008 27.06.2006 20.03.2014 19.03.2014 19.03.2014 22.07.2015 12.06.2018 09.07.2021 28.06.2020 02.07.2020 25.03.2021
their full potential. Industrial relations remained cordial and Date: May 20, 2024 DIN: 00102999 subsidiary/acquisition
harmonious during the year. 1. Reporting NA NA NA NA NA NA NA NA NA NA NA
period for the
subsidiary
concerned, if
different from
the holding
company’s
reporting period
2. Reporting NA NA NA NA NA NA NA NA NA NA NA
currency and
Exchange
rate as on the
last date of
the relevant
Financial year
in the case
of foreign
subsidiaries
3. Share capital 385.00 265.00 417.00 205.00 455.00 200.50 1350.30 900.00 1.00 200.00 40.00
4. Other Equity -15.33 97.91 -28.90 -12.33 -13.38 -13.82 1931.38 163.04 -0.60 -4.69 -87.33
5. Total assets 369.79 437.84 388.73 192.88 441.89 186.80 17321.69 3238.95 57.33 195.62 2.33
6. Total Liabilities 0.12 74.93 0.63 0.21 0.27 0.12 14040.01 2175.91 56.93 0.31 49.66
7. Investments 369.28 435.94 383.37 183.87 426.73 186.29 - - - 177.64 0.63
8. Turnover - - - - - - 832.81 356.16 - - -
9. Profit before -0.99 -6.09 -1.48 -0.42 -0.08 -0.99 391.60 5.67 -0.35 0.11 -0.63
taxation
10. Provision for 0.00 0.00 - 0.15 0.23 98.56 1.43 - 0.29 -
taxation
11. Profit after -0.99 -6.09 -1.48 -0.57 -0.31 -0.99 293.04 4.24 -0.35 -0.18 -0.63
taxation
12. Proposed - - - - - - - - - -
Dividend
13. Extent of 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
shareholding
(in % age)
* TF is a company incorporated under Section 8 of the Companies Act, 2013, and hence, its results are not considered in the consolidated results of
the Company.
Note: Except MWMPL& PZPL, all the remaining subsidiaries are relatively much smaller and no material business activities are being carried out in these
companies.
138 139
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Part “B”: Associates and Joint Ventures
Name of Associates or Joint Ventures Triveni Sports Pvt. Ltd.
Annexure - B
1. Latest audited Balance Sheet Date 31.3.2024
2. Date on which the Associate or Joint Venture was acquired 06.06.23 Corporate Governance Report
3. Shares of Associate or Joint Ventures held by the company on the year end
- No of shares 2,50,00,000
- Amount of Investment in Associates/Joint Venture (` Lakh) 2,50,00,000 COMPANY’S PHILOSOPHY ON CODE OF focused attention. The Board is empowered to constitute
- Extent of Holding % 50% GOVERNANCE additional functional Committees from time to time,
4. Description of how there is significant influence It is a Joint Venture with Triveni Your Company is of the belief that sound Corporate depending on the business needs.
Turbine Limited, with both the Governance is vital to enhance and retain stakeholder trust.
companies holding equity stake Good Governance underpins the success and integrity of 3. The Company has established a Code of Conduct for
of 50% each. As per the JV the organisation, institutions and markets. It is one of the Directors and Senior Management of the Company.
Agreement, both the companies essential pillars for building an efficient and sustainable
have equal board representation. environment, systems and practices to ensure that the affairs 4.
Whistle Blower Policy wherein the Employees and
5. Reason why the associate/joint venture is not consolidated Being consolidated of the Company are being managed in a way which ensure Directors may have the direct access to the Chairperson
6. Networth attributable to Shareholding as per latest audited Balance Sheet (` Lakh) 267.58 accountability, transparency, fairness in all its transactions in of the Audit Committee.
the widest sense and meeting its stakeholder’s aspirations
7. Profit or Loss for the year (after tax) (` Lakh) – as per Associate’s/JV’s financial 35.16
and societal expectations. Your Company is committed to 5. Risk Management framework to identify the risk for its
statements considered for consolidated financial statements
adopt the best governance practices and their adherence in businesses, to assess the probability of its occurrence and
i. Considered in Consolidation (` Lakh) 17.58 the true spirit at all times. It envisages the attainment of a high its mitigation plans. The information about the framework
ii. Not Considered in Consolidation ----- level of transparency and accountability in the functioning of is placed before the Audit and Risk Committees and the
the Company and in the way it conducts business internally Board periodically.
and externally.
For and on behalf of the Board of Directors
BOARD OF DIRECTORS
In line with the above philosophy, your Company continuously
Dhruv M. Sawhney Sudipto Sarkar strives for excellence through adoption of best governance The Company is managed and guided by the Board of Directors
Chairman and Managing Director Director & Chairman-Audit Committee and disclosure practices. The Company recognises that (“Board”). The Board formulates the strategy, regularly reviews
DIN:00102999 DIN:00048279 good governance is a continuing exercise and thus reiterates the performance of the Company and determines the purpose
its commitment to pursue highest standard of Corporate and values of the Company. The Board provides and evaluates
Noida Suresh Taneja Geeta Bhalla Governance in the overall interest of its stakeholders. the strategic direction of the Company, management policies
May 20, 2024 Group CFO Group Vice President & Company Secretary and their effectiveness and ensures that the long-term interests
Your Company has been consistently working for the of the shareholders are being served. The Chairman and
betterment of the governance system executed with the Stock Managing Director with the support of the Vice Chairman
Exchanges. We are committed to doing things in the right way and Managing Director and senior executives oversees the
which includes but not limited to compliance with its applicable
functional matters of the Company.
legal requirement.
As on the date of this report, the Board comprises of nine (9)
THE HIGHLIGHT OF THE CORPORATE
Directors - 6 (six) Non-Executive and Independent Directors
GOVERNANCE SYSTEM INCLUDES:
including 1 (one) Woman Director, 1(one) Non Executive Non-
1. The Board of Directors of the Company is well represented
Independent Director and 2 (two) Executive Directors. All the
with Executive, Non-Executive and Independent Non-
members of the Board are eminent persons with professional
Executive Directors with the Executive Chairman and
expertise and valuable experience in their respective areas of
Managing Director. As on the date of this report, the
Independent Non-Executive Directors form about 67% specialisation and bring a wide range of skills and experience
of the Board of Directors. to the Board.
2. The Board has constituted several Committees viz. Audit None of the Directors on the Board is a Member on more than
Committee, Nomination and Remuneration Committee, 10 Committees, and Chairperson of more than 5 Committees
Stakeholders Relationship Committee, Corporate across all listed companies in which he/she is a Director.
Social Responsibility Committee, Risk Management Necessary disclosures regarding Committee positions have
Committee and Executive Sub-Committee for more been made by the Directors.
140 141
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Meetings of the Board regularly updated on performance of each line of business Name of the Director Category No. of Board Attendance No. of other No. of Committees
The Board of Directors met five times during the FY 24 ended of the Company, business strategy going forward and new Meetings at last AGM Directorships*2 positions held in
initiatives being taken / proposed to be taken by the Company held on other companies*3
on March 31, 2024. The interval between any two successive
through presentation. Factory visits are organised, as and when Held*8 Attended September 8, Chairman Member
meetings did not exceed one hundred and twenty days.
2023
Board Meetings were held on May 25, 2023, July 4, 2023, required, for the Directors. The details of the familiarisation
Mr. Dhruv M. Sawhney*1 Promoter & Executive 5 5 Yes 2 None None
July 25, 2023, October 30, 2023 and January 30, 2024. programme of the Independent Directors are available on
Chairman and Managing Director Director
the Company’s website at https://www.trivenigroup.com/ DIN-00102999
Independent Directors corporate-governance.php?q=policies&page=1 Mr. Tarun Sawhney*1 Promoter & Executive 5 5 Yes 3 None 1
All the Independent Directors have confirmed that they meet Vice Chairman and Director
the criteria as stipulated under Regulation 16(1)(b) of the
SUCCESSION PLANNING FOR THE BOARD Director DIN-00382878
Securities and Exchange Board of India (Listing Obligations
AND SENIOR MANAGEMENT Mr. Nikhil Sawhney*1 Promoter & Non- 5 5 Yes 3 None 2
DIN-00029028 Executive Director
and Disclosure Requirements) Regulations, 2015 (hereinafter Board of Directors
Ms. Homai A. Daruwalla*4 Independent Non- 5 5 Yes 5 1 5
referred to as the ‘Listing Regulations’) read with Section 149(6) The Nomination and Remuneration Committee (‘NRC’) of DIN-00365880 Executive Director
of the Companies Act, 2013 (hereinafter referred to as the ‘Act’). the Board shall identify the suitable person for appointment Mr. Sudipto Sarkar Independent Non- 5 5 Yes 3 None 5
All such declarations were placed before the Board. Based on at Board level including from the existing top management. DIN-00048279 Executive Director
that, in the opinion of the Board, they fulfill the conditions of The NRC shall apply due diligence process to determine Mr. Jitendra Kumar Dadoo Independent Non- 5 5 Yes None None None
independence as specified in the Listing Regulations and the competency of person(s) being considered for appointment DIN-02481702 Executive Director
Act and are independent of the management. The maximum Mr. Siraj Azmat Chaudhry*5 Independent Non- 3 3 Yes 5 2 7
or re-appointment as a Director including Managing Director
tenure of independent directors is in compliance with the Act DIN-00161853 Executive Director
/ Whole-time Director of the Company in accordance with
and the terms and conditions of their appointment have been Mr. Manoj Kumar Kohli*6 Independent Non- 2 0 Yes 3 1 1
the provisions of the Nomination and Remuneration Policy of DIN-00162071 Executive Director
disclosed on the website of the Company. the Company and the applicable provisions of the Act and Dr. Rajender Pal Singh*6 Independent Non- 2 2 Yes None None None
the Rules made thereunder and the Listing Regulations, as DIN-10198810 Executive Director
Regulation 25(3) of Listing Regulations read with Schedule amended from time to time. Dr. Meena Hemchandra*7 Independent Non- 1 1 N.A. 3 1 2
IV of the Act and the rules thereunder mandate that the DIN-05337181 Executive Director
Independent Directors of the Company hold at least one Senior Management *1 Mr. Tarun Sawhney and Mr. Nikhil Sawhney are sons of Mr. Dhruv M. Sawhney, Chairman & Managing Director of the Company and are thus related.
meeting in a year without the attendance of Non-Independent
The Managing Director(s) / Executive Director (s) are *2 Excludes Directorships in Indian Private Limited Companies, Foreign Companies, Firms, Partnerships including LLPs, Section 8 Companies and
Directors of the Company and members of the management. membership of various Chambers and other non-corporate organisations.
empowered to identify, appoint and remove the Senior
During the year, separate meeting of the Independent Directors *3 The committees considered for the purpose are those prescribed under Regulation 26(1) of Listing Regulations i.e. Audit Committee and
Management Personnel in accordance with the provisions of
was held on March 18, 2024 without the attendance of non- Stakeholders’ Relationship Committee of public limited companies, whether listed or not. Further, number of Committee membership includes
independent directors and members of the management. The the NRC Policy, and keeping in view the organisation’s mission, Committee Chairmanships.
independent directors, inter-alia reviewed the performance of vision, values, goals and objectives and also to evaluate *4 Ceased to be a Director on account of tenure completion on 31.3.2024.
non-independent directors, Chairman of the Company and their performance considering the competencies/indicators *5 Appointed as an Independent Director w.e.f. 25.7.2023
the Board as a whole. provided in the NRC Policy. *6 Appointed as Independent Directors w.e.f. 12.8.2023
*7 Appointed as an Independent Director w.e.f. 30.1.2024
Familiarisation programme for Independent COMPOSITION OF THE BOARD *8 Meetings held during the tenure of respective directors
Directors The composition of the Board of Directors, their attendance
Further, the details of directorship held by the Directors of the Company in other listed entities as on the date of this report are
All the Directors including Independent Directors are provided at Board Meetings held during the year and at the last Annual
as follows:-
with the necessary documents / brochures, reports and General Meeting (AGM) as also the details of Directorships
and Committee positions held by them in other companies Name of Director Name of other listed entity Category of Directorship
internal policies, codes of conduct to enable them to familiarise
are given below:- Mr Dhruv M. Sawhney Triveni Turbine Limited Promoter & Executive Director
with the Company’s procedure and practices. Directors are
Mr Tarun Sawhney Triveni Turbine Limited Promoter & Non-Executive Director
Mr Nikhil Sawhney Triveni Turbine Limited Promoter & Executive Director
Mr Sudipto Sarkar Vesuvius India Limited Non-Executive Non-Independent Director
EIH Associated Hotels Limited Independent Director
EIH Limited Independent Director
Mr Jitendra Kumar Dadoo None Not Applicable
Mr. Siraj Azmat Chaudhry Tata Consumer Products Ltd. Independent Director
Bikaji Foods International Ltd. Independent Director
Jubilant Ingrevia Ltd. Independent Director
Dhanuka Agritech Ltd. Independent Director
Mr. Manoj Kumar Kohli None Not Applicable
Dr. Rajender Pal Singh None Not Applicable
Dr. Meena Hemchandra The Karur Vysya Bank Ltd. Independent Director
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BOARD FUNCTIONING AND PROCEDURE knowledge, formulating policies and processes, legal & Availability of Information to Board Member • Details of the transactions with the related parties.
administration, sales and marketing, supply chain, risk includes:
Matrix of skills/ expertise/ competence of the • General notices of interest of directors.
management & internal controls, financial & operational controls.
Board of Directors • Performance of each line of business, business strategy
going forward, new initiatives being taken / proposed to • Appointment, remuneration and resignation of Directors.
The Board comprises qualified members who bring in the Diversity & behavioural and personal attributes:
required skills, competence and expertise that allow them to be taken and business plans of the Company.
Diversity of thought, experience, perspective, gender and Post Meeting follow up Mechanism
make effective contribution to the Board and its committees. culture brought to the Board by individual members. Personal • Annual operating plans and budgets including capital The important decisions taken at the Board / Committee
characteristics matching the Company’s values, such as ethics expenditure budgets and any updates.
Details of the core skills/ expertise/ competencies meetings are promptly communicated to the respective units/
& integrity, accountability, commitment, building relationship.
identified by the board of directors as required • Quarterly results of the Company including results of the departments. Action taken report on the decisions of the
in the context of the Company’s business (es) Corporate governance and finance: Understanding business segments. previous meeting(s) is placed at the immediately succeeding
and sector(s) in which it operates to function of good corporate governance practices & regulatory meeting of the Board/ Committee for information and review
• Minutes of the meetings of Committees of the Board.
effectively: framework applicable to the Company and its compliances, by the Board.
maintaining board and management accountability, protecting • The information on recruitment and remuneration of
General management and leadership experience*: This stakeholders’ interests and Company’s responsibilities towards senior officers just below the Board level, including Appointment/Re-appointment of Director
includes experience in the areas of general management customers, employees, suppliers, regulatory bodies and the appointment or removal of Chief Financial Officer and The information / details pertaining to Directors seeking
practices and processes, business development, strategic communities in which it operates, financial skills, oversight the Company Secretary. appointment / re-appointment in ensuing Annual General
planning, global business opportunities, manufacturing, for risk management and internal controls and proficiency in Meeting (AGM), is provided in the Notice for the AGM. The
engineering, financial management, information technology, • Show cause, demand, prosecution notices and penalty
financial management. Notice contains the relevant information, like brief resume of the
research and development, senior level experience and notices which are materially important.
Directors, nature of their expertise in specific functional areas
academic administration. *These skills/competencies are broad-based, encompassing several
areas of expertise/ experience. Each Director may possess varied
• Fatal or serious accidents, dangerous occurrences, any and names of the companies in which they hold Directorship
combinations of skills/experience within the described set of parameters, material effluent or pollution problems. and membership of any Committee of the Board.
Knowledge, functional and managerial experience*:
and it is not necessary that all Directors possess all skills/experience
Knowledge and skills in accounting and finance, business listed therein. • Any material default in the financial obligations to and by
judgment, crisis response and management, industry the Company, or substantial non-payment for goods sold
BOARD COMMITTEES
/ services provided by the Company. The Board of Directors have constituted following Committees
Given below is a list of core skills, expertise and competencies of the individual Directors: consisting of Executive and Non-Executive Directors of the
• Any issue, which involves possible public or product Company with adequate delegation of powers to meet various
Core Skills/Expertise DMS TS NS HD SS JKD SAC MKK RPS MH
liability claims of substantial nature, including any mandatory requirements of the Act and Listing Regulations
General Management and Leadership ü ü ü ü ü ü ü ü ü ü
judgment or order which, may have passed strictures on and perform as also to oversee business of the Company
Functional and managerial experience ü ü ü ü ü ü ü ü ü ü
the conduct of the Company or taken an adverse view and to take decisions within the parameters defined by the
Diversity behavioural and personal attributes ü ü ü ü ü ü ü ü ü ü regarding another enterprise that can have negative Board. The Company Secretary acts as the Secretary to all
Corporate governance and Finance ü ü ü ü ü ü ü ü ü ü implications on the Company. the Committees of the Board:
DMS- Mr. Dhruv M. Sawhney, TS- Mr. Tarun Sawhney, NS- Mr. Nikhil Sawhney, HD – Ms Homai A. Daruwalla, SS- Mr. Sudipto • Details of any joint venture or collaboration agreement.
1. Audit Committee
Sarkar, JKD – Mr. Jitendra Kumar Dadoo, SAC-Mr. Siraj Azmat Chaudhry, MKK- Mr. Manoj Kumar Kohli, RPS-Dr. Rajender Pal • Transactions that involve substantial payment towards
Singh, MH- Dr. Meena Hemchandra. goodwill, brand equity, or intellectual property. 2. Nomination and Remuneration Committee
• Significant labour problems and their proposed solutions.
BOARD MEETING FREQUENCY AND The Board reviewed compliance reports prepared by the
Any significant development in Human Resources / 3. Stakeholders’ Relationship Committee
CIRCULATION OF AGENDA PAPERS Company on quarterly periodicity. Industrial Relations front like signing of wage agreement,
The Board and its Committees meet at regular intervals 4. Corporate Social Responsibility Committee
implementation of Voluntary Retirement Scheme etc.
for discussion on agenda circulated well in advance by the Presentation by the Management
• Sale of material nature, of investments, subsidiaries, 5. Risk Management Committee
Company. All material information is incorporated in the The senior management of the Company is invited at the
assets, which is not in normal course of business.
agenda for facilitating meaningful and focused discussion at meetings to make presentations to the Board, covering
Details on the role and composition of these committees,
the meeting. Where it is not practical to attach or send the operations of the businesses of the Company, Strategy • Quarterly details of foreign exchange exposures and
relevant information as a part of agenda papers, the same including the number of meetings held during the financial year
and Business Plans and to provide clarifications as and the steps taken by the management to limit the risks of
are tabled at the Meeting. To meet business exigencies, and the related attendance are provided below:
adverse exchange rate movement, if material.
when necessary.
resolutions in respect of urgent matters are passed by the
Directors by Circulation.
• Non-compliance of any regulatory, statutory nature or (I) Audit Committee
Access to Employees listing requirements and shareholders servicing issues, Composition, Meetings & Attendance
The Company has proper systems to enable the Board to The Directors bring an independent perspective on the issues such as non-payment of dividend, delay in share
The Committee is headed by an Independent Director
periodically review compliance reports of all laws applicable deliberated by the Board. They have complete and unfettered transfer etc.
and consists of the members as stated below. During
to the Company, as prepared by the Company as well as steps access to any information of the Company and to any employee • Statutory compliance report of all laws applicable to the year ended on March 31, 2024, the Audit Committee
taken by the Company to rectify instances of non-compliances. of the Company. the Company. was reconstituted on January 30, 2024 by inducting Dr.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
(Mrs.) Meena Hemchandra as member and designating •
Approval or any subsequent modifications of Terms of reference The Chairman and Managing Director and Vice
Mr. Sudipto Sarkar as Chairman in place of Ms. Homai A. transactions of the Company with related parties. The function and terms of reference of NRC broadly Chairman and Managing Director evaluates the Senior
Daruwalla. During the FY 24, the Committee met six times • Scrutiny of Inter-Corporate loans and investments. include: Management Personnel, including KMPs considering the
i.e. on May 4, 2023, May 25, 2023, July 25, 2023, October competencies/indicators provided in the Remuneration
30, 2023, December 22, 2023 and January 29, 2024. The • Valuation of undertakings or assets of the Company, • To identify persons who are qualified to become Policy. The Nomination and Remuneration Policy is
composition and attendance of each Audit Committee wherever required. Directors (Executive, Non-Executive and available on the Company’s website at https://www.
Member is as under:- • Reviewing the utilisation of loans and/or advances Independent Directors) and who may be appointed trivenigroup.com/files/policies/Nomination%20&%20
from/investment by the holding company in the in senior management in accordance with the Remuneration%20Policy.pdf
Name of the Category No. of Meetings
subsidiary exceeding ` 100 crore or 10% of the criteria laid down.
Member Held Attended asset size of the subsidiary, whichever is lower Performance Evaluation and Criteria
Mr. Sudipto Independent Non- 6 6 • To recommend to the Board their appointment
including existing loans / advances / investment.
Sarkar-Chairman Executive Director and removal and shall carry out evaluation of every The Nomination and Remuneration Committee has
• To consider and comment on rationale, cost- director’s performance. laid down the criteria for evaluation of performance
Mr Tarun Sawhney Promoter & 6 6
benefits and impact of schemes involving merger, of Directors based on the indicators provided in the
Executive Director • To formulate the criteria for determining qualifications,
demerger, amalgamation etc. on the listed entity and Remuneration Policy. A structured questionnaire was
Ms. Homai A. Independent Non- 6 its shareholders. positive attributes and independence of a director
prepared for capturing various aspects of the functioning
Daruwalla* Executive Director 6 and recommend to the Board a policy, relating
• Any other matter as may be prescribed, from time to of Board, such as adequacy of the composition of the
Dr. Meena Independent Non- NA NA to the remuneration for the directors (Executive,
time, to be referred to the Audit Committee in terms of Board and its Committees, Board culture, execution
Hemchandra Executive Director Non-Executive and Independent Directors), key
the Companies Act 2013/ SEBI (LODR) Regulations and performance of specific duties, obligations and
and the applicable rules, regulations thereto. managerial personnel and other employees.
*Ms Daruwalla ceased to be the Chairperson-Member of the Audit governance. The performance evaluation of Independent
Committee w.e.f. January 30, 2024. • Plan for succession of Board members and Key Directors (IDs) was done by the entire Board of Directors,
The constitution and terms of reference of the Audit Managerial Personnel. excluding the ID being evaluated, based on parameters,
The Chairperson of the Audit Committee attended the Committee meet the requirements of Regulation 18 of such as, number of meetings attended, inputs and
last AGM held on September 8, 2023 to answer the the Listing Regulations read with the relevant provisions • Devising a policy on Board diversity.
contribution made, independence of judgement,
shareholders’ queries. of the Companies Act, 2013. •
To formulate, administer and supervise the independence from management, effectiveness etc.
Company’s Employee Stock Option Schemes (ESOP The performance evaluation of the Board, its Chairman
Terms of reference (II)
Nomination and Remuneration Committee Schemes) including grant of stock options under the and the Non-Independent Directors was carried out by
The function and terms of reference of Audit Committee (‘NRC’)
ESOP Schemes to the permanent employees of the the Independent Directors. The Board expressed its
broadly include:- Composition, Meetings & Attendance Company from time to time in accordance with SEBI satisfaction with the evaluation process.
•
Reviewing the Company’s financial reporting The NRC is headed by an Independent Director and Guidelines/Regulations.
consists of the members as stated below. During the year Remuneration to Executive Directors
process and its financial statements. • To review the adequacy of aforesaid terms of
ended on March 31, 2024, the NRC was reconstituted
reference and recommend any proposed change The remuneration to the Executive Directors is
• Reviewing the accounting and financial policies on January 30, 2024 by inducting Mr. Jitendra Kumar
Dadoo and Mr. Siraj Azmat Chaudhry as members and to the Board for its approval. recommended by the Nomination and Remuneration
and practices and compliance with applicable
designating Mr. Dadoo as Chairperson in place of Ms. Committee to the Board and after approval by the
accounting standards.
Homai A Daruwalla. During the FY 24, the NRC met The constitution and terms of reference of the NRC Board, the same is put up for the Shareholders approval.
• Evaluation of the internal financial controls and four times i.e. on May 25, 2023, July 25, 2023, August meet the requirements of Regulation 19 of the Listing Executive Directors do not receive any sitting fees for
monitor risk management systems adopted 12, 2023 and January 29, 2024. The composition and Regulations read with the relevant provisions of the attending the Board and Committee meetings.
by the Company and ensure compliance with attendance of each Committee Member is as under:- Companies Act, 2013 and the SEBI ESOP Guidelines/
regulatory guidelines. During the FY 24 ended on March 31, 2024, the Company
Name of the Category No. of Regulations.
• Reviewing reports furnished by the internal and Member Meetings had two Executive Directors viz. Mr. Dhruv M Sawhney,
statutory auditors, and ensure that suitable follow- Held Attended Remuneration Policy Chairman and Managing Director (CMD) and Mr. Tarun
up action is taken. Sawhney, Vice Chairman and Managing Director (VCMD).
Mr. Jitendra Kumar Independent Non- NA NA In terms of the provisions of the Companies Act, 2013
• Examining accountancy and disclosure aspects of Dadoo- Chairman Executive Director and the Listing Regulations, the Board of Directors of the
The details of remuneration paid/payable to CMD and
all significant transactions. Mr. Nikhil Sawhney Promoter & Non- 4 4 Company has adopted Nomination and Remuneration
VCMD during the FY 24 ended on March 31, 2024 are
Executive Director Policy for nomination and remuneration of Directors, Key
• Reviewing with management the quarterly, half as under:
Mr. Sudipto Sarkar Independent Non- 4 4 Managerial Personnel (KMP) and Senior Management.
yearly & annual financial statements including review Executive Director The Nomination and Remuneration Committee inter-alia
of qualifications, if any, in the audit report before
Mr. Siraj Azmat Independent Non- NA NA recommends the remuneration of Executive Directors,
submission to the Board for approval.
Chaudhry Executive Director which is approved by the Board of Directors, subject
• Recommending appointment of external and internal Ms. Homai A. Independent Non- 4 4 to approval of the shareholders, wherever necessary.
auditors and fixation of audit fees. Daruwalla* Executive Director
• Seeking legal or professional advice, if required. *Ms Daruwalla ceased to be the Chairperson-Member of the NRC
w.e.f. January 30, 2024.
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` in Lakh Terms of reference Online Dispute Resolution (‘ODR’) Mechanism: In
` in Lakh
Name of the Mr. Dhruv M. Mr. Tarun The function and terms of reference/role of SRC broadly order to streamline the dispute resolution mechanism in
Name of the Sitting Commission No. of
Executive Sawhney Sawhney include:- the securities market, SEBI has, vide its circular dated
Non- Executive Fees Equity
Director CMD VCMD 31 July 2023, as amended from time to time, read with
Director Shares • Resolving the grievances of the security holders of the
No. of Equity 18258411 12494259 Master circular dated 28 December 2023, introduced
held listed entity including complaints related to transfer/
Shares held a common ODR mechanism which harnesses online
Mr. Sudipto Sarkar 15.75 20.00 Nil transmission of shares, non-receipt of annual report,
Service Period 31.03.2020*1 to 01.10.2023*1 to conciliation and arbitration for resolution of all kinds
30.03.2025 30.09.2028 Mr. Jitendra Kumar 7.50 18.00 Nil non-receipt of declared dividends, issue of new/ of disputes relating to securities market. Under ODR
Dadoo duplicate certificates, general meetings etc. mechanism, an investor shall first take up his/her/
Salary Nil 374.94
Performance Nil 550.00
Mr. Siraj Azmat 4.00 12.00 Nil • Review of measures taken for effective exercise of their grievance by lodging a complaint directly with
Bonus/Commission Chaudhry voting rights by shareholders. the concerned Market Participant viz., Company. If the
Contribution to PF Nil 59.84 Mr. Manoj Kumar 1.00 12.00 Nil grievance is not redressed satisfactorily at the first phase,
• Review of adherence to the service standards
& other funds*2 Kohli the investor may escalate the same through the SCORES
adopted by the company in respect of various
Other Perquisites Nil 40.44 Dr. Rajender Pal 3.50 12.00 Nil Portal in accordance with the process laid out therein.
services being rendered by the Registrar & Share
Total Nil 1025.22 Singh Transfer Agent. ODR Mechanism provides a third level of escalation, if
Dr. Meena 2.00 3.00 Nil the investor is not satisfied with the resolution provided
*1
date of re-appointment. There is no notice period and no • Review of the various measures and initiatives
severance fees. Hemchandra by the Company, the investor may initiate the dispute
taken by the Company for reducing the quantum of through the ODR portal within the timeframe prescribed
*2 does not include gratuity as it is provided based on actuarial *
Ceased to be a director on account of tenure completion on
valuation. unclaimed dividends and ensuring timely receipt of under the circular. The ODR portal can be accessed at
March 31, 2024.
dividend warrants/annual reports/statutory notices https://smartodr.in/login. The detailed circular containing
During the year, Mr. Dhruv M. Sawhney has not drawn by the shareholders of the Company. the process is also available on the website of the
None of the Independent Non-Executive Directors have
any remuneration from this Company in his capacity as any pecuniary relationship or transactions with the • Review of the report(s) which may be submitted by Company at https://www.trivenigroup.com/shareholders-
Chairman and Managing Director of the Company. He Company, its promoters and its senior management, the Company Secretary/RTA relating to approval/ information?q=online-dispute-resolution.
has drawn remuneration from Triveni Turbines DMCC, its subsidiaries and associate companies except for the confirmation of requests for share transfer/
Dubai (UAE), a foreign step-down subsidiary of erstwhile payment of remuneration as stated above. transmission/ transposition/ consolidation/ (IV)
Corporate Social Responsibility Committee
Associate Company, Triveni Turbine Ltd. (TTL). The issue of duplicate share certificates/sub-division, (‘CSR Committee’)
remuneration drawn by Mr. Tarun Sawhney is within During the year, the Company has not issued any Stock consolidation, remat, demat etc on quarterly basis. Composition, Meetings & Attendance
the ceiling prescribed under the Companies Act, 2013, Option to the Directors including Independent Directors
The constitution and terms of reference of the The Committee is headed by an Independent Director
Listing Regulations and in accordance with the approval under its ESOP Schemes.
Stakeholders’ Relationship Committee meet the and consists of the members as stated below. During
of the Board and the Shareholders of the Company.
requirements of Regulation 20 of the Listing Regulations the year ended on March 31, 2024, the CSR Committee
(III) Stakeholders’ Relationship Committee (SRC)
read with the relevant provisions of the Companies Act, was reconstituted on January 30, 2024 by inducting
Remuneration to Non-Executive Directors (NEDs) Composition, Meetings & Attendance
2013. Ms. Geeta Bhalla, Group Vice President & Company Dr. Rajender Pal Singh as member and designating him
The Company pays sitting fee to its NEDs for attending The Committee is headed by an Independent Director as Chairman in place of Ms. Homai A Daruwalla. During
Secretary has been designated as the Compliance Officer
the meetings of the Board and its Committees within the and consists of the members as stated below. During of the Company. the FY 24 the Committee met twice i.e. on May 25, 2023
limits prescribed under the provisions of the Companies the FY 24 ended on March 31, 2024 the Committee met and March 18, 2024. The composition and attendance
Act, 2013. In addition to the sitting fees, the NEDs are once i.e. on January 30, 2024. The composition and Details of investor complaints of each Committee Member is as under:-
entitled to profit based commission within the limits attendance of each Committee Member is as under:- During the FY 24 ended on March 31, 2024, the Company
approved by the shareholders of the Company. The said Name of the No. of Meetings
received complaints from various shareholders / investors Category
commission is decided by the Board and distributed to Name of the Category No. of Meetings Member Held*1 Attended
Member directly and/or through the Stock Exchanges / SEBI
NEDs based on their performance. Held Attended Dr. Rajender Pal Independent Non- 1 1
relating to non-receipt of dividend / redemption money,
Mr. Nikhil Sawhney Promoter & Non- 1 1 Singh - Chairman Executive Director
annual report/notice of general meeting, new share
The details of the remuneration paid/provided during the – Chairman Executive Director Mr. Tarun Sawhney Promoter & 2 2
certificates etc. All of them were resolved / replied suitably
FY 24 ended on March 31, 2024 to NEDs are as follows:- Mr. Tarun Sawhney Promoter & 1 1 Executive Director
by furnishing the requisite information /documents. Details
Executive Director Mr. Nikhil Sawhney Promoter & Non- 2 2
` in Lakh of investor complaints received and resolved during the
Mr. Sudipto Sarkar Independent Non- 1 1 Executive Director
Name of the Sitting Commission No. of FY 24 are as follows:
Executive Director Ms. Homai A. Independent Non- 1 1
Non- Executive Fees Equity Daruwalla*2 Executive Director
Director Shares Opening Received Resolved Pending
*1 Meetings held during the tenure of respective members
held Balance
*2 Ms Daruwalla ceased to be the Chairperson-Member of the CSR
Mr. Nikhil Sawhney 11.65 57.00 12986575 Nil 14 14 Nil
Committee w.e.f. January 30, 2024.
Ms. Homai A. 15.50 21.00 Nil Further, there were no pending share transfers and
Daruwalla* requests for dematerialisation as on March 31, 2024.
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Terms of reference (c) Business continuity plan. Particulars of senior management including the changes therein
The CSR Committee is authorised to formulate and The senior management comprises the leadership team, consisting of core management members and functional heads.
recommend to the Board, a CSR policy indicating the • To ensure that appropriate methodology, processes As of March 31, 2024, the following individuals served as senior management personnel of the Company:
activity or activities to be undertaken by the Company and systems are in place to monitor and evaluate
as specified in Schedule VII of the Companies Act, 2013; risks associated with the business of the Company. Sr. No. Name Designation
recommend the amount to be spent on such activities; 1. Mr. Sameer Sinha CEO (SBG)
monitor the Company’s CSR policy periodically and • To monitor and oversee implementation of the 2. Mr. Rajiv Rajpal CEO (PTB)
institute a transparent monitoring mechanism for the risk management policy, including evaluating the 3. Mr. Kamal Verma CEO (WBG)
implementation of the CSR projects. adequacy of risk management systems.
4. Mr. B.K. Agrawal President (Corporate)
5. Mr. Suresh Taneja Group CFO
The constitution and terms of reference of the CSR •
To periodically review the risk management
policy, at least once in two years, including by 6. Mrs. Geeta Bhalla Group Vice President & Company Secretary
Committee meet the requirements of relevant provisions
considering the changing industry dynamics and 7. Mr. R.K. Goel Sr. Vice President & CFO (SBG)
of the Companies Act, 2013.
evolving complexity. 8. Mr. Sanjeev Asthana Vice President (HR)
(V) Risk Management Committee (RMC) 9. Mr. Akash Premsen Vice President (Strategy)
• To keep the board of directors informed about 10. Mr. Prateek Kumar Group CLO
Composition, Meetings & Attendance
the nature and content of its discussions,
The Committee is headed by an Executive Director and recommendations and actions to be taken. During FY 2023-24, there has been no change in the senior management.
consists of four Board members as stated below. During
the FY 24 ended on March 31, 2024 the Committee met • To review the appointment, removal and terms GENERAL BODY MEETINGS
twice i.e. on August 18, 2023 and January 30, 2024. The of remuneration of the Chief Risk Officer of the Particulars of the last three Annual General Meetings are as follows:
composition and attendance of each Committee Member Company (if any).
Year Date & Day Location Time Special Resolution
is as under:
• To coordinate the activities of the Committee with 2022-23 September 8, Conducted AGM 11.00 a.m. 1.
Reappointment of Mr. Tarun Sawhney as Managing
Name of the Category No. of Meetings 2023 Friday through Video Director (designated as Vice Chairman & Managing
other committees, in instances where there is any
Member Held Attended conferencing/other Director) of the Company for a period of five years w.e.f.
overlap with activities of other such committees,
Mr. Dhruv M. Promoter & 2 2 as per the framework laid down by the board audio Visual means*. October 1, 2023 and payment of remuneration to him.
Sawhney – Executive Director of directors. 2.
Appointment of Mr. Siraj Azmat Chaudhry as an
Chairman
Independent Director for a term of five years w.e.f July
Mr. Tarun Sawhney Promoter & 2 2 • To seek information from any employee, obtain 25, 2023 to July 24, 2028.
Executive Director outside legal or other professional advice and secure
Mr. Nikhil Sawhney Promoter & Non- 2 2 attendance of outsiders with relevant expertise, if it 3.
Appointment of Mr. Manoj Kumar Kohli as an
Executive Director considers necessary. Independent Director for a term of five years w.e.f.
Mr. Jitendra Kumar Independent Non- 2 2 August 12, 2023 to August 11, 2028.
Dadoo Executive Director • To pursue such other activities and functions as 4.
Appointment of Dr. Rajender Pal Singh as an
may be provided under the relevant provisions of the Independent Director for a term of five years w.e.f.
Terms of reference Companies Act, 2013 or SEBI (LODR) Regulations, August 12, 2023 to August 11, 2028.
The role and powers of the RMC broadly include: 2015 duly amended from time to time. 2021-22 August Conducted AGM 11.30 a.m. -None-
24, 2022 through Video
• To formulate a detailed risk management policy The constitution and terms of reference of RMC meet the Wednesday conferencing /other
which shall include: requirements of Regulation 21 of the Listing Regulations. audio Visual means*
(a)
A framework for identification of internal 2020-21 September 17, Conducted AGM 3.00 p.m. 1.
Payment of remuneration by way of Commission to
Other Committees
and external risks specifically faced by the 2021 Friday through Video Non-Executive Directors for a period of five years from
Company, in particular including financial, xecutive Sub-Committee - Apart from the above
E conferencing /other the financial year commencing April 1, 2021.
operational, sectoral, sustainability (particularly, statutory committees, the Board of Directors has audio Visual means*
constituted an Executive Sub-Committee, presently 2. Shifting of the Registered Office of the Company from
ESG related risks), information, cyber security
comprising of three (3) Directors to oversee routine Deoband, Dist Saharanpur U. P. to A-44, Hosiery
risks or any other risk as determined by
matters that are in the normal course of the business. Complex, Phase-II Extn. Noida-201305, U.P.
the Committee.
The Board of Directors have delegated certain powers to * Pursuant to the general circular dated December 28, 2022 read with circular dated May 5, 2020 and other applicable circulars issued by the Ministry
(b)
Measures for risk mitigation including this Committee to facilitate the working of the Company. of Corporate Affairs from time to time.
systems and processes for internal control of The Committee met four times during the FY 24 ended
identified risks. on March 31, 2024.
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POSTAL BALLOT GENERAL SHAREHOLDER INFORMATION (c) Final Dividend Record Date: September 6, 2024
(a) Details of the Special Resolutions passed by the Company through Postal Ballot: (a) Annual General Meeting
(d) Final Dividend Payment Date: Within 30 days of AGM
During the FY 24 ended on March 31, 2024, the Company has sought approval from its shareholders for passing of following Day & Date : Friday, September 13, 2024
special resolution, as set out in the Postal Ballot Notice through the process of postal ballot. Mr. Suresh Gupta, Practicing Time : 11:00 A.M. (IST) (e) Listing on Stock Exchanges
Company Secretary (M.No.5660/CP No.5204) conducted the postal ballot process in a fair and transparent manner. The
Venue : The Company is conducting the meeting The equity shares of the Company are listed at the
details of the resolution along with the snapshot of the voting results are as follows:
through Video Conferencing/Other Audio following stock exchanges:
Date of Postal Ballot Notice: February 27, 2024 Visual Means pursuant to the General Sl. Name and Address of Stock Stock
Voting Period: March 1, 2024 (9:00 a.m.) to March 30, 2024 (5:00 p.m.) Circular No.09/2023 dated September 25, No. Exchanges Code
2023 issued by the Ministry of Corporate
Date of declaration of result of Postal Ballot: April 1, 2024 1. BSE Ltd. Phiroze Jeejeebhoy Towers 532356
Affairs. The deemed Venue for Meeting will
Dalal Street, Fort, Mumbai - 400 023.
Date of approval: March 30, 2024 (being last date of e-voting period) be registered Office of the Company.
2. National Stock Exchange of India Ltd. TRIVENI
Sr Detail of Special Resolution Number Votes Cast in favour of Votes Cast against the (b) Financial Year: April to March Exchange Plaza, 5th Floor, Plot No.
No of Valid the Resolution Resolution C/1, G Block, Bandra (E), Mumbai -
Postal Ballot No. % No. % Financial calendar for the financial year 2024-25 (tentative) 400 051.
received
Financial Reporting for the quarter : By mid of August
1 Appointment of Dr. Meena Hemchandra 493 161506211 99.9970 4889 0.0030 The Company has paid the listing fees for the FY 25 to
ending June 30, 2024 2024
(DIN:05337181) as an Independent Director both the aforesaid Stock Exchanges.
Financial Reporting for the quarter / : By mid of
for a term of five consecutive years w.e.f.
half year ending September 30, 2024 November 2024
January 30, 2024 to January 29, 2029.
Financial Reporting for the quarter / : By mid of
nine months ending December 31, February 2025
(b) Whether any special resolution is proposed (c)
Teleconferences and Press conferences,
2024
to be conducted through postal ballot: Presentation etc.: The Company held quarterly
Investors Teleconferences and Press Conferences for Financial Reporting for the annual : By the end of
There is no immediate proposal for passing any special audited accounts for the financial May 2025
resolution through postal ballot before ensuing Annual the investors of the Company after the declaration of
the Quarterly / Annual Results. The Company made year ending March, 31, 2025
General Meeting.
presentations to institutional investors /analysts during
(c) Procedure for Postal Ballot: the period which are available on the Company’s website.
The Company endeavours to follow the procedure laid (d)
Exclusive email ID for investors: The Company (f) Market Price Data/Stock Performance: FY 24 ended on March 31, 2024
down under the relevant provisions of the Act read with has designated the email id shares@trivenigroup. During the year under report, the trading in Company’s equity shares was from April 1, 2023 to March 31, 2024. The high
rules thereof and the provisions of the Listing Regulations com exclusively for investor servicing, and the same is low price during this period on the BSE and NSE was as under:-
as and when there is any proposal for passing resolutions prominently displayed on the Company’s website www.
by postal ballot. trivenigroup.com. The Company strives to reply to the Month Bombay Stock Exchange (BSE) National Stock Exchange (NSE)
Complaints within a period of 6 working days. High Low High Low
MEANS OF COMMUNICATION April, 2023 295.90 264.65 296.00 264.65
(a) Quarterly Results: The Unaudited quarterly / half yearly (e) Annual Report: Annual Report contains inter-alia Audited
May, 2023 288.25 261.30 288.50 261.10
financial results and the annual audited financial results Annual Stand-alone Financial Statement, Consolidated
June, 2023 302.75 272.45 302.65 272.50
of the Company were published in National English and Financial Statement, Directors’ Report and Auditors’
Report. The Management Perspective, Business Review July, 2023 333.20 275.05 333.00 275.05
Hindi newspapers and displayed on the website of the
and Financial Highlights are also part of the annual report. August, 2023 317.40 285.00 317.55 284.60
Company at www.trivenigroup.com and the same were
also sent to all the Stock Exchanges where the equity September, 2023 403.95 311.95 404.00 311.45
(f)
The Management Discussion & Analysis: The
shares of the Company are listed. The Investor’s brief Management Discussion & Analysis Report forms part October, 2023 417.00 343.60 416.50 343.10
were also sent to Stock Exchanges. of the annual report. November, 2023 400.00 351.60 400.90 351.00
December, 2023 397.95 329.10 395.90 329.00
(b) Website www.trivenigroup.com: Detailed information (g)
Intimation to Stock Exchanges: The Company
January, 2024 348.90 322.30 349.00 321.70
on the Company’s business and products; quarterly / half intimates stock exchanges all price sensitive information
yearly / nine months and annual financial results, Investor or such other information which in its opinion are material February, 2024 367.90 326.15 368.40 325.90
brief and the quarterly distribution of Shareholding are & of relevance to the shareholders. The Company also March, 2024 357.15 301.85 357.05 304.50
displayed on the Company’s website. submits electronically various compliance reports /
statements periodically in accordance with the provisions
of the Listing Regulations on NSE and BSE Electronic
Filing System.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
(g) Performance of the share price of the Company in comparison to the BSE Sensex entirety. The concerned members are therefore urged to furnish PAN, KYC and Choice of Nomination by submitting the
prescribed forms available on the website of the Company at https://www.trivenigroup.com/shareholders-information?q=kyc-
forms duly filled up and signed, by email from their registered email id to [email protected] or by sending a physical
copy of the prescribed form duly filled up and signed by all the registered holders to the Company’s RTA, M/s. KFin
Technologies Limited, Hyderabad.
Members who are holding shares in dematerialised mode are requested to approach their respective Depository Participants
(‘DPs’) for change of address, registration of e-mail address, nomination and update of bank account details etc.
(j) Distribution of Equity Shareholding as on March 31, 2024
Group of Shares Number of % of total Number of % of Total
Shareholders Shareholders Shares held Shares
From 1 - 500 109487 93.283 7712568 3.523
501 – 1000 3765 3.208 2952937 1.349
1001 - 2000 1932 1.646 2887705 1.319
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sept-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 2001 - 3000 655 0.558 1661496 0.759
3001 - 4000 308 0.262 1081598 0.494
4001 - 5000 241 0.205 1126134 0.515
5001 - 10000 434 0.370 3154841 1.441
(h) Registrar & Share Transfer Agent Exchange of securities certificate; (d) Endorsement;
10001 & above 549 0.468 198320689 90.600
M/s. KFin Technologies Limited continue to act as the (e) Sub-division/ Splitting of securities certificate; (f)
Consolidation of securities certificates/folios; and (g) **TOTAL** 117371 100.000 218897968 100.000
Registrar and Share Transfer Agent of the Company.
Transmission/Transposition. The Company/RTA shall
verify and process the service requests for the aforesaid (k) Shareholding Pattern of Equity Shares as on March 31, 2024
(i) Share Transfer System
purposes and thereafter issue a ‘Letter of Confirmation’ Category Number of Shares held % to total shareholders
The authority for approving and confirming the request
in lieu of physical securities certificate(s), to the securities Promoters 133491162 60.983
for transfer / transmission / issue of duplicate share
holder/ claimant. Such ‘Letter of Confirmation’ shall be Mutual Funds 18065811 8.253
certificates / consolidation/ dematerialisation of shares
valid for a period of 120 days from the date of its issuance,
etc. and performing other related activities has been Banks/Financial Institutions/ Insurance Cos./NBF/AIF 759069 0.347
within which the securities holder/ claimant shall make a
delegated to the Company Secretary / Registrar and Foreign Portfolio Investors 10738383 4.906
request to the Depository Participant for dematerialising
Share Transfer Agent M/s KFin Technologies Limited Bodies Corporate 4793010 2.190
the said securities, failing which the RTA/Company shall
(RTA). A summary of transactions so approved is placed Indian Public(*) 46768431 21.365
credit the securities to the Suspense Escrow Demat
at the Stakeholders’ Relationship Committee Meeting, NRIs / Foreign Nationals 4171593 1.906
Account of the Company. Necessary Form ISR-4 for the
as and when held. The Company obtains an annual
aforesaid service requests is available on the website Others – Clearing Members/ Trust/IEPF 110509 0.050
certificate from Practising Company Secretaries as per
of the Company at https://www.trivenigroup.com/ Total 218897968 100.00
the requirement of Regulation 40(9) of Listing Regulations
shareholders-information?q=kyc-forms. Accordingly,
and the same is filed with the Stock Exchanges within
members are requested to make service requests (l) Dematerialisation of Shares & Liquidity • DP will process the DRF and generates a unique
stipulated time.
for aforesaid purposes by submitting a duly filled up The Company’s equity shares are compulsorily traded number DRN.
and signed Form ISR – 4 directly to the Company’s in the electronic form. The Company has entered into an
In terms of provisions of Regulation 40 of the Listing • DP will forward the DRF and share certificates to the
RTA, M/s. KFin Technologies Limited, along with the Agreement with NSDL and CDSL to establish electronic
Regulations as amended from time to time, requests for Company’s Registrar and Share Transfer Agent.
documents / details specified therein for processing. connectivity of its equity shares for scrip less trading.
effecting transfer of securities (including transmission/
• The Company’s Registrar and Share Transfer Agent
transposition) cannot be processed by the listed Both NSDL & CDSL have admitted the Company’s equity
As per aforesaid Master Circular, SEBI has also made after processing the DRF will confirm or reject the
companies unless the securities are held in dematerialised share on their system.
it mandatory for holders of physical securities in listed request to the Depositories.
form. Further SEBI has vide its Master circular dated May
companies to furnish PAN, Choice of Nomination, The system for getting the shares dematerialised is • Upon confirmation, the Depository will give the
7, 2024 (‘SEBI Master Circular’), notified Common and Contact details (Postal Address with PIN and Mobile as under: credit to shareholder in his / her depository account
Simplified Norms for processing investor’s service request Number), Bank A/c details and Specimen signature for
by RTAs and norms for furnishing PAN, KYC details and maintained with DP.
their corresponding folio numbers. The security holder(s) • Share Certificate(s) along with Demat Request Form
Nomination. In terms of said Master Circular, the listed whose folio(s) do not have these details shall be eligible (DRF) will be submitted by the shareholder to the
As on March 31, 2024, 99.9% of total equity share capital
companies shall issue the securities in dematerialised to lodge grievance or avail any service request from the Depository Participant (DP) with whom he/she has
of the Company was held in dematerialised form (including
form only while processing the Investor service requests RTA/Company and any payment of dividend, in respect of opened a Depository Account.
100% of the promoter holding). The ISIN allotted by NSDL
for (a) issue of duplicate securities certificate; (b) claim such folios, only through electronic mode with effect from
/ CDSL is INE256C01024. Confirmation in respect of the
from Unclaimed Suspense Account; (c) Renewal/ April 01, 2024, upon furnishing all the aforesaid details in
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
requests for dematerialisation of shares is sent to NSDL the Management Discussions & Analysis forming part of remain unclaimed progressively for seven consecutive years, will be reviewed for transfer to the IEPF as required by law.
and CDSL within the stipulated period. the Annual Report. In the interest of shareholders, the Company send prior intimation to the concerned shareholders to claim their unclaimed
dividends in order to avoid transfer of dividend/shares to IEPF and publish a notice to this effect in the newspapers.
(m) Outstanding GDR / ADR or Warrants (o) Reconciliation of Share Capital Audit
As on date there are no Global Depository Receipts As stipulated by SEBI, a qualified Practicing Company Equity shares of the Company lying in IEPF suspense account
(GDR), American Depository Receipt (ADR), Warrants or Secretary carries out Reconciliation of Share Capital In accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI (Listing Regulations, detail of
any other convertible instrument. Audit to reconcile the total admitted capital with NSDL the equity shares in the suspense account are as follows:
and CDSL and the total issued and listed capital. This
(n)
Commodity price risk or foreign exchange Particulars Number of No of Equity
audit is carried out every quarter and the report thereon
risk and hedging activities Shareholders shares
is submitted to the Stock Exchanges. The Audit confirms
Aggregate number of shareholders and the outstanding shares in the suspense 1010 96209
Barring sugarcane, the price of which is fixed by the that the total listed and paid-up capital is in agreement
account lying at the beginning of the year
Government, the Company is not exposed to any with the aggregate of the total number of shares in
material commodity price risks in respect of other raw Number of shareholders who approached listed entity for transfer of shares from 8 1138
dematerialised form and in physical form.
suspense account during the year
materials. In respect of its final products, the Company is
exposed to sugar price risk and in view of sugar business (p) Unclaimed Dividend Number of shareholders to whom shares were transferred from suspense account 7 825
during the year
being a dominant business of the Company, its impact During the year, no unclaimed dividend was liable to
is substantial. However, the Company does not have Aggregate number of shareholders and the outstanding shares in the suspense 1003 95384
be transferred to the Investor Education and Protection
significant risks from foreign currency fluctuations as account lying at the end of the year
Fund (IEPF) administered by the Central Government. All
the foreign exposures are nominal. The details on these unclaimed dividends upto the financial year 2011-12 (Final
The voting rights on the shares outstanding in the said account as on March 31, 2024 shall remain frozen till the rightful
risks, mitigation and hedging potential thereof are stated Dividend) have been transferred to IEPF. The Company
owner of such shares claims the shares.
in Note 41 of the Standalone Financial Statements and in had not declared any dividend in FY 2012 to 2017.
The dividends for the succeeding years remaining unclaimed for 7 years will be transferred by the Company to the said IEPF (r) Locations
on the due dates as given hereunder: Detailed information on plant / business locations including registered and corporate offices is provided elsewhere in the
Financial Year/ Period Whether Interim/ Final Date of declaration of Due date for transfer to Annual Report.
Dividend IEPF
(s) Address for correspondence
2017-18 Interim Dividend 10.08.2017 10.09.2024
• All Members correspondence should be forwarded to M/s. KFin Technologies Limited, the Registrar and Share
2018-19 Interim Dividend 13.02.2019 17.03.2026
Transfer Agent of the Company or to the Share Department at the Corporate Office of the Company at the addresses
2019-20 Interim Dividend 10.02.2020 15.03.2027
mentioned below.
2020-21 Final Dividend 17.09.2021 20.10.2028
2021-22 Interim Dividend 27.10.2021 29.11.2028 • The Company’s dedicated e-mail address for Investors’ Complaints and other communications is shares@trivenigroup.
2021-22 Final Dividend 24.08.2022 26.09.2029 com.
2022-23 Final Dividend 08.09.2023 11.10.2030 Registrar & Share Transfer Agent Share Department Compliance Officer
2023-24 Interim & Special Dividend 30.01.2024 03.03.2031 M/s. KFin Technologies Ltd. Triveni Engineering & Industries Ltd. Ms. Geeta Bhalla
Unit: Triveni Engineering & Industries Ltd. 8th Floor, Express Trade Towers, Group Vice President & Company Secretary
Shareholders who have not so far encashed their dividend warrant(s) or have not received the same are requested to seek Selenium Tower B, Plot 31-32, 15-16, Sector 16A, Triveni Engineering & Industries Ltd.
issuance of duplicate warrant(s) by writing to the Company confirming non-encashment / non-receipt of dividend warrant(s). Financial Noida-201 301. 8th Floor, Express Trade Towers,
District, Nanakramguda, Serilingampally Phone : +91 - 120- 4308000; 15-16, Sector 16A, Noida-201 301.
(q) Transfer of Equity Shares to Investor Education and Protection Fund (IEPF) Hyderabad - 500 032 Fax : +91- 120- 4311010-11 Phone: +91 -120-4308000;
Phone: +91-40-67162222 E-mail :- [email protected] Fax : +91 – 120- 4311010-11
In compliance with the requirements laid down in Section 124(6) of the Companies Act, 2013 read with the Investor Education
Fax: +91-40–67161563 Website :www.trivenigroup.com E-mail :- [email protected]
and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company has transferred equity
E-mail: [email protected]
shares of all such shareholders whose dividends had remained unpaid or unclaimed for seven consecutive years or more,
to the Demat Account of IEPF. However, the shareholders are entitled to claim their equity shares including all the corporate
(t) Credit Rating
benefits accruing on such shares, if any, from the IEPF Authority by submitting an online application in prescribed Form
IEPF-5 and sending a physical copy of the said Form duly signed by all the joint shareholders, if any, as per the specimen During FY 24, ICRA has upgraded the credit rating from (ICRA) AA to (ICRA) AA+ with stable outlook for long term facilities
signatures recorded with the Company along with requisite documents enumerated in the Form IEPF-5, to the Company’s and reaffirmed (ICRA) A1+. for short term facilities and commercial papers.
Registrar & Transfer Agent, M/s KFin Technologies Ltd., Hyderabad. The Rules and Form IEPF-5 for claiming back the
equity shares are available on the website of IEPF www.iepf.gov.in. It may please be noted that no claim shall lie against the OTHER DISCLOSURES
Company in respect of equity shares transferred to IEPF pursuant to the said Rules. The details of the shareholders whose • Related Party Transactions
equity shares had been transferred to the Demat Account of the IEPF and the details of unclaimed dividends lying with
During the year, there was no materially significant related party transaction which may have potential conflict with the
the Company as on the date of last AGM (i.e. September 8, 2023) are available on the website of the Company at https://
www.trivenigroup.com/shareholders-information?q=unclaimed-dividend. Further, shares in respect of which dividend will interest of the Company. The Company has in place a revised Related Party Transaction Policy which has been uploaded
156 157
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
on its website at http://www.trivenigroup.com/investor/ of The Sexual Harassment of Women at Workplace • Certification Modified opinion(s) in audit report
corporate-governance/policies.html Details of related (Prevention, Prohibition and Redressal) Act, 2013 and The Chairman and Managing Director and Group CFO The opinion expressed by the Auditor in the audit
party information and transactions are being placed Rules made thereunder which is aimed at providing every have certified to the Board of Directors, inter-alia, the report on the financial statements for the year ended
before the Audit Committee from time to time. The details women at the workplace a safe, secure and dignified accuracy of financial statements and adequacy of internal March 31, 2024 is unmodified.
of the related party transactions during the year have work environment. No complaint of sexual harassment controls for the financial reporting purpose as required
been provided in Note No.39 to the financial statements. was received from any women employee during the year. under Regulation 17 (8) of Listing Regulations, for the year • Subsidiary Companies
ended March 31, 2024. The said certificate forms part of There are 11 unlisted Indian wholly owned subsidiary
• Disclosures of Accounting Treatment • Code for prevention of Insider Trading the Annual Report. companies viz. Triveni Industries Ltd., Triveni Engineering
In the financial statements for the year ended March The Company has formulated comprehensive Code Ltd., Triveni Energy Systems Ltd., Triveni Entertainment
31, 2024, the Company has followed the treatment of Conduct to regulate, monitor and report trading by Further, as required under Regulation 34(3) and Schedule Ltd., Svastida Projects Ltd., Mathura Wastewater
as prescribed in the applicable Accounting Standards. Insiders in line with the SEBI (Prohibition of Insider Trading) V Para C clause (10)(i) of the SEBI (Listing Obligations Management Pvt. Ltd. Triveni Sugar Ltd., Gauragi
Regulations, 2015 as amended. The Code lays down the and Disclosure Requirements) Regulations, 2015), a Enterprises Ltd., United Shippers & Dredgers Ltd.,
•
Disclosures on acceptance of guidelines which advise on procedures to be followed certificate from the Company Secretary in Practice has Pali ZLD Pvt. Ltd. and Triveni Foundation (Section 8
recommendations made by the Board been received stating that none of the Directors on the Company). None of these subsidiaries is the “Material
and disclosures to be made, while dealing in shares of the
Committees Board have been debarred or disqualified from being Non-listed Subsidiary” in terms of Regulation 16(1)(c) of
Company and the consequences of non-compliances,
appointed or continuing as Directors of Companies by the Listing Regulations. The Company regularly places
During the financial year under review, there was no including the policy for enquiry in case of leak or suspected
the Board / Ministry of Corporate affairs or any such before the Board, minutes of the unlisted subsidiaries of
such instance wherein the Board had not accepted any leak of Unpublished Price Sensitive Information (‘UPSI’).
statutory authority. The said certificate forms part of the the Company. The Company has a policy for determining
recommendation of the any Committee of the Board. All The Company has also adopted Code for Fair Disclosure
Annual Report. Material Subsidiary which has been uploaded on its
the recommendations made by the Committees of the of UPSI along with Policy for Determination of Legitimate website at https://www.trivenigroup.com/corporate-
Board were accepted by the Board. Purposes and the same is available on the Company’s
Remuneration to Statutory Auditors governance.php?q=policies&page=1
website at https://www.trivenigroup.com/corporate-
• Details of Non-Compliance by the Company, governance.php?q=policies&page=1 M/s S S Kothari Mehta & Co. LLP, Chartered Accountants
•
Disclosure of commodity price risks and
penalties, stricture imposed on the Company (Firm Registration No. 000756N/N500441), are holding
commodity hedging activities
by the Stock Exchanges, SEBI or any statutory •
Code of conduct for Directors and Senior the office of Statutory Auditors of the Company and
With respect to inputs, the Company is not exposed to any
authorities or any matter related to capital Executives
two of its wholly owned subsidiaries namely, Mathura
material commodity price risks. However, with respect to
markets. Wastewater Management Pvt. Ltd. (MWMPL) and Pali
The Company has laid down a Code of Conduct for ZLD Pvt. Ltd.. The particulars of payment of Statutory the outputs, the Company is exposed to risks relating to the
The Company has complied with all the requirements of sugar price. In view of lack of adequate depth in commodity
all Board Members and the Senior Executives of the Auditors fees on consolidated basis is given below:
the Stock Exchanges / the Regulations and guidelines exchange/s in India, there is little potential of effective
Company. The Code of conduct is available on the
of SEBI and other Statutory Authorities on all matters Particulars (` in lakh) hedging but the Company strives to minimise the risk by an
Company’s website www.trivenigroup.com. They have
relating to capital markets. No penalties or strictures effective sales strategy and by producing better quality sugar
affirmed their compliance with the said code of conduct Service as Statutory Auditors (including 88.49
have been imposed by SEBI, Stock Exchanges or any which commands premium over the normal sugar.
for the financial year ended March 31, 2024. A declaration quarterly limited review)
statutory authorities on matters relating to capital markets
during the last three years. to this effect duly signed by the Chairman and Managing Other matters (including tax audit of 3.07
• Disclosure of certain types of agreements binding
Director is given below: MWMPL & PZPL) listed entities
•
Whistle Blower Policy and Affirmation that Re-imbursement of out of pocket 2.63
Information as required to be disclosed under clause 5A
no personnel has been denied access to the To the Shareholders of Triveni Engineering & expenses of paragraph A of Part A of Schedule III of SEBI Listing
Audit Committee Industries Ltd. Total 94.19 Regulations: The Company has not entered into any such
The Company has established a vigil mechanism through Sub.: Compliance with Code of Conduct agreement(s).
a Whistle Blower Policy for directors and employees to • Disclosure of Loans and Advances
report concerns about unethical behaviour, actual or I hereby declare that all the Board Members and the Senior During the year, the Company has not given any loans and AUDITORS’ CERTIFICATE ON COMPLIANCE OF
suspected fraud or violation of the Company’s code of Management Personnel of the Company have affirmed advances in the nature of loans to any firms/companies in CORPORATE GOVERNANCE
conduct or ethics policy. The mechanism provides for compliance with the Code of Conduct as adopted by the which Directors are interested. The certificate dated May 20, 2024 from Statutory Auditors
adequate safeguards against victimisation of director(s) Board of Directors and applicable to them for the financial of the Company (M/s SS Kothari Mehta & Co. LLP
/ employee(s) who express their concerns and also year ended March 31, 2024. • Details of compliance with mandatory requirements confirming compliance with the Corporate Governance
provides for direct access to the Chairperson of the and adoption of the non-mandatory requirements requirements as stipulated under the Listing Regulations
Audit Committee in exceptional cases. During the year The details of mandatory requirements are mentioned is annexed hereto.
under review, no personnel was denied access to the in this Report. The Company is in compliance with the
Audit Committee. The above report has been adopted by the Board of
requirements specified under regulations 17 to 27 and
Directors of the Company at their meeting held on
clauses (b) to (i) of sub-regulation (2) of regulation 46 of
•
Disclosures in relation to The Sexual May 20, 2024.
the Listing Regulations, as applicable, with regard to
Harassment of Women at Workplace corporate governance. For and on behalf of the Board of Directors
(Prevention, Prohibition and Redressal) Act, Dhruv M. Sawhney
2013 The status of adoption of the discretionary requirement as Dhruv M. Sawhney
The Company has formulated a policy on prevention of Noida Chairman and Managing Director prescribed in Schedule II Part E of the Listing Regulations Noida Chairman and Managing Director
Sexual Harassment in accordance with the provisions May 20, 2024 DIN:00102999 is as under: May 20, 2024 DIN: 00102999
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Annexure-C CEO / CFO Certification
Independent Auditor’s Certificate on Corporate Governance
To To
The Members of The Board of Directors
Triveni Engineering & Industries Limited Triveni Engineering & Industries Ltd.
We have examined the compliance of conditions of Corporate Governance by Triveni Engineering & Industries Limited Sub : CEO / CFO certification under Regulation 17(8) of Listing Agreement
(“the Company”) for the year ended March 31, 2024, as stipulated in Regulations 17 to 27 and clause (b) to (i) of Regulation 46
(2) and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure
We, Dhruv M. Sawhney, Chairman and Managing Director and Mr. Suresh Taneja, Group CFO certify to the Board that:
Requirements) Regulations, 2015 as amended (‘Listing Regulations’) pursuant to the Listing Agreement of the Company with
Stock Exchanges.
(a) We have reviewed financial statements and the cash flow statement for the year ended March 31, 2024 and that to the best
Management’s Responsibility of our knowledge and belief:
The compliance of the Corporate Governance Report is the responsibility of the Management of the Company including the
preparation and maintenance of all relevant supporting records and documents. This responsibility also includes the design, (i) These statements do not contain any materially untrue statement or omit any material fact or contain statements that
implementation and maintenance of internal control relevant to ensure the compliance with the conditions of Corporate Governance might be misleading;
as stipulated in the Listing Regulations, issued by the Securities and Exchange Board of India.
(ii) These statements together present a true and fair view of the company’s affairs and are in compliance with existing
Auditor’s Responsibility
accounting standards, applicable laws and regulations.
Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of
the terms and conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
(b) There are, to the best of our knowledge and belief, no transactions entered into by the company during the year which are
of the Company.
fraudulent, illegal or violative of the company’s code of conduct.
We have examined the relevant records and documents maintained by the Company for the purposes of providing reasonable
assurance on the compliance with Corporate Governance requirements by the Company. (c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated
Pursuant to the requirements of the Listing Regulations, it is our responsibility to provide a reasonable assurance whether the the effectiveness of internal control systems of the company pertaining to financial reporting and we have disclosed to the
Company has complied with the conditions of Corporate Governance as stipulated in Listing Regulations for the year ended auditors and the Audit Committee, deficiencies in design or operation of such internal controls, if any, of which we are aware
March 31, 2024. and the steps we have taken or propose to take to rectify these deficiencies.
We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certification
of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the Standards on Auditing (d) We have indicated to the auditors and the Audit Committee:
specified under Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certificate and as per
the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with the (i) That there were no significant changes in internal control over financial reporting during the year;
ethical requirements of the Code of Ethics issued by the ICAI.
(ii) There are no significant changes in accounting policies during the year; and
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms
that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements. (iii) That there were no instances of significant fraud, of which we have become aware and the involvement therein,
Opinion if any, of the management or an employee having a significant role in the company’s internal control system over
financial reporting.
Based on our examination of the relevant records and according to the information and explanations provided to us and the
representations provided by the Management, we certify that the Company has complied with the conditions of Corporate
Governance as stipulated in regulations 17 to 27 and Clauses (b) to (i) of Regulation 46(2) and para C, D and E of Schedule V of Suresh Taneja Dhruv M. Sawhney
the Listing Regulations during the year ended March 31, 2024.
Group CFO Chairman and Managing Director
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness DIN:00102999
with which the Management has conducted the affairs of the Company. Noida
Restriction on use May 20, 2024
This certificate is issued solely for the purpose of complying with the aforesaid regulations and may not be suitable for any
other purpose.
For S. S. Kothari Mehta & Co. LLP
Chartered Accountants
Firm Registration No. 000756N/N500441
Vijay Kumar
Partner
Place: New Delhi Membership No. 092671
Dated: May 20, 2024 UDIN: 24092671BKFBON2943
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Certificate of Non-Disqualification of Directors Annexure-D
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015) Form No. MR-3
To, Secretarial Audit Report
The Members of For The Financial Year Ended March 31, 2024
M/s Triveni Engineering & Industries Limited [Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies
A-44, Hosiery Complex, Phase-II Extension, (Appointment and Remuneration Personnel) Rules, 2014]
Noida-201305 (Uttar Pradesh)
To, effectiveness with which the management has conducted
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of TRIVENI The Members, the affairs of the Company.
ENGINEERING & INDUSTRIES LIMITED having CIN- L15421UP1932PLC022174 and having registered office at A-44, Hosiery Triveni Engineering and Industries Limited
Complex, Phase-II Extension, Noida-201305 (Uttar Pradesh) (hereinafter referred to as ‘the Company’), produced before us by (CIN: L15421UP1932PLC022174) Based on our verification of the Company’s books, papers,
the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub A-44, Hosiery Complex, Phase-II Extension, minute books, forms and returns filed and other records
clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Noida-201305 (Uttar Pradesh) maintained by the Company and also the information
provided by the Company, its officers, agents and authorised
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) We have conducted the secretarial audit of the compliance representatives during the conduct of Secretarial Audit, we
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, of applicable statutory provisions and the adherence to good hereby report that in our opinion, the company has, during the
We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on corporate practices by Triveni Engineering and Industries audit period covering the financial year ended on March 31,
March 31, 2024 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities Limited (hereinafter called the “Company”). Secretarial Audit 2024 (“Audit Period”) complied with the statutory provisions
and Exchange Board of India and Ministry of Corporate Affairs or any such other Statutory Authority. was conducted in a manner that provided us a reasonable basis listed hereunder and also that the Company has proper Board
S. No. Name of Director DIN Date of appointment in Company for evaluating the corporate conducts/statutory compliances processes and compliance mechanism in place to the extent,
and expressing our opinion thereon. in the manner and subject to the reporting made hereinafter:
1 MR. DHRUV MANMOHAN SAWHNEY 00102999 20/09/1992
2 MR. TARUN SAWHNEY 00382878 19/11/2008
We report that- We have examined the books, papers, minute books, forms
3 MR. NIKHIL SAWHNEY 00029028 19/11/2008
a) Maintenance of secretarial record is the responsibility of and returns filed and other records maintained by the company
4 MS. HOMAI ARDESHIR DARUWALLA* 00365880 07/11/2013 for the financial year ended on March 31, 2024 according to
the management of the Company. Our responsibility is to
5 MR. SUDIPTO SARKAR 00048279 07/11/2015 the provisions of:
express an opinion on these secretarial records based on
6 MR. JITENDRA KUMAR DADOO 02481702 21/05/2019
our audit.
7 MR. SIRAJ AZMAT CHAUDHRY 00161853 25/07/2023 (i)
The Companies Act, 2013 (the Act) and the rules
8 MR. MANOJ KUMAR KOHLI 00162071 12/08/2023 b) We have followed the audit practices and processes as made thereunder;
9 MR. RAJENDER PAL SINGH 10198810 12/08/2023 were appropriate to obtain reasonable assurance about
10 MS. MEENA HEMCHANDRA 05337181 30/01/2024 the correctness of the contents of the secretarial records. (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
The verification was done on test basis to ensure that and the rules made thereunder;
Note: * Ms. Homai Ardeshir Daruwalla ceased to be a Director of the Company w.e.f. 31/03/2024 due to retirement (tenure correct facts are reflected in secretarial records. We
completion). believe that the processes and practices, we followed (iii) The Depositories Act, 1996 and the Regulations and Bye-
provide a reasonable basis for our opinion. laws framed thereunder;
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of
the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance c) We have not verified the correctness and appropriateness (iv) Foreign Exchange Management Act, 1999 and the rules
as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the of the financial statements of the Company. and regulations made thereunder to the extent of Foreign
affairs of the Company. Direct Investment, Overseas Direct Investment and
d) Where ever required, we have obtained the Management
External Commercial Borrowings, wherever applicable;
For Suresh Gupta & Associates representation about the compliances of laws, rules and
Company Secretaries regulations and happening of events etc. (v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act,
e) The compliance of the provisions of the Corporate and
Suresh Gupta 1992 (‘SEBI Act’):-
other applicable laws, rules, regulation, standards is the
(Proprietor)
responsibility of the management. Our examination was (a)
The Securities and Exchange Board of India
FCS No.:5660
limited to the verification of procedures on test basis. (Substantial Acquisition of Shares and Takeovers)
CP No.:5204
Date : May 20, 2024 Peer Review Cert. No. 740/2020 Regulations, 2011;
f) The Secretarial Audit report is neither an assurance as to
Place: Noida UDIN: F005660F000378296 the future viability of the company nor of the efficacy or
162 163
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
(b)
The Securities and Exchange Board of India •
U.P. Vacuum Pan Sugar Factories Licensing ethanol, from certain members of the promoter group of Except as stated above, there was no other specific
(Prohibition of Insider Trading) Regulations, 2015; Order, 1969 SSLEL at a price of ` 262.15 per equity share, aggregating event / action which would have a major bearing on the
to total consideration of about ` 35 crore, under a Share Company’s affairs in pursuance of the above referred
(c)
*The Securities and Exchange Board of India • The Electricity Act, 2003
Purchase Agreement dated January 30, 2024. laws, rules, regulations, standards, guidelines, etc.
(Issue of Capital and Disclosure Requirements)
During the period under review, the Company has
Regulations, 2018; Since the Company has entered into an agreement to For Suresh Gupta & Associates
generally complied with the provisions of the Act, Rules,
Regulations, Guidelines and Standards, to the extent acquire voting rights in excess of 25% (twenty-five per Company Secretaries
(d)
*The Securities and Exchange Board of India cent) of the equity share capital of SSLEL, the Company
(Share Based Employee Benefits and Sweat Equity) applicable, as mentioned above.
has launched an open offer on January 30, 2024 for
Regulations, 2021; acquisition of 26% of the outstanding paid-up equity Suresh Gupta
We have checked the compliance management system
of the Company to obtain reasonable assurance about share capital of SSLEL at a price of ` 262.15 per share, (Proprietor)
(e)
*The Securities and Exchange Board of India
the adequacy of systems in place to ensure compliance under Regulation 3(1) and Regulation 4 of the Securities FCS No.:5660
(Issue and Listing of Non-Convertible Securities)
of specifically applicable laws and this verification was Exchange Board of India (Substantial Acquisition of CP No.:5204
Regulations, 2021;
done on test basis. In our opinion and to the best of our Shares and Takeovers) Regulation, 2011. The draft letter Date : May 20, 2024 Peer Review Cert. No. 740/2020
information and according to explanations given to us, of offer to this effect has been filed with the Securities and Place: Noida UDIN: F005660F000378274
(f)
The Securities and Exchange Board of India
we believe that the compliance management system of Exchange Board of India and their approval/observations
(Registrars to an Issue and Share Transfer Agents)
the Company is adequate to ensure compliance of laws letter is awaited.
Regulations, 1993 regarding the Companies Act,
2013 and dealing with client; specifically applicable to the Company.
(g)
*The Securities and Exchange Board of India We further report that the Board of Directors of the
(Delisting of Equity Shares) Regulations, 2021; Company is duly constituted with proper balance of
Executive Directors, Non-Executive Directors and
(h)
*The Securities and Exchange Board of India Independent Directors. The changes in the composition
(Buyback of Securities) Regulations, 2018; and of the Board of Directors that took place during the period
under review were carried out in compliance with the
(i)
The Securities and Exchange Board of India provisions of the Act.
(Listing Obligations and Disclosure Requirements)
Regulations, 2015. Adequate notices were given to all directors of the
Board Meetings. Agenda and detailed notes on agenda
* No event took place under these Regulations during the Audit were sent in advance and a system exists for seeking
period. and obtaining further information and clarifications on
the agenda items before the meeting for meaningful
We have also examined compliance with the applicable participation at the meeting. Board decisions are carried
clauses of the Secretarial Standards on Meetings of the out with unanimous consent and therefore, no dissenting
Board of Directors and General Meetings issued by The views were required to be captured and recorded as part
Institute of Company Secretaries of India. of the minutes.
(vi) Some of the other laws specifically applicable to the We further report that there are adequate systems and
company are as under:- processes in the company commensurate with the size
and operations of the company to monitor and ensure
• Sugar Cess Act, 1982
compliance with applicable laws, rules, regulations,
• Essential Commodities Act, 1955 standards and guidelines.
• Sugar Development Fund Act, 1982 We further report that during the audit period, the
Company has acquired 25.43% paid-up equity share
• U.P. Sugarcane (Purchase Tax) Act, 1961
capital of Sir Shadi Lal Enterprises Limited (SSLEL), a
• U.P. Sheera Niyantran Adhiniyam, 1964 listed entity incorporated under the laws of India and
engaged in the business of manufacture of sugar and
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Annexure - E 5. (a) Average net profit of the company as per section 135(5): ` 50795.18 lakh
(b) Two percent of average net profit of the company as per section 135(5): ` 1015.95 lakh
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (d) Amount required to be set off for the financial year, if any: ` 11.64 lakh
(e) Total CSR obligation for the financial year (5b+5c-5d): ` 1004.31 lakh
(CSR) ACTIVITIES
for the financial year ended March 31, 2024 6. (a) Amount spent on CSR Projects (both ongoing project and other than ongoing project): ` 1108.22 lakh
(b) Amount spent in Administrative Overhead: ` 17 lakh
1. Brief outline on CSR Policy of the Company:
(c) Amount spent on Impact Assessment, if applicable: Not Applicable
The CSR Policy is to lay down guidelines for the Company to make CSR as one of the key focus areas for the well-being of
people, providing employment potential to them and preserving environment. (d) Total amount spent for the Financial Year (6a+6b+6c): ` 1125.22 lakh
2. Composition of CSR committee: (e) CSR amount spent or unspent for the financial year:
Sl. Name of Director Designation / Nature of Number of meetings Number of meetings Total Amount Amount Unspent (in ` lakh)
No. Directorship of CSR Committee of CSR Committee Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under
held during the year attended during the year Financial Year CSR Account as per section 135(6) Schedule VII as per second proviso to section 135(5)
1. Ms. Homai A. Daruwalla* Chairperson/Non-Executive 1 1 (in ` lakh) Amount Date of transfer Name of the Amount Date of transfer
Independent Director* Fund
2. Dr. Rajender Pal Singh** Chairperson/Non-Executive 1 1 1125.22 Nil NA NA Nil NA
Independent Director**
3. Mr. Tarun Sawhney Member/Promoter & Executive 2 2 (f) Excess amount for set off, if any:
Director Sl. Amount
Particular
4. Mr. Nikhil Sawhney Member/Promoter & Non- 2 2 No. (in ` lakh)
Executive Director (i) Two percent of average net profit of the company as per section 135(5) 1015.95
*Ceased to be the Chairperson-Member w.e.f. January 30, 2024. (ii) Total amount spent for the Financial Year (include amount of ` 11.64 lakh excess spent during the 1136.86
**Inducted as a Member and designated as Chairman w.e.f. January 30, 2024. previous year FY 23)
(iii) Excess amount spent for the financial year [(ii)-(i)] 120.91
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved (iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, Nil
by the board are disclosed on the website of the company: if any
Particular Web-link (v) Amount available for set off in succeeding financial years [(iii)-(iv)] 120.91
Composition https://www.trivenigroup.com/corporate-governance?q=bod-of-directors
CSR Policy https://www.trivenigroup.com/files/policies/CSR%20Policy(Revised).pdf
7. Details of Unspent CSR amount for the preceding three financial years:
CSR Projects https://www.trivenigroup.com/community Sl. Preceding Amount Balance Amount Amount transferred Amount Deficiency,
No. Financial transferred Amount in spent to a fund as specified remaining if any
4. Provide the executive summary alongwith the weblink of Impact assessment of CSR projects Year to Unspent unspent CSR in the under Schedule VII as to be
carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility CSR account reporting per second provisio to spent in
Policy) Rules, 2014, if applicable.: Account under Financial section 135(5), if any. succeeding
Not applicable under section135(6) Year (in financial
section 135 (in ` lakh) ` lakh) Amount Date of years. (in
(6) (in ` lakh) (in ` lakh) transfer ` lakh)
Nil
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
8. Whether any capital assets have been created or acquired through CSR Amount spent in the financial year: No
if yes, enter the number of capital assets created/acquired:
Annexure - F
Furnish the details relating to the asset so created or acquired through CSR spent in the financial year (asset-
wise details):
A) CONSERVATION OF ENERGY section, resulting in saving of auxiliary power
Sl. Short particulars of Pin code Date of Amount of Details of the entity/authority/beneficiary at MNP distillery.
a) The steps taken or impact on conservation
No. the property/assets of the creation CSR spent of the registered owner
of energy
[including complete property (in ` Lakh) 11.
Trimming of final liquefaction transfer
address and location /assets 1. Installed additional falling film evaporators and
pump impeller from 340mm to 315mm in
of the property] mechanical circulators at pans to use third
liquefaction plant to reduce pumping power at
1 2 3 4 5 6 vapour for massecuite boiling for significant
MNP distillery.
reduction in process steam consumption at
CSR Regn No. Name Registered
Deoband Sugar Unit.
(if applicable) Address 12.
Operated boiler feed pump in differential
Not Applicable pressure mode to save boiler auxiliary power
2.
Installed direct contact heaters, molasses
at MNP distillery.
conditioners and plate type heat exchangers to
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as
efficiently use low temperature vapours for
per section 135(5): 13. Replaced old low efficiency air dryer and air
juice heating and molasses conditioning as a
Not Applicable compressor by new high efficiency air dryer
part of scheme in point (1) above at Deoband
and air compressor with variable frequency
Sugar Unit.
drive at Power Transmission Business,
For and on behalf of the Board of Directors 3. Usage of third vapour in the last module of Mysuru (“PTB”) resulting in lower electricity
B-continuous pan made operational resulting consumption. Air compressor pipeline is
in steam saving at Sabitgarh Sugar Unit. also replaced by low friction aluminium air
compressor line which reduced leakage from
Dr. Rajender Pal Singh Dhruv M. Sawhney 4. Modified semi-kestner condensate removal 26% to 0%, ultimately resulting in further saving
system by providing syphon for better in electricity consumption at PTB.
Noida Chairman – CSR Committee Chairman and Managing Director
extraction of condensate and improved return
May 20, 2024 DIN:10198810 DIN: 00102999
of condensate percentage resulting in steam 14. Replaced old hoist with higher Kw to new
saving at Chandanpur Sugar Unit. hoists with VFD arrangement consuming lesser
electricity at PTB.
5. Installed VFDs at cane unloader, dust collector
ID fan, raw sugar melt pump and sweet water 15. Continued replacing conventional lightings
pump at Milak Narayanpur (“MNP”) Sugar Unit. with energy efficient LED lights at our various
business locations.
6. Extensive insulation work done in boiling house
resulting in reduction of steam consumption at b)
The steps taken by the Company for
Ramkola Sugar Unit. utilising alternate source of energy
• At PTB facilities at Mysuru, arrangements are
7. Reduced fire-fighting system’s jockey pump
already in place to source significant portion
operations from continuous operations to
of its power requirement, generated from
one hour a day by identifying and arresting
wind energy, an alternate renewable source
leakages at Cogeneration Unit at Khatauli.
of power.
8. Installed VFD at multi effect evaporator’s cooling
• Solar panels/cells at cane zonal offices of
tower pump resulting in reduction of electricity
Raninangal Sugar Unit and at out-centre cane
consumption at Muzaffarnagar Distillery.
weighbridges for lighting and other uses at
9. Reduction of Speed of dryer decanter from Ramkola Sugar Unit.
3300 RPM to 3000 RPM to save auxiliary
power at MNP distillery. Apart from above, in all the sugar units and distilleries
of the Company, majority of power is generated
10.
Using air separator pre-cleaner machine through captive bagasse, which is a renewable
in place of drum cleaner in grain unloading source of energy.
168 169
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
c)
The capital investment
conservation equipment
on energy (iii) in case of imported technology (imported
during the last three years reckoned from Annexure-G
The Company has incurred ` 1446 lakh towards the beginning of the financial year)-
energy conservation equipment during the year. a) the details of technology No technology PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 197 (12) OF THE COMPANIES ACT, 2013 (‘ACT’)
imported was imported READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
B) TECHNOLOGY ABSORPTION during the last PERSONNEL) RULES, 2014
(i)
The efforts made towards technology three years. (1) The percentage increase in remuneration of each Director, CFO and CS during the FY 24, ratio of remuneration of each
absorption; b) the year of import NA Director to the median remuneration of the employees of the Company for the FY 24
All our businesses use mostly indigenous technology. c) whether the technology has NA Name of Director/KMP and Designation Ratio of remuneration to % increase of
The Power Transmission Business is continually been fully absorbed Median remuneration remuneration in FY 24
engaged in R&D activities to develop technology d) if not fully absorbed, areas NA Mr. Dhruv M. Sawhney*1 N.A. N.A.
for new products and to also improve upon existing Chairman and Managing Director (CMD)
where absorption has not taken
Mr. Tarun Sawhney*2 202.21 17.60%
range of products. place and reasons thereof;
Vice Chairman and Managing Director (VCMD)
Mr. Nikhil Sawhney 13.54 6.11
(ii)
The benefits derived like product (iv)
the expenditure incurred on research and Non-Executive Director
improvement, cost reduction, product development (R&D) Ms. Homai A. Daruwalla 7.20 9.77%
development or import substitution R&D expenditure are integrated with the business Non-Executive Independent Director
Both our engineering businesses are continually operations and are not separately quantifiable. Mr. Sudipto Sarkar 7.05 10.00%
engaged in the improvement of the product features Non-Executive Independent Director
and value engineering so as to be cost competitive C) Foreign Exchange Earnings & Outgo Mr. Jitendra Kumar Dadoo 5.03 8.51%
Non-Executive Independent Director
in the market place and to protect their margins. Earnings in foreign exchange ` 10041.42 lakh Mr. Suresh Taneja*2 57.87 9.17%
Foreign exchange outgo ` 6842.62 lakh Group Chief Financial Officer
Ms. Geeta Bhalla*2 24.67 10.08%
Group Vice President & Company Secretary
For and on behalf of the Board of Directors
*1 No salary is being drawn by the CMD.
Dhruv M. Sawhney *2 Gratuity is provided based on actuarial valuation and hence, remuneration does not include gratuity.
Chairman and Managing Director Note:
DIN: 00102999 (i) Mr Siraj Azmat Chaudhry, Dr. Rajender Pal Singh, Mr Manoj Kumar Kohli and Dr. Meena Hemchandra joined the Board on July 25,
Place: Noida 2023, August 12, 2023, August 12, 2023 and January 30, 2024 respectively. Since they drew remuneration only for part of the year,
Date: May 20, 2024 the ratio of their remuneration to median remuneration and percentage increase in remuneration is not comparable and hence not
stated above.
(ii) The remuneration to Non-Executive Independent Directors includes commission in accordance with the relevant provisions of the
Companies Act, 2013.
(2) In the Financial year 2023 – 24, the annual median remuneration was at ` 5.07 lakh and there was a decrease of 22.95% in the median
remuneration of the employees as compared to last year (The salaries of seasonal employees in sugar units have not been considered
herein as they are deployed only for the duration of the Sugar season and not for the entire year). The decrease in median wage is attributed
to the fact that during the last financial year 2022 – 23, we had executed two major wage settlements along-with arrears apart from the
normal annual salary increase process: the wage increases under the Sugar wage board (for around 1400 employees) and the long terms
wage settlement for PTB Mysore workmen (for around 90 workmen).
(3) There were 4492 permanent employees (1026 officers, 3466 workmen including 1620 seasonal employees) on the rolls of the Company
as on March 31, 2024.
(4) The average percentage salary increases of employees other than managerial personnel was 5.65% against 15.11% in the managerial
remuneration. The increase in remuneration is on account of higher performance bonus as per approvals of Board and Shareholders’
in accordance with the relevant provisions of the Companies Act, 2013. Further, the increase in remuneration is in line with considerable
management effort to plan, implement and achieve improvement in operational efficiencies of the Sugar Business, which will help the
Company to better withstand cyclicality in the sugar industry.
(5) It is hereby affirmed that the remuneration paid during the financial ended March 31, 2024 is as per the Nomination and Remuneration
policy of the Company.
For and on behalf of the Board of Directors
Dhruv M. Sawhney
Noida Chairman and Managing Director
May 20, 2024 DIN:00102999
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Independent Auditor’s Report
To the members of Triveni Engineering & Industries Limited
Report on the Audit of the Standalone Financial Basis for Opinion
Statements We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our
Opinion responsibilities under those Standards are further described in
We have audited the standalone financial statements of the Auditor’s Responsibilities for the Audit of the standalone
TRIVENI ENGINEERING & INDUSTRIES LIMITED (“the financial statements section of our report. We are independent
Company”), which comprise the Standalone Balance Sheet of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (“ICAI”)
as at March 31, 2024, and the Standalone Statement of
read together with the ethical requirements that are relevant
Profit and Loss (including other comprehensive income),
to our audit of the standalone financial statements under the
Standalone Statement of Changes in Equity and Standalone
provisions of the Act and the Rules thereunder, and we have
Statement of Cash Flows for the year then ended, and notes fulfilled our other ethical responsibilities in accordance with
to the standalone financial statements, including a summary of these requirements and the Code of Ethics. We believe that the
material accounting policies and other explanatory information audit evidence we have obtained is sufficient and appropriate
(hereinafter referred to as “standalone financial statements”). to provide a basis for our audit opinion on the standalone
financial statements.
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid financial Key Audit Matters
Financial
statements give the information required by the Companies Act, Key audit matters are those matters that, in our professional
2013 (“the Act”) in the manner so required and give a true and judgment, were of most significance in our audit of the
fair view in conformity with the Indian Accounting Standards standalone financial statements of the current period. These
(“Ind AS”) specified under section 133 of the Act read with the matters were addressed in the context of our audit of the
Companies (Indian Accounting Standards) Rules, 2015 and standalone financial statements as whole, and in forming our
opinion thereon, and we do not provide a separate opinion
Statements
other accounting principles generally accepted in India, of the
on these matters. We have determined the matters described
state of affairs of the Company as at March 31, 2024, and profit
below to be the key audit matters to be communicated in
(including other comprehensive income), changes in equity and
our report:
its cash flows for the year ended on that date.
Sr. Key Audit Matters Auditor’s Response
No.
1. Appropriateness of cost to complete Our audit procedures included the following:
the project:
• Obtaining an understanding of internal controls over estimation of cost
The Company recognizes revenue from long- of completion of projects and testing, on a sample basis, their design,
duration construction & supply contracts implementation and operating effectiveness.
on percentage of completion method as
• Agreed the total project revenue estimates to contracts with customers.
specified in Indian Accounting Standards
(Ind AS) 115- Revenue from Contract with • Obtained computation of estimated costs to complete and the
Customers. (Refer Accounting policy Note percentage of project completion and verified the same against the
no. 2(i)(c)) contracts on sample basis and also checked arithmetic accuracy of the
same.
We identified this matter as a Key Audit
matter as it involves significant judgement • Performed the walkthrough procedure and verified the invoices, purchase
by the management in estimation of cost to orders etc. for actual cost incurred till the year end.
complete the project and any variation may
• Compared the management estimates revised during the year with the
have consequential impact on revenue.
estimate made in earlier years and obtained reasons/approval for such
revision.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Information other than the Standalone Those Board of Directors are also responsible for overseeing report. However, future events or conditions may cause b) In our opinion, proper books of account as required
Financial Statements and Auditor’s Report the company’s financial reporting process. the Company to cease to continue as a going concern. by law have been kept by the Company so far as
thereon it appears from our examination of those books
Auditor’s Responsibilities for the Audit of the • Evaluate the overall presentation, structure and content of account except for the matters stated in the
The Company’s Board of Directors is responsible for the
Standalone Financial Statements of the standalone financial statements, including the paragraph 2(i)(vi) below on reporting under Rule 11(g)
preparation of the other information. The other information
Our objectives are to obtain reasonable assurance about disclosures, and whether the standalone financial of the Companies (Audit and Auditors) Rules, 2014.
comprises the information included in the annual report, but does
whether the standalone financial statements as a whole are statements represent the underlying transactions and
not include the consolidated financial statements, standalone events in a manner that achieves fair presentation. c) The Standalone Balance Sheet, the Standalone
free from material misstatement, whether due to fraud or error,
financial statements and our auditor’s reports thereon. Statement of Profit and Loss (including Other
and to issue an auditor’s report that includes our opinion.
Materiality is the magnitude of misstatements in the standalone Comprehensive Income), Standalone Statement of
Reasonable assurance is a high level of assurance, but is
Our opinion on the standalone financial statements does not financial statements that, individually or in aggregate, makes Changes in Equity and the Standalone Statement
not a guarantee that an audit conducted in accordance with
cover the other information and we do not express any form of it probable that the economic decisions of a reasonably of Cash Flows dealt with by this Report are in
SAs will always detect a material misstatement when it exists.
assurance conclusion thereon. knowledgeable user of the financial statements may be agreement with the books of account.
Misstatements can arise from fraud or error and are considered
influenced. We consider quantitative materiality and qualitative
material if, individually or in the aggregate, they could reasonably d) In our opinion, the aforesaid standalone financial
In connection with our audit of the standalone financial factors in (i) planning the scope of our audit work and in evaluating
be expected to influence the economic decisions of users taken statements comply with the Indian Accounting
statements, our responsibility is to read the other information the results of our work; and (ii) to evaluate the effect of any
on the basis of these Standalone financial statements. Standards (Ind AS) specified under section 133 of the
and, in doing so, consider whether the other information is identified misstatements in the standalone financial statements.
Act read with Rule 7 of the Companies (Accounts)
materially inconsistent with the standalone financial statements
As part of an audit in accordance with SAs, we exercise We communicate with those charged with governance Rules, 2015, as amended from time to time.
or our knowledge obtained during the course of our audit or
professional judgment and maintain professional scepticism regarding, among other matters, the planned scope and
otherwise appears to be materially misstated. e) On the basis of the written representations received
throughout the audit. We also: timing of the audit and significant audit findings, including any from the directors as on March 31, 2024 taken
If, based on the work we have performed, we conclude that significant deficiencies in internal control that we identify during
• Identify and assess the risks of material misstatement of on record by the Board of Directors, none of the
there is a material misstatement of this other information, we our audit.
the standalone financial statements, whether due to fraud directors is disqualified as on March 31, 2024 from
are required to report that fact. We have nothing to report in being appointed as a director in terms of section
or error, design and perform audit procedures responsive We also provide those charged with governance with a statement
this regard. 164 (2) of the Act.
to those risks, and obtain audit evidence that is sufficient that we have complied with relevant ethical requirements
and appropriate to provide a basis for our opinion. The regarding independence, and to communicate with them f) With respect to the maintenance of accounts and
Management’s Responsibility for Standalone
risk of not detecting a material misstatement resulting all relationships and other matters that may reasonably be other matters connected therewith, reference is
Financial Statements
from fraud is higher than for one resulting from error, as thought to bear on our independence, and where applicable, invited to paragraph 2(b) above on reporting under
The Company’s Board of Directors is responsible for the fraud may involve collusion, forgery, intentional omissions, related safeguards. section 143(3) (b) of the Act.
matters stated in section 134(5) of the Act with respect to the misrepresentations, or the override of internal control.
preparation of these standalone financial statements that give a From the matters communicated with those charged with g) With respect to the adequacy of the internal financial
true and fair view of the financial position, financial performance • Obtain an understanding of internal control relevant to governance, we determine those matters that were of most controls over financial reporting with reference to
including other comprehensive income, changes in equity and the audit in order to design audit procedures that are significance in the audit of the standalone financial statements standalone financial statements of the Company and
cash flows of the Company in accordance with the accounting appropriate in the circumstances. Under section 143(3)(i) of of the current period and are therefore the key audit matters. the operating effectiveness of such controls, refer to
principles generally accepted in India, including the Indian the Act, we are also responsible for expressing our opinion We describe these matters in our auditor’s report unless law or our separate Report in “Annexure B”.
accounting Standards (Ind AS) specified under section 133 on whether the company has adequate internal financial regulation precludes public disclosure about the matter or when,
of the Act. This responsibility also includes maintenance of in extremely rare circumstances, we determine that a matter h) With respect to the other matters to be included in the
controls system with reference to the standalone financial
adequate accounting records in accordance with the provisions should not be communicated in our report because the adverse Auditor’s Report in accordance with the requirements
statements in place and the operating effectiveness of
of the Act for safeguarding of the assets of the Company and for consequences of doing so would reasonably be expected to of section 197(16) of the Act, as amended:
such controls.
preventing and detecting frauds and other irregularities; selection outweigh the public interest benefits of such communication.
In our opinion and to the best of our information
and application of appropriate accounting policies; making • Evaluate the appropriateness of accounting policies used and according to the explanations given to us, the
judgments and estimates that are reasonable and prudent; and Report on Other Legal and Regulatory
and the reasonableness of accounting estimates and remuneration paid by the Company to its directors
design, implementation and maintenance of adequate internal Requirements
related disclosures made by management. during the year is in accordance with the provisions
financial controls, that were operating effectively for ensuring 1. As required by the Companies (Auditor’s Report) Order, of section 197 of the Act.
the accuracy and completeness of the accounting records, • Conclude on the appropriateness of management’s use of 2020 (“the Order”), issued by the Central Government of
relevant to the preparation and presentation of the Standalone India in terms of sub-section (11) of section 143 of the i) With respect to the other matters to be included in
the going concern basis of accounting and, based on the
financial statements that give a true and fair view and are free Act, we give in the “Annexure A” a statement on the the Auditor’s Report in accordance with Rule 11 of
audit evidence obtained, whether a material uncertainty
from material misstatement, whether due to fraud or error. matters specified in paragraphs 3 and 4 of the Order, to the Companies (Audit and Auditors) Rules, 2014, in
exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as the extent applicable. our opinion and to the best of our information and
In preparing the standalone financial statements, management a going concern. If we conclude that a material uncertainty according to the explanations given to us:
is responsible for assessing the Company’s ability to continue exists, we are required to draw attention in our auditor’s 2. As required by section 143(3) of the Act, we report that:
i. The Company has disclosed the impact of
as a going concern, disclosing, as applicable, matters related to report to the related disclosures in the standalone financial a) We have sought and obtained all the information and pending litigations as at March 31, 2024 on
going concern and using the going concern basis of accounting statements or, if such disclosures are inadequate, to explanations which to the best of our knowledge and its financial position in its standalone financial
unless management either intends to liquidate the Company or modify our opinion. Our conclusions are based on the belief were necessary for the purposes of our audit. statements – Refer Note no. 46 to the
to cease operations, or has no realistic alternative but to do so. audit evidence obtained up to the date of our auditor’s standalone financial statements.
174 175
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
ii. The Company has made provision, as required a. The final dividend proposed in the previous “ANNEXURE A” TO THE INDEPENDENT AUDITORS’ REPORT
under the applicable law or accounting year, declared and paid by the Company
standards, for material foreseeable losses, if during the year is in accordance with
any, on long-term contracts including long term Section 123 of the Act, as applicable.
derivative contracts.
b. The interim dividend declared and paid by The Annexure as referred in paragraph (1) ‘Report on Other (d) According to the information and explanations given
iii. There were no amounts which were required the Company during the year and until the Legal and Regulatory Requirements of our Independent to us, the Company has not revalued its Property,
to be transferred to the Investor Education and date of this report is in compliance with Auditors’ Report to the members of TRIVENI ENGINEERING & Plant and Equipment (including Right of Use
Protection Fund by the Company. Section 123 of the Act. INDUSTRIES LIMITED on the standalone financial statements assets) or intangible assets during the year ended
iv. a.
The management has represented that, c. The Board of Directors of the Company for the year ended March 31, 2024, we report that: March 31, 2024.
to the best of its knowledge and belief, have proposed final dividend for the
no funds have been advanced or loaned i. (a)
The Company has maintained proper records (e) According to the information and explanations given
year which is subject to the approval
or invested (either from borrowed funds showing full particulars, including quantitative details to us, no proceedings have been initiated during
of the members at the ensuing Annual
or share premium or any other sources and situation of Property, Plant and Equipment and the year or are pending against the Company for
General Meeting. The amount of dividend
or kind of funds) by the Company to or relevant details of right-of-use assets. The Company holding any benami property under the Benami
proposed is in accordance with section
in any other person or entity, including has also maintained proper records showing full Transactions (Prohibition) Act, 1988 (45 of 1988) and
123 of the Act, as applicable.
foreign entities (“Intermediaries”), with particulars of intangible assets. rules made thereunder.
vi. Based on our examination which included test
the understanding, whether recorded in
checks, the Company, in respect of financial (b) The Company has a regular program of physical ii. (a) The physical verification of the inventory has been
writing or otherwise, that the Intermediary
year commencing on April 1, 2023, has used an verification of its Property, Plant and Equipment conducted at reasonable intervals by the management
shall, whether, directly or indirectly lend or
accounting software for maintaining its books which in our opinion, is reasonable having regard to during the year. As far as we could ascertain and
invest in other persons or entities identified
of account which has feature of recording the size of the Company and the nature of its assets. according to information and explanations given to
in any manner whatsoever by or on behalf
audit trail (edit log) and the same has operated In accordance with this program, all major items us, no material discrepancies were noticed between
of the Company (“Ultimate Beneficiaries”)
throughout the year for all relevant transactions of Property, Plant and Equipment were physically the physical stock and the book records.
or provide any guarantee, security or the
recorded in the software except that audit trail verified by the management during the year and
like on behalf of the Ultimate Beneficiaries.
feature was not enabled at the database level no material discrepancies were noticed on such (b) The Company has been sanctioned working capital
b. The management has represented, that, for accounting software to log any direct data verification as compared to the books of accounts. limits in excess of ` five crore in aggregate from banks
to the best of its knowledge and belief, changes. Further, during the course of our and/or financial institutions during the year on the
no funds have been received by the audit we did not come across any instance (c)
According to the information and explanation basis of security of current assets of the Company.
Company from any person or entity, of the audit trail feature being tampered with given to us and on the basis of examination of title As disclosed in note 19 (ii) to the standalone financial
including foreign entity (“Funding Parties”), on accounting software where this feature has deeds / sale deeds / transfer deeds / conveyance statements, the quarterly returns/statements filed
with the understanding, whether recorded been enabled. deeds / possession letters / allotment letters and by the Company with such banks and/or financial
in writing or otherwise, that the Company other relevant records evidencing title/ possession institutions are in agreement with the books of
shall, whether, directly or indirectly, lend As proviso to Rule 3(1) of the Companies provided, we report that the title deeds of the accounts of the Company.
or invest in other persons or entities (Accounts) Rules, 2014 is applicable from immovable properties are held in the name of the
identified in any manner whatsoever by or April 1, 2023, thus reporting under Rule 11(g) Company as at the balance sheet date.
of the Companies (Audit and Auditors) Rules,
on behalf of the Funding Party (“Ultimate
2014 on preservation of audit trail as per the
Beneficiaries”) or provide any guarantee,
statutory requirements for record retention iii. (a) According to the information and explanations given to us and based on examination of books of the Company, during
security or the like on behalf of the
is not applicable for the financial year ended the year the Company has provided loans, advances in the nature of loans, guarantee and security as follows:
Ultimate Beneficiaries.
March 31, 2024.
c.
Based on the audit procedures that (` in Lakhs)
have been considered reasonable and For S S KOTHARI MEHTA & CO. LLP Particulars Guarantees Security Loans Advances in
appropriate in the circumstances, nothing Chartered Accountants nature of loans
has come to our notice that has caused us Firm Registration No. 00756N/N500441
Aggregate amount granted/ provided during
to believe that the representations under the year
Vijay Kumar
sub-clause (i) and (ii) of Rule 11(e), as (i) Subsidiaries - - - -
Partner
provided under (a) and (b) above, contain
Place: Noida Membership No.: 092671 (ii) Joint Ventures - - - -
any material misstatement.
Date: May 20, 2024 UDIN: 24092671BKFBOK2827 (iii) Associates - - - -
v. As stated in note 15 (vii) to the standalone
(iv) Other entities - - - -
financial statements
176 177
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
(c) According to the records and information and explanations given to us, there are no dues in respect of statutory dues
(` in Lakhs)
referred to in vii (a) above which have not been deposited on account of any dispute except as given below:
Particulars Guarantees Security Loans Advances in
(` in Lakhs)
nature of loans
Name of Statute Nature of Period (F.Y.) to Amount Amount Forum where dispute
Balance outstanding as at balance sheet date
Dues which the amount Demanded paid is pending
in respect of above cases
relates (Excluding
(i) Subsidiaries 15800* - 2900* - interest)
(ii) Joint Ventures - - - - The Central Excise Excise Duty 1998 to 2004-05, 116.11 13.82 High Court
(iii) Associates - - - - Act,1944 2009-10 to 2013-14
(iv) Other entities - - - - The Central Excise Penalty 2002-03 to 2004-05 269.30 266 High Court
Act,1944
* Includes amounts given in the previous years but outstanding at the close of the financial year ended March 31, 2024.
The Central Excise Excise Duty 1995-96 to 1996-97 78.68 2.50 Custom, Excise and
(b) In respect of investment made during the year, the Act,1944 & 2015-16 Service Tax Appellate
v. According to the information and explanations given to
terms and conditions are prima facie not prejudicial Tribunal
us, the Company has not accepted any deposits from the
to the Company’s interest. The Central Excise Excise Duty 2015-16 232.57 17.44 Commissioner (Appeal)
public or deemed deposits within the meaning of sections
Act,1944
73 to 76 of the Companies Act, 2013 and the rules framed
(c)
In respect of loans granted, the schedule of The Central Excise Penalty 2015-16 187.62 - Commissioner (Appeal)
there under. Accordingly, the provisions of clause 3 (v) of
repayment of principal and payment of interest Act,1944
the Order are not applicable to the Company.
has been stipulated and the repayment of principal Goods & Services Tax GST 2017-18, 2018-19 & 314.26 117.44 Commissioner (Appeal)
amounts and receipts of interest has been regular as vi. We have broadly reviewed the books of account maintained 2022-23
per stipulation. by the Company pursuant to the rules prescribed by Goods & Services Tax Penalty 2017-18, 2018-19 & 351.19 0.42 Commissioner (Appeal)
the Central Government of India for the maintenance of 2022-23
(d) There are no amounts which are overdue for more cost records under sub-section 1 of section 148 of the The Custom Act, 1962 Penalty 2004-05 19.93 6.19 Custom, Excise and
than ninety days in respect of above-mentioned Companies Act, 2013 and are of the opinion that, prima Service Tax Appellate
loans granted. facie, the prescribed records and accounts have been Tribunal
made and maintained. However, we have not carried out Central Sales Tax Act, Sales Tax 1993-94 & 62.27 5.83 High Court
(e) There were no loans granted which was fallen due
a detailed examination of such records with a view to 1956 & State VAT Act 2010-11 to 2012-13
during the year, that have been renewed or extended
determining whether they are accurate or complete. Central Sales Tax Act, Sales Tax 2015-16 & 111.03 85.18 Tribunal
or fresh loans granted to settle the overdue of existing
1956 & State VAT Act 2016-17
loans given to the same parties. vii. (a)
According to the information and explanations The UP Sugarcane Purchase 2016-17 to 476.61 2.58 High Court
given to us and on the basis of examination of the (Purchase Tax) Act, Tax 2017-18 (Q1)
(f) The Company has not granted any loans either
records of the Company, the Company is generally 1961
repayable on demand or without specifying any
regular in depositing undisputed statutory dues
terms or period of repayment during the year. The UP Sugarcane Penalty 2016-17 to 74.85 - High Court
including Goods and Services Tax, Provident Fund,
(Purchase Tax) Act, 2017-18 (Q1)
Employees’ State Insurance, Sales Tax, Income
iv. According to the information and explanations given to 1961
Tax, Service Tax, Customs Duty, Excise Duty, Value
us and on the basis of our examination of the records, Orissa Sales Tax Sales Tax 1991-95 9.21 2.00 Assistant Commissioner
Added Tax, Cess and other statutory dues with the
the Company has not granted any loans or provided any Act,1947 Sales Tax Range 2
appropriate authorities, to the extent applicable.
guarantees or securities to parties which are covered Cuttack Orissa
under section 185 of the Act. The Company has complied Orissa Sales Tax Sales Tax 1987-88 0.44 0.32 Sales Tax Tribunal-Orissa
(b) According to the information and explanations given
with the provisions of section 186 of the Act in respect Act,1947 Cuttack
to us and on the basis of examination of the records
of grant of loans, making investments and providing The Income Tax Act, Income Tax 2004-05, 2006-07 & 2636.20 332.96 Income Tax Appellate
of the Company there are no undisputed aforesaid
guarantees and securities, as applicable. 1961 2009-10 Tribunal
statutory dues payable as at March 31, 2024 for a
period of more than six months from the date they The Income Tax Act, Income Tax 2003-04, 2004-05, 6,756.53 138.95 CIT(A)/Assessing Officer
became payable. 1961 2019-20 &
2020-21
viii. The Company has not surrendered or disclosed any transaction as income, previously unrecorded in the books of account,
in the tax assessments under the Income Tax Act, 1961 during the year.
178 179
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
ix. (a) In our opinion, on the basis of audit procedures and noticed or reported during the year, nor have we (b) The Group has two Core Investment Companies as we neither give any guarantee nor any assurance that all
according to the information and explanations given been informed of such case by the management. a part of the Group. liabilities falling due within a period of one year from the
to us, the Company has not defaulted in repayment balance sheet date, will get discharged by the Company
of loans or borrowings or in the payment of interest (b) According to the information and explanations given xvii. According to the information and explanations given to as and when they fall due.
to any lender during the year. to us, no report under sub-section (12) of section 143 us and based on our examination of the records of the
of the Companies Act, 2013 has been filed in Form Company, the Company has not incurred cash losses xx. (a) In respect of other than ongoing projects, there
(b)
According to the information and explanations ADT-4 as prescribed under Rule 13 of Companies either in the current financial year or in the immediately are no unspent amounts that are required to be
given to us, the Company has not been declared (Audit and Auditors) Rules, 2014 with the Central preceding financial year. transferred to a Fund specified in Schedule VII to the
wilful defaulter by any bank or financial institution or Government, during the year and upto the date of Companies Act, 2013 in compliance with second
other lenders. this report. xviii. There has been no resignation of the statutory auditors proviso to sub-section (5) of section 135 of the said
during the year. Act. Accordingly, reporting under clause 3(xx)(a) of
(c)
According to the information and explanations (c) As represented to us by the management, there the Order is not applicable for the year.
xix.
O n the basis of the financial ratios disclosed in
given to us and on examination of the books of the are no whistle-blower complaints received by the
Note 48 (iii) to the standalone financial statements, ageing (b)
According to the information and explanation
Company, the term loans have been applied for the Company during the year.
and expected dates of realisation of financial assets provided to us, the Company has not undertaken
purpose for which they were obtained.
and payment of financial liabilities, other information any ongoing project during the year. Accordingly,
xii. The Company is not a Nidhi Company as per the provisions
accompanying the financial statements, our knowledge reporting under clause 3(xx)(b) of the Order is not
(d) On overall examination of the financial statements of of the Companies Act, 2013. Therefore, the requirement
of the Board of Directors and management plans and applicable for the year.
the Company, funds raised on short term basis have, to report on clause 3(xii) of the Order is not applicable to
based on our examination of the evidence supporting the
prima facie, not been utilised during the year for long the Company.
assumptions, nothing has come to our attention, which
term purposes by the Company.
causes us to believe that any material uncertainty exists
xiii. According to the information and explanations given For S S KOTHARI MEHTA & CO. LLP
as on the date of the audit report that Company is not
(e) On an overall examination of the financial statements to us and based on our examination of the records of Chartered Accountants
capable of meeting its liabilities existing at the date of
of the Company, the Company has not taken any the Company, transactions with the related parties Firm Registration No. 00756N/N500441
balance sheet as and when they fall due within a period
funds from any entity or person on account of or are in compliance with section 177 and 188 of the of one year from the balance sheet date. We, however,
to meet the obligations of its subsidiaries and Companies Act, 2013, where applicable, and details of state that this is not an assurance as to the future viability Vijay Kumar
joint venture. such transactions have been disclosed in the standalone of the Company. We further state that our reporting is Partner
financial statements as required under Indian Accounting based on the facts up to the date of the audit report and Place: Noida Membership No.: 092671
(f) According to the information and explanations given Standard (Ind AS) 24, Related Party Disclosures specified Date: May 20, 2024 UDIN: 24092671BKFBOK2827
to us, the Company has not raised loans during the under section 133 of the Companies Act, 2013.
year on the pledge of securities held in its subsidiaries
and joint venture. xiv. (a) In our opinion and according to the information
and explanations given to us, the Company has an
x. (a) According to the information and explanations given internal audit system commensurate with the size
to us, the Company has not raised moneys by way of and nature of its business.
initial public offer or further public offer (including debt
instruments) during the year. Hence, the requirement (b) The internal audit reports of the Company issued
to report on clause (x)(a) of the Order is not applicable during the year and till the date of this report, for
to the Company. the period under audit have been considered by us,
in determining the nature, timing and extent of our
(b) According to the information and explanations given audit procedures.
to us and based on our examination of the records
of the Company, the Company has not made any xv. According to the information and explanations given to
preferential allotment or private placement of shares us and based on our examination of the records of the
or fully or partly convertible debentures during the Company, the Company has not entered into non-cash
year. Hence, the requirement to report on clause (x) transactions with directors or persons connected with
(b) of the Order is not applicable to the Company. its directors.
xi. (a) During the course of our examination of the books and xvi. (a) The Company is not required to be registered under
records of the Company carried out in accordance section 45-IA of the Reserve Bank of India Act, 1934
with the generally accepted auditing practices in (2 of 1934). Accordingly, the requirement to report
India, we have neither come across any instance of under clause 3(xvi) (b) and (c) of the Order is not
fraud by the Company or on the Company being applicable to the Company.
180 181
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
“ANNEXURE B” TO THE INDEPENDENT AUDITORS’ REPORT because of changes in conditions, or that the degree of Audit of Internal Financial Controls Over Financial Reporting
compliance with the policies or procedures may deteriorate. issued by the Institute of Chartered Accountants of India.
even date on the Standalone Financial Statements of TRIVENI ENGINEERING & INDUSTRIES LIMITED
Opinion
In our opinion, the Company has, in all material respects, an
Report on the Internal Financial Controls under Clause with reference to financial statements and their operating For S S KOTHARI MEHTA & CO. LLP
adequate internal financial controls with reference to financial
(i) of Sub-section 3 of Section 143 of the Companies Act, effectiveness. Our audit of internal financial controls with Chartered Accountants
statements and such internal financial controls with reference
2013 (“the Act”) as referred to in paragraph 2(g) of ‘Report reference to financial statements included obtaining an Firm Registration No. 00756N/N500441
to financial statements were operating effectively as at March
on Other Legal and Regulatory Requirements’ understanding of internal financial controls with reference to
31, 2024 based on the internal control over financial reporting
financial statements, assessing the risk that a material weakness Vijay Kumar
criteria established by the Company considering the essential
We have audited the internal financial controls with reference exists, and testing and evaluating the design and operating Partner
components of internal control stated in the Guidance Note on
to financial statements of TRIVENI ENGINEERING & effectiveness of internal control based on the assessed risk. Place: Noida Membership No.: 092671
INDUSTRIES LIMITED (“the Company”) as of March 31, The procedures selected depend on the auditor’s judgement, Date: May 20, 2024 UDIN: 24092671BKFBOK2827
2024 in conjunction with our audit of the standalone financial including the assessment of the risks of material misstatement
statements of the Company for the year ended on that date. of the financial statements, whether due to fraud or error.
Management’s Responsibility for Internal We believe that the audit evidence we have obtained is sufficient
Financial Controls and appropriate to provide a basis for our audit opinion on the
The Company’s management is responsible for establishing Company’s internal financial controls system with reference to
and maintaining internal financial controls based on the financial statements of the Company.
internal controls with reference to financial statements criteria
established by the Company considering the essential Meaning of Internal Financial Controls with
components of internal control stated in the Guidance Note reference to financial statements
on Audit of Internal Financial Controls over Financial Reporting A company’s internal financial control with reference to financial
issued by the Institute of Chartered Accountants of India. statements is a process designed to provide reasonable
These responsibilities include the design, implementation assurance regarding the reliability of financial reporting and
and maintenance of adequate internal financial controls that the preparation of financial statements for external purposes in
were operating effectively for ensuring the orderly and efficient accordance with generally accepted accounting principles. A
conduct of its business, including adherence to company’s company’s internal financial control with reference to financial
policies, the safeguarding of its assets, the prevention and statements includes those policies and procedures that (1)
detection of frauds and errors, the accuracy and completeness pertain to the maintenance of records that, in reasonable detail,
of the accounting records, and the timely preparation of accurately and fairly reflect the transactions and dispositions of
reliable financial information, as required under the Companies the assets of the company; (2) provide reasonable assurance that
Act, 2013. transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted
Auditors’ Responsibility accounting principles, and that receipts and expenditures
Our responsibility is to express an opinion on the Company’s of the company are being made only in accordance with
authorisations of management and directors of the company;
internal financial controls with reference to financial statements
and (3) provide reasonable assurance regarding prevention or
based on our audit. We conducted our audit in accordance
timely detection of unauthorised acquisition, use, or disposition
with the Guidance Note on Audit of Internal Financial Controls
of the company’s assets that could have a material effect on
Over Financial Reporting (the “Guidance Note”) issued by the
the financial statements.
Institute of Chartered Accountants of India and the Standards
on Auditing, prescribed under section 143(10) of the Companies
Inherent Limitations of Internal Financial
Act, 2013, to the extent applicable to an audit of internal financial
Controls with reference to financial statements
controls. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the Because of the inherent limitations of internal financial controls
audit to obtain reasonable assurance about whether adequate with reference to financial statements, including the possibility
internal financial controls with reference to financial statements of collusion or improper management override of controls,
was established and maintained and if such controls operated material misstatements due to error or fraud may occur and not
effectively in all material respects. be detected. Also, projections of any evaluation of the internal
financial controls with reference to financial statements to future
Our audit involves performing procedures to obtain audit periods are subject to the risk that the internal financial control
evidence about the adequacy of the internal financial controls with reference to financial statements may become inadequate
182 183
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Standalone Balance Sheet Standalone Statement of Profit and Loss
as at March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note As at As at Note Year ended Year ended
No. 31-Mar-24 31-Mar-23 No. 31-Mar-24 31-Mar-23
ASSETS Revenue from operations 24 614914.10 630690.29
Non-current assets Other income 25 4528.80 7915.22
Property, plant and equipment 4 150168.44 145440.40
Capital work-in-progress 4 22570.21 2831.19 Total income 619442.90 638605.51
Investment property 5 442.04 442.04 Expenses
Intangible assets 6 204.77 249.88 Cost of materials consumed 26 396845.32 395152.61
Financial assets Purchases of stock-in-trade 27 5708.74 4624.40
i. Investments 7 10251.05 5349.40
ii. Trade receivables 8 82.48 210.90 Changes in inventories of finished goods, stock-in-trade and work-in-progress 28 (42609.99) 8872.30
iii. Loans 9 2903.63 2903.29 Excise duty on sale of goods 93131.00 69326.49
iv. Other financial assets 10 2046.49 1587.95 Employee benefits expense 29 37333.24 34701.67
Income tax assets (net) 22 1391.11 901.07
Other non-current assets 11 3144.31 1081.45 Finance costs 30 4695.79 4983.75
Total non-current assets 193204.53 160997.57 Depreciation and amortisation expense 31 10412.24 9347.77
Current assets Impairment loss on financial assets (net of reversals) 32 294.50 5.79
Inventories 12 241993.25 199649.50
Other expenses 33 61233.36 56271.20
Financial assets
i. Trade receivables 8 33652.46 38462.31 Total expenses 567044.20 583285.98
ii. Cash and cash equivalents 13 (a) 7111.23 6895.35 Profit before exceptional items and tax 52398.70 55319.53
iii. Bank balances other than cash and cash equivalents 13 (b) 141.07 208.72 Exceptional items 34 - 158593.58
iv. Loans 9 53.26 282.95
v. Other financial assets 10 1094.78 1208.62 Profit before tax 52398.70 213913.11
Other current assets 11 23712.23 26864.82 Tax expense:
Total current assets 307758.28 273572.27 - Current tax 35 12164.08 19680.62
Total assets 500962.81 434569.84
- Deferred tax 35 1083.11 1831.91
EQUITY AND LIABILITIES
EQUITY Total tax expense 13247.19 21512.53
Equity share capital 14 2189.00 2189.00 Profit for the year 39151.51 192400.58
Other equity 15 286950.77 263749.75 Other comprehensive income
Total equity 289139.77 265938.75
LIABILITIES A (i) Items that will not be reclassified to profit or loss
Non-current liabilities - Remeasurements of the defined benefit plan 38 (84.46) (231.65)
Financial liabilities - Equity instruments through other comprehensive income 15 1146.21 -
i. Borrowings 16 17124.11 14175.14
1061.75 (231.65)
ii. Lease liabilities 756.59 1227.74
Provisions 17 1539.94 2218.65 A (ii) Income tax relating to items that will not be reclassified to profit or loss 35 109.87 (58.30)
Deferred tax liabilities (net) 23 12053.83 10839.92 951.88 (173.35)
Other non-current liabilities 18 1683.10 1962.09 B (i) Items that may be reclassified to profit or loss
Total non-current liabilities 33157.57 30423.54
Current liabilities - Effective portion of gains/(losses) on hedging instruments designated as cash 15 207.18 (150.86)
Financial liabilities flow hedges (net of reclassification to profit or loss)
i. Borrowings 19 115337.04 68068.17 - Gains/(losses) on aligned portion of forward elements of cash flow hedging 15 (124.03) (43.40)
ii. Lease liabilities 539.99 568.54 instruments (net of reclassification to profit or loss)
iii. Trade payables 20 83.15 (194.26)
(a) total outstanding dues of micro enterprises and small enterprises 823.05 861.79
(b) total outstanding dues of creditors other than micro enterprises and small 34823.02 40598.34 B (ii) Income tax relating to items that may be reclassified to profit or loss 35 20.93 (48.89)
enterprises 62.22 (145.37)
iv. Other financial liabilities 21 8872.98 7872.32 Other comprehensive income for the year, net of tax 1014.10 (318.72)
Other current liabilities 18 12518.89 15709.18 Total comprehensive income for the year 40165.61 192081.86
Provisions 17 4522.10 4429.13
Income tax liabilities (net) 22 1228.40 100.08 Earnings per equity share (face value ` 1 each)
Total current liabilities 178665.47 138207.55 Basic 36 17.89 80.08
Total liabilities 211823.04 168631.09 Diluted 36 17.89 80.08
Total equity and liabilities 500962.81 434569.84
The accompanying notes 1 to 52 form an integral part of these standalone financial statements
The accompanying notes 1 to 52 form an integral part of these standalone financial statements As per our report of even date attached
As per our report of even date attached For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited
For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited Chartered Accountants
Chartered Accountants Firm's registration number : 000756N/N500441
Firm's registration number : 000756N/N500441
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar Partner Chairman & Managing Director Director & Chairman Audit Committee
Partner Chairman & Managing Director Director & Chairman Audit Committee Membership No. 092671
Membership No. 092671
Place : Noida Suresh Taneja Geeta Bhalla
Place : Noida Suresh Taneja Geeta Bhalla Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
184 185
186
Standalone Statement of Changes in Equity
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
A. Equity share capital
Equity shares of ` 1 each issued, subscribed and fully paid up (including paid up value of ` 0.02 lakhs pertaining to forfeited shares)
As at 31 March 2022 2417.57
Extinguishment of shares upon buy-back (228.57)
As at 31 March 2023 2189.00
Movement during the year -
As at 31 March 2024 2189.00
B. Other equity
Reserves and surplus Items of other comprehensive income Total
Capital Capital Securities Amalgamation General Molasses Retained Equity Cash flow Costs of other
redemption reserve premium reserve reserve storage earnings instruments hedging hedging equity
reserve fund through other reserve reserve
reserve comprehensive
income
Balance as at 31 March 2022 559.30 2855.85 8375.55 926.34 49212.72 230.80 112764.22 - (54.06) 133.31 175004.03
Profit for the year - - - - - - 192400.58 - - - 192400.58
Other comprehensive income, net of income tax - - - - - - (173.35) - (112.89) (32.48) (318.72)
Total comprehensive income for the year - - - - - - 192227.23 - (112.89) (32.48) 192081.86
Transferred from retained earnings to molasses storage - - - - - 64.58 (64.58) - - - -
fund reserve
Transactions with owners in their capacity as
owners:
Amount utilised for buy-back of equity shares - - (8375.55) - (49212.72) - (22183.16) - - - (79771.43)
[refer note 15]
Transferred from retained earnings to capital redemption 228.57 - - - - - (228.57) - - - -
reserve on buy-back of equity shares [refer note 15]
Transaction costs related to buy-back of equity shares - - - - - - (613.28) - - - (613.28)
[refer note 15]
Tax paid on buy-back of equity shares [refer note 15] - - - - - - (18116.33) - - - (18116.33)
Dividends paid - - - - - - (4835.10) - - - (4835.10)
Balance as at 31 March 2023 787.87 2855.85 - 926.34 - 295.38 258950.43 - (166.95) 100.83 263749.75
Annual Report 2023-24
Standalone Statement of Changes in Equity
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
02-47
Reserves and surplus Items of other comprehensive income Total
Capital Capital Securities Amalgamation General Molasses Retained Equity Cash flow Costs of other
redemption reserve premium reserve reserve storage earnings instruments hedging hedging equity
Corporate Overview
reserve fund through other reserve reserve
reserve comprehensive
income
Profit for the year - - - - - - 39151.51 - - - 39151.51
Other comprehensive income, net of income tax - - - - - - (63.20) 1015.08 155.04 (92.82) 1014.10
Total comprehensive income for the year - - - - - - 39088.31 1015.08 155.04 (92.82) 40165.61
Transferred from retained earnings to molasses storage - - - - - 60.99 (60.99) - - - -
fund reserve
08-13
Transactions with owners in their capacity as
owners:
Dividends paid - - - - - - (16964.59) - - - (16964.59)
Balance as at 31 March 2024 787.87 2855.85 - 926.34 - 356.37 281013.16 1015.08 (11.91) 8.01 286950.77
The accompanying notes 1 to 52 form an integral part of these standalone financial statements
Management Statements
As per our report of even date attached
For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited
Chartered Accountants
Firm's registration number : 000756N/N500441
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
Partner Chairman & Managing Director Director & Chairman Audit Committee
Membership No. 092671
48-171
Place : Noida Suresh Taneja Geeta Bhalla
Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
Statutory Reports
172-373
187
Financial Statements
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Standalone Statement of Cash Flows Standalone Statement of Cash Flows
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Cash flows from operating activities Cash flows from financing activities
Profit before tax 52398.70 213913.11 Proceeds from long term borrowings 13643.99 4224.00
Adjustments for : Repayments of long term borrowings (15971.81) (13698.15)
Depreciation and amortisation expense 10412.24 9347.77 Increase/(decrease) in short term borrowings 52299.81 (58403.57)
Bad debts written off - trade receivables carried at amortised cost 157.05 433.51 Interest paid (other than on lease liabilities) (4871.83) (4913.60)
Bad debts written off - other financial assets carried at amortised cost 10.63 999.08 Payment of lease liabilities (interest portion) (126.53) (148.26)
Impairment loss allowance on trade receivables and other financial assets (net of reversals) 126.82 (1426.80) Payment of lease liabilities (principal portion) (563.12) (1512.83)
Bad debts written off - non financial assets 24.39 12.39 Buy-back of equity shares - (80000.00)
Impairment loss allowance on non financial assets (net of reversals) (28.21) (45.79) Buy-back costs (7.50) (605.78)
Provision for non moving/obsolete inventory (net of reversals) 55.41 (31.89) Tax paid on buy-back of equity shares - (18116.33)
Loss on sale/write off of inventory 10.99 52.13 Dividend paid (16964.59) (4835.10)
Net fair value (gains)/losses on investments 3.02 (13.54) Net cash inflow/(outflow) from financing activities 27438.42 (178009.62)
Mark-to-market (gains)/losses on derivatives 52.67 76.32 Net increase/(decrease) in cash and cash equivalents 215.88 5073.78
Credit balances written back (460.43) (213.41) Cash and cash equivalents at the beginning of the year [refer note 13 (a)] 6895.35 1821.57
Financial guarantee commission income (31.44) (23.02) Cash and cash equivalents at the end of the year [refer note 13 (a)] 7111.23 6895.35
Exceptional items - profit upon divestment in equity shares - (158593.58) (i) Cash and cash equivalents comprise of cash on hand, cheques on hand, balance with banks in current accounts and short term,
Unrealised (gains)/losses from changes in foreign exchange rates (9.08) 13.51 highly liquid investments with an original maturity of three months or less and which carry insignificant risk of change in value.
Loss on sale/write off/impairment of property, plant and equipment 53.46 163.66
Net (profit)/loss on sale/redemption of investments (9.48) (9.53) (ii) Reconciliation of liabilities arising from financing activities:
Interest income (1861.97) (4170.31) Non-current Current Interest Lease Buy-back of Dividend
Dividend income (7.06) (1099.71) borrowings borrowings payable liabilities equity shares paid
Finance costs 4695.79 4983.75 (including current (excluding (other (including
maturities and current than on tax thereon
Working capital adjustments :
deferred grant maturities lease and buy-
Change in inventories (42410.14) 4017.27 related to long- of long-term liabilities) back costs)
Change in trade receivables 4641.47 (12276.44) term borrowings) borrowings)
Change in other financial assets 139.48 (457.67) Balance as at 31 March 2022 39582.55 110791.87 219.98 1531.11 - -
Change in other assets 3216.27 (1284.98) Cash flows (9474.15) (58403.57) (4913.60) (1661.09) (98722.11) (4835.10)
Change in trade payables (5374.03) 6507.02 Finance costs accruals (including interest - - 4835.49 148.26 - -
Change in other financial liabilities (277.76) (122.77) capitalised)
Lease liabilities accruals - - - 1778.00 - -
Change in other liabilities (3044.57) 5193.20
Buy-back of equity shares (including tax - - - 98729.61 -
Change in provisions (670.20) (1763.12) thereon and buy-back costs) accruals
Cash generated from/(used in) operations 21814.02 64180.16 Dividend distributions accruals - - - - - 4835.10
Income tax paid (net) (11515.80) (20986.23) Balance as at 31 March 2023 30108.40 52388.30 141.87 1796.28 7.50 -
Net cash inflow/(outflow) from operating activities 10298.22 43193.93 Cash flows (2327.82) 52299.81 (4871.83) (689.65) (7.50) (16964.59)
Cash flows from investing activities Finance costs accruals (including interest - - 4825.29 126.53 - -
Purchase of property, plant and equipment and intangible assets (35655.95) (23587.42) capitalised)
Proceeds from sale of property, plant and equipment 96.09 40.24 Lease liabilities accruals - - - 63.42 - -
Investments in joint ventures (250.00) - Dividend distributions accruals - - - - - 16964.59
Investments (other than subsidiaries, associates and joint ventures) (3500.06) - Balance as at 31 March 2024 27780.58 104688.11 95.33 1296.58 - -
Proceeds from disposal of investment in associate - 159299.93 The accompanying notes 1 to 52 form an integral part of these standalone financial statements
Proceeds from disposal/redemption of investments (other than subsidiaries, associates and 20.59 42.94 As per our report of even date attached
joint ventures) For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited
Loan to subsidiaries - (1200.00) Chartered Accountants
Repayment of loan by subsidiaries 225.00 75.00 Firm's registration number : 000756N/N500441
Decrease/(increase) in deposits with banks 32.68 180.43
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
Interest received 1503.83 3938.64 Partner Chairman & Managing Director Director & Chairman Audit Committee
Dividend received 7.06 1099.71 Membership No. 092671
Net cash inflow/(outflow) from investing activities (37520.76) 139889.47
Place : Noida Suresh Taneja Geeta Bhalla
Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
188 189
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 1: Corporate information and basis of participants would take those characteristics into Note 2: Material accounting policy information on relative stand-alone selling prices of such goods
preparation and presentation account when pricing the asset or liability at the This note provides a list of the material accounting policies
and engineering services.
(i) Corporate information measurement date. Fair value for measurement and/ adopted in the preparation of these financial statements.
or disclosure purposes in these financial statements The Company recognises revenue from engineering
Triveni Engineering & Industries Limited (“the Company”) These policies have been consistently applied to all the years
services over time, using an input method to
is a company limited by shares, incorporated and is determined on such a basis, except for leasing presented, unless otherwise stated.
measure progress towards complete satisfaction of
domiciled in India. The Company’s equity shares are transactions that are within the scope of Ind AS 116
the service, because the customer simultaneously
listed at two recognised stock exchanges in India (BSE Leases (see note 2(iii), and measurements that have (i) Revenue recognition
receives and consumes the benefits provided by
and NSE). The registered office of the Company is located some similarities to fair value but are not fair value, Revenue from contracts with customers is recognised the Company. The progress towards complete
at A-44, Hosiery Complex, Phase-II extension, Noida, such as net realisable value in Ind AS 2 Inventories when control of the goods or services are transferred to satisfaction of the service is determined as follows:
Uttar Pradesh – 201305. The Company is engaged (see note 2(ix)) or value in use in Ind AS 36 Impairment the customer at an amount that reflects the consideration
in diversified businesses, mainly categorised into two to which the Company expects to be entitled in exchange •
erection & commissioning / servicing
of Assets (see note 2(v)).
segments – Sugar & allied businesses and Engineering for those goods or services. Transaction price at which revenue - based on technical estimate of
business. Sugar & allied businesses primarily comprises revenue is recognised is net of goods & services tax and completion of physical proportion of the
(c) Classification of assets and liabilities into
manufacture of sugar and distillation of alcohol. amounts collected on behalf of third parties, if any and contract work;
current/non-current includes effect of variable consideration (viz. returns,
Engineering business primarily comprises manufacture of
high speed gears, gearboxes and providing water/waste- All assets and liabilities have been classified as rebates, trade allowances, credits, penalties etc.). Variable • operation & maintenance revenue - as the
water treatment solutions. current or non-current as per the Company’s consideration is estimated using the expected value proportion of the total period of services
normal operating cycle and other criteria set out in method or most likely amount as appropriate in a given contract that has elapsed at the end of the
(ii) Basis of preparation and presentation Schedule III to the Act. The operating cycle of the circumstance and is included in the transaction price only reporting period
(a) Compliance with Ind AS to the extent it is highly probable that a significant revenue
Company is the time between the acquisition of
reversal in the amount of cumulative revenue recognised (c) Long-duration construction & supply contracts
The financial statements comply in all material assets for processing and their realisation in cash or
will not occur when the associated uncertainty with the
aspects with Indian Accounting Standards (Ind cash equivalents. Long-duration construction & supply contracts are
variable consideration is subsequently resolved.
AS) notified under Section 133 of the Companies analysed to determine combination of contracts
Act, 2013 (the Act) [Companies (Indian Accounting (d) Joint and consortium arrangements and identification of performance obligations and
Recognising revenue from major business
Standards) Rules, 2015 (as amended)] and other accordingly transaction price is allocated amongst
When the Company enters into an agreement with activities
relevant provisions of the Act. performance obligations based on stand-alone
other parties to jointly execute a particular project, (a) Sale of goods selling prices. Performance obligations, in long-
(b) Historical cost convention whereby both parties are responsible for carrying out Revenue from the sale of goods is recognised at the duration construction & supply contracts, generally
their respective share of activities, without requiring point in time when control of the goods are transferred includes turnkey related activities towards design
The financial statements have been prepared on an
unanimous consent for such assigned activities, and to the customer (i.e. satisfaction of performance / engineering / supply of equipment / construction
accrual basis under historical cost convention except
are entitled to profits arising from their respective obligation), generally on dispatch of the goods. The / commissioning and operation & maintenance
for certain assets and liabilities that are measured
Company, in its engineering business, generally related activities which are satisfied over time with
at fair values at the end of each reporting period, share of activities, then such an arrangement is
provides warranties to its customers in the nature of the customer receiving benefits from the activities
as explained in the respective accounting policies considered as an extension of the Company’s
assurance, which is considered as an obligation and being performed by the Company.
described in subsequent paragraphs. activities and the assets, liabilities, revenue and provided for under Ind AS 37 Provisions, Contingent
expenses relating to its interest in the joint operation, Liabilities and Contingent Assets (refer note 2(x)). When the progress towards complete satisfaction
Historical cost is generally based on the fair value are accounted for in its financial statements. of performance obligations of a long-duration
of the consideration given in exchange for goods
(b) Rendering of services construction & supply contract can be estimated
and services.
(e) Statement of cash flows The Company provides engineering services that are reliably, revenue is recognised by reference to the
Cash flows are reported using the indirect method, either sold separately or bundled together with the stage of completion of the contract activity at the
Fair value is the price that would be received to sell
sale of goods to a customer. end of the reporting period, measured based on
an asset or paid to transfer a liability in an orderly whereby profit/loss before tax is adjusted for the
the proportion of contract costs incurred for work
transaction between market participants at the effects of transactions of a non-cash nature, any
Contracts for bundled sales of goods and engineering performed to date relative to the estimated total
measurement date, regardless of whether that price deferrals or accruals of past or future operating
services are comprised of two performance contract costs, because the customer simultaneously
is directly observable or estimated using another cash receipts or payments and item of income or obligations because the promises to transfer goods receives and consumes the benefits provided by the
valuation technique. In estimating the fair value of an expenses associated with investing of financing and provide engineering services are distinct and Company. Contract costs excludes costs that do
asset or a liability, the Company takes into account flows. The cash flows from operating, investing and capable of being separately identifiable. Accordingly, not depict the Company’s progress in satisfying the
the characteristics of the asset or liability if market
financing activities of the Company are segregated. the Company allocates the transaction price based performance obligation.
190 191
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
When the outcome of performance obligations of a whether a contract conveys the right to control the use (b) Transactions and balances For the purposes of assessing impairment, assets are
long-duration construction & supply contract cannot be of an identified asset, the Company assesses whether: (i) Foreign currency transactions are translated into the grouped at the lowest levels for which there are separately
estimated reliably, but the Company expects to recover the contract involves the use of an identified asset; (ii) the functional currency using the exchange rates that identifiable cash inflows which are largely independent of
the costs incurred in satisfying the performance obligation, Company has substantially all of the economic benefits approximates the actual rate at the date of respective the cash inflows from other assets or groups of assets
contract revenue is recognised only to the extent of from use of the asset through the period of the lease; transactions. Foreign exchange gains or losses (cash-generating units). Non-financial assets that suffered
the contract costs incurred until such time that it can and (iii) the Company has the right to direct the use of resulting from the settlement of such transactions an impairment are reviewed for possible reversal of the
reasonably measure the outcome of the performance the asset. and from the translation of monetary assets and impairment at the end of each reporting period. When
obligation. Contract costs are recognised as expenses in liabilities denominated in foreign currencies at year an impairment loss subsequently reverses, the carrying
the period in which they are incurred. At the date of commencement of the lease, the end exchange rates are recognised in profit or loss amount of the asset is increased to the revised estimate
Company recognises a right-of-use (“ROU”) assets and in the period in which they arise except for: of its recoverable amount, so however that the increased
(ii) Government grants a corresponding lease liability for all lease arrangements carrying amount does not exceed the carrying amount
Grants from the government are recognised where there is in which it is a lessee, except for leases with a term of • foreign exchange gains or losses on settlement that would have been determined had no impairment loss
a reasonable assurance that the Company will comply with twelve months or less (short-term leases) and low value or translation of foreign currency borrowings been recognised for the asset in prior years. A reversal
all attached conditions and the grant shall be received. leases. The ROU assets are initially recognised at cost, that are directly attributable to acquisition, of an impairment loss is recognised immediately in profit
which comprises the initial amount of the lease liability construction or production of a qualifying asset, or loss.
Government grants relating to income are deferred and adjusted for any lease payments made at or prior to the which are included in cost of those assets when
recognised in the profit or loss over the period necessary commencement date of the lease plus any initial direct they are regarded as an adjustment to interest (vi) Income tax
to match them with the costs that they are intended to costs less any lease incentives. They are subsequently costs on those foreign currency borrowings. Income tax expense represents the sum of the tax
compensate and presented either within other operating measured at cost less accumulated depreciation and currently payable and deferred tax. Current and deferred
income/other income or net of related costs. impairment losses. ROU assets are depreciated from the • foreign exchange gains or losses in respect of tax are recognised in profit or loss, except when they
commencement date on a straight-line basis over the certain qualifying cash flow hedges which are
relate to items that are recognised in other comprehensive
Government grants relating to the purchase of property, shorter of the lease term and useful life of the underlying deferred in equity.
income or directly in equity, in which case, the current and
plant and equipment are deducted from its gross value asset (see note 2(vii) below) and is also evaluated for deferred tax are also recognised in other comprehensive
and are recognised in profit or loss on a systematic and Foreign exchange gains or losses which are regarded as
impairment (see note 2(v) below). The lease liability income or directly in equity respectively. Where current
rational basis over the expected useful lives of the related an adjustment to borrowing costs are presented in the
is measured at amortised cost at the present value of tax or deferred tax arises from the initial accounting for
assets by way of reduced depreciation. statement of profit and loss, within finance costs. Foreign
the future lease payments. The lease term includes (a) a business combination, the tax effect is included in the
exchange gains or losses related to certain qualifying
the non-cancellable period of the lease; (b) the period accounting for the business combination.
Government grants that are receivable as compensation cash flow hedges are presented in other comprehensive
covered by an option to extend the lease, if it is reasonably
for expenses or losses already incurred or for the purpose income on a net basis. All other foreign exchange gains
certain that such option shall be exercised; and (c) the (a) Current tax
of giving immediate financial support to the Company with and losses are presented in the statement of profit and
period covered by an option to terminate the lease, if it is The tax currently payable is based on taxable profit
no future related costs are recognised in profit or loss in loss on a net basis within other income or other expenses,
reasonably certain that such option shall not be exercised. for the year. Taxable profit differs from ‘profit before
the period in which they become receivable. as the case may be.
Lease liabilities are remeasured with a corresponding tax’ as reported in the statement of profit and loss
adjustment to the related ROU assets if the Company (v) Impairment of non-financial assets because of items of income or expense that are
The Government grants by way of a benefit of a Government
changes its assessment concerning the right to exercise taxable or deductible in other years and items that
loan at a below market rate of interest is measured as the Non-financial assets are tested for impairment whenever
its option of extending or terminating the lease provided are never taxable or deductible. The Company’s
difference between the proceeds received and the fair events or changes in circumstances indicate that the
to it under the relevant arrangement. current tax is calculated using tax rates that have
value of the loan based on prevailing market interest rates. carrying amount may not be recoverable. An impairment
loss is recognised for the amount by which the asset’s been enacted or substantively enacted by the end
See note 43 for disclosures and treatment of government For short-term and low value leases as mentioned above, of the reporting period.
carrying amount exceeds its recoverable amount. The
grants in financial statements. the Company recognises the lease payments as an
recoverable amount is the higher of an asset’s fair value
operating expense on a straight-line basis over the term (b) Deferred tax
less costs of disposal and value in use. In assessing value
(iii) Leases of the lease.
in use, the estimated future cash flows are discounted Deferred tax is recognised on temporary differences
The Company’s lease assets classes primarily consist of to their present value using a discount rate that reflects between the carrying amounts of assets and liabilities
(iv) Foreign currency translation
leases for land and buildings. The Company assesses current market assessments of the time value of money in the financial statements and the corresponding
whether a contract contains a lease, at inception of a (a) Functional and presentation currency and the risks specific to the asset. In determining fair tax bases used in the computation of taxable profit.
contract. A contract is, or contains, a lease if the contract The financial statements are presented in Indian value less costs of disposal, recent market transactions Deferred tax liabilities are generally recognised for all
conveys the right to control the use of an identified asset for rupee (`), which is the Company’s functional and are taken into account. If no such transactions can be taxable temporary differences. Deferred tax assets
a period of time in exchange for consideration. To assess presentation currency unless stated otherwise. identified, an appropriate valuation model is used. are generally recognised for all deductible temporary
192 193
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
differences, the carry forward of unused tax credits at cost less accumulated depreciation and accumulated Depreciation methods, estimated useful lives and life of such fixture, fittings and improvements,
and unused tax losses to the extent that it is probable impairment losses, if any. Cost comprises purchase price residual value whichever is lower.
that taxable profits will be available against which after deducting trade discounts/rebates, government Depreciation commences when the assets are available
those deductible temporary differences, the carry grants related to assets and including import duties for their intended use. Depreciation is calculated using The estimated useful lives, residual values and
forward of unused tax credits and unused tax and non-refundable purchase taxes, borrowing costs, depreciation method are reviewed at the end of each
the straight-line method to allocate their cost, net of their
losses can be utilised. Such deferred tax assets any costs that is directly attributable to the bringing the reporting period, with the effect of any changes in
residual values, over their estimated useful lives.
and liabilities are not recognised if the temporary asset to the location and condition necessary for it to estimate accounted for on a prospective basis.
difference arises from the initial recognition of assets be capable of operating in the manner intended by the The management has estimated the useful lives and
(viii) Investment property
and liabilities in a transaction (other than a business management and costs of dismantling/removing the item residual values of all property, plant and equipment and
combination) that affects neither the taxable profit and restoring the site on which it was located under an adopted useful lives as stated in Schedule II along with Property that is held for long-term rental yields or for
residual values of 5% except for the following: capital appreciation or both, is classified as investment
nor the accounting profit and does not give rise to obligation. Subsequent costs are included in the asset’s
property. Investment property is stated at cost less
equal taxable and deductible temporary differences. carrying amount or recognised as a separate asset, as
•
On the basis of technical assessment and accumulated depreciation and accumulated impairment
In addition, deferred tax liabilities are not recognised appropriate, only when it is probable that future economic
past experience: losses, if any. Investment property is measured initially at
if the temporary difference arises from the initial benefits associated with the item will flow to the Company
its cost, including related transaction costs and, where
recognition of goodwill. and the cost of the item can be measured reliably. o the useful lives of mill rollers, instrumentation applicable, borrowing costs. Cost comprises purchase
and control devices installed at sugar plants is price after deducting trade discounts/rebates, government
The carrying amount of deferred tax assets is Each part of item of property, plant and equipment, considered at ten years as against prescribed grants related to assets and including duties and taxes,
reviewed at the end of each reporting period and if significant in relation to the total cost of the item, is life of twenty five years in respect of continuous borrowing costs, any costs that is directly attributable
reduced to the extent that it is no longer probable depreciated separately. Further, parts of plant and process plant. to the bringing the asset to the location and condition
that sufficient taxable profits will be available to allow equipment that are technically advised to be replaced necessary for it to be capable of operating in the manner
o mobile phones costing ` 5,000/- or more are
all or part of the asset to be recovered. at prescribed intervals/period of operation, insurance intended by management and costs of dismantling/
depreciated over two years.
spares and cost of inspection/overhauling are depreciated removing the item and restoring the site on which it was
Deferred tax liabilities and assets are measured at separately based on their specific useful life provided o patterns, tools, Jigs etc. are depreciated over located under an obligation. Subsequent expenditure is
the tax rates that are expected to apply in the period these are of significant amounts commensurate with the three years. capitalised to the asset’s carrying amount only when it is
in which the liability is settled or the asset realised, size of the Company and scale of its operations. The probable that future economic benefits associated with
o machinery spares are depreciated over a life
based on tax rates (and tax laws) that have been carrying amount of any equipment/inspection/overhauling ranging from five to ten years. the expenditure will flow to the Company and the cost of
enacted or substantively enacted by the end of the accounted for as separate asset or if otherwise significant, the item can be measured reliably. All other repairs and
reporting period. is derecognised when replaced. All other repairs and •
Assets costing less than ` 5,000/- are fully maintenance costs are expensed when incurred.
depreciated in the year of purchase.
maintenance costs are charged to profit or loss during
The measurement of deferred tax liabilities and assets the reporting period in which they are incurred. An investment property is derecognised upon disposal or
reflects the tax consequences that would follow from Estimated useful lives considered are as follows: when the investment property is permanently withdrawn
the manner in which the Company expects, at the An item of property, plant and equipment is derecognised Assets Estimated useful life from use and no future economic benefits are expected
end of the reporting period, to recover or settle the upon disposal or when no future economic benefits are from the disposal. Any gain or loss arising on derecognition
Buildings 3 - 60 years
carrying amount of its assets and liabilities. of the property (calculated as the difference between the
expected to arise from the continued use of the asset. Roads 3 - 10 years
net disposal proceeds and the carrying amount of the
Any gain or loss arising on the disposal or retirement of an Plant & equipment 3 - 25 years
(vii) Property, plant and equipment asset) is included in profit or loss in the period in which
item of property, plant and equipment is determined as the Furniture & fixtures 10 years the property is derecognised.
Property, plant and equipment are tangible items that are difference between the sales proceeds and the carrying Vehicles 8 - 10 years
held for use in the production or supply of goods and amount of the asset and is recognised in profit or loss. Office equipment 2 - 5 years Investment property being building is depreciated using
services, rental to others or for administrative purposes Computers 3 - 6 years the straight-line method over their estimated useful lives
and are expected to be used during more than one period. Transition to Ind AS as stated in Schedule II at 30 years along with residual
Laboratory equipment 10 years
The cost of an item of property, plant and equipment is On transition to Ind AS, the Company has elected to Electrical installations 10 years values of 5%.
recognised as an asset if and only if it is probable that continue with the carrying value of all of its property, plant and equipment
future economic benefits associated with the item will and equipment recognised as at April 1, 2015 (transition Transition to Ind AS
flow to the Company and the cost of the item can be date) measured as per the previous GAAP and use that Fixture and fittings and improvements to leasehold On transition to Ind AS, the Company has elected to
measured reliably. Freehold land is carried at cost. All carrying value as the deemed cost of the property, plant buildings not owned by the Company are amortised continue with the carrying value of all of its investment
other items of property, plant and equipment are stated and equipment. over the unexpired lease period or estimated useful properties recognised as at 1 April 2015 (transition date)
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
measured as per the previous GAAP and use that carrying Stock-in-trade The present value of the defined benefit obligation is (xii) Financial assets
value as the deemed cost of investment properties. determined using projected unit credit method by (a) Classification
Business Units Basis
discounting the estimated future cash outflows with
(ix) Inventories Branded goods trading Weighted average The Company classifies its financial assets in the
reference to market yield at the end of the reporting
business following measurement categories:
(a) Finished goods and work-in-progress are valued at period on government bonds that have maturity
Diesel/petrol retailing business First in first out
lower of cost and net realisable value. The cost of terms approximating the estimated term of the related • those to be measured subsequently at fair value
finished goods and work-in-progress is computed obligation, through actuarial valuations carried out at
(c) By-products (excluding those used as raw materials) (either through other comprehensive income, or
on weighted average basis and includes raw material
and scrap are valued at estimated net realisable value. the end of each annual reporting period. through profit or loss), and
costs, direct cost of conversion and proportionate
allocation of indirect costs incurred in bringing the
(x) Provisions The net interest cost is calculated by applying the • those measured at amortised cost.
inventories to their present location and condition.
Finished goods and work-in-progress are written Provisions are recognised when the Company has a discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. Such net The classification depends on the Company’s
down if their net realisable value declines below the present obligation (legal or constructive) as a result of
interest cost along with the current service cost and, business model for managing the financial assets
carrying amount of the inventories and such write a past event, it is probable that the Company will be
and the contractual terms of the cash flows.
downs of inventories are recognised in profit or loss. required to settle the obligation, and a reliable estimate if applicable, the past service cost and settlement
When reasons for such write downs ceases to exist, can be made of the amount of the obligation. The amount gain/loss, is included in employee benefit expense
the write downs are reversed through profit or loss. For assets measured at fair value, gains and losses
recognised as a provision is the best estimate of the in the statement of profit and loss. Remeasurement will either be recorded in profit or loss or other
consideration required to settle the present obligation gains and losses arising from experience adjustments comprehensive income. For assets in the nature of
(b) Inventories of raw materials & components, stores &
at the end of the reporting period, taking into account and changes in actuarial assumptions, comprising debt instruments, this will depend on the business
spares and stock-in-trade are valued at lower of cost
the risks and uncertainties surrounding the obligation. actuarial gains/losses and return on plan assets model. For assets in the nature of equity instruments,
and net realisable value. Raw materials and other
When the effect of the time value of money is material, (excluding the amount recognised in net interest on this will depend on whether the Company has made
items held for use in the production of inventories are
not written down below cost if the finished goods in provision is measured at the present value of cash flows the net defined liability), are recognised in the period an irrevocable election at the time of initial recognition
which they will be incorporated are expected to be estimated to settle the present obligation. When some or in which they occur, directly in other comprehensive to account for the equity instrument at fair value
sold at or above cost. Write down of such inventories all of the economic benefits required to settle a provision income. They are included in retained earnings through other comprehensive income.
are recognised in profit or loss and when reasons are expected to be recovered from a third party, a in the statement of changes in equity and in the
for such write downs ceases to exist, such write receivable is recognised as an asset if it is virtually certain The Company reclassifies debt instruments when
balance sheet.
downs are reversed through profit or loss. Cost of that reimbursement will be received and the amount of and only when its business model for managing
such inventories comprises of purchase price and the receivable can be measured reliably. Provisions are those assets changes.
(b) Other long-term employee benefit obligations
other directly attributable costs that have been reviewed at each balance sheet date.
incurred in bringing the inventories to their present Other long-term employee benefits include earned (b) Measurement
location and condition. By-products used as raw (xi) Employee benefits leaves and sick leaves. The liabilities for earned leaves At initial recognition, the Company measures a
material are valued at transfer price linked with net and sick leaves are not expected to be settled wholly financial asset at its fair value plus, in the case of a
(a) Post-employment obligations
realisable value. Cost for the purpose of valuation of within twelve months after the end of the period in financial asset not at fair value through profit or loss,
raw materials & components, stores & spares and The Company operates the following post-
which the employees render the related service. transaction costs that are directly attributable to the
stock-in-trade is considered on the following basis : employment schemes:
They are therefore measured at the present value acquisition of the financial asset. Transaction costs
Raw materials & Components of expected future payments to be made in respect of financial assets carried at fair value through profit
• defined benefit plans towards payment of or loss are expensed in profit or loss.
gratuity; and of services provided by employees up to the end of
Business Units Basis
Sugar First in first out the reporting period using the projected unit credit
Debt instruments
Co-generation & Distillery Weighted average • defined contribution plans towards employees’ method, with actuarial valuations being carried out at
the end of each annual reporting period. The benefits Subsequent measurement of debt instruments
Water Business Group Specific cost provident fund & employee pension scheme,
depends on the Company’s business model for
Power Transmission Weighted average employees’ state insurance, superannuation are discounted using the market yield on government
managing the asset and the cash flow characteristics
Business and Specific cost scheme and national pension scheme. bonds at the end of the reporting period that have
of the asset. There are three measurement
maturity term approximating to the estimated term categories into which the Company classifies its
Stores & Spares Defined benefit plan of the related obligation. Remeasurements as a debt instruments:
Business Units Basis The liability or asset recognised in the balance sheet result of experience adjustments and changes in
Water Business Group Specific cost in respect of the defined benefit plan is the present actuarial assumptions are recognised in profit or loss. Amortised cost: Assets that are held for
•
value of the defined benefit obligation at the end of The obligations are presented as provisions in the collection of contractual cash flows where
Other units Weighted average
the reporting period less the fair value of plan assets. balance sheet. those cash flows represent solely payments of
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02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
principal and interest are measured at amortised if any. Where the Company’s management has ECL is determined with reference to historically continues to recognise under continuing involvement,
cost. A gain or loss on a debt investment that elected to present fair value gains and losses on observed default rates over the expected life of the and the part it no longer recognises on the basis of
is subsequently measured at amortised cost is equity investments in other comprehensive income, trade receivables and is adjusted for forward looking the relative fair values of those parts on the date of the
recognised in profit or loss when the asset is there is no subsequent reclassification of fair value estimates. Note 41(i) details how the Company transfer. The difference between the carrying amount
derecognised or impaired. Interest income from gains and losses to profit or loss. Dividends from determines expected credit loss. allocated to the part that is no longer recognised
these financial assets is recognised using the such investments are recognised in profit or loss as and the sum of the consideration received for the
effective interest rate method. other income when the Company’s right to receive (d) Derecognition of financial assets
part no longer recognised and any cumulative gain
payments is established. A financial asset is derecognised only when or loss allocated to it that had been recognised in
Fair value through other comprehensive
• the Company other comprehensive income is recognised in profit
income (FVTOCI): Assets that are held for (c) Impairment of financial assets
or loss if such gain or loss would have otherwise
collection of contractual cash flows and for • has transferred the rights to receive cash flows
In accordance with Ind AS 109 Financial been recognised in profit or loss on disposal of that
selling the financial assets, where the assets’ from the financial asset; or
Instruments, the Company applies expected credit financial asset. A cumulative gain or loss that had
cash flows represent solely payments of
loss (ECL) model for measurement and recognition been recognised in other comprehensive income
principal and interest, are measured at FVTOCI. • retains the contractual rights to receive the
of impairment loss associated with its financial is allocated between the part that continues to be
Movements in the carrying amount are taken cash flows of the financial asset, but assumes
assets carried at amortised cost and FVTOCI recognised and the part that is no longer recognised
through OCI, except for the recognition of a contractual obligation to pay the cash flows
debt instruments. on the basis of the relative fair values of those parts.
impairment gains or losses, interest income and to one or more recipients.
foreign exchange gains and losses which are
For trade receivables or any contractual right to (e) Effective interest method
recognised in profit or loss. When the financial Where the Company has transferred an asset, it
receive cash or another financial asset that result
asset is derecognised, the cumulative gain or evaluates whether it has transferred substantially all The effective interest method is a method of
from transactions that are within the scope of Ind
loss previously recognised in OCI is reclassified risks and rewards of ownership of the financial asset. calculating the amortised cost of a debt instrument
AS 115 Revenue from Contracts with Customers,
from equity to profit or loss and recognised in In such cases, the financial asset is derecognised. and of allocating interest income over the relevant
the Company applies simplified approach permitted
other gains/(losses). Interest income from these Where the Company has not transferred substantially period. The effective interest rate is the rate that
by Ind AS 109 Financial Instruments, which requires
financial assets is included in other income all risks and rewards of ownership of the financial
expected life time losses to be recognised after exactly discounts estimated future cash receipts
using the effective interest rate method. asset, the financial asset is not derecognised.
initial recognition of receivables. For recognition of through the expected life of the financial asset to
impairment loss on other financial assets and risk the gross carrying amount of a financial asset. When
Fair value through profit or loss (FVTPL):
• Where the Company has neither transferred a
Assets that do not meet the criteria for exposure, the Company determines whether there calculating the effective interest rate, the Company
financial asset nor retained substantially all risks
amortised cost or FVTOCI are measured at has been a significant increase in the credit risk since estimates the expected cash flows by considering
and rewards of ownership of the financial asset, the
fair value through profit or loss. A gain or loss initial recognition. If credit risk has not increased all the contractual terms of the financial instrument
financial asset is derecognised if the Company has
on a debt investment that is subsequently significantly, twelve months ECL is used to provide but does not consider the expected credit losses.
not retained control of the financial asset. Where the
measured at fair value through profit or loss is for impairment loss. However, if credit risk has Company retains control of the financial asset, the Income is recognised on an effective interest basis
recognised in profit or loss and presented net increased significantly, lifetime ECL is used. If, in a asset is continued to be recognised to the extent of for debt instruments other than those financial assets
in the statement of profit and loss within other subsequent period, credit quality of the instrument continuing involvement in the financial asset. classified as at FVTPL.
gains/(losses) in the period in which it arises. improves such that there is no longer a significant
Interest income from these financial assets is increase in credit risk since initial recognition, then On derecognition of a financial asset in its entirety, (xiii) Financial liabilities and equity instruments
included in other income. the entity reverts to recognising impairment loss the difference between the asset’s carrying amount (a) Classification
allowance based on twelve-months ECL. and the sum of the consideration received and Debt and equity instruments issued by the Company
Equity instruments receivable and the cumulative gain or loss that had
are classified as either financial liabilities or as equity
The Company subsequently measures all equity ECL represents expected credit loss resulting from been recognised in other comprehensive income
all possible defaults and is the difference between all in accordance with the substance of the contractual
investments at fair value, except for equity and accumulated in equity is recognised in profit
contractual cash flows that are due to the Company arrangements and the definitions of a financial liability
investments in subsidiaries, associates and joint or loss if such gain or loss would have otherwise
in accordance with the contract and all the cash and an equity instrument.
ventures where the Company has the option to been recognised in profit or loss on disposal of that
either measure it at cost or fair value. The Company flows that the entity expects to receive, discounted at financial asset.
the original effective interest rate. While determining Equity instruments
has opted to measure equity investments in
subsidiaries, associates and joint ventures at cost cash flows, cash flows from the sale of collateral held On derecognition of a financial asset other than in its An equity instrument is any contract that evidences
hence investments in subsidiaries, associates and or other credit enhancements that are integral to the entirety, the Company allocates the previous carrying a residual interest in the assets of the Company after
joint ventures are carried at cost less impairment, contractual terms are also considered. amount of the financial asset between the part it deducting all of its liabilities.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Financial liabilities The carrying amounts of financial liabilities that recognised in ‘Other income’. The fair value of Amounts previously recognised in other comprehensive
The Company classifies its financial liabilities in the are subsequently measured at amortised cost financial liabilities denominated in a foreign currency income and accumulated in equity relating to effective and
following measurement categories: are determined based on the effective interest is determined in that foreign currency and translated /or aligned portion (as described above) of the cash flow
method. Interest expense that is not capitalised at the spot rate at the end of the reporting period. hedges are reclassified to the statement of profit or loss in
• those to be measured subsequently at fair value as part of costs of an asset is included in the the periods when the hedged item affects the statement
through profit or loss, and ‘Finance costs’ line item. (xiv) Derivatives and hedging activities of profit and loss.
The Company undertakes transactions involving
• those measured at amortised cost. (c) Derecognition derivative financial instruments, primarily foreign exchange Hedge accounting is discontinued when the hedging
Equity instruments forward contracts, to manage its exposure to foreign instrument expires or is sold, terminated, or exercised, or
Financial liabilities are classified as at FVTPL when the exchange risks. when it no longer qualifies for hedge accounting. Any gain
Repurchase of the Company’s own equity
financial liability is held for trading or it is designated or loss recognised in other comprehensive income and
instruments is recognised and deducted directly in
as at FVTPL, other financial liabilities are measured Derivatives are initially recognised at fair value at the date the accumulated in equity at that time remains in equity and
equity. No gain or loss is recognised in profit or loss
at amortised cost at the end of subsequent relevant contracts are entered into and are subsequently is recognised when the forecast transaction is ultimately
on the purchase, sale, issue or cancellation of the
accounting periods. remeasured at their fair value at the end of each reporting recognised in the statement of profit and loss. When a
Company’s own equity instruments.
period. The resulting gain or loss is recognised in profit forecast transaction is no longer expected to occur,
(b) Measurement or loss immediately unless the derivative is designated the gain or loss accumulated in equity is recognised
Financial liabilities
Equity instruments and effective as a hedge, in which event the timing of the immediately in the statement of profit and loss.
The Company derecognises financial liabilities
Equity instruments issued by the Company are recognition in profit or loss depends on the nature of the
when, and only when, the Company’s obligations (xv) Financial guarantee contracts
recognised at the proceeds received. Transaction hedging relationship and the nature of the hedged item.
are discharged, cancelled or have expired. An
cost of equity transactions shall be accounted for as Financial guarantee contracts are recognised as a financial
exchange with a lender of debt instruments with
a deduction from equity. The Company designates certain derivative instruments as liability at the time the guarantee is issued. The liability
substantially different terms is accounted for as an
cash flow hedges to hedge the foreign exchange risk relating is initially measured at fair value and subsequently at
extinguishment of the original financial liability and
Financial liabilities to the cash flows attributable to certain firm commitments the higher of (i) the amount of expected credit loss; and
the recognition of a new financial liability. Similarly,
/ highly probable forecast transactions. At the inception (ii) the amount initially recognised less, where appropriate,
At initial recognition, the Company measures a a substantial modification of the terms of an existing
of the hedge relationship, the Company documents the cumulative amount of income recognised.
financial liability at its fair value net of, in the case of financial liability (whether or not attributable to the
relationship between the hedging instrument and the
a financial liability not at fair value through profit or financial difficulty of the debtor) is accounted for as
hedged item, along with its risk management objectives The fair value of financial guarantees is determined based
loss, transaction costs that are directly attributable an extinguishment of the original financial liability
and strategy. Furthermore, at the inception of the hedge on the present value of the difference in cash flows
to the issue of the financial liability. Transaction costs and the recognition of a new financial liability. The
and on an ongoing basis, the Company assesses the between the contractual payments required under the
of financial liability carried at fair value through profit difference between the carrying amount of the
or loss are expensed in profit or loss. effectiveness of the hedging instrument in offsetting debt instrument and the payments that would be required
financial liability derecognised and the consideration without the guarantee or the estimated amount that would
changes in expected cash flows of the hedged item
paid and payable is recognised in profit or loss. be payable to a third party for assuming the obligations.
Subsequent measurement of financial liabilities attributable to the hedged risk. The effective portion of
depends on the classification of financial liabilities. changes in the fair value of derivatives that are designated
(d) Effective interest method Where guarantees in relation to loans of subsidiary
There are two measurement categories into which and qualify as cash flow hedges is recognised in other
The effective interest method is a method of comprehensive income and accumulated under cash flow company are provided for no compensation, the fair
the Company classifies its financial liabilities:
calculating the amortised cost of a financial liability hedging reserve within equity. The gain or loss relating to values are accounted for as contributions and recognised
• air value through profit or loss (FVTPL):
F and of allocating interest expense over the relevant the ineffective portion is recognised immediately in the as part of the cost of the investment.
Financial liabilities are classified as at FVTPL period. The effective interest rate is the rate that statement of profit and loss. In case the Company opts
when the financial liability is held for trading or exactly discounts estimated future cash payments to designate only the changes in the spot element of a Note 3: Critical accounting judgements and
it is designated as at FVTPL. Financial liabilities through the expected life of the financial liability to foreign currency forward contract as a cash flow hedge, key sources of estimation uncertainty
at FVTPL are stated at fair value, with any gains the gross carrying amount of a financial liability. the changes in the forward element of the relevant forward The preparation of financial statements requires the use of
or losses arising on remeasurement recognised contract, is recognised in other comprehensive income accounting estimates which, by definition, will seldom equal the
in profit or loss. (e) Foreign exchange gains and losses and accumulated under cost of hedging reserve within actual results. Management also needs to exercise judgement
For financial liabilities that are denominated in a equity, to the extent such forward element is aligned with in applying the Company’s accounting policies.
• Amortised cost: Financial liabilities that are foreign currency and are measured at amortised the critical terms of the hedged item. The changes in the
not held-for-trading and are not designated cost at the end of each reporting period, the foreign forward element of the relevant forward contract which is This note provides an overview of the areas that involved a
as at FVTPL are measured at amortised cost exchange gains and losses are determined based not so aligned, is recognised immediately in the statement higher degree of judgement or complexity, and of items which
at the end of subsequent accounting periods. on the amortised cost of the instruments and are of profit and loss. are more likely to be materially adjusted due to estimates
200 201
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
and assumptions turning out to be different than those years is yet to be taken up, the Company has not (b) Employee benefit plans recoverable amount, which is higher of an asset’s/
originally assessed. recognised the above benefits/incentives receivable The cost of employee benefits under the defined Cash Generating Units (CGU’s) fair value less costs
under the Policy. benefit plan and other long term employee benefits of disposal and its value in use. In assessing value in
Estimates and judgements are continually evaluated. They as well as the present value of the obligation use, the estimated future cash flows are discounted
are based on historical experience and other factors, (b) Accounting of Company’s investment in equity there against are determined using actuarial to their present value using pre-tax discount rate
including expectations of future events that may have a shares of Sir Shadi Lal Enterprises Limited valuations. An actuarial valuation involves making that reflects current market assessments of the time
financial impact on the Company and that are believed to As a strategic investment, the Company has various assumptions that may differ from actual value of money and the risks specific to the asset. In
be reasonable under the circumstances. acquired 25.43% paid-up equity share capital of Sir developments in the future. These include the determining fair value less costs of disposal, recent
Shadi Lal Enterprises Limited (SSLEL) from certain determination of the discount rate, future salary market transactions are taken into account, if no
(i) Critical accounting judgements increases, attrition and mortality rates. Due to the such transactions can be identified, an appropriate
members of the promoter group of SSLEL, under
Following are the areas which involved complex and a share purchase agreement dated 30 January complexities involved in the valuation and its long- valuation model is used.
subjective judgements: 2024. Under Regulation 3(1) and Regulation 4 of term nature, obligation amount is highly sensitive to
changes in these assumptions. (d) Revenue and cost estimation for long-duration
the Securities Exchange Board of India (Substantial
(a)
Incentives under the U.P. Sugar Industry construction & supply contracts
Acquisition of Shares and Takeovers) Regulations,
Promotion Policy, 2004 The parameter most subject to change is the discount The revenue recognition pertaining to long-duration
2011, the Company has launched an open offer on
In a writ petition filed by the Company against the rate. In determining the appropriate discount rate for construction & supply contracts are determined on
30 January 2024 for acquisition of further 26% of the
illegal withdrawal of U.P. Sugar Industry Promotion plans, the management considers the market yields proportionate completion method based on actual
outstanding paid-up equity share capital of SSLEL.
Policy, 2004 (“the Policy”) by the State Government on government bonds with a maturity term that is contract costs incurred till balance sheet date
The Management is of the opinion that the Company consistent with the term of the concerned defined
of Uttar Pradesh, the Hon’ble Allahabad High Court and total budgeted contract costs. An estimation
does not presently have a significant influence over benefit obligation. Future salary increases are based
had decided the matter in favour of the Company of total budgeted contract cost involves making
SSLEL, so as to consider it as an associate company. on expected future inflation rates and expected salary
and directed the State Government to quantify and various assumptions that may differ from the actual
pay all the incentives that were promised under the trends in the industry. Attrition rates are considered
(ii) Key sources of estimation uncertainty developments in the future. These include delays in
said Policy. The State Government however filed a based on past observable data of employees leaving
execution due to unforeseen reasons, inflation rate,
Special Leave Petition before the Hon’ble Supreme Following are the key assumptions concerning the future, the services of the Company. The mortality rate is
future material rates, future labour rates etc. The
Court challenging the decision of the Hon’ble High and other key sources of estimation uncertainty at the end based on publicly available mortality tables. Those
estimates/assumptions are made considering past
Court against it. of the reporting period that may have a significant risk of mortality tables tend to change only at intervals in
experience, market/inflation trends and technological
causing a material adjustment to the carrying amounts of response to demographic changes. See note 38 for
developments etc. All such estimates/ assumptions
While the case was sub-judice, the Company assets and liabilities within the next financial year: further disclosures.
are reviewed at each reporting date.
continued to avail and account for the remissions of
statutory levies and duties aggregating to ` 4158.38 (a)
Fair value measurements and valuation (c)
Impairment of financial and non-financial
(e) Provision for warranty claims
lakhs, which it was entitled to under the Policy, in processes assets
The Company has a stringent policy of ascertaining The Company, in the usual course of sale of its
accordance with the interim directions of the High Some of the Company’s assets and liabilities
impairment, if any, of financial assets as a result products, provides warranties on certain products
Court. Based on the aforesaid decision of Hon’ble are measured at fair value for financial reporting
of detailed scrutiny of major cases and through and services, undertaking to repair or replace
Allahabad High Court in its favour, the Company purposes. When the fair values of these assets and
determining expected credit losses. Despite the items that fail to perform satisfactorily during
shall continue to pursue its claim of ` 11375 lakhs
liabilities cannot be measured based on quoted the specified warranty period. Provisions made
filed towards one time capital subsidy and its claims best estimates and periodic credit appraisals of
prices in active markets, their fair value is measured represent the amount of expected cost of meeting
towards other incentives by way of reimbursements customers, the Company’s receivables are exposed
using valuation techniques by engaging third party to delinquency risks due to material adverse changes such obligations of rectifications / replacements
against specified expenses aggregating to
qualified external valuers or internal valuation in business, financial or economic conditions that are based on best estimate considering the historical
` 13015.88 lakhs, by filing necessary documents for
team to perform the valuation. The inputs to these expected to cause a significant change to the party’s warranty claim information and any recent trends
the verification of the State Government authorities.
The aforesaid amounts do not include any interest models are taken from observable markets where ability to meet its obligations. All such parameters that may suggest future claims could differ from
towards delayed settlement. possible, but where this is not feasible, a degree relating to impairment or potential impairment are historical amounts. The assumptions made in relation
of judgement is required in establishing fair values. reviewed at each reporting date. See note 41(i) for to the current period are consistent with those in the
In view of uncertainties involved on account of the Judgements include considerations of inputs such further disclosures. prior years.
fact that the State Government has challenged the as liquidity risk, credit risk and volatility. Changes in
decision rendered against it and since the process assumptions about these factors could affect the In case of non-financial assets, assessment of (f) Provision for litigations and contingencies
of verification and quantification of claims by the reported fair value of financial instruments. See note impairment indicators involves consideration of The provision for litigations and contingencies
State Government for the incentive period of 10 5, 7, 10, 21 and 42 for further disclosures. future risks. Further, the Company estimates asset’s are determined based on evaluation made by the
202 203
204
future period.
for the year ended March 31, 2024
equipment and intangible assets
(All amounts in ` lakhs, unless otherwise stated)
and measurement of the obligation amount.
based on technical evaluation made by the
management of the expected usage of the asset, the
obsolescence of the asset. Due to the judgements
past events the settlement of which is expected to
management of the present obligation arising from
physical wear and tear and technical or commercial
equipment and intangible assets are determined
The useful life and residual value of plant, property
residual value are sensitive to the actual usage in
(g) Useful life and residual value of plant, property
estimating the ultimate outcome of such past events
result in outflow of resources embodying economic
benefits, which involves judgements around
involved in such estimations, the useful life and
provision for income taxes.
(h) Current taxes and deferred taxes
with future tax optimisation strategies.
Notes to the Standalone Financial Statements
Deferred tax assets are recognised for deductible
required to determine the amount of deferred tax
probable that taxable profit would be available
of certain expenses during the estimation of the
assets that can be recognised, based upon the likely
utilised. Significant management judgement is
of taxability of certain incomes and deductibility
against which such deferred tax assets could be
timing and the level of future taxable profits together
temporary differences and carry forward of unused
Annual Report 2023-24
Significant judgement is required in determination
tax losses and tax credits to the extent that it is
Notes to the Standalone Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
02-47
Note 4: Property, plant and equipment and capital work-in-progress
Property, plant and equipment Capital
Freehold Leasehold Right-of- Buildings Right-of- Plant and Furniture & Vehicles Office Computers Total work-in-
Corporate Overview
Land Land use assets & Roads use assets Equipment Fixtures Equipment progress
(Land) (Building)
Year ended 31 March 2023
Gross carrying amount
Opening gross carrying amount 4004.47 1986.75 373.54 25996.10 2356.91 111404.38 527.74 1703.22 836.02 1210.40 150399.53 25652.78
Additions 140.90 - 1033.93 4114.76 818.34 41300.61 282.94 412.70 197.45 337.62 48639.25 16300.31
Disposals - - (2.64) (29.83) (259.40) (232.80) (3.73) (163.61) (26.30) (35.42) (753.73) -
Transfers * - - - - - - - - - - - (39121.90)
08-13
Other adjustments - - - (5.02) - (50.35) 14.47 - 57.06 (16.16) - -
Closing gross carrying amount 4145.37 1986.75 1404.83 30076.01 2915.85 152421.84 821.42 1952.31 1064.23 1496.44 198285.05 2831.19
Accumulated depreciation and
impairment
Opening accumulated depreciation and - - 36.33 5670.77 1014.78 35381.29 254.95 654.23 352.29 727.13 44091.77 -
impairment
Management Statements
Depreciation charge during the year - - 8.49 1087.46 589.07 6953.06 55.94 204.96 121.36 232.69 9253.03 -
Disposals - - (2.64) (27.09) (204.28) (100.68) (3.31) (114.14) (20.93) (27.08) (500.15) -
Closing accumulated depreciation and - - 42.18 6731.14 1399.57 42233.67 307.58 745.05 452.72 932.74 52844.65 -
impairment
Net carrying amount 4145.37 1986.75 1362.65 23344.87 1516.28 110188.17 513.84 1207.26 611.51 563.70 145440.40 2831.19
Year ended 31 March 2024
Gross carrying amount
Opening gross carrying amount 4145.37 1986.75 1404.83 30076.01 2915.85 152421.84 821.42 1952.31 1064.23 1496.44 198285.05 2831.19
48-171
Additions 29.84 - 9.93 3514.41 61.82 10745.94 99.08 555.62 88.09 229.78 15334.51 27062.30
Disposals - - - (19.60) (129.23) (265.26) (5.42) (245.49) (35.64) (46.20) (746.84) -
Transfers * - - - - - - - - - - - (7323.28)
Statutory Reports
Other adjustments (12.35) - - 14.65 - (56.83) (28.85) - (114.19) 32.32 (165.25) -
Closing gross carrying amount 4162.86 1986.75 1414.76 33585.47 2848.44 162845.69 886.23 2262.44 1002.49 1712.34 212707.47 22570.21
Accumulated depreciation and
impairment
Opening accumulated depreciation and - - 42.18 6731.14 1399.57 42233.67 307.58 745.05 452.72 932.74 52844.65 -
impairment
Depreciation charge during the year - - 111.35 1218.62 538.73 7737.41 60.28 253.17 136.13 241.14 10296.83 -
Disposals - - - (6.07) (120.95) (223.69) (4.84) (174.66) (29.81) (41.83) (601.85) -
Other adjustments - - - 0.09 - (0.69) - - - - (0.60) -
172-373
Closing accumulated depreciation and - - 153.53 7943.78 1817.35 49746.70 363.02 823.56 559.04 1132.05 62539.03 -
impairment
Net carrying amount 4162.86 1986.75 1261.23 25641.69 1031.09 113098.99 523.21 1438.88 443.45 580.29 150168.44 22570.21
205
Financial Statements
* Represents amount capitalised during the year under property, plant and equipment out of capital work-in-progress.
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Notes: (ii) Amount recognised in statement of profit and loss
(i) Leasehold land As at As at
Comprises certain land acquired under agreements on perpetual lease terms from the Government and accordingly, 31-Mar-24 31-Mar-23
classified and accounted for under Ind AS 16 Property, Plant and Equipment. Under the terms of the perpetual lease
Rental income from office flat at Mumbai 12.00 12.00
agreements, the Company has the right to sublet/ sub-lease/ assign/ transfer such land except in case of one perpetual
lease relating to a small parcel of land where prior approval of the specified authority is required. Direct operating expenses on property that generated rental income - -
Direct operating expenses on property that did not generate rental income (10.76) (11.38)
(ii) Restrictions on Property, plant and equipment Profit from investment properties before depreciation 1.24 0.62
Refer note 16(i) & 19(i) for information on charges created on property, plant and equipment. Other adjustments in respect Depreciation - -
of freehold land are in view of legal constraints in perfecting title in favour of the Company (also refer note 48(i)). Profit from investment properties 1.24 0.62
(iii) Contractual commitments (iii) Restrictions on realisability and contractual obligations
Refer note 45 for disclosure of contractual commitments for the acquisition of property, plant and equipment. The Company has no restrictions on the realisability of any of its investment properties and it is under no contractual obligations
to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements thereof.
(iv) Capital work-in-progress
Capital work-in-progress mainly comprises of distillery plant being constructed at Rani Nangal. (iv) Fair value
As at As at
Capital work-in-progress ageing schedule 31-Mar-24 31-Mar-23
As at 31-Mar-24 As at 31-Mar-23 Investment properties
Less 1-2 2-3 More Total Less 1-2 2-3 More Total - Certain parcels of freehold land located in the State of Uttar Pradesh * 3147.70 3988.15
than 1 years years than 3 than 1 years years than 3 - Office flat at Mumbai 455.00 444.60
year years year years * Stated values are based upon circle rates notified by the revenue authorities. The parcels of land are situated in the sugarcane belt of Uttar
Projects in progress 22533.19 20.21 16.81 - 22570.21 2716.84 19.14 - 95.21 2831.19 Pradesh and in the absence of comparable transactions relating to large parcels of land in the immediate vicinity, the circle rates may not be
determinative of the actual fair value of such land.
Note 5: Investment property
Estimation of fair value of office flat at Mumbai
As at As at
The valuation of the office flat situated at Mumbai has been carried by a registered approved valuer (as defined under rule 2
31-Mar-24 31-Mar-23
of Companies (Registered Valuers and Valuation) Rules, 2017), conversant with and having knowledge of real estate activities
Gross carrying amount in the concerned area, based on prevalent rates and other observable market inputs (Level 2 fair value).
Opening gross carrying amount 442.04 442.04
Movement during the year - -
Note 6: Intangible assets and Intangible assets under development
Closing gross carrying amount 442.04 442.04 Intangible assets Intangible
Accumulated depreciation and impairment Computer Website Total assets under
Opening accumulated depreciation - - software development
Depreciation charge/impairment losses - - Year ended 31 March 2023
Closing accumulated depreciation and impairment - - Gross carrying amount
Net carrying amount 442.04 442.04 Opening gross carrying amount 508.14 9.66 517.80 2.50
Additions 185.65 4.00 189.65 -
(i) Description about investment properties Disposals (0.70) (9.66) (10.36) -
Investment properties consist of : Transfers * - - - (2.50)
Closing gross carrying amount 693.09 4.00 697.09 -
(a) certain parcels of freehold land located in the State of Uttar Pradesh.
(b) an office flat owned by the Company having carrying amount of ` 0.12 lakhs, constructed by a Society on a leasehold
land at Mumbai.
206 207
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Intangible assets Intangible As at As at
Computer Website Total assets under 31-Mar-24 31-Mar-23
software development
4,55,00,000 (31 March 2023: 4,55,00,000) Equity shares of ` 1/- each of Svastida 455.00 455.00
Accumulated amortisation and impairment Projects Limited
Opening accumulated amortisation and impairment 355.94 1.12 357.06 - 41,70,000 (31 March 2023: 41,70,000) Equity shares of ` 10/- each of Triveni 404.02 404.02
Amortisation charge during the year 91.48 3.59 95.07 - Entertainment Limited
Disposals (0.59) (4.33) (4.92) - 2,00,50,000 (31 March 2023: 2,00,50,000) Equity shares of ` 1/- each of Triveni 200.50 200.50
Closing accumulated amortisation and impairment 446.83 0.38 447.21 - Industries Limited
Closing net carrying amount 246.26 3.62 249.88 - 13,50,30,000 (31 March 2023: 13,50,30,000) Equity shares of ` 1/- each of Mathura 1696.22 1696.22
Year ended 31 March 2024 Wastewater Management Private Limited [includes financial guarantee contracts of
Gross carrying amount ` 345.92 lakhs (31 March 2023: ` 345.92 lakhs)]
Opening gross carrying amount 693.09 4.00 697.09 - 2,00,00,000 (31 March 2023: 2,00,00,000) Equity shares of ` 1/- each of Gaurangi 200.00 200.00
Additions 83.42 - 83.42 - Enterprises Limited
Disposals (7.03) - (7.03) - 1,00,000 (31 March 2023: 1,00,000) Equity shares of ` 1/- each of Triveni Foundation 1.00 1.00
Closing gross carrying amount 769.48 4.00 773.48 - (incorporated u/s 8 of the Companies Act, 2013)
Accumulated amortisation and impairment 4,00,000 (31 March 2023: 4,00,000) Equity shares of ` 10/- each of United Shippers 23.00 23.00
Opening accumulated amortisation and impairment 446.83 0.38 447.21 - & Dredgers Limited
Amortisation charge during the year 126.69 1.34 128.03 - 9,00,00,000 (31 March 2023: 9,00,00,000) Equity shares of ` 1/- each of Pali ZLD 919.50 900.00
Private Limited [includes financial guarantee contracts of ` 19.50 lakhs (31 March
Disposals (6.53) - (6.53) -
2023: ` Nil)]
Closing accumulated amortisation and impairment 566.99 1.72 568.71 -
- of Joint ventures
Closing net carrying amount 202.49 2.28 204.77 -
2,50,00,000 (31 March 2023: Nil) Equity shares of ` 1/- each of Triveni Sports Private 250.00 -
* Represents amount capitalised during the year under Intangible assets out of Intangible assets under development. Limited
Total non-current investments carried at cost [A] 5004.24 4734.74
(i) Intangible assets comprising computer software and website are amortised using straight-line method over estimated useful
life of 3 years. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the At Amortised cost
effect of any changes in estimate being accounted for on a prospective basis. Quoted Investments (fully paid-up)
Investments in Debentures
(ii) On transition to Ind AS, the Company has elected to continue with the carrying value of all of intangible assets recognised 10,418 (31 March 2023: 10,418) 6.75% redeemable non-convertible debentures of 91.16 96.37
as at 1 April 2015 measured as per the previous GAAP and use that carrying value as the deemed cost of intangible assets. Piramal Capital & Housing Finance Ltd.
Total aggregate quoted investments at amortised cost 91.16 96.37
Note 7: Investments Unquoted Investments (fully paid-up)
As at As at Investments in Government or trust securities
31-Mar-24 31-Mar-23 National Saving Certificates (kept as security) - 0.03
Investments in Bonds
At Cost
2,000 (31 March 2023: 2,000) 9.55% bonds of ` 1,000/- of IL&FS Financial Services 0.20 0.20
Unquoted Investments (fully paid-up)
Ltd. SR-V
Investments in Equity Instruments
3,000 (31 March 2023: 3,000) 8.85% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
- of Subsidiaries
Ltd. SR-VI
2,65,00,000 (31 March 2023: 2,65,00,000) Equity shares of ` 1/- each of Triveni 265.00 265.00
4,000 (31 March 2023: 4,000) 8.75% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
Engineering Limited
Ltd. SR-III
3,85,00,000 (31 March 2023: 3,85,00,000) Equity shares of ` 1/- each of Triveni 385.00 385.00
9,700 (31 March 2023: 9,700) 8.65% bonds of ` 1,000/- of IL&FS Financial Services 0.97 0.97
Energy Systems Limited
Ltd. SR-XVI
2,05,00,000 (31 March 2023: 2,05,00,000) Equity shares of ` 1/- each of Triveni 205.00 205.00
5,100 (31 March 2023: 5,100) 8.23% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
Sugar Limited
Ltd. SR-I
208 209
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
As at As at Details of the Company’s subsidiaries, associates and joint ventures at the end of the reporting period
31-Mar-24 31-Mar-23 are as follows:
Name of Subsidiaries / Joint ventures Place of Proportion of ownership
2,000 (31 March 2023: 2,000) 8.70% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
incorporation and interest and voting power held
Ltd. SR-I
operation by the Company
3,000 (31 March 2023: 3,000) 9.50% bonds of ` 1,000/- of Infrastructure Leasing & 4.08 6.00
As at As at
Financial Services Ltd. SR-II C
31-Mar-24 31-Mar-23
6,000 (31 March 2023: 6,000) 9.00% bonds of ` 1,000/- of Infrastructure Leasing & 8.05 12.00
Financial Services Ltd. SR-I-H (O-1) Subsidiaries
Total aggregate unquoted investments at amortised cost 13.30 19.20 Triveni Engineering Limited India 100% 100%
Total non-current investments carried at amortised cost [B] 104.46 115.57 Triveni Energy Systems Limited India 100% 100%
At Fair value through Profit or Loss (FVTPL) (refer note 42) Svastida Projects Limited India 100% 100%
Quoted Investments (fully paid-up) Triveni Entertainment Limited India 100% 100%
Investments in Equity Instruments Triveni Industries Limited India 100% 100%
Nil (31 March 2023: 13,500) Equity shares of ` 2/- each of Housing Development - 354.44 Triveni Sugar Limited India 100% 100%
Finance Corporation Limited Mathura Wastewater Management Private Limited India 100% 100%
27,680 (31 March 2023: 5,000) Equity shares of ` 1/- each of HDFC Bank Limited 400.78 80.48 Gaurangi Enterprises Limited India 100% 100%
24,175 (31 March 2023: 24,175) Equity shares of ` 2/- each of Punjab National Bank 30.07 11.26 Triveni Foundation India 100% 100%
76 (31 March 2023: 76) Equity shares of ` 10/- each of Central Bank of India 0.05 0.02 United Shippers & Dredgers Limited India 100% 100%
3,642 (31 March 2023: 3,642) Equity shares of ` 5/- each of NBI Industrial Finance 65.18 52.89 Pali ZLD Private Limited India 100% 100%
Co. Limited Joint ventures
Total non-current investments carried at FVTPL [C] 496.08 499.09 Triveni Sports Private Limited India 50.00% N.A.
At Fair value through Other Comprehensive Income (FVTOCI) (refer note 42)
Quoted Investments (fully paid-up) Note 8: Trade receivables
Investments in Equity Instruments As at 31-Mar-24 As at 31-Mar-23
13,35,136 (31 March 2023: Nil) Equity shares of ` 10/- each of Sir Shadi Lal 4646.27 - Current Non- current Current Non- current
Enterprises Limited [refer note 3(i)(b)]
Total non-current investments carried at FVTOCI [D] 4646.27 - Trade receivables (at amortised cost)
Total non-current investments ([A]+[B]+[C]+[D]) 10251.05 5349.40 - Considered good - Unsecured 33834.33 83.39 38648.04 213.36
Total non-current investments 10251.05 5349.40 - Trade receivables which have significant increase in - 1048.43 - 861.04
credit risk
Aggregate amount of quoted investments 5233.51 595.46
- Trade receivables - Credit impaired - 16.35 - 64.18
Aggregate amount of market value of quoted investments 5220.79 581.16
Less: Allowance for bad and doubtful debts (181.87) (1065.69) (185.73) (927.68)
Aggregate amount of unquoted investments 5017.54 4753.94
Total trade receivables 33652.46 82.48 38462.31 210.90
Aggregate amount of impairment in the value of investments - -
210 211
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(i) Refer note 41(i) for credit risk, impairment of trade receivables under expected credit loss model and other Note 9: Loans
related disclosures.
As at 31-Mar-24 As at 31-Mar-23
(ii) Trade receivables ageing schedule: Current Non- current Current Non- current
At amortised cost
For the year ended 31 March 2024
Loan to related parties (refer note 39)
Not Outstanding for following periods from due date of payment Total - Loans receivables considered good - Unsecured - 2900.00 225.00 2900.00
overdue Less than 6 months - 1-2 years 2-3 years More than - Loans receivables - Credit impaired - 44.53 - 44.53
6 months 1 year 3 years Less: Allowance for bad and doubtful loans - (44.53) - (44.53)
Undisputed trade 19330.00 9879.23 1224.23 1529.83 16.49 30.75 32010.53 - 2900.00 225.00 2900.00
receivables - considered Loan to employees
good - Loans receivables considered good - Unsecured 53.26 3.63 57.95 3.29
Undisputed trade - 23.58 58.91 3.01 2.26 12.07 99.83 Total loans 53.26 2903.63 282.95 2903.29
receivables - which have
significant increase in credit (i) Loan to related parties includes loan of ` 2000 lakhs (31 March 2023: ` 2225 lakhs) provided to a wholly owned subsidiary
risk company, Mathura Wastewater Management Private Limited (MWMPL), mainly as part of promoter’s contribution, as
Disputed trade receivables - 204.44 320.77 182.50 268.64 290.01 640.83 1907.19 stipulated by the Lender for financing the project to be executed by MWMPL and loan of ` 900 lakhs (31 March 2023:
considered good ` 900 lakhs) provided to another wholly owned subsidiary company, Pali ZLD Private Limited, for execution of its project
Disputed trade receivables - - - - - 948.60 948.60 and meeting its working capital requirements.
- which have significant
increase in credit risk
Note 10: Other financial assets
Disputed trade receivables - - - - - - 16.35 16.35 As at 31-Mar-24 As at 31-Mar-23
credit impaired Current Non- current Current Non- current
Total trade receivables 19534.44 10223.58 1465.64 1801.48 308.76 1648.60 34982.50
At amortised cost
For the year ended 31 March 2023 Security deposits (see (i) below) 17.20 700.87 113.18 563.61
Earnest money deposits 167.61 8.00 214.13 8.00
Not Outstanding for following periods from due date of payment Total
Less: Allowance for bad and doubtful deposits (4.06) - (0.79) -
overdue Less than 6 months - 1-2 years 2-3 years More than
163.55 8.00 213.34 8.00
6 months 1 year 3 years
Bank balances:
Undisputed trade 23260.10 10551.76 2038.43 195.17 27.93 58.13 36131.52 Earmarked balances with banks:
receivables - considered -D eposit against molasses storage fund (refer note - 453.58 - 379.17
good 15(vi))
Undisputed trade - 10.23 15.46 2.38 8.50 16.94 53.51 Balances under lien/margin/kept as security:
receivables - which have - Post office savings account - 0.19 - 0.19
significant increase in credit
- Fixed / margin deposits - 212.06 - 240.41
risk
Other balances:
Disputed trade receivables - 173.06 312.56 457.20 329.54 537.03 920.49 2729.88
- Fixed deposits - - - 4.20
considered good
- 665.83 - 623.97
Disputed trade receivables - - - - - 807.53 807.53
Accrued interest 46.89 671.79 34.60 392.37
- which have significant
increase in credit risk Insurance premium refundable 102.40 - 130.17 -
Disputed trade receivables - - - - - - 64.18 64.18 Miscellaneous other financial assets 764.74 4.30 716.87 14.90
credit impaired Less: Allowance for bad and doubtful assets - (4.30) - (14.90)
Total trade receivables 23433.16 10874.55 2511.09 527.09 573.46 1867.27 39786.62 764.74 - 716.87 -
Total other financial assets at amortised cost [A] 1094.78 2046.49 1208.16 1587.95
212 213
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
As at 31-Mar-24 As at 31-Mar-23 (i) Customer retentions include ` 378.18 lakhs (31 March 2023: ` 1497.80 lakhs) expected to be received after twelve months
Current Non- current Current Non- current but within the operating cycle.
At fair value through Other Comprehensive
(ii) Contract balances
Income (FVTOCI) (refer note 42)
Derivatives financial instruments carried at fair value As at As at
- Foreign exchange forward contracts (designated as - - 0.46 - 31-Mar-24 31-Mar-23
hedges) Contract assets
Total other financial assets at FVTOCI [B] - - 0.46 - - Amounts due from customers under long-duration construction & supply 11351.31 11038.63
Total other financial assets ([A]+[B]) 1094.78 2046.49 1208.62 1587.95 contracts
- Customer retentions 5923.81 7444.75
(i) Investment of ` 106.43 lakhs (31 March 2023: ` 65.48 lakhs) in equity shares of Atria Wind Power (Bijapur1) Private Limited,
Contract liabilities
under group captive arrangement to source power, has been considered as security deposit in accordance with applicable
- Amounts due to customers under long-duration construction & supply contracts 4035.66 4306.21
accounting standards.
- Advance from customers 5711.63 7960.16
Note 11: Other assets
(a) Contract assets are initially recognised for revenue earned but not billed pending successful achievement of milestones.
As at 31-Mar-24 As at 31-Mar-23 Upon achievement of milestones and billing, contract assets are reclassified to trade receivables.
Current Non- current Current Non- current
Contract costs incurred to date plus recognised profits or less recognised losses are compared with progress billings
Capital advances - 2407.73 - 295.87
raised on the customer - any surplus is considered as contract assets and shown as amounts due from customers under
Advances to suppliers 1511.79 5.25 1700.43 18.06 long-duration construction & supply contracts, whereas any shortfall is considered as contract liabilities and shown as
Less: Allowance for bad and doubtful advances (12.23) (5.25) (11.95) (18.06) the amounts due to customers under long-duration construction & supply contracts. Amounts billed for work performed
1499.56 - 1688.48 - which will become due upon fulfillment of specified conditions is considered as contract assets and shown as customer
Indirect tax and duties recoverable 2507.15 536.07 4478.67 541.37 retentions. Amounts received before the related work is performed is considered as contract liabilities and is shown as
Less: Allowance for bad and doubtful amounts (13.82) (1.46) (13.82) (1.46) advances from customers.
2493.33 534.61 4464.85 539.91
Bank guarantee encashment recoverable - 200.00 - 200.00 (b) Significant changes in contract assets and liabilities:
Less: Allowance for bad and doubtful claims - (200.00) - (200.00) Increase in contract assets (Due from customers under long-duration construction & supply contracts) has resulted
- - - - due to non-achievement of contractual billing milestones, mainly in respect of sewage/water treatment projects in the
municipal segment.
Export incentives receivable 26.50 - 47.15 -
Less: Allowance for bad and doubtful claims (1.15) - - -
Decrease in contract assets (customer retentions) is mainly due to the release of retentions by the customer upon fulfillment
25.35 - 47.15 - of specified conditions in respect of power generation and evacuation system project and sewage/wastewater treatment
Government grant receivables (refer note 43) 808.75 - 850.00 - projects in the municipal/industrial segment.
Advances to employees 79.47 1.45 45.54 1.45
Prepaid expenses 1463.05 137.82 1248.50 148.29 Decrease in contract liabilities (Amount due to customers under long-duration construction & supply contracts) is due to
Due from customers under long-duration 12094.31 - 11781.63 - recognition of revenue in accordance with Ind AS 115 Revenue from Contracts with Customers out of opening contract
construction & supply contracts [see (ii) below] liabilities in respect of certain projects.
Less: Allowance for bad and doubtful debts (743.00) - (743.00) -
Decrease in contract liabilities (Advances from Customers) is mainly on account of lower order booking and adjustment of
11351.31 - 11038.63 -
opening advances. Previous year included advances against sugar export executed in the current year.
Customer retentions [see (i) and (ii) below] 5989.11 - 7526.31 -
Less: Allowance for bad and doubtful debts (65.30) - (81.56) -
5923.81 - 7444.75 -
Miscellaneous other assets 67.60 82.87 36.92 116.68
Less: Allowance for bad and doubtful assets - (20.17) - (20.75)
67.60 62.70 36.92 95.93
Total other assets 23712.23 3144.31 26864.82 1081.45
214 215
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(c) Revenue recognised in relation to contract liabilities: Note 13: Cash and bank balances
The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward (a) Cash and cash equivalents
contract liabilities and how much relates to performance obligations that were satisfied in a prior year.
As at As at
Year ended Year ended 31-Mar-24 31-Mar-23
31-Mar-24 31-Mar-23
At amortised cost
Revenue recognised that was included in the contract liability balance at the 7423.28 4719.71 Balances with banks 7107.84 6870.26
beginning of the period Cash on hand 3.39 25.09
Revenue recognised from performance obligations satisfied in previous periods - - Total cash and cash equivalents 7111.23 6895.35
Note 12: Inventories (b) Bank balances other than cash and cash equivalents
As at As at As at As at
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Raw materials and components 8749.78 7557.89 At amortised cost
Less: Provision for obsolescence/slow moving raw materials and components )219.09( )204.03( Earmarked balances with banks:
Work-in-progress 4037.78 4716.23 - unpaid dividend and preference share redemption accounts 31.41 24.52
Finished goods [including stock in transit ` 896.40 lakhs as at 31 March 2024 222454.13 179787.35 Balances under lien/margin/kept as security:
(31 March 2023: ` 453.49 lakhs)] - in fixed/margin deposits 109.66 184.20
Stock in trade 53.05 67.80 Total bank balances other than cash and cash equivalents 141.07 208.72
Stores and spares [including stock in transit ` 1.84 lakhs as at 31 March 2024 6975.91 7942.00
(31 March 2023: ` 5.52 lakhs)] Note 14: Share capital
Less: Provision for obsolescence/slow moving stores and spares )366.20( )325.85( As at 31-Mar-24 As at 31-Mar-23
Others - Scrap & low value patterns 307.89 108.11 Number of Amount Number of Amount
Total inventories 241993.25 199649.50 shares shares
(i) The cost of inventories recognised as an expense during the year was ` 531964.33 lakhs (31 March 2023: ` 551546.31 AUTHORISED
lakhs). Equity shares of ` 1 each 50,00,00,000 5000.00 50,00,00,000 5000.00
Preference shares of ` 10 each 2,00,00,000 2000.00 2,00,00,000 2000.00
(ii) Refer note19(i) for information on charges created on inventories. 7000.00 7000.00
ISSUED
(iii) The mode of valuation of inventories has been stated in note 2(ix).
Equity shares of ` 1 each 21,89,05,968 2189.06 21,89,05,968 2189.06
(iv) All inventories are expected to be utilised/sold within twelve months except certain critical and insurance items of stores SUBSCRIBED AND PAID UP
and spares, which are utilised on need basis. Quantum of such stores and spares, which may be utilised beyond one year, Equity shares of ` 1 each, fully paid up 21,88,97,968 2188.98 21,88,97,968 2188.98
is not determinable and is not expected to be material with reference to the total value of inventories. Add: Paid up value of equity shares of ` 1 each 8,000 0.02 8,000 0.02
forfeited
(v) For impairment losses recognised during the year refer note 25 & 33. 2189.00 2189.00
(vi) In addition to the cost of inventories recognised as expense as mentioned in (i) above, there are write-downs of inventories (i) Movements in equity share capital
to net realisable value amounting to ` 5.80 lakhs [31 March 2023: write-downs of ` 62.57 lakhs] which are also recognised Number of shares Amount
as an expense/income during the year and included in ‘Changes in inventories of finished goods, stock-in-trade and
work-in-progress’ in statement of profit and loss. As at 31 March 2022 24,17,55,110 2417.55
Extinguishment of shares upon buy-back (2,28,57,142) )228.57(
As at 31 March 2023 21,88,97,968 2188.98
Movement during the year - -
As at 31 March 2024 21,88,97,968 2188.98
216 217
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(ii) Terms and rights attached to equity shares Note 15: Other equity
The Company has only one class of equity shares with a par value of ` 1/- per share. The holder of equity shares is entitled As at As at
to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board 31-Mar-24 31-Mar-23
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Capital redemption reserve 787.87 787.87
In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Capital reserve 2855.85 2855.85
Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding. Securities premium - -
Amalgamation reserve 926.34 926.34
(iii) Details of shareholders holding more than 5% shares in the Company General reserve - -
Molasses storage fund reserve 356.37 295.38
As at 31-Mar-24 As at 31-Mar-23
Retained earnings 281013.16 258950.43
Number of % holding Number of % holding Equity instruments through other comprehensive income 1015.08 -
shares shares Cash flow hedging reserve (11.91) (166.95)
Dhruv M. Sawhney 1,82,58,411 8.34 1,82,58,411 8.34 Costs of hedging reserve 8.01 100.83
Rati Sawhney 62,37,848 2.85 1,51,26,737 6.91 Total other equity 286950.77 263749.75
STFL Trading and Finance Private Limited 7,96,77,076 36.40 7,07,88,187 32.34
(i) Capital redemption reserve
Nikhil Sawhney 1,29,86,575 5.93 1,29,86,575 5.93
Tarun Sawhney 1,24,94,259 5.71 1,24,94,259 5.71 Year ended Year ended
31-Mar-24 31-Mar-23
DSP Small Cap Fund 1,07,93,035 4.93 1,10,15,325 5.03
Opening balance 787.87 559.30
(iv) Details of Promoter’s shareholding Transferred from retained earnings on buy-back of equity shares - 228.57
As at 31-Mar-24 As at 31-Mar-23 Closing balance 787.87 787.87
Number of % holding % change Number of % holding % change
shares during the shares during the Capital redemption reserve has been created consequent to redemption of preference share capital and buy-back of equity
year year share capital. This reserve shall be utilised in accordance with the provisions of Companies Act, 2013.
Dhruv M. Sawhney 1,82,58,411 8.34 - 1,82,58,411 8.34 (51.61) (ii) Capital reserve
Rati Sawhney 62,37,848 2.85 (58.76) 1,51,26,737 6.91 (8.38)
Year ended Year ended
STFL Trading and Finance 7,96,77,076 36.40 12.56 7,07,88,187 32.34 (10.10)
31-Mar-24 31-Mar-23
Private Limited
Nikhil Sawhney 1,29,86,575 5.93 - 1,29,86,575 5.93 (9.61) Opening balance 2855.85 2855.85
Tarun Sawhney 1,24,94,259 5.71 - 1,24,94,259 5.71 (9.59) Movement during the year - -
Manmohan Sawhney HUF 38,15,853 1.74 - 38,15,853 1.74 (10.10) Closing balance 2855.85 2855.85
Tarana Sawhney 21,140 0.01 - 21,140 0.01 (10.09)
Capital reserve majorly comprises reserve created consequent to business combination in earlier years, in accordance with
Total 60.98 60.98
the accounting standards then prevailing.
(v) Buy-back of equity shares
The aggregate number of equity shares bought back during a period of five financial years immediately preceding the
(iii) Securities premium
financial year ended 31 March 2024 is 3,90,47,142 equity shares (31 March 2023: 1,61,90,000 equity shares) Year ended Year ended
31-Mar-24 31-Mar-23
Opening balance - 8375.55
Amount utilised for buy-back of equity shares - (8375.55)
Closing balance - -
Securities premium is used to record the premium received on issue of shares and is utilised in accordance with the
provisions of Companies Act, 2013.
218 219
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(iv) Amalgamation reserve Year ended Year ended
Year ended Year ended 31-Mar-24 31-Mar-23
31-Mar-24 31-Mar-23
Transferred to capital redemption reserve on buy-back of equity shares - (228.57)
Opening balance 926.34 926.34 Transaction costs related to buy-back of equity shares - (613.28)
Movement during the year - - Tax paid on buy-back of equity shares - (18116.33)
Closing balance 926.34 926.34 Closing balance 281013.16 258950.43
Amalgamation reserve was created consequent to business combinations in past in accordance with the accounting (a) Retained earnings represents undistributed profits of the Company which can be distributed to its equity shareholders
standards then prevailing. in accordance with the provisions of the Companies Act, 2013.
(v) General reserve (b) Details of dividend distributions made and proposed:
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Opening balance - 49212.72 Cash dividends on equity shares distributed:
Amount utilised for buy-back of equity shares - (49212.72) Final dividend for the year ended 31 March 2023: 325% (` 3.25 per equity share of 7114.18 4835.10
Closing balance - - ` 1/- each) [31 March 2022: 200% (` 2 per equity share of ` 1/- each)]
Interim dividend for the year ended 31 March 2024: 225% (` 2.25 per equity share 4925.20 -
General reserve represents amount retained by the Company out of its profits for future purposes. It is not earmarked for of ` 1/- each) [31 March 2023: Nil]
any specific purpose. Special dividend for the year ended 31 March 2024: 225% (` 2.25 per equity share 4925.20 -
of ` 1/- each) [31 March 2023: Nil]
(vi) Molasses storage fund reserve Total cash dividends on equity shares declared and paid 16964.58 4835.10
Year ended Year ended Cash dividends on equity shares proposed:
31-Mar-24 31-Mar-23 Final dividend for the year ended 31 March 2024: 125% (` 1.25 per equity share of 2736.22 7114.18
` 1/- each) [31 March 2023: 325% (` 3.25 per equity share of ` 1/- each)]
Opening balance 295.38 230.80
Amount transferred from retained earnings 60.99 64.58 Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a
Closing balance 356.37 295.38 liability as at the year end.
Molasses storage fund reserve is created and maintained under the provisions of the Uttar Pradesh Sheera Niyantran (viii) Equity instruments through other comprehensive income
Adhiniyam, 1964 (U.P. Act No. XXIV of 1964) and is to be utilised for the provision and maintenance of adequate storage
facilities for molasses. Fixed deposit of ` 453.58 lakhs (31 March 2023: ` 379.17 lakhs) is earmarked against molasses Year ended Year ended
storage fund (refer note 10). 31-Mar-24 31-Mar-23
Opening balance - -
(vii) Retained earnings Other comprehensive income arising from fair value gains/(losses) on investments in 1146.21 -
Year ended Year ended equity instruments at FVTOCI (non-reclassifiable)
31-Mar-24 31-Mar-23 Income tax related to fair value gains/(losses) on investments in equity instruments at (131.13) -
FVTOCI recognised in other comprehensive income
Opening balance 258950.43 112764.22
Closing balance 1015.08 -
Net profit for the year 39151.51 192400.58
Other comprehensive income arising from the remeasurement of defined benefit (63.20) (173.35) This reserve represents the cumulative gains and losses arising on the revaluation of investments in equity instruments
obligation, net of income tax measured at fair value through other comprehensive income. Amounts are subsequently transferred to retained earnings
Transfer to molasses storage fund reserve (60.99) (64.58) upon derecognition of such equity instruments.
Dividends distributed (16964.59) (4835.10)
Amount utilised for buy-back of equity shares - (22183.16)
220 221
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements
assets, both present and future
charge created / to be created
hypothecation of all moveable
pari-passu charge on current
of the Company and second
Secured by first pari-passu
by equitable mortgage on
for the year ended March 31, 2024
immoveable assets and
assets of the Company.
Nature of Security
(All amounts in ` lakhs, unless otherwise stated)
(ix) Cash flow hedging reserve
Year ended Year ended
31-Mar-24 31-Mar-23
Opening balance (166.95) (54.06)
Other comprehensive income arising from effective portion of gains/(losses) on (14.82) (581.44)
hedging instruments designated as cash flow hedges (reclassifiable)
September 2020 to
September 2020 to
September 2020 to
December 2022 to
September 2026.
September 2026.
installments from
installments from
installments from
installments from
installments from
January 2023 to
Equal quarterly
Equal quarterly
Equal quarterly
Equal quarterly
Equal quarterly
Other comprehensive income arising from reclasification of cumulative gains/(losses) 222.00 430.58
Repayment
June 2024.
June 2024.
June 2024.
Terms of
Notes to the Standalone Financial Statements
to profit or loss
Income tax related to gains/losses (net of reclassification to profit or loss) recognised (52.14) 37.97
in other comprehensive income
Closing balance (11.91) (166.95)
31-Mar-23
Number of instalments
The cash flow hedging reserve is used to recognise the effective portion of gains or losses on derivatives that are designated
15
14
outstanding as at
and qualify as cash flow hedges. Amounts are subsequently either transferred to the cost of non-financial hedged items or
reclassified to profit or loss, as appropriate.
(x) Costs of hedging reserve
31-Mar-24
11
10
Year ended Year ended
31-Mar-24 31-Mar-23
Opening balance 100.83 133.31
At Repo rate plus applicable
At Repo rate plus applicable
spread. The interest rate as
spread. The interest rate as
At MCLR plus applicable
At MCLR plus applicable
as on 31.03.2024 ranges
as on 31.03.2024 ranges
spread. The interest rate
spread. The interest rate
Other comprehensive income arising from gains/(losses) on aligned portion of 29.21 209.53
on 31.03.2024 was
on 31.03.2024 was
between 8.80% to
between 8.85% to
forward element of cash flow hedging instruments (reclassifiable)
Interest rate
8.90% p.a.
9.05% p.a.
8.90% p.a.
9.30% p.a.
Other comprehensive income arising from reclasification of cumulative gains/(losses) (153.24) (252.93)
to profit or loss
Income tax related to gains/losses (net of reclassification to profit or loss) recognised 31.21 10.92
Details of long term borrowings of the Company
in other comprehensive income
Closing balance 8.01 100.83
Note 16: Non-current borrowings (contd.)
31-Mar-23
In cases where the Company opts to designate only the spot element of a foreign exchange forward contract as a cash
2401.98
1543.39
1553.97
2457.03
6121.77
Amount outstanding
flow hedge, the changes in the aligned portion of the forward element of hedging instrument is deferred and accumulated
under the costs of hedging reserve. These deferred costs of hedging are included in the initial cost of non-financial hedged
(All amounts in ` lakhs, unless otherwise stated)
items when it is recognised or reclassified to profit or loss when the hedged items affects profit or loss, as appropriate.
as at
31-Mar-24
480.67
293.89
303.31
1802.03
4373.26
Note 16: Non-current borrowings
As at 31-Mar-24 As at 31-Mar-23
for the year ended March 31, 2024
Current Non- current Current Non- current
maturities maturities
Secured- at amortised cost
Punjab National Bank*
Central Bank of India*
Secured- at amortised cost
RBL Bank Limited*
RBL Bank Limited*
Axis Bank Limited*
Term loans from banks
Term loans
- from banks 8823.76 17124.11 8645.72 12362.68
- from other parties 1825.17 - 7034.15 1812.46
10648.93 17124.11 15679.87 14175.14
Less: Amount disclosed under the head ''Current (10648.93) - (15679.87) -
(` loans)
borrowings'' (refer note 19)
Total non-current borrowings - 17124.11 - 14175.14
(i)
5
222 223
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements
charge on the fixed assets of the
Secured by hypothecation of
Secured by hypothecation of
vehicles acquired under the
Secured by first pari-passu
vehicle acquired under the
respective vehicle loans.
for the year ended March 31, 2024
Nature of Security
(All amounts in ` lakhs, unless otherwise stated)
vehicle loan.
Company
Note 17: Provisions
As at 31-Mar-24 As at 31-Mar-23
Current Non-current Current Non-current
Provision for employee benefits
Gratuity (refer note 38) 460.04 212.46 478.19 1031.09
Compensated absences 1046.77 1327.48 825.78 1187.56
December 2022 to
September 2026.
Equated monthly
installments upto
installments upto
installments from
installments from
installments from
Equal quarterly
Equal quarterly
Equal quarterly
Equal monthly
Equal monthly
June 2024 to
June 2024 to
August 2024
March 2028.
March 2028.
Repayment
installments
Other provisions
June 2024
Terms of
Notes to the Standalone Financial Statements
Warranty 2540.56 - 2854.44 -
Cost to completion 350.45 - 152.65 -
Arbitration/Court case claims 124.28 - 118.07 -
Total provisions 4522.10 1539.94 4429.13 2218.65
31-Mar-23
Number of instalments
14
16
16
5 to 60
15
0
(i) Information about individual provisions and significant estimates
outstanding as at
(a) Warranty
The Company provides warranties on certain products, undertaking to repair or replace the items that fail to perform
31-Mar-24
satisfactorily during the warranty period. Provisions made represent the amount of expected cost of meeting such
10
16
16
5 to 60
* Loans with interest subvention or below market rate under various schemes of the Government, refer note 43.
obligations of rectifications / replacements based on best estimate considering the historical warranty claim information
and any recent trends that may suggest future claims could differ from historical amounts. It also includes provisions
made towards contractual obligations to replace certain parts under an Operation and Maintenance (O&M) contract.
The timing of the outflows is expected to be within a period of two years except outflow towards cost of membranes
At fixed rates ranging from
during O&M period which may exceed two years depending upon operational requirements.
7.45% to 9.60% p.a.
Interest rate
0.14% p.a.
(b) Cost to completion
5% p.a.
The provision represents costs of materials and services further required for construction contracts upon full recognition
of revenue.
(c) Arbitration / Court-case claims
Represents the provision made towards certain claims awarded against the Company in legal proceedings which have
31-Mar-23
been challenged by the Company before appropriate authorities. The timing of the outflows is uncertain.
6121.96
495.00
100.00
198.87
8846.61
29855.01
14.43
21008.40
21008.40
8846.61
-
Amount outstanding
(ii) Movement in provisions
(All amounts in ` lakhs, unless otherwise stated)
as at
Movement in each class of provision are set out below:
31-Mar-24
4373.36
8495.96
5597.09
222.05
12.71
1825.17
27773.04
6.25
25947.87
25947.87
1812.46
As at 31-Mar-24 As at 31-Mar-23
Warranty Cost to Arbitration/ Warranty Cost to Arbitration/
for the year ended March 31, 2024
completion Court case completion Court case
claims claims
Mercedes-Benz Financial
Total term loans from other
Axis Bank (Vehicle loan)
through RBL Bank Ltd.
Yes Bank (Vehicle loan)
Govt. of Uttar Pradesh
under SEFASU 2018*
Balance at the beginning of the 2854.44 152.65 118.07 3545.20 232.42 111.86
Services India Private
Limited (Vehicle loan)
Term loans from other
ICICI Bank Limited*
ICICI Bank Limited*
Axis Bank Limited*
Total term loans from
year
Additional provisions recognised 1631.54 254.86 6.21 1560.57 46.66 6.21
parties (` loans)
Amounts used during the year (1929.05) (57.06) - (2,030.04) (126.43) -
Unused amounts reversed during (16.37) - - (221.29) - -
Total loans
the year
parties
banks
Balance at the end of the year 2540.56 350.45 124.28 2854.44 152.65 118.07
10
6
224 225
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 18: Other liabilities Note 20: Trade payables
As at 31-Mar-24 As at 31-Mar-23 As at As at
Current Non-current Current Non-current 31-Mar-24 31-Mar-23
Revenue received in advance Trade payables (at amortised cost)
Deferred revenue arising from government grant - 5.87 - 141.45 - Total outstanding dues of micro enterprises and small enterprises (refer note 47) 823.05 861.79
related to assets (refer note 43) - Total outstanding dues of creditors other than micro enterprises and small enterprises 34823.02 40598.34
Deferred revenue arising from government grant 7.54 - 245.85 7.54 Total trade payables 35646.07 41460.13
related to income (refer note 43)
Amount due to customers under long-duration 2358.43 1677.23 2493.11 1813.10 (i) Trade payables ageing schedule:
construction & supply contracts [refer note 11(ii)] * For the year ended 31 March 2024
Other advances
Unbilled/ Not Outstanding for following periods from due date Total
Advance from customers [refer note 11(ii)] 5711.63 - 7960.16 - Pending overdue of payment
Others bills Less than 1-2 years 2-3 years More than
Statutory remittances 3693.34 - 4283.09 - 1 year 3 years
Miscellaneous other payables 747.95 - 726.97 -
MSME - 823.05 - - - - 823.05
Total other liabilities 12518.89 1683.10 15709.18 1962.09
Others 1997.41 22022.50 9940.84 300.02 59.42 294.42 34614.61
* includes revenue of ` 1813.10 lakhs (31 March 2023: ` 1948.97 lakhs) deferred, to be recognised over the period of long-duration operations and Disputed dues - Others - 208.41 - - - - 208.41
maintenance contract.
Total trade payables 1997.41 23053.96 9940.84 300.02 59.42 294.42 35646.07
Note 19: Current borrowings
For the year ended 31 March 2023
As at As at
31-Mar-24 31-Mar-23 Unbilled/ Not Outstanding for following periods from due date Total
Pending overdue of payment
Secured- at amortised cost bills Less than 1-2 years 2-3 years More than
Repayable on demand 1 year 3 years
- Cash credits/working capital demand loans from banks (see (i) below) 104688.11 52388.30
MSME - 861.79 - - - - 861.79
Current maturities of long-term borrowings (refer note 16) 10648.93 15679.87
Others 4228.76 26651.83 8343.28 388.90 99.83 623.76 40336.36
Total current borrowings 115337.04 68068.17
Disputed dues - Others - 261.98 - - - - 261.98
(i) Secured by pledge/hypothecation of the stock-in-trade, raw material, stores and spare parts, work-in-progress and trade Total trade payables 4228.76 27775.60 8343.28 388.90 99.83 623.76 41460.13
receivables and second charge created/to be created on the properties of all the Engineering units, an immovable property
at New Delhi and third charge on the properties of Sugar, Co-Generation and Distillery units of the Company on pari-passu Note 21: Other financial liabilities
basis. Interest rates on the above loans outstanding as at the year end range between 7.33% to 8.90% (weighted average As at As at
interest rate: 7.68% p.a.). 31-Mar-24 31-Mar-23
(ii) There are no differences in the quantities of stocks reported in the quarterly returns/statements filed with the banks vis-à- At amortised cost
vis the books of accounts. In the books of accounts, the stocks are valued at lower of cost or net realizable value, whereas Accrued interest 35.33 71.87
for the determination of drawing power, the sugar stocks are valued at minimum selling price, which are invariably lower Capital creditors (see (i) below) 3813.38 2540.92
than the book value as well as the valuation as per the RBI guidelines prescribed for commodities covered under selective Employee benefits & other dues payable 4031.99 4275.35
credit control. Security deposits (see (ii) below) 609.55 564.69
Unpaid dividends (see (iii) below) 31.39 24.50
Miscellaneous other financial liabilities - 8.31
Total other financial liabilities at amortised cost [A] 8521.64 7485.64
226 227
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
As at As at (i) Movement in deferred tax balances
31-Mar-24 31-Mar-23 For the year ended 31 March 2024
At fair value through Profit or Loss (FVTPL) (refer note 42) Opening Recognised in Recognised Recognised Closing
Derivatives financial instruments carried at fair value balance profit or loss in OCI directly in balance
- Foreign exchange forward contracts (not designated as hedges) 52.67 76.32 equity
Total other financial liabilities at FVTPL [B] 52.67 76.32 Tax effect of items constituting deferred
At fair value through Other Comprehensive Income (FVTOCI) (refer note 42) tax assets/(liabilities)
Derivatives financial instruments carried at fair value Deferred tax assets
- Foreign exchange forward contracts (designated as hedges) 0.24 - Difference in carrying values of investment 189.99 14.95 - - 204.94
Total other financial liabilities at FVTOCI [C] 0.24 - property
Financial guarantee contracts 298.43 310.36 Liabilities and provisions tax deductible only
Total financial guarantee contracts [D] 298.43 310.36 upon payment/actual crystallisation
Total other financial liabilities ([A]+[B]+[C]+[D]) 8872.98 7872.32 - Employee benefits 1060.13 (137.74) 21.26 - 943.65
- Statutory taxes and duties 231.13 (15.41) - - 215.72
(i) Capital creditors as at 31 March 2024 include ` 123.31 lakhs (31 March 2023: ` 109.87 lakhs) outstanding balance of micro
- Other contractual provisions 812.81 (9.94) (20.93) - 781.94
enterprises and small enterprises (refer note 47).
Impairment provisions of financial assets 629.69 (80.41) - - 549.28
(ii) Security deposits as at 31 March 2024 include ` 370 lakhs (31 March 2023: ` 370 lakhs) deposits from sugar selling agents made in books, but tax deductible only on
which are interest bearing subject to fulfillment of terms and conditions. These deposits are repayable on cessation of actual write-off
contractual arrangements. Interest payable is normally settled annually. Other temporary differences 52.48 (2.32) - - 50.16
2976.23 (230.87) 0.33 - 2745.69
(iii) There are no amounts as at the year end which are due and outstanding to be credited to the Investors Education and
Deferred tax liabilities
Protection Fund.
Difference in carrying values of property, (13816.15) (852.24) - - (14668.39)
Note 22: Income tax balances plant & equipment and intangible assets
Other temporary differences - - (131.13) - (131.13)
As at 31-Mar-24 As at 31-Mar-23
(13816.15) (852.24) (131.13) - (14799.52)
Current Non-current Current Non-current
Net deferred tax assets/(liabilities) (10839.92) (1083.11) (130.80) - (12053.83)
Income tax assets
Tax refund receivable (net) - 1391.11 - 901.07 For the year ended 31 March 2023
- 1391.11 - 901.07 Opening Recognised in Recognised Recognised Closing
Income tax liabilities balance profit or loss in OCI directly in balance
Provision for income tax (net) 1228.40 - 100.08 - equity
1228.40 - 100.08 -
Tax effect of items constituting deferred
Note 23: Deferred tax balances tax assets/(liabilities)
Deferred tax assets
As at As at
31-Mar-24 31-Mar-23 Difference in carrying values of investment 177.68 12.31 - - 189.99
property
Deferred tax assets 2745.69 2976.23 Liabilities and provisions tax deductible only
Deferred tax liabilities (14799.52) (13816.15) upon payment/actual crystallisation
Net deferred tax assets/(liabilities) (12053.83) (10839.92) - Employee benefits 1090.53 (88.70) 58.30 - 1060.13
- Statutory taxes and duties 189.34 41.79 - - 231.13
- Other contractual provisions 964.71 (200.79) 48.89 - 812.81
228 229
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(ii) Reconciliation of revenue recognised with contract price:
Opening Recognised in Recognised Recognised Closing
balance profit or loss in OCI directly in balance As at As at
equity 31-Mar-24 31-Mar-23
Impairment provisions of financial assets 756.89 (127.20) - - 629.69 Contract price 615941.42 631589.69
made in books, but tax deductible only on Adjustments for Discounts/ Commissions to Customers (1027.32) (899.40)
actual write-off Total revenue from operations 614914.10 630690.29
Other temporary differences 47.49 4.99 - - 52.48
Note 25: Other income
Unutilised tax losses 580.87 (580.87) - - -
3807.51 (938.47) 107.19 - 2976.23 Year ended Year ended
Deferred tax liabilities 31-Mar-24 31-Mar-23
Difference in carrying values of property, (12922.71) (893.44) - - (13816.15) Interest income
plant & equipment and intangible assets Interest income from financial assets carried at amortised cost 1849.35 4151.12
(12922.71) (893.44) - - (13816.15) Interest income from others 12.62 19.19
Net deferred tax assets/(liabilities) (9115.20) (1831.91) 107.19 - (10839.92) 1861.97 4170.31
Dividend income
Note 24 : Revenue from operations Dividend income from equity investments 7.06 1099.71
Year ended Year ended 7.06 1099.71
31-Mar-24 31-Mar-23 Other non-operating income (net of expenses directly attributable to such
income)
Sale of products [refer note 37(vii)]
Rental income [refer note 5(ii)] 53.76 44.40
Finished goods 586994.16 589940.27
Miscellaneous income 1718.21 1961.81
Stock-in-trade 5423.66 4566.76
1771.97 2006.21
Sale of services
Other gains/(losses)
Servicing 737.38 601.12
Net fair value gains/(losses) on investments mandatorily measured at FVTPL (3.02) 13.54
Operation and maintenance 5454.41 4470.06
Net gains/(losses) on derivatives mandatorily measured at FVTPL (6.02) (25.64)
Long-duration construction & supply contract revenue 15225.00 26880.25
Net foreign exchange rate fluctuation gains 140.46 154.68
Other operating revenue
Credit balances written back 460.43 213.41
Subsidy from Central Government (refer note 43) 110.14 141.62
Net profit/(loss) on sale / redemption of investments at amortised cost 9.48 9.53
Income from transfer of sugar export quota - 2941.93
Net reversal of impairment loss allowance on contract assets (refer note 11) 16.26 44.25
Income from scrap 969.35 1148.28
Net reversal of provision for non moving/obsolete inventory (refer note 12) - 31.89
Total revenue from operations 614914.10 630690.29
Net reversal of provision for cost to completion (refer note 17) - 79.77
(i) Unsatisfied long-duration construction & supply contracts: Reversal of excess provision for expenses 270.21 117.56
The transaction price allocated to all long-duration construction & supply contracts that are partially or fully unsatisfied as 887.80 638.99
at reporting date alongwith expected period of its revenue recognition, are as follows: Total other income 4528.80 7915.22
As at As at Note 26: Cost of materials consumed
31-Mar-24 31-Mar-23
Year ended Year ended
Within one year 17867.12 23685.74 31-Mar-24 31-Mar-23
More than one year 18950.66 29222.35
Stock at the beginning of the year 7557.89 4364.94
Total 36817.78 52908.09
Add: Purchases 398037.21 398345.56
# As permitted under Ind AS 115, all contracts having original expected duration of one year or less or which are billed based on time incurred are Less: Stock at the end of the year (8749.78) (7557.89)
not disclosed.
Total cost of materials consumed 396845.32 395152.61
230 231
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 27: Purchases of stock-in-trade Note 30: Finance costs
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Petroleum goods 2549.87 2563.12 Interest costs
Other consumer goods 3158.87 2061.28 - Interest on loans with interest subvention (refer note 43) 1045.02 919.96
Total purchases of stock-in-trade 5708.74 4624.40 - Interest on loans with below-market rate of interest (refer note 43) 257.46 622.08
- Interest on other borrowings 3399.90 3131.33
Note 28: Changes in inventories of finished goods, stock-in-trade and work-in-progress - Interest on lease liabilities 126.53 148.26
Year ended Year ended - Other interest expense 111.72 154.38
31-Mar-24 31-Mar-23 Total interest expense on financial liabilities not classified as at FVTPL 4940.63 4976.01
Less: Amount capitalised (included in the cost of property, plant and equipment and (256.03) -
Inventories at the beginning of the year:
capital work-in-progress)
Finished goods 179787.35 190098.78
4684.60 4976.01
Stock-in-trade 67.80 179.03
Other borrowing costs
Work-in-progress 4716.23 2838.73
- Loan monitoring and administration charges 11.19 7.74
Total inventories at the beginning of the year 184571.38 193116.54
Total finance costs 4695.79 4983.75
Inventories at the end of the year:
Finished goods 222454.13 179787.35 Note 31: Depreciation and amortisation expense
Stock-in-trade 53.05 67.80
Year ended Year ended
Work-in-progress 4037.78 4716.23
31-Mar-24 31-Mar-23
Total inventories at the end of the year 226544.96 184571.38
Add/(Less): Impact of excise duty on finished goods (636.41) 327.14 Depreciation of property, plant and equipment (refer note 4) 10296.83 9253.03
Total changes in inventories of finished goods, stock-in-trade and work-in- (42609.99) 8872.30 Amortisation of intangible assets (refer note 6) 128.03 95.07
progress 10424.86 9348.10
Less: Amount capitalised (included in the cost of property, plant and equipment and (12.62) (0.33)
Note 29: Employee benefits expense capital work-in-progress)
Year ended Year ended Total depreciation and amortisation expense 10412.24 9347.77
31-Mar-24 31-Mar-23
Note 32: Impairment loss on financial assets (net of reversals)
Salaries and wages 33455.15 30907.02
Year ended Year ended
Contribution to provident and other funds (refer note 38) 2697.46 2606.71
31-Mar-24 31-Mar-23
Staff welfare expenses 1325.33 1192.01
37477.94 34705.74 Bad debts written off - trade receivables carried at amortised cost 157.05 433.51
Less: Amount capitalised (included in the cost of property, plant and equipment and (144.70) (4.07) Bad debts written off - other financial assets carried at amortised cost 10.63 999.08
capital work-in-progress) Impairment loss allowance on trade receivables (net of reversals) (refer note 8) 134.15 (427.72)
Total employee benefits expense 37333.24 34701.67 Impairment loss allowance on other financial assets carried at amortised cost (net of (7.33) (999.08)
reversals) (refer note 9 & 10)
Total impairment loss on financial assets (including reversals of impairment 294.50 5.79
losses)
232 233
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 33: Other expenses (i) Detail of payment to auditors
Year ended Year ended Statutory Auditors Cost Auditors
31-Mar-24 31-Mar-23 Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Stores and spares consumed 6659.72 6901.59
Power and fuel 4122.85 1932.33 Audit fee 61.13 50.89 6.22 6.07
Design and engineering charges 50.70 45.80 Limited review fee 22.36 18.63 - -
Other services (Certification) * 1.07 15.05 0.56 0.20
Cane development expenses 775.93 461.52
Reimbursement of expenses 2.47 2.37 - 0.20
Machining/fabrication expenses 82.84 282.92
Total payment to auditors 87.03 86.94 6.78 6.47
Erection and commissioning expenses 751.62 668.63
Civil construction charges 4226.44 6096.18 * This amount is exclusive of ` Nil (31 March 2023: ` 4 lakhs) paid to the statutory auditors towards certificates in connection with buy-back of
shares. The same has been adjusted against retained earnings.
Packing and stacking expenses 10119.78 9150.99
Repairs and maintenance (ii) Corporate Social Responsibility (CSR)
- Machinery 8168.27 7107.39 (a) The Company has incurred CSR expenses towards activities including inter-alia promoting education, sports, women
- Building 1005.59 870.48 empowerment, rural development, healthcare and sanitation, ensuring environmental sustainability, animal welfare and
- Others 505.77 475.72 conservation of natual resources, contribution to Prime Minister National Relief Fund, eradicating hunger, maintaining
Factory/operational expenses 4513.34 3437.32 quality of soil and making available safe drinking water, which are specified in Schedule VII of the Companies Act, 2013.
Travelling and conveyance 2179.79 2059.18
Rent expense (refer note 44) 252.97 202.38 (b) Detail of CSR expenses:
Rates and taxes 1564.80 1924.82 Year ended Year ended
Insurance 824.21 873.19 31-Mar-24 31-Mar-23
Directors' fee 60.90 46.95 (a) Gross amount required to be spent during the year 1015.95 937.30
Directors' commission 155.00 107.00 (b) Maximum amount approved by the Board to be spent during the year 1136.86 948.94
Legal and professional expenses 2820.10 2251.50 (including excess spent brought forward from previous year)
Security service expenses 2031.37 1966.60 (c) Amount spent during the year on :
Bad debts written off - other non financial assets [net of reversal of impairment loss 12.44 13.92 (i) Construction/acquisition of any asset
allowance of ` 11.96 lakhs (31 March 2023: ` 1.53 lakhs) (refer note 11)] Education, vocational skills and livelihood enhancement - 30.13
Healthcare and sanitation - 11.24
Warranty expenses [includes provision for warranty (net) ` 1615.17 lakhs (31 March 2023: 1616.09 1360.03
Safe drinking water - 15.06
` 1339.28 lakhs) (refer note 17)]
Promotion of sports - 1.29
Provision for Arbitration/Court case claims (refer note 17) 6.21 6.21 Women empowerment - 0.91
Provision for cost to completion on construction contracts (net) (refer note 17) 197.80 - Rural development - 26.91
Payment to Auditors (see (i) below) 93.81 93.41 - 85.54
Corporate social responsibility expenses (see (ii) below) 1015.95 937.30 (ii) Purposes other than (i) above
Provision for non moving / obsolete inventory (refer note 12) 55.41 - Education, vocational skills and livelihood enhancement 262.06 193.76
Environmental sustainability, animal welfare and conservation of natural 98.60 99.07
Loss on sale /write off of inventory 10.99 52.13
resources
Loss on sale / write off / impairment of property, plant and equipment 53.46 163.66
Healthcare and sanitation 278.35 154.03
Selling commission 601.83 752.75 Promotion of sports 5.00 6.34
Royalty 57.26 345.77 Maintenance of quality of soil 462.21 315.94
Outward freight and forwarding 2665.65 2254.71 Contribution to Prime Minister National Relief Fund - 60.00
Other selling expenses 1394.95 523.50 Eradicating hunger 2.00 -
Miscellaneous expenses 2764.89 2950.41 Administration overheads 17.00 15.00
1125.22 844.14
Less: Amount capitalised (included in the cost of property, plant and equipment and (185.37) (45.09)
Add: Excess spent, brought forward from previous year 11.64 19.26
capital work-in-progress)
Less: Excess spent, carried forward to next year 120.91 11.64
Total other expenses 61233.36 56271.20
Net amount recognised in the statement of profit and loss 1015.95 937.30
234 235
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 34: Exceptional items Year ended Year ended
Year ended Year ended 31-Mar-24 31-Mar-23
31-Mar-24 31-Mar-23 Effective portion of gains/(losses) on hedging instruments designated as cash flow 52.14 (37.97)
Profit upon disposal of equity shares of Triveni Turbine Limited, an erstwhile associate of - 158593.58 hedges (reclassifiable)
the Company Gains/(losses) on aligned portion of forward elements of cash flow hedging (31.21) (10.92)
Total exceptional items - 158593.58 instruments (reclassifiable)
Total deferred tax expense recognised in other comprehensive income 130.80 (107.19)
Note 35: Income tax expense Total income tax expense recognised in other comprehensive income 130.80 (107.19)
(i) Income tax recognised in profit or loss Bifurcation of the income tax recognised in other comprehensive income
into:
Year ended Year ended
Items that will not be reclassified to profit or loss 109.87 (58.30)
31-Mar-24 31-Mar-23
Items that may be reclassified to profit or loss 20.93 (48.89)
Current tax Total income tax expense recognised in other comprehensive income 130.80 (107.19)
In respect of the current year 12508.78 19759.31 Total income tax expense recognised directly in equity - -
In respect of earlier years (344.70) (78.69)
Total current tax expense recognised in profit or loss 12164.08 19680.62 Note 36: Earnings per share
Deferred tax Year ended Year ended
In respect of origination and reversal of temporary differences * 1083.11 1831.91 31-Mar-24 31-Mar-23
Total deferred tax expense recognised in profit or loss 1083.11 1831.91
Profit for the year attributable to owners of the Company [A] 39151.51 192400.58
Total income tax expense recognised in profit or loss 13247.19 21512.53
Weighted average number of equity shares for the purposes of basic EPS/ diluted EPS [B] 21,88,97,968 24,02,52,175
Reconciliation of income tax expense recognised in profit or loss : Basic earnings per share (face value of ` 1 per share) [A/B] 17.89 80.08
Diluted earnings per share (face value of ` 1 per share) [A/B] 17.89 80.08
Year ended Year ended
31-Mar-24 31-Mar-23 (i) Basic earnings per share is calculated by dividing the Sugar & Allied Businesses
Profit before tax 52398.70 213913.11 profit attributable to owners of the Company by the (a) Sugar : The Company is a manufacturer of white
Income tax expense calculated at 25.168% (including surcharge and education 13187.71 53837.65 weighted average number of equity shares outstanding crystal sugar, having seven manufacturing plants
cess) (2022-23: 25.168%) during the financial year, adjusted for bonus elements in situated in the state of Uttar Pradesh. The sugar
Effect of lower tax on income taxable under capital gains - (32192.85) equity shares issued during the year, if any, and excluding is sold to wholesalers and institutional users as
Effect of expenses that are non-deductible in determining taxable profit 311.80 318.79 treasury shares, if any. well as in the export market. The Company uses
Effect of tax incentives and concessions (1.78) (276.77) its captively produced bagasse, generated as a by-
Effect of changes in tax base of assets not considered in profit or loss (18.06) (11.68) (ii) Diluted earnings per share adjusts the figures used in product in the manufacturing of sugar, as a feed
Others (232.48) (162.61) the determination of basic earnings per share to take stock for generating power. Apart from meeting
Total income tax expense recognised in profit or loss 13247.19 21512.53 into account the after income tax effect of interest and the captive power requirements of sugar plants
financing costs associated with dilutive potential equity and distilleries, the surplus power is exported to
(ii) Income tax recognised in other comprehensive income the state grid. Molasses, another by-product in the
shares and the weighted average number of additional
Year ended Year ended equity shares that would have been outstanding assuming manufacturing of sugar, is used as raw material for
31-Mar-24 31-Mar-23 the conversion of all dilutive potential equity shares. producing alcohol/ethanol. The Company sells the
surplus molasses and bagasse after meeting its
Current tax related to following items recognised in other comprehensive - -
Note 37: Segment information captive requirements.
income:
Deferred tax related to following items recognised in other comprehensive (i)
Description of segments and principal
(b) Distillery : The Company has overall distillation
income: activities capacity of 660 kilo-litres per day (KLPD) comprising
Remeasurement of defined benefit obligations (non-reclassifiable) (21.26) (58.30) The operating segments are classified under two major of (i) two distilleries having total capacity of 400
Fair value gains/(losses) on investments in equity instruments at FVTOCI (non- 131.13 - businesses which the Company is engaged in, and are KLPD located at Muzaffarnagar and Sabitgarh in
reclassifiable) briefly described as under: the state of Uttar Pradesh, which use molasses
236 237
238
distillery operations.
Engineering Businesses
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
(160 KLPD on grain) distillery at its sugar unit at
(a) Power transmission : This business segment is
under its own brands, as a forward integration of the
of manufacturing, marketing and selling of Indian
new 200 KLPD dual feed distillery at Rani Nangal,
the existing distillery at Muzaffarnagar, to facilitate
produced at the bottling facility in the premises of
Milak Narayanpur, Uttar Pradesh; and (iii) a grain
Made Foreign Liquor (IMFL) in the premium segment
Company, during the current year, is in the process
services and retrofitment of gearboxes, catering to
forward integration of distillery operations. The
forming part of this segment, country liquor is
Pradesh. Under its Alcoholic Beverages vertical
raw material in production of ethanol and extra
& gear boxes covering supply to OEMs, after market
focused on high speed and niche low speed gears
Uttar Pradesh and venturing into a new business
neutral alcohol; (ii) a greenfield dual feed 200 KLPD
produced in manufacture of sugar as the principal
of expanding its distillery operations by setting up a
based 60 KLPD distillery at Muzaffarnagar, Uttar
(b)
operating segments.
& Maintenance contracts.
is located at Mysore, Karnataka.
reliance on few customers or suppliers.
Notes to the Standalone Financial Statements
diesel/petrol through a Company operated fuel station.
exports is not significant and the major turnover of the
and comprehensive solutions in the water and
segments and defence. The manufacturing facility
to assess the performance and allocate resources to the
reviewed by the chief operating decision maker (CODM)
for which discrete financial information is available and
wastewater management. This segment includes
the requirement of power sector, other industrial
Annual Report 2023-24
Company takes place indigenously. There is no major
based on the significant components of the enterprise
The above reportable segments have been identified
the Company’s brand name/private label; and retailing of
EPC contracts, Equipment supply and Operations
provides engineered-to-order process equipment
Water/Wastewater treatment : The business
There are no geographical segments as the volume of
The ‘Other Operations’ mainly include selling sugar under
segment operates from Noida, Uttar Pradesh and
Notes to the Standalone Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
02-47
(ii) Segment revenue and segment profit
SUGAR & ALLIED BUSINESSES ENGINEERING BUSINESSES OTHER OPERATIONS Eliminations Total
Sugar Distillery Total Power transmission Water Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Corporate Overview
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
REVENUE
From external 323287.00 370973.76 220489.94 186553.13 543776.94 557526.89 28871.00 22509.66 24406.72 34897.74 53277.72 57407.40 17859.44 15756.00 - - 614914.10 630690.29
customers
From inter-segments 62499.71 65220.88 - - 62499.71 65220.88 309.90 15.10 - - 309.90 15.10 351.30 179.90 (63160.91) (65415.88) - -
sales
Total revenue from 385786.71 436194.64 220489.94 186553.13 606276.65 622747.77 29180.90 22524.76 24406.72 34897.74 53587.62 57422.50 18210.74 15935.90 (63160.91) (65415.88) 614914.10 630690.29
operations
RESULT
08-13
Segment Profit/(loss) 30560.31 30583.28 18085.61 21231.73 48645.92 51815.01 10708.88 7644.23 3152.08 2558.97 13860.96 10203.20 (66.64) (801.00) - - 62440.24 61217.21
Unallocated expenses (7207.72) (5084.24)
(Net)
Finance cost (4695.79) (4983.75)
Interest income 1861.97 4170.31
Exceptional items - 158593.58
Management Statements
Profit before tax 52398.70 213913.11
Current tax (12164.08) (19680.62)
Deferred tax (1083.11) (1831.91)
Profit for the year 39151.51 192400.58
- The accounting policies of the reportable segments are the same as the Company’s accounting policies described in note 2.
- Segment profit is the Segment revenue less Segment expenses. Segment revenue/expenses includes all revenues/expenses that are attributable to the segments.
- Dividend income, finance income, finance costs, fair value gains & losses on certain financial assets/liabilities, current tax/deferred tax charge are not allocated to individual segments since
these are managed/applicable on an overall entity basis.
48-171
(iii) Segment assests and liabilities
SUGAR & ALLIED BUSINESSES ENGINEERING BUSINESSES OTHER OPERATIONS Eliminations Total
Statutory Reports
Sugar Distillery Total Power transmission Water Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
ASSETS
Segment assets 313114.97 264699.62 101473.21 88467.91 414588.18 353167.53 22641.80 21071.49 37259.94 40087.26 59901.74 61158.75 1186.05 1123.07 - - 475675.97 415449.35
Unallocated assets 25286.84 19120.49
Total assets 313114.97 264699.62 101473.21 88467.91 414588.18 353167.53 22641.80 21071.49 37259.94 40087.26 59901.74 61158.75 1186.05 1123.07 - - 500962.81 434569.84
LIABILITIES
Segment liabilities 30284.07 36870.58 8145.18 6953.04 38429.25 43823.62 7305.85 5711.08 15277.43 20095.29 22583.28 25806.37 239.47 592.02 - - 61252.00 70222.01
172-373
Unallocated liabilities 150571.04 98409.08
Total liabilities 30284.07 36870.58 8145.18 6953.04 38429.25 43823.62 7305.85 5711.08 15277.43 20095.29 22583.28 25806.37 239.47 592.02 - - 211823.04 168631.09
- The accounting policies of the reportable segments are the same as the Company’s accounting policies described in note 2.
- Segment assets include all assets that are attributable to the segments other than investments, loans, current/deferred tax assets and certain financial assets.
- Segment liabilities include all liabilities that are attributable to the segments other than borrowings, current and deferred tax liabilities and certain financial liabilities.
239
Financial Statements
240
Notes to the Standalone Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
(iv) Other segment information
SUGAR & ALLIED BUSINESSES ENGINEERING BUSINESSES OTHER OPERATIONS Eliminations Total
Sugar Distillery Total Power transmission Water Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Amount considered
in segment results
Depreciation and 5383.15 4902.78 2907.53 2671.06 8290.68 7573.84 1093.94 773.11 226.26 248.61 1320.20 1021.72 44.60 38.53 - - 9655.48 8634.09
amortisation
Unallocated 756.76 713.68
depreciation and
amortisation
Total depreciation 5383.15 4902.78 2907.53 2671.06 8290.68 7573.84 1093.94 773.11 226.26 248.61 1320.20 1021.72 44.60 38.53 - - 10412.24 9347.77
and amortisation
Non cash items (other (352.64) (101.46) 1.68 21.40 (350.96) (80.06) 70.30 (75.61) 239.91 (28.25) 310.21 (103.86) (9.86) 42.54 - - (50.61) (141.38)
than depreciation and
amortisation)
Unallocated non cash (1143.27) (13.54)
items (other than
depreciation and
amortisation)
Total non cash (352.64) (101.46) 1.68 21.40 (350.96) (80.06) 70.30 (75.61) 239.91 (28.25) 310.21 (103.86) (9.86) 42.54 - - (1193.88) (154.92)
items (other than
depreciation and
amortisation)
Amounts not
considered in
segment results
Interest expense 5523.38 4350.85 971.95 1061.19 6495.33 5412.04 10.36 2.18 396.71 437.01 407.07 439.19 - (1.66) - - 6902.40 5849.57
Unallocated interest (2206.61) (865.82)
expense
Total interest 5523.38 4350.85 971.95 1061.19 6495.33 5412.04 10.36 2.18 396.71 437.01 407.07 439.19 - (1.66) - - 4695.79 4983.75
expense
Interest income 33.83 40.97 13.44 13.39 47.27 54.36 51.72 12.34 89.01 250.56 140.73 262.90 - - - - 188.00 317.26
Unallocated interest 1673.97 3853.05
income
Total interest 33.83 40.97 13.44 13.39 47.27 54.36 51.72 12.34 89.01 250.56 140.73 262.90 - - - - 1861.97 4170.31
income
Exceptional items - - - - - - - - - - - - - - - - - -
Unallocated - 158593.58
exceptional items
Total exceptional - - - - - - - - - - - - - - - - - 158593.58
items
Others
Capital expenditure 10092.30 13612.12 23170.64 6454.96 33262.94 20067.08 1108.68 3571.09 227.74 219.51 1336.42 3790.60 0.30 12.72 - - 34599.66 23870.40
Unallocated capital 485.54 282.14
expenditure
Total Capital 10092.30 13612.12 23170.64 6454.96 33262.94 20067.08 1108.68 3571.09 227.74 219.51 1336.42 3790.60 0.30 12.72 - - 35085.20 24152.54
expenditure
Annual Report 2023-24
02-47
Servicing
- Sugar
- Power
- Others
- Alcohol
- Bagasse
Stock in trade
- Molasses
Finished goods
Rest of the world
Rest of the world
Sale of services
Sale of products
Income from scrap
Corporate Overview
2024 and 31 March 2023.
India (country of domicile)
India (country of domicile)
Other operating revenue
Operation and maintenance
for the year ended March 31, 2024
- Other consumer goods
Subsidy from Central Government
08-13
Water, Wastewater and Sewage treatment
- Gears/Gear Boxes (including spares)
(All amounts in ` lakhs, unless otherwise stated)
Income from transfer of sugar export quota
(viii) Information about major customers
- Petroleum goods (Diesel/Petrol/Lubricants)
- Mechanical equipment - Water/Waste-water
(vi) Non-current assets by geographical area
(v) Break-up of revenue by geographical area
Management Statements
Long-duration construction & supply contract revenue
(vii) Break-up of revenue from major products and services
- Non-current assets excludes financial assets and deferred tax assets.
Over time
Over time
Over time
48-171
recognition
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
At a point in time
Timing of revenue
Statutory Reports
31-Mar-24
Year ended
922.18
327926.98
209658.04
5699.43
3219.98
586994.16
7601.64
28328.06
3637.85
1079.49
969.35
-
110.14
15225.00
15225.00
6191.79
5454.41
737.38
592417.82
5423.66
3168.43
2255.23
177920.88
155.69
177765.19
31-Mar-24
Year ended
614914.10
8511.90
606402.20
31-Mar-24
Year ended
172-373
Notes to the Standalone Financial Statements
31-Mar-23
Year ended
3015.43
735.45
370110.13
3344.03
178145.21
6374.91
589940.27
6286.59
21928.52
4231.83
1148.28
2941.93
141.62
26880.25
26880.25
5071.18
4470.06
601.12
594507.03
4566.76
2116.07
2450.69
150946.03
186.14
150759.89
31-Mar-23
Year ended
630690.29
11318.78
619371.51
31-Mar-23
Year ended
241
Financial Statements
There is no single customer who has contributed 10% or more to the Company’s revenue in the years ended 31 March
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 38: Employee benefit plans Life expectancy: The present value of the defined benefit plan liability is calculated by reference to the best estimate
(i) Defined contribution plans of the mortality of plan participants during their employment. A change in the life expectancy of the plan participants
will impact the plan’s liability.
(a) The Company contributes to certain defined contribution retirement benefit plans under which the Company pays fixed
contributions to separate entities (funds) or financial institutions or state managed benefit schemes. The Company Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
has no further payment obligations once the contributions have been paid. Following are the schemes covered under plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
defined contributions plans of the Company:
Attrition rate: The present value of the defined benefit plan liability is impacted by the rate of employee turnover,
Provident Fund Plan & Employee Pension Scheme: The Company makes monthly contributions at prescribed disability and early retirement of plan participants. A change in the attrition rate of the plan participants will impact the
rates towards Employee Provident Fund/ Employee Pension Scheme administered and managed by the Government plan’s liability.
of India.
(c) The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:
Employee State Insurance: The Company makes prescribed monthly contributions towards Employees State
Insurance Scheme. Valuation as at
As at 31-Mar-24 As at 31-Mar-23
Superannuation Scheme: The Company contributes towards a fund established to provide superannuation benefit
to certain employees in terms of Group Superannuation Policies entered into by such fund with the Life Insurance Discounting rate 7.20% 7.45%
Corporation of India. Future salary growth rate 8.00% 8.00%
Mortality table * IALM 2012-14 Ultimate IALM 2012-14 Ultimate
National Pension Scheme: The Company makes contributions to the National Pension Scheme fund in respect of Attrition rate 7.00% for Permanent employees 6.00% for Permanent employees
certain employees of the Company. 2.00% for Seasonal employees 2.00% for Seasonal employees
Method used Projected unit credit method Projected unit credit method
(b) The expense recognised during the period towards defined contribution plans are as follows:
* Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics (i.e. IALM 2012-14
Year ended Year ended Ultimate). These assumptions translate into an average life expectancy in years at retirement age.
31-Mar-24 31-Mar-23
Employer's contribution to Employees’ Provident Fund 1738.27 1625.90 (d) Amounts recognised in statement of profit and loss in respect of the defined benefit plan (gratuity) are as follows:
Administration and other expenses relating to above 54.67 51.81 Year ended Year ended
Employer's contribution to Employees' State Insurance Scheme 5.59 7.20 31-Mar-24 31-Mar-23
Employer's contribution to Superannuation Scheme 129.61 123.97 Current service cost 563.80 531.84
Employer's contribution to National Pension Scheme 63.53 59.75 Net interest expense 73.01 146.91
Components of defined benefit costs recognised in profit or loss 636.81 678.75
(ii) Defined benefit plan (Gratuity)
Remeasurement on the net defined benefit liability
(a) The Company operates a defined benefit retirement plan under which the Company pays certain defined benefit by
- Return on plan assets (excluding amount included in net interest expense) (2.20) 21.14
way of gratuity to its employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement/
- Actuarial gains and loss arising form changes in demographic assumptions (17.81) 18.84
termination of employment or upon death of an employee, based on the respective employees’ salary and years of
employment with the Company. - Actuarial gains and loss arising form changes in financial assumptions 109.27 (217.16)
- Actuarial gains and loss arising form experience adjustments (4.80) 408.83
(b) Risk exposure Components of defined benefit costs recognised in other 84.46 231.65
The plan typically exposes the Company to number of actuarial risks, the most significant of which are detailed below: comprehensive income
Total 721.27 910.40
Investment risk: The plan liabilities are calculated using a discount rate set with references to government bond yields
as at end of reporting period; if plan assets underperform compared to the government bonds discount rate, this will
create or increase a deficit.
Interest risk: A decrease in government bond yields will increase plan liabilities, although this is expected to be partially
offset by an increase in the value of the plan’s debt instruments.
242 243
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(e) Amounts included in the balance sheet arising from the entity’s obligation in respect of the defined benefit plan (gratuity) The fair value of the plan assets (gratuity) at the end of the reporting period for each category, are as follows:
is as follows:
As at 31-Mar-24 As at 31-Mar-23
As at As at Quoted Unquoted Total Quoted Unquoted Total
31-Mar-24 31-Mar-23
Cash and cash equivalents - 87.25 87.25 - 41.94 41.94
Present value of defined benefit obligation as at the end of the year 7714.63 7129.60 Debt instruments
Fair value of plan assets 7042.13 5620.32 - Government securities - 250.70 250.70 - 251.12 251.12
Funded status (672.50) (1509.28) - State development loans - 601.34 601.34 - 670.57 670.57
Net asset/(liability) arising from defined benefit obligation recognised in (672.50) (1509.28) - Private sector bonds - 96.48 96.48 - 103.12 103.12
the balance sheet - Public sector bonds - 334.60 334.60 - 340.49 340.49
- Special deposit scheme balance - 102.13 102.13 - 102.13 102.13
(f) Movement in the present value of the defined benefit obligation (gratuity) is as follows:
with RBI
Year ended Year ended Group gratuity plans with - 5,546.86 5546.86 - 3,974.95 3,974.95
31-Mar-24 31-Mar-23 insurance companies
Present value of defined benefit obligation at the beginning of the year 7129.60 6439.14 Accrued interest and other - 22.77 22.77 - 136.00 136.00
recoverables
Expenses recognised in profit or loss
Total plan assets - 7042.13 7042.13 - 5620.32 5620.32
- Current service cost 563.80 531.84
- Interest expense/(income) 492.62 414.04 Majority of the plan assets held comprise amounts invested in traditional plans of group gratuity schemes offered by
Remeasurement (gains)/losses recognised in other comprehensive income specified life insurance companies. The investment in traditional group gratuity scheme of life insurance companies
- Actuarial (gain)/loss arising from: ensures protection of the capital sum invested and interest earned. Balance investments comprise a mix of investments
i. Demographic assumptions (17.81) 18.84 comprising central government securities, state government securities and other debt instruments. The Company has
ii. Financial assumptions 109.27 (217.16) a risk management strategy which defines exposure limits and acceptable credit risk rating and are generally held to
iii. Experience adjustments (4.80) 408.83 maturity. Amounts invested with life insurance companies, which form majority of the plan assets, do not face any risk
of capital erosion.
Benefit payments (558.05) (465.93)
Present value of defined benefit obligation at the end of the year 7714.63 7129.60
(h) Sensitivity analysis
(g) Movement in the fair value of the plan assets (gratuity) is as follows: The sensitivity of the defined benefit obligation (gratuity) to changes in the weighted principal assumptions is:
Year ended Year ended Change in Impact on defined obligation (gratuity)
31-Mar-24 31-Mar-23 assumption by Increase/ Increase in Decrease in
Fair value of plan assets at the beginning of the year 5620.32 3874.33 decrease assumption assumption
Recognised in profit or loss 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
- Expected return on plan assets 419.61 267.13 Discounting rate 0.50% in ` lakhs (206.83) (199.49) 218.59 211.26
Remeasurement gains / (losses) recognised in other comprehensive income in % -2.68% -2.80% 2.83% 2.96%
- Actual return on plan assets in excess of the expected return 2.20 (21.14) Future salary growth rate 0.50% in ` lakhs 215.90 209.16 (206.27) (199.40)
Contributions by employer 1558.05 1965.93 in % 2.80% 2.93% -2.67% -2.80%
Benefit payments (558.05) (465.93) Attrition rate 0.50% in ` lakhs (10.89) (7.98) 11.31 8.28
Fair value of plan assets at the end of the year 7042.13 5620.32 in % -0.14% -0.11% 0.15% 0.12%
Mortality rate 10.00% in ` lakhs (0.63) (0.44) 0.63 0.44
in % -0.01% -0.01% 0.01% 0.01%
The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant.
In the event of change in more than one assumption, the impact would be different than stated above. The methods
and types of assumptions used in preparing the sensitivity analysis did not change compared to prior period.
244 245
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(i) Defined benefit liability (gratuity) and employer contributions Name of related party and nature of transactions Relationship Year ended Year ended
The Company expects to contribute ` 1148.06 lakhs to the defined benefit plan relating to gratuity during the next 31-Mar-24 31-Mar-23
financial year.
Purchases and receiving services
Triveni Turbine Limited Other 1767.18 555.05
The weighted average duration of the defined gratuity obligation (on discounted cash flow basis) as at 31 March 2024
(refer #2 below)
is 6 years (31 March 2023: 6 years).
Interest income
The expected maturity analysis of undiscounted defined benefit obligation (gratuity) as at 31 March 2024 is as follows: Mathura Wastewater Management Private Limited Subsidiary 223.32 199.13
Pali ZLD Private Limited Subsidiary 89.31 37.52
Less than a Between 1-2 Between 3-5 Over 5 years Total Rent & other charges received
year years years Triveni Turbine Limited Other 17.98 17.98
Defined benefit obligation 1522.72 1281.46 2492.11 7319.52 12615.81 (refer #2 below)
(Gratuity) Dividend received from investment in equity shares
Triveni Turbine Limited Other - 1094.73
Note 39: Related party transactions (refer #2 below)
Rent paid
(i) Subsidiaries (wholly owned)
Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 68.58 65.31
- where control exists person
Triveni Energy Systems Limited Rati Sawhney (RS) Spouse of DMS 43.90 42.11
Triveni Engineering Limited Kameni Upaskar Limited Enterprise over 106.68 101.60
Triveni Entertainment Limited which RS has
Svastida Projects Limited control
Triveni Industries Limited Corporate Social Responsibility expenses
Triveni Sugar Limited Triveni Foundation Subsidiary 363.58 293.60
Mathura Wastewater Management Private Limited incorporated u/s 8
United Shippers & Dredgers Limited of the Companies
Gaurangi Enterprises Limited Act, 2013
Pali ZLD Private Limited Remuneration
Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management 1025.22 871.76
- others - incorporated under section 8 of the Companies Act, 2013
person
Triveni Foundation
Suresh Taneja (Group Chief Financial Officer) Key management 293.40 268.75
person
(ii) Related parties with whom transactions have taken place during the year alongwith details of such
Geeta Bhalla (Group Vice President & Company Secretary) Key management 125.08 113.63
transactions and outstanding balances as at the end of the year:
person
Name of related party and nature of transactions Relationship Year ended Year ended Director's fee
31-Mar-24 31-Mar-23 Nikhil Sawhney (Promoter Non-Executive Director) Key management 11.65 9.70
Sales and rendering services person
Triveni Sugar Limited Subsidiary 0.71 0.71 Homai A. Daruwalla (Independent Non-Executive Director) Key management 15.50 14.25
person
Svastida Projects Limited Subsidiary 0.71 0.71
Sudipto Sarkar (Independent Non-Executive Director) Key management 15.75 14.50
Triveni Entertainment Limited Subsidiary 0.71 0.71
person
Triveni Energy Systems Limited Subsidiary 0.71 0.71
J. K. Dadoo (Independent Non-Executive Director) Key management 7.50 8.50
Triveni Engineering Limited Subsidiary 0.71 0.71
person
Triveni Industries Limited Subsidiary 0.71 0.71
Siraj Azmat Chaudhry (Independent Non-Executive Director) Key management 4.00 -
Gaurangi Enterprises Limited Subsidiary 0.71 0.71
person
Mathura Wastewater Management Private Limited Subsidiary 908.79 525.92
Dr. Meena Hemchandra (Independent Non-Executive Director) Key management 2.00 -
Pali ZLD Private Limited Subsidiary 392.38 2383.62
person
Triveni Turbine Limited Other (refer #2 8120.95 5305.84
below)
246 247
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Name of related party and nature of transactions Relationship Year ended Year ended Name of related party and nature of transactions Relationship Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Manoj Kumar Kohli (Independent Non-Executive Director) Key management 1.00 - Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management (2.41)
person person
Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management 3.50 - Kameni Upaskar Limited Enterprise over (3.86) (3.19)
person which RS has
Director's commission control
Nikhil Sawhney (Promoter Non-Executive Director) Key management 57.00 55.00 Triveni Engineering Works Limited Gratuity Fund Post employment (0.22) (0.06)
person benefit plan for
Homai A. Daruwalla (Independent Non-Executive Director) Key management 21.00 19.00 employees
person Triveni Engineering and Industries Limited Officers Pension Post employment (0.01) -
Sudipto Sarkar (Independent Non-Executive Director) Key management 20.00 18.00 Scheme benefit plan for
person employees
J. K. Dadoo (Independent Non-Executive Director) Key management 18.00 15.00 Triveni Engineering Works Limited Employee Provident Fund Post employment (0.00)
person Trust benefit plan for
Siraj Azmat Chaudhry (Independent Non-Executive Director) Key management 12.00 - employees
person Dividend paid on equity shares
Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management 12.00 - Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 1415.03 754.67
person person
Manoj Kumar Kohli (Independent Non-Executive Director) Key management 12.00 - Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management 968.31 276.40
person person
Dr. Meena Hemchandra (Independent Non-Executive Director) Key management 3.00 - Nikhil Sawhney (Promoter Non-Executive Director) Key management 1006.46 287.36
person person
Contribution to post employment benefit plans Suresh Taneja (Group Chief Financial Officer) Key management 0.91 0.26
Triveni Engineering Works Limited Gratuity Fund Post employment 1558.05 1965.93 person
benefit plan for Manmohan Sawhney HUF Controlled by DMS 295.73 84.89
employees Rati Sawhney (RS) Spouse of DMS 772.32 330.21
Triveni Engineering and Industries Limited Officers Pension Post employment 129.61 123.97 Tarana Sawhney Spouse of TS 1.64 0.47
Scheme benefit plan for STFL Trading and Finance Private Limited (refer #1 below) Enterprise over 5886.08 1574.78
employees which DMS has
Contractual deductions on project execution reimbursed on control
back to back basis Buy-back of equity shares
Mathura Wastewater Management Private Limited Subsidiary 86.59 - Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management - 7177.80
Reimbursements received for remuneration paid to seconded person
employees Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management - 4640.92
Mathura Wastewater Management Private Limited Subsidiary 142.06 148.25 person
Pali ZLD Private Limited Subsidiary 41.26 10.28 Nikhil Sawhney (Promoter Non-Executive Director) Key management - 4834.42
Expenses incurred by the Company on behalf of party (net of expenses incurred person
by party on behalf of the Company) on reimbursable basis Suresh Taneja (Group Chief Financial Officer) Key management - 4.64
Mathura Wastewater Management Private Limited Subsidiary 1395.89 161.29 person
Manmohan Sawhney HUF Controlled by DMS - 1500.10
Pali ZLD Private Limited Subsidiary 13.14 3.46 Rati Sawhney (RS) Spouse of DMS - 4842.67
Triveni Turbine Limited Other (refer #2 51.00 33.04 Tarana Sawhney Spouse of TS - 8.31
below) STFL Trading and Finance Private Limited (refer #1 below) Enterprise over - 27828.47
Triveni Sports Private Limited Joint venture 1.63 which DMS has
Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 19.08 18.40 control
person
248 249
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Name of related party and nature of transactions Relationship Year ended Year ended Name of related party and nature of balances Relationship As at As at
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Sale of investment J. K. Dadoo (Independent Non-Executive Director) Key management 18.00 15.00
Rati Sawhney (RS) Spouse of DMS - 74036.95 person
Investment made in equity shares Siraj Azmat Chaudhry (Independent Non-Executive Director) Key management 12.00 -
Triveni Sports Private Limited Joint venture 250.00 - person
Short term loans given and repaid Manoj Kumar Kohli (Independent Non-Executive Director) Key management 12.00 -
Mathura Wastewater Management Private Limited Subsidiary - 75.00 person
Short term loans given Dr. Meena Hemchandra (Independent Non-Executive Director) Key management 3.00 -
Mathura Wastewater Management Private Limited Subsidiary - 225.00 person
Short term loans repaid Triveni Engineering and Industries Limited Officers Pension Post employment - 0.43
Mathura Wastewater Management Private Limited Subsidiary 225.00 - Scheme benefit plan for
Long term loans given employees
Pali ZLD Private Limited Subsidiary - 900.00 Guarantees / surety / commitment outstanding (see (v) below)
Mathura Wastewater Management Private Limited Subsidiary 10000.00 10000.00
Amounts stated above are inclusive of applicable taxes Pali ZLD Private Limited Subsidiary 5800.00 5800.00
#1 Person or entity belonging to the promoter/promoter group holding 10% or more shareholding in the Company.
Outstanding balances
#2 ceased to be an associate of the Company w.e.f. 21 September 2022 hence no more covered within the definition of related party under Ind
Name of related party and nature of balances Relationship As at As at AS 24 Related Party Disclosures. However, it continues to be a related party as per section 2 of the Companies Act, 2013 since it is a public
company in which certain directors of the Company are also directors and hold along with their relatives more than 2% of its paid-up share
31-Mar-24 31-Mar-23
capital.
Receivable
Mathura Wastewater Management Private Limited Subsidiary 4472.96 4408.87 (iii) Remuneration of key management personnel:
Pali ZLD Private Limited Subsidiary 1588.35 2221.43 Year ended Year ended
United Shippers & Dredgers Limited Subsidiary 44.53 44.53 31-Mar-24 31-Mar-23
Triveni Turbine Limited Other 1381.69 556.76
(refer #2 below) Short-term employee benefits 1367.44 1183.13
Provision for doubtful debts/advances Post-employment benefits 76.26 71.01
United Shippers & Dredgers Limited Subsidiary 44.53 44.53 Total 1443.70 1254.14
Payable
Triveni Turbine Limited Other - 414.53 The remuneration of key management personnel is determined by the remuneration committee having regard to the
(refer #2 below) performance of individuals, market trends and applicable provisions of Companies Act, 2013.
Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 4.14 4.42
person (iv) Remuneration and outstanding balances of key management personnel does not include long term employee benefits by
Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management 581.78 450.10 way of gratuity and compensated absences, which are payable only upon cessation of employment and provided on the
person basis of actuarial valuation by the Company.
Suresh Taneja (Group Chief Financial Officer) Key management 12.19 12.83
person (v) The Company has provided corporate guarantees amounting to ` 15800 lakhs (31 March 2023: ` 15800 lakhs) in connection
Geeta Bhalla (Group Vice President & Company Secretary) Key management 6.45 10.21 with loans agreed to be granted by the lender to wholly owned subsidiaries of the Company. Outstanding balance of loans under
person such lending arrangements as at 31 March 2024 is ` 8635.50 lakhs (31 March 2023: ` 8886.40 lakhs).
Nikhil Sawhney (Promoter Non-Executive Director) Key management 57.00 55.00
person (vi) Terms & conditions:
Homai A. Daruwalla (Independent Non-Executive Director) Key management 22.80 19.00 (a) Transactions relating to dividends and buyback of shares were on same terms and conditions that applied to
person other shareholders.
Sudipto Sarkar (Independent Non-Executive Director) Key management 21.80 18.00 (b) Loans to subsidiaries were given at normal commercial terms & conditions at prevailing market rate of interest.
person
(c) Other transactions are made on terms equivalent to those that prevail in arm’s length transactions.
Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management 14.21 -
person (d) The outstanding balances at the year-end are unsecured and settlement to take place in cash.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 40: Capital management Note 41: Financial risk management In the case of Sugar business, majority of the sales
The Company’s principal financial liabilities comprise are made either against advance payments or at
For the purpose of capital management, capital includes net debt and total equity of the Company. The primary objective of the
borrowings, lease liabilities, trade payables and other payables. a very short credit period upto 7-10 days through
capital management is to maximize shareholders’ value along with an objective to keep the leverage in check in view of cyclical
The main purpose of the financial liabilities is to finance the established sugar agents whereas in Cogeneration,
capital intensive sugar business of the Company.
Company’s operations. The Company’s principal financial forming part of sugar business, and Distillery, most
assets include loans, trade and other receivables and cash and of the sales are made to Government customers,
The sugar business is the major business of the Company and is seasonal. The entire production of sugar takes place in about
bank balances. The Company also holds certain investments, such as, State Electricity Board (UPPCL) and Oil
six months and is sold throughout the year. It thus necessitates maintaining high levels of sugar inventory requiring high working
measured at fair value through profit or loss / amortised cost Marketing Companies (OMCs). There may be
capital funding. Sugar business being a cyclical business, it is prudent to avoid high leverage and the resultant high finance cost.
and enters into derivative transactions, which are not extensive. delays in receiving payments from UPPCL but the
It is the endeavour of the Company to prune down debts to acceptable levels based on its financial position.
risk in respect of realisation of dues is minimal. In
The Company may resort to further issue of capital for projects which can not be fully funded through internal accruals/debt and/ The Company’s activities expose it mainly to market risk, liquidity Power transmission business, it is the policy of
or to finance working capital requirements. risk and credit risk. The monitoring and management of such the Company to receive payment prior to delivery
risks is undertaken by the senior management of the Company of the material except in the case of some well
The Company monitors capital structure through gearing ratio represented by debt-equity ratio (debt/total equity). In addition to and there are appropriate policies and procedures in place established OEMs, including group companies and
the gearing ratio, the Company also looks at non-current debt to operating profit ratio (non-current debt/EBITDA) which provides through which such financial risks are identified, measured and public sector undertakings, where credit up to 90
an indication of adequacy of earnings to service the debts. The Company diligently negotiates the terms and conditions of the managed. The Company has a specialised team to undertake days is extended. Water business is engaged in
loans and ensures adherence to all the financial covenants. The Company generally incorporates a clause in loan agreements derivative activities for risk management purposes and such Engineering, Procurement and Construction (EPC)
for prepayment of loans without any premium. The gearing ratio and non-current debt/EBITDA ratio for the Company as at the team has appropriate skills, experience and expertise. It is the business in the municipal and industrial sectors
end of reporting period were as follows: Company policy not to carry out any trading in derivative for where it is customary to have prescribed retentions
speculative purposes. The Audit Committee and the Board are which are payable upon completion of the project
As at As at regularly apprised of the exposures and risks every quarter and and after satisfactory performance of the plant.
31-Mar-24 31-Mar-23 mitigation measures are extensively discussed.
In order to contain the business risk especially with
Non-current borrowings (note 16) 17124.11 14175.14
(i) Credit risk respect to long-duration construction & supply
Non-current lease liabilities 756.59 1227.74 contracts, creditworthiness of the customer is
Non-current debt 17880.70 15402.88 Credit risk is associated with the possibility of a
ensured through scrutiny of its financials, status of
Working capital borrowings (note 19) 104688.11 52388.30 counterparty defaulting on its contractual obligations
financial closure of the project, if required, market
to pay, resulting in financial loss to the Company. The
Current maturities of long-term borrowings (refer note19) 10648.93 15679.87 reports and reference checks. The Company remains
Company is exposed to credit risks from its operating
Current lease liabilities 539.99 568.54 vigilant and regularly assesses the financial position
activities, primarily trade receivables and retentions. The
Current debt 115877.03 68636.71 of customers during execution of contracts with a
credit risks in respect of deposits with the banks, foreign
Total debt 133757.73 84039.59 view to restrict risks of delays and default. In view of
exchange transactions and other financial instruments
its diversified business profile and considering the
Total equity (note14 & note15) 289139.77 265938.75 are nominal. As required, the Company also advances
size of the Company, credit risks from receivables
EBITDA (before exceptional items) 67506.73 69651.05 loans to its subsidiary companies and there is some
are well contained on an overall basis.
Total debt to equity ratio 0.46 0.32 credit risk associated with it.
Total term loans and lease liabilities/EBITDA ratio 0.43 0.45 The impairment analysis is performed on each
(a) Credit risk management
reporting period on individual basis for major
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2024 The customer credit risk is managed by each customers. In addition, a large number of receivables
and 31 March 2023. business subject to the Company’s established are grouped and assessed for impairment
policy, procedure and controls relating to customer collectively. The calculation of impairment loss is
The Company is not subject to any externally imposed capital requirements. credit risk management. Various businesses require based on historical data of losses, current conditions
different processes and policies to be followed and forecasts and future economic conditions. The
based on the business risks, industry practice and Company’s maximum exposure to credit risk at
customer profiles. the reporting date is the carrying amount of each
financial asset as detailed in note 7, 8, 9, 10 and 13.
252 253
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
The business wise receivable position as at the end of the year is provided here below: (c) Reconciliation of loss allowance provision
Trade receivables:
Year ended 31-Mar-24 Year ended 31-Mar-23
External Year end % External Year end % Year ended Year ended
asales receivables Receivables sales receivables Receivables 31-Mar-24 31-Mar-23
(A) (B) (B/A) (A) (B) (B/A)
Balance at beginning of the year 1113.41 1541.13
Sugar business 323287.00 5533.69 2% 370973.06 3225.93 1% Additional provisions recognised during the year 290.08 65.76
Distillery business 220489.94 7495.16 3% 186553.13 14943.91 8% Provision reversed/utilised during the year (155.93) (493.48)
Power transmission 28768.32 8559.75 30% 22426.89 8194.15 37% Balance at the end of the year 1247.56 1113.41
business
Water business 24399.26 11520.51 47% 34839.59 12043.41 35% Loans and other financial assets:
Others 17859.44 625.83 4% 15756.00 265.81 2%
Total 614803.96 33734.94 5% 630548.67 38673.21 6% Loans Other financial assets
Year ended Year ended Year ended Year ended
In the case of Water and Power transmission businesses, the percentage receivables to external sales is high whereas 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
the overall ratio for the Company is much lower. In the case of EPC projects undertaken by Water business, the Balance at beginning of the year 44.53 44.53 15.69 1,014.77
receivables are high as per the norms of the industry and terms of the contracts. A majority of such projects are Additional provisions recognised during - - 3.27 -
executed for the municipalities and before bidding for any contract, the Water business carries out due-diligence to the year
ensure that the customer has made satisfactory funding arrangements. In the case of Power transmission business, Provision reversed/utilised during the year - - (10.60) (999.08)
negotiated credit is allowed to reputed OEMs. The percentage receivables to external sales is also high due to higher
Balance at the end of the year 44.53 44.53 8.36 15.69
year end sales.
(ii) Liquidity risk
Overall, the credit risk from receivable is low in view of diverse businesses and government customers.
The Company uses liquidity forecast tools to manage its liquidity. The Company operates capital intensive sugar business
and has obligation to timely make cane price payments within the statutory time period. The Company is able to organise
(b) Provision for expected credit losses
liquidity through own funds and through working capital loans. The Company has good relationship with its lenders, has
Basis as explained above, life time expected credit loss (“ECL”) is determined on trade receivables except in cases
not defaulted at any point of time in the past and is maintaining healthy credit ratings (viz. short term A1+ and long term AA+
where advance payment terms are prescribed or payment is due from Central / State Government or Government
with stable outlook from ICRA), as a result of which it does not experience any difficulty in arranging funds from its lenders.
Authorities / entities where there is no track record of short receipts. ECL arising from delays in receiving payments
However, when the sugar fundamentals are unfavourable, either due to market forces or due to excessive cane pricing by
from the Government customers pursuant to sale of goods or under construction contracts are not considered if such
the Government, the payment of cane price gets delayed though it is the endeavour of the Company to make cane payment
delays are commonly prevalent in the industry and / or the delays are not exceeding one year. All short receipts, other
on a priority basis. It is the objective and focus of the Company to reduce debts to be able to meet the cyclicalities of the
than arising from expense claims offset by the counter-party, are duly considered in determining ECL. In view of the
sugar business.
business model of the Company’s engineered-to-order products and the profile of trade receivables, the determination
of provision based on age analysis may not be realistic and hence, the provision of expected credit loss is determined Apart from cyclical sugar business, the Company has alternate revenue streams in the form of distillery and engineering
for the total trade receivables outstanding as on the reporting date. This provision for ECL is made in addition to the business, which, to a large extent, offset the impact of sugar cyclicalities.
specific credit losses, if any, provided on specific financial assets.
Table hereunder provides the current ratios of the Company as at the year end
Provision matrix (%, amounts) of ECL for trade receivables (other than specific credit losses separately recognised) is
as under: As at As at
31-Mar-24 31-Mar-23
Business % ECL ECL amount ECL amount
as at 31-Mar-24 as at 31-Mar-23 Total current assets 307758.28 273572.27
Sugar Nil Nil Nil Total current liabilities 178665.47 138207.55
Distillery Nil Nil Nil Current ratio 1.72 1.98
Power transmission 0.63% 54.47 48.08
Water 1.15% 128.31 140.11
254 255
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
In view of seasonal nature of sugar business, which is a dominant business of the Company, there is a peak build-up of (iii) Market risk
sugar inventories at the year end, resulting in peak working capital requirement. With the liquidation of such inventories over
The Company is exposed to following key market risks:
the year, the working capital requirement is gradually reduced. Thus, the current ratio computed at the year end is not a
reflection of average and realistic ratio for the year. (a) Interest rate risk on loans and borrowings
(b) Sugar price risk
(a) Maturities of financial instruments
Maturities of non-derivative financial liabilities: (c) Other market risks
The following table details the remaining contractual maturity for its non-derivative financial liabilities with agreed
(a) Interest rate risk
repayment periods. The amounts disclosed in the table have been drawn up based on the undiscounted cash flows
of financial liabilities. The contractual maturity is based on the earliest date on which the Company may be required Most of the borrowings availed by the Company are subject to interest on floating rate basis linked to the MCLR (Marginal
to pay. Cost of funds based Lending Rate). In view of the fact that the total borrowings of the Company are quite substantial,
the Company is exposed to interest rate risk.
On < 1 year 1-3 years 3-5 years > 5 years Total Carrying
demand amount The strategy of the Company to opt for floating interest rates is helpful in maintaining market related realistic rates.
As at 31 March 2024 Further, most of the loans and borrowings have a prepayment clause through which the loans could be prepaid without
Borrowings 104688.11 10662.74 13569.55 3559.44 - 132479.84 132461.15 any prepayment premium. The said clause helps the Company to arrange debt substitution to bring down the interest
Trade payables - 35302.94 343.13 - - 35646.07 35646.07 costs or to prepay the loans out of the surplus funds held. The interest rate risk is largely mitigated as 99.1% of the long
term debts as at 31 March 2024 (31 March 2023: 99.3% of long term debts) comprises loans carrying concessional
Lease liabilities - 539.99 337.28 228.49 190.82 1296.58 1296.58
interest rates/interest subvention.
Financial guarantee - - - - - - 298.43
contracts*
While declining interest rates would be beneficial to the Company, adverse interest rate fluctuations could increase
Other financial - 8511.67 9.97 - - 8521.64 8521.64 the finance cost. The total impact, in respect of borrowings on floating interest rate basis, is limited as per sensitivity
liabilities analysis provided here under:
104688.11 55017.34 14259.93 3787.93 190.82 177944.13 178223.87
Year ended Year ended
As at 31 March 2023
31-Mar-24 31-Mar-23
Borrowings 52388.30 15932.10 11603.93 2587.93 - 82512.26 82243.31
Trade payables - 41266.90 193.23 - - 41460.13 41460.13 Total debt as at the end of the year 133757.73 84039.59
Lease liabilities - 568.54 739.21 198.77 289.76 1796.28 1796.28 Debt at floating rate of interest as at the end of the year 130407.68 73183.40
Financial guarantee - - - - - - 310.36 Average availment of borrowings at floating rate of interest 64657.84 75397.89
contracts* Impact of 1% interest rate variation 646.58 753.98
Other financial - 7485.64 - - - 7485.64 7485.64
liabilities (b) Sugar price risk
52388.30 65253.18 12536.37 2786.70 289.76 133254.31 133295.72 The sugar prices are dependent inter-alia on domestic and global sugar balance - higher supplies lead to softening
of sugar prices whereas higher demand than available supplies lead to hardening of sugar prices. The Company sells
* Maximum amount that can be called for under the financial guarantee contract as at 31 March 2024 is ` 8725.75 lakhs (31 March 2023: most of its sugar in the domestic market where there are no effective mechanism available to hedge sugar prices in view
` 8958.75 lakhs).
of limited breadth in the commodity exchanges. The Company also exports sugar in the years of surplus production
based on Government policy on exports.
Maturities of derivative financial instruments:
The Company enters into derivative contracts (foreign exchange forward contracts) that are generally settled on a net Adverse changes in sugar price impact the Company in the following manner:
basis to manage some of its foreign currency exposures. Derivative liabilities (net) of ` 52.91 lakhs as at 31 March 2024
(31 March 2023: Derivative liabilities (net) ` 75.86 lakhs), shall mature within one year from reporting date. - The Company values sugar stocks at lower of cost of production (COP) and net realisable value (NRV). In the
event, the COP of sugar is higher than the NRV, the stocks are written down to NRV leading to recognition of loss
on such inventory.
- The Company is a large producer of sugar and even a small variation in the sugar price leads to significant impact
on the profitability of the Company.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Sensitivity analysis in respect of sugar price risk is provided here below: US$ EURO GBP AUD MVR BDT
Year ended Year ended Derivatives (in respect of
31-Mar-24 31-Mar-23 underlying financial assets)
-F
oreign exchange forward in foreign currency lakhs 6.90 5.62 - - - -
Annual production of sugar (MT) 9,82,082 9,72,381 contracts to sell foreign in equivalent ` lakhs 569.80 498.83 - - - -
Impact of sugar price variation by ` 1000/MT 9820.82 9723.81 currency
Net exposure to foreign in foreign currency lakhs 25.12 5.53 0.34 - 0.10 384.42
The cost of production of sugar is generally lower than the net realisable value of sugar and hence, chances of significant currency risk (assets) in equivalent ` lakhs 2074.51 490.70 34.87 - 0.53 292.62
losses due to inventory write down are low. Further, the Central Government has prescribed Minimum Selling Price Financial liabilities
(MSP) for sugar, which is subject to revision from time to time. It ensures that there is no steep decline in the sugar prices.
- Trade payables in foreign currency lakhs 10.34 0.35 0.25 30.87 - 0.04
in equivalent ` lakhs 869.66 32.10 26.34 1716.36 - 0.03
(c) Other market risks
Derivatives (in respect of
The other market risks includes Equity price risk and Foreign currency risk. underlying financial liabilities)
- Foreign exchange forward in foreign currency lakhs - - - 29.77 - -
Equity price risk arise in respect of listed and unlisted equity securities which may be susceptible to market price contracts to buy foreign in equivalent ` lakhs - - - 1655.21 - -
fluctuations. In view of nominal value of investments being held by the Company, other than strategic investments, the currency
magnitude of risk is not significant. Net exposure to foreign in foreign currency lakhs 10.34 0.35 0.25 1.10 - 0.04
currency risk (liabilities) in equivalent ` lakhs 869.66 32.10 26.34 61.15 - 0.03
The Company is exposed to foreign currency exchange risk on certain contracts in connection with export and import
of goods and services. The Company mitigates such risk by entering into off-setting derivative contracts with Banks,
US$ EURO GBP AUD MVR BDT
mainly foreign exchange forward contracts, of appropriate maturity and amounts at adequate intervals.
As at 31 March 2023
In respect of firm commitments under certain contracts involving receipt of consideration in foreign currency, the Financial assets
Company has chosen to follow hedge accounting to hedge the risks attributable to the cash flows in respect of such
- Trade receivables in foreign currency lakhs 22.95 12.28 - - - -
firm commitments. The foreign exchange risk arises in respect of the movement in the foreign currency from the time
in equivalent ` lakhs 1867.46 1081.43 - - - -
the contract is negotiated/entered into and till the time the consideration under the contract is actually settled. In
- Bank balances in foreign currency lakhs 25.49 - - - 0.05 429.82
accordance with its risk management strategy, the Company manages such risks, generally by entering into foreign
in equivalent ` lakhs 2073.97 - - - 0.27 329.45
exchange forward contracts for the appropriate maturity with banks. The risk mitigation strategy involves determination
of the timing and the amount of hedge to be taken in a progressive manner, with a view to protect the exchange rate Derivatives (in respect of
underlying financial assets)
considered at the time of acceptance of the contract. The Company, generally hedges the foreign currency risk directly
- Foreign exchange forward in foreign currency lakhs 10.45 2.35 - - - -
to INR and for hedge accounting, designates a hedge ratio of generally 1:1 in respect of all such cash flow hedges.
contracts to sell foreign in equivalent ` lakhs 850.52 206.61 - - - -
Besides monitoring the movements in the foreign exchange market, the Company also takes the advice of outside currency
consultants in arriving at its hedging decision. Refer note 2 (xiv) for further details on accounting policy in respect of Net exposure to foreign in foreign currency lakhs 37.99 9.93 - - 0.05 429.82
hedge accounting. currency risk (assets) in equivalent ` lakhs 3090.91 874.82 - - 0.27 329.45
Financial liabilities
Foreign currency risk exposure
- Trade payables in foreign currency lakhs 12.04 3.44 0.38 30.95 - -
The Company’s exposure to foreign currency risk at the end of the reporting period are as follows:
in equivalent ` lakhs 997.80 313.40 38.95 1744.70 - -
US$ EURO GBP AUD MVR BDT Derivatives (in respect of
underlying financial liabilities)
As at 31 March 2024
- Foreign exchange forward in foreign currency lakhs - - - 24.00 - -
Financial assets contracts to buy foreign in equivalent ` lakhs - - - 1352.88 - -
- Trade receivables in foreign currency lakhs 6.49 11.15 0.34 - - - currency
in equivalent ` lakhs 535.99 989.53 34.87 - - - Net exposure to foreign in foreign currency lakhs 12.04 3.44 0.38 6.95 - -
- Bank balances in foreign currency lakhs 25.53 - - - 0.10 384.42 currency risk (liabilities) in equivalent ` lakhs 997.80 313.40 38.95 391.82 - -
in equivalent ` lakhs 2108.32 - - - 0.53 292.62
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
The Company’s foreign currency derivatives outstanding (including for firm commitments) at the end of the reporting Further, the impact of change in foreign currency rates (assuming forward premium to remain unchanged) on the
period are as follows: fair valuation of derivatives in respect of firm commitments (i.e. Derivatives excluding derivatives which have hedged
the foreign currency denominated receivables and payables in the books) as at the end of the year, is demonstrated
US$ EURO GBP AUD MVR BDT
in the table below. However, apart from the impact on the profit or loss due to fair value changes of the derivatives,
As at 31 March 2024 the derivatives will help the Company in capturing the hedged rates including forward premium and the budgeted
Derivatives (designated as profitability will remain unaffected.
hedges)
Change in FC Impact on profit or loss / other comprehensive
-F
oreign exchange forward in foreign currency lakhs 2.10 - - - - -
contracts to sell foreign exchange rate income and equity (in ` lakhs)
in equivalent ` lakhs 173.42 - - - - -
currency by Increase in FC exchange Decrease in FC exchange
Derivatives (not designated as rates rates
hedges) 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
-F
oreign exchange forward in foreign currency lakhs 11.90 6.62 - - - -
contracts to sell foreign Impact on profit or loss and
in equivalent ` lakhs 982.70 587.59 - - - -
currency equity
-F
oreign exchange forward in foreign currency lakhs 8.75 14.49 - 29.77 - - US$ sensitivity 5% 16.14 (24.41) (16.14) 24.41
contracts to buy foreign in equivalent ` lakhs 735.70 1328.00 - 1655.21 - - EURO sensitivity 5% 61.96 (25.38) (61.96) 25.38
currency
Impact on other
As at 31 March 2023
comprehensive income and
Derivatives (designated as
equity
hedges)
US$ sensitivity 5% (8.67) (164.77) 8.67 164.77
-F
oreign exchange forward in foreign currency lakhs 40.50 - - - - -
contracts to sell foreign in equivalent ` lakhs 3295.49 - - - - -
currency Impact of hedging activities
Derivatives (not designated as Outstanding derivative instruments designated as hedges:
hedges)
-F
oreign exchange forward in foreign currency lakhs 16.45 8.11 - - - - < 3 months 3-6 months 6-9 months Total
contracts to sell foreign in equivalent ` lakhs 1338.74 714.25 - - - - As at 31 March 2024
currency
Foreign exchange forward contracts to hedge
-F
oreign exchange forward in foreign currency lakhs - - - 24.00 - -
receivables
contracts to buy foreign in equivalent ` lakhs - - - 1352.88 - -
currency - Nominal amount (in US$ lakhs) 2.10 - - 2.10
- Nominal amount (in ` lakhs) 175.04 - - 175.04
All the above contracts are maturing within one year from the reporting date. Average rate 83.35 - - 83.35
As at 31 March 2023
Sensitivity
Foreign exchange forward contracts to hedge
The following table demonstrate the sensitivity of net unhedged foreign currency exposures relating to financial receivables
instruments to reasonably possible changes in foreign currency exchange rates, with all other variables held constant. - Nominal amount (in US$ lakhs) 15.00 23.00 2.50 40.50
Change in FC Impact on profit or loss and equity (in ` lakhs) - Nominal amount (in ` lakhs) 1236.90 1905.00 209.67 3351.57
exchange rate Increase in FC exchange Decrease in FC exchange Average rate 82.46 82.83 83.87 82.75
by rates rates
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
US$ sensitivity 5% 60.24 104.66 (60.24) (104.66)
EURO sensitivity 5% 22.93 28.07 (22.93) (28.07)
GBP sensitivity 5% 0.43 (1.95) (0.43) 1.95
AUD sensitivity 5% (3.06) (19.59) 3.06 19.59
MVR sensitivity 5% 0.03 0.01 (0.03) (0.01)
BDT sensitivity 5% 14.63 16.47 (14.63) (16.47)
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Effects on financial position: Note 42: Fair value measurements
As at As at (i) Financial instruments by category
31-Mar-24 31-Mar-23 As at 31-Mar-24 As at 31-Mar-23
Carrying amount of hedging instruments - Assets (refer note 10 - other financial - 0.46 FVTPL * FVTOCI# Amortised Others FVTPL * FVTOCI# Amortised Others
assets) cost cost
Carrying amount of hedging instruments - Liabilities (refer note 21 - other (0.24) - Financial assets
financial liabilities)
Investments
Amount included under non-financial liabilities (refer note 18 - other liabilities) - (2.89)
- Equity instruments 496.08 4646.27 - - 499.09 - - -
Total (0.24) (2.43)
- Debentures or Bonds - - 104.46 - - - 115.54 -
- National Saving - - - - - - 0.03 -
Effects on financial position:
Certificates
Year ended Year ended Trade receivables - - 33734.94 - - - 38673.21 -
31-Mar-24 31-Mar-23
Loans - - 2956.89 - - - 3186.24 -
Effective portion of gains/(losses) on hedging instruments recognised in other (14.82) (581.44) Cash and bank balances - - 7918.13 - - - 7728.04 -
comprehensive income Security deposits - - 718.07 - - - 676.79 -
Fair value gains/(losses) on forward elements of forward contracts in hedging 29.21 209.53 Earnest money deposits - - 171.55 - - - 221.34 -
relationship recognised in other comprehensive income Derivative financial assets - - - - - 0.46 - -
Cumulative gains/(losses) reclassified from cash flow hedging reserve to profit 222.00 430.58 Other receivables - - 1585.82 - - - 1274.01 -
or loss Total financial assets 496.08 4646.27 47189.86 - 499.09 0.46 51875.20 -
Cumulative gains/(losses) reclassified from cost of hedging reserve to profit or (153.24) (252.93) Financial liabilities
loss
Borrowings - - 132461.15 - - - 82243.31 -
Line item affected in the statement of profit or loss because of the Revenue from Revenue from
Trade payables - - 35646.07 - - - 41460.13 -
reclassification operations - operations -
Capital creditors - - 3813.38 - - - 2540.92 -
note 24 note 24
Security deposits - - 609.55 - - - 564.69 -
(Refer note 15(ix) & 15(x) for movements in cash flow hedging reserve and costs of hedging reserve) Derivative financial liabilities 52.67 0.24 - - 76.32 - - -
Lease liabilities - - 1296.58 - - - 1796.28 -
Other disclosures: Financial guarantee contracts - - - 298.43 - - - 310.36
Year ended Year ended Other payables - - 4098.71 - - - 4380.03 -
31-Mar-24 31-Mar-23 Total financial liabilities 52.67 0.24 177925.44 298.43 76.32 - 132985.36 310.36
Changes in fair value of hedging instruments (15.92) (223.10) *Mandatorily required to be measured at FVTPL. There is no financial instrument which is held for trading or designated as FVTPL.
# Investment in equity instruments at FVTOCI represent a strategic investment and therefore has been designated at FVTOCI upon initial
Changes in the value of hedged items used as the basis for recognising hedge 15.92 223.10 recognition. Derivative instruments at FVTOCI represents derivative instruments designated as hedges.
effectiveness
(ii) Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair
value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.
An explanation of each level follows underneath the table.
262 263
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Financial assets and liabilities measured at fair value - recurring fair value measurements Note 43: Government grants
Note No. Level 1 Level 2 Level 3 Total (i) Government grants recognised in the financial statements
As at 31 March 2024 Grants recognised in profit or loss Grant recoverable
Financial assets Year ended Year ended Treatment As at As at
- Investments in equity instruments at FVTPL (quoted) 7 496.08 - - 496.08 31-Mar-24 31-Mar-23 in financial 31-Mar-24 31-Mar-23
statements
- Investments in equity instruments at FVTOCI (quoted) 7 4646.27 - - 4646.27
5142.35 - - 5,142.35 A Deferred government grants related to
Financial liabilities income
-
Foreign exchange forward contract at FVTPL (not 21 - 52.67 - 52.67 a) Loans at below market interest rate 245.85 567.76 Reduced from - -
designated as hedges) aggregating to ` 36400 lakhs availed finance cost
-
Foreign exchange forward contract at FVTOCI 21 - 0.24 - 0.24 during financial year 2018-19 under (note 30)
(designated as hedges) the Scheme for Extending Financial
- 52.91 - 52.91 Assistance to Sugar Undertakings 2018
As at 31 March 2023 notified by the State Government of Uttar
Financial assets Pradesh.
Total deferred government grants 245.85 567.76 - -
- Investments in equity instruments at FVTPL (quoted) 7 499.09 - - 499.09
B Other revenue government grants
-Foreign exchange forward contract at FVTOCI 10 - 0.46 - 0.46
a) Interest subvention @ 50% of rate 734.06 922.03 Reduced from 576.33 850.00
(designated as hedges)
charged by lenders (subject to maximum finance cost
499.09 0.46 - 499.55
of 6%) on loans of ` 48415 lakhs (31 (note 30)
Financial liabilities
March 2023: ` 34915 lakhs) availed from 253.10 - Reduced from 232.42 -
-
Foreign exchange forward contract at FVTPL (not 21 - 76.32 - 76.32 banks for distilleries under the schemes of capital work in
designated as hedges) Government of India extending financial progress (note 4)
- 76.32 - 76.32 assistance to sugar mills for enhancement
and augmentation of ethanol production
evel 1: Level 1 hierarchy includes financial instruments measured using quoted unadjusted market prices in active markets
L
capacity.
for identical assets or liabilities. This includes listed equity instruments that have quoted price. The fair value of all equity
instruments which are traded in the stock exchanges is valued using the closing price as at the reporting date. b) Export incentives under various schemes 110.14 141.62 Presented under 26.50 47.15
of Government of India. ''Other operating
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques revenue''(note
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant 24)
inputs required to fair value an instrument are observable, the instrument is included in level 2. Total other revenue government grants 1097.30 1063.65 835.25 897.15
Total government grants related to income 1343.15 1631.41 835.25 897.15
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Grants received Grant recoverable
There are no transfers between levels 1 and 2 during the year. Year ended Year ended Treatment As at As at
31-Mar-24 31-Mar-23 in financial 31-Mar-24 31-Mar-23
statements
(iii) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include the fair value of derivatives (viz. foreign exchange C Government grants related to assets
forward contracts) is determined using market observable inputs, including prevalent forward rates for the maturities of the a) Deferred grant of ` 5.87 lakhs (31 March 5.87 - Shall be reduced - -
respective contracts and interest rate curves as indicated by banks and third parties. 2023: ` 141.45 lakhs) in the form of duties from gross value
saved upon import of machinery under Export of PPE and
All of the resulting fair value estimates are included in level 2. Promotion Capital Goods (EPCG) scheme recognised in
(refer note 18). profit or loss by
(iv) Valuation processes way of reduced
The Corporate finance team has requisite knowledge and skills in valuation of financial instruments. The team headed by depreciation
Group CFO directly reports to the audit committee on the fair value of financial instruments. upon fulfilment
of export
(v) The management considers that the carrying amounts of financial assets and financial liabilities recognised in the financial obligation(s)
statements approximate their fair values. Total government grants related to assets 5.87 - - -
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(ii) Movement of deferred government grants is provided here below: Note 45: Commitments
Year ended Year ended As at As at
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
As at the beginning of the year 394.84 962.60 Estimated amount of contracts remaining to be executed on capital account and not 12068.12 5737.98
Recognised during the year 5.87 - provided for (after adjusting advances aggregating to ` 2407.73 lakhs (31 March 2023:
Released to the statement of profit and loss (245.85) (567.76) ` 295.87 lakhs))
Released to the cost of property, plant & equipment (141.45) -
As at the end of the year 13.41 394.84
Note 46: Contingent liabilities and contingent assets
Current (refer note 18) 7.54 245.85 Contingent liabilities
Non-current (refer note 18) 5.87 148.99 As at As at
Total 13.41 394.84 31-Mar-24 31-Mar-23
(i) Claims against the Company not acknowledged as debts: 3807.81 3400.68
Note 44: Leases
Claims (excluding further interest thereon) which are being contested by the
As Lessee
Company pending final adjudication of the cases:
Assets taken under lease mainly include various residential, office, godown premises and plots of land. These are generally
Sl. Particulars Amount of contingent Amount paid under
not non-cancellable leases (except for few premises) having unexpired period upto sixty six years. Except a few, the leases
No. liability protest
are generally renewable by mutual consent and on mutually agreeable terms. The Company has given refundable interest free
security deposits under certain lease agreements. There is no contingent rent, sublease payments or restriction imposed in the 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
lease agreement. 1 Sales tax 18.53 29.04 4.01 14.52
2 Excise duty 597.17 552.23 292.13 288.76
Amounts recognised as expense
3 GST 218.59 63.32 10.07 0.42
Year ended Year ended 4 Others 2973.52 2756.09 49.72 67.13
31-Mar-24 31-Mar-23 Total 3807.81 3400.68 355.93 370.83
Depreciation expense - Right-of-use assets (Land) (refer note 4) 111.35 8.49 (ii) Others
Depreciation expense - Right-of-use assets (Building) (refer note 4) 538.73 589.07 (a) The Company is contingently liable in respect of unpaid interest on delayed 5973.50 5973.50
Interest on lease liabilities (refer note 30) 126.53 148.26 payment of cane price for the sugar seasons 2012-13, 2013-14 and 2014-15
Rent expense - short term leases (refer note 33) 252.97 202.38 amounting to ` 5973.50 lakhs (31 March 2023: ` 5973.50 lakhs). The Hon’ble
Total 1029.58 948.20 Allahabad High Court had passed an order directing the Cane Commissioner of
the State to decide the matter afresh, taking into consideration certain additional
Total cash outflow for leases during the year ended 31 March 2024 is ` 938.01 lakhs (31 March 2023: ` 1856.94 lakhs). factors. However, no order demanding interest on delayed payment of cane price
for the aforesaid years has been served on the Company till date.
Commitments for short term leases as at 31 March 2024 is ` 20.28 lakhs (31 March 2023: ` 18.98 lakhs). (b) The Company is contingently liable in respect of unpaid commission payable 4106.80 4106.80
to cane societies for the sugar seasons 2012-13 and 2014-15 amounting to
As Lessor ` 4106.80 lakhs (31 March 2023: ` 4106.80 lakhs). In the cane price package
The Company has given certain portion of its office / factory premises under operating leases [including lease of investment offered by the State Government of Uttar Pradesh (“State Government”) to sugar
property (refer note 5)]. These leases are not non-cancellable and are extendable by mutual consent and at mutually agreeable mills, the State Government had reduced the rate of commission payable to cane
terms. The gross carrying amount, accumulated depreciation and depreciation recognised in the statement of profit and loss societies for sugar seasons 2012-13 and 2014-15 by way of notification dated
in respect of such portion of the leased premises are not separately identifiable. There is no impairment loss in respect of such 12 June 2015 and for sugar season 2015-16 vide notification dated 5 February
premises. No contingent rent has been recognised in the statement of profit and loss. There are no minimum future lease 2016, to provide relief to the Sugar Industry in view of disparity in the cane price
payments as there are no non-cancellable leases. Lease income is recognised in the statement of profit and loss under “Other and the market outlook of the sugar prices. In the public interest litigation and writ
income” (refer note 25). Lease income earned by the Company from its investment properties and direct operating expenses petitions filed against such reduction in commission rates, the Hon’ble Allahabad
arising on the investment properties for the year is set out in note 5. High Court has held that these notifications cannot have retrospective applicability.
Special leave petition has been preferred by UP Sugar Mills Association against
the said order and a stay has been granted in the matter and as such till date no
demand has been received by the Company in this regard.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
As at As at Note 48: Additional regulatory information under Schedule III
31-Mar-24 31-Mar-23 The relevant disclosures to the extent applicable to the Company are as under:
(c) The Company is contingently liable in respect of short provision against disputed 2637.14 2637.14
(i) Title deeds of Immovable Properties not held in name of the Company
income tax liabilities (excluding determination of final interest payable thereon) of
` 2637.14 lakhs (31 March 2023: ` 2637.14 lakhs) against which ` 748.36 lakhs Relevant line item Description Gross Title Whether title Property Reason for not being
(31 March 2023: ` 748.36 lakhs) stands paid. The disputed income tax liability in the Balance of item of carrying deeds deed holder is a held held in the name of the
mainly arises on the issue of taxability of unrealised incentives, majority of which Sheet property value held promoter, director since Company
have been held to be non-taxable in the first appeal filed by the Company against in the or relative of which
which the Department has filed appeals before the Tribunal. name promoter/director date
(d) Liability arising from claims / counter claims/ interest in arbitration/ court cases, Indeterminate Indeterminate of or employee of
claims of certain employees/ex-employees and in respect of service tax, if any, promoter/director
on certain activities of the Company which are being contested by the Company. As at 31 March
The amount shown above represent the best possible estimates arrived at on the basis 2024
of available information. The uncertainties, possible payments and reimbursements Nil (refer note 4(ii))
are dependent on the outcome of the different legal processes which have been As at 31 March
invoked by the Company or the claimants, as the case may be, and therefore cannot 2023
be predicted accurately. The Company engages reputed professional advisors to
Property, plant and Land 8.27 Horam No Jul'2005 Transfer of land in the name
protect its interests and has been advised that it has strong legal position against
equipment (note 4) Singh of the Company could not
such disputes.
be completed on account
of certain technicalities/
Contingent assets
documentary deficiencies,
Based on management analysis, there are no material contingent assets as at 31 March 2024 and as at 31 March 2023. which the Company is trying
to resolve to the extent
Note 47: Disclosures of Micro enterprises and Small enterprises feasible
Based on the intimation received by the Company from its suppliers regarding their status under the Micro, Small and Medium Land 4.08 Shyam No Jul'2005
Enterprises Development Act, 2006, the relevant information is provided here below: Bhadur
31-Mar-24 31-Mar-23
(ii) Transactions with Struck off companies
The principal amount and the interest due thereon remaining unpaid to any supplier at the
Name of Struck Nature of Balance Relationship Balance Relationship
end of each accounting year; as at the end of the year
off company transactions outstanding as with struck off outstanding as with struck off
(i) Principal amount (refer note 20 & 21) 946.36 971.67
at 31 March 2024 company, if any at 31 March 2023 company, if any
(ii) Interest due on above - -
The amount of interest paid by the buyer in terms of section 16 of Micro, Small and - - Nikumbh Payables against - Not a related party 1.22 Not a related party
Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the Engineering purchase of
payment made to the supplier beyond the appointed day during each accounting year. Works Private services
The amount of interest due and payable for the period of delay in making payment (which - - Limited
has been paid but beyond the appointed day during the year) but without adding the
interest specified under the Micro, Small and Medium Enterprises Development Act, 2006
The amount of interest accrued and remaining unpaid at the end of each accounting year; - -
and
The amount of further interest remaining due and payable even in the succeeding years, - -
until such date when the interest dues above are actually paid to the small enterprise, for
the purpose of disallowance of a deductible expenditure under section 23 of the Micro,
Small and Medium Enterprises Development Act, 2006
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(iii) Ratios Ratio Numerator Denominator 31-Mar-24 31-Mar-23 % Variance Reason for variance
Ratio Numerator Denominator 31-Mar-24 31-Mar-23 % Variance Reason for variance
Return on Market value Weighted 145% 6% 2460% Based on market conditions
Current ratio Current assets Current 1.72 1.98 -13% - investment changes Average
liabilities (other than of quoted investment
Debt equity Borrowings and Equity 0.46 0.32 46% Due to higher working subsidiaries, investments,
ratio lease liabilities capital limits utilisation on associates and dividend
account of increased cane joint ventures) income, interest
price and lower sugar (%) income and
dispatches gain/loss on
disposal of
Debt service Profit after Repayment 2.56 10.24 -75% Due to substantially higher
investment
coverage ratio tax plus of long term profits during the previous
finance costs, borrowings and year in view of exceptional
depreciation lease liabilities income (iv) For other applicable disclosures, refer note 4, 5 and 19.
and (excluding
amortisation prepayments) Note 49: Disclosure as per Regulation 34(3) of the SEBI (LODR) Regulations, 2015 (as amended)
expense and finance Financial Outstanding Maximum amount
costs year balance due during the year
Return on Profit after tax Average equity 14% 87% -84% Due to substantially higher Loans & advances to subsidiaries
equity ratio (%) profits during the previous
- Mathura Wastewater Management Private Limited 31-Mar-24 2000.00 2225.00
year in view of exceptional
31-Mar-23 2225.00 2300.00
income
- United Shippers and Dredgers Limited* 31-Mar-24 44.53 44.53
Inventory Revenue from Average 2.36 2.78 -15% -
turnover ratio operations (net inventories 31-Mar-23 44.53 44.53
of excise duty) - Pali ZLD Private Limited 31-Mar-24 900.00 900.00
Trade Revenue from Average trade 16.98 19.39 -12% - 31-Mar-23 900.00 900.00
receivables operations receivables Loans & advances to associates 31-Mar-24 - -
turnover ratio 31-Mar-23 - -
Trade payables Purchases of Average trade 11.95 11.94 0% - Loans & advances to firms/companies in which directors are 31-Mar-24 - -
turnover ratio goods and payables interested 31-Mar-23 - -
services
Investment by the loanee in the shares of Triveni Engineering & 31-Mar-24 - -
Net capital Revenue from Average 3.95 5.40 -27% Due to lower income and Industries Ltd. and its subsidiaries 31-Mar-23 - -
turnover ratio operations (net working higher average working
of excise duty) capital (i.e. capital resulting from higher * This loan is fully provided for hence net amounts are Nil as at 31 March 2024 and 31 March 2023
current assets sugar inventories.
less current Note 50: Large corporate
liabilities) The Securities and Exchange Board of India, vide Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated 19
Net profit ratio Profit after tax Revenue from 8% 34% -78% Due to substantially higher October 2023 issued by it, has revised the framework for fund raising by large corporates, inter-alia, by increasing the minimum
(%) operations (net profits during the previous threshold level of outstanding long-term borrowings to be considered as a large corporate to ` 1000 crore from ` 100 crore earlier.
of excise duty) year in view of exceptional Accordingly, the Company, as on 31 March 2024 is not a large corporate under the revised framework and the regulations framed
income thereunder shall not be applicable to it till its borrowings reach the prescribed threshold level. Under the earlier framework, the
Return Earnings before Average capital 14% 63% -77% Due to substantially higher Company (having been categorized as a large corporate) was required to raise a minimum 25% of its incremental borrowings in
on capital interest and employed profits during the previous each of the financial years 2022-23 and 2023-24, through issuance of debt securities which were to be met over a contiguous
employed (%) taxes (i.e. equity, year in view of exceptional block of three years, i.e., till the expiry of financial years 2024-25 and 2025-26 respectively. The Company has however not
borrowings, income raised any amount till 31 March 2024 through issuance of debt securities, since the time period prescribed to do so had not yet
lease liabilities
expired. With the revision in the framework as mentioned above, there is no further requirement to comply with the regulations
and deferred
under the earlier framework.
tax liabilities)
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Standalone Financial Statements Independent Auditor’s Report
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) TO THE MEMBERS OF TRIVENI ENGINEERING & INDUSTRIES LIMITED
Note 51: Comparatives
Report on the Audit of the Consolidated Financial consolidated state of affairs of the Group and its joint venture
The Company has reclassified certain items of financials of comparative year to conform to this year’s classification, however,
Statements as at March 31, 2024 and of consolidated profit including other
impact of these reclassification are not material.
comprehensive income, consolidated changes in equity and its
Opinion consolidated cash flows for the year ended on that date.
Note 52: Approval of standalone financial statements
We have audited the accompanying consolidated financial
The standalone financial statements were approved for issue by the Board of Directors on 20 May 2024 subject to approval Basis for Opinion
statements of TRIVENI ENGINEERING & INDUSTRIES
of shareholders.
LIMITED (hereinafter referred to as “the Holding Company”) We conducted our audit in accordance with the Standards on
and its subsidiaries (the Holding Company and its subsidiaries Auditing (SAs) specified under section 143(10) of the Act. Our
As per our report of even date attached
together referred to as “the Group”) and its share of the net profit responsibilities under those Standards are further described in
For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited the ‘Auditor’s Responsibilities for the Audit of the Consolidated
after tax and total comprehensive income of its joint venture which
Chartered Accountants
comprise of the Consolidated Balance Sheet as at March 31, Financial Statements’ section of our report. We are independent
Firm's registration number : 000756N/N500441
2024, the Consolidated Statement of Profit and Loss (including of the Group and its joint venture in accordance with the Code
Other Comprehensive Income), the Consolidated Statement of of Ethics issued by the Institute of Chartered Accountants of
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
Cash Flows and Consolidated Statement of Changes in Equity India and we have fulfilled our other ethical responsibilities in
Partner Chairman & Managing Director Director & Chairman Audit Committee
for the year then ended and notes to the consolidated financial accordance with the provision of the Act. We believe that the
Membership No. 092671
statements including a summary of the material accounting audit evidence obtained by us and the audit evidence obtained
Place : Noida Suresh Taneja Geeta Bhalla policies and other explanatory information (hereinafter referred by the other auditors in terms of their reports referred to in the
Date : May 20, 2024 Group CFO Group Vice President & Company Secretary to as “the consolidated financial statements”). ‘Other Matters’ paragraph below is sufficient and appropriate
to provide a basis for our audit opinion on the consolidated
In our opinion and to the best of our information and according financial statements.
to the explanations given to us and based on the consideration
of reports of other auditors on separate financial statements of Key Audit Matters
the subsidiaries as referred to in the Other Matters paragraph Key audit matters are those matters that, in our professional
below, the aforesaid consolidated financial statements give judgment, were of most significance in our audit of the
the information required by the Companies Act, 2013 (“the consolidated financial statements of the current period. These
Act”) in the manner so required and give a true and fair view matters were addressed in the context of our audit of the
in conformity with the Indian Accounting Standards (“Ind consolidated financial statements as a whole, and in forming
AS”) specified under section 133 of the Act read with the our opinion thereon, and we do not provide a separate opinion
Companies (Indian Accounting Standards) Rules, 2015 and on these matters. We have considered the matters described
other accounting principles generally accepted in India, of the below to be the key audit matters for incorporation in our report.
Sr. Key Audit Matters Auditor’s Response
No.
1. Appropriateness of cost to complete Our audit procedures included the following:
the project: • Obtaining an understanding of internal controls over estimation of cost
The Group recognizes revenue from long- of completion of projects and testing, on a sample basis, their design,
duration construction & supply contracts implementation and operating effectiveness;
on percentage of completion method as • Agreed the total project revenue estimates to contracts with customers;
specified in Indian Accounting Standards
(Ind AS) 115- Revenue from Contract with • Obtained computation of estimated costs to complete and the percentage
Customers. (Refer Accounting policy Note of project completion and verified the same against the contracts on
no. 2(i)(c)) sample basis and also checked arithmetic accuracy of the same;
We identified this matter as a key audit • Performed the walkthrough procedure and verified the invoices, purchase
matter as it involves significant judgement orders etc. for actual cost incurred till the year end; and
by the management in estimation of cost to • Compared the management estimates revised during the year with the
complete the project and any variation may estimate made in earlier years and obtained reasons/approval for such
have consequential impact on revenue. revision.
272 273
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Information other than the Consolidated purpose of preparation of the consolidated financial statements • Evaluate the appropriateness of accounting policies used planned scope and timing of the audit and significant audit
Financial Statements and Auditor’s Report by the Directors of the Holding Company, as aforesaid. and the reasonableness of accounting estimates and findings, including any significant deficiencies in internal control
thereon related disclosures made by management. that we identify during our audit.
In preparing the consolidated financial statements, the
The Holding Company’s Board of Directors is responsible for
respective Board of Directors of the companies included in the • Conclude on the appropriateness of management’s use of We also provide those charged with governance with a statement
the other information. The other information comprises the
Group and of its joint venture are responsible for assessing the going concern basis of accounting and, based on the that we have complied with relevant ethical requirements
information included in the annual report but does not include
the ability of the Group and its joint venture to continue as audit evidence obtained, whether a material uncertainty regarding independence, and to communicate with them
the consolidated financial statements, standalone financial
a going concern, disclosing, as applicable, matters related to exists related to events or conditions that may cast all relationships and other matters that may reasonably be
statements and our auditor’s report thereon.
going concern and using the going concern basis of accounting significant doubt on the ability of the Group and its joint thought to bear on our independence, and where applicable,
unless management either intends to liquidate the Group and venture to continue as a going concern. If we conclude related safeguards.
Our opinion on the consolidated financial statements does not
its joint venture or to cease operations, or has no realistic that a material uncertainty exists, we are required to draw
cover the other information and we do not express any form of
alternative but to do so. attention in our auditor’s report to the related disclosures From the matters communicated with those charged with
assurance conclusion thereon.
in the consolidated financial statements or, if such governance, we determine those matters that were of most
The respective Board of Directors of the companies included in disclosures are inadequate, to modify our opinion. Our significance in the audit of the consolidated financial statements
In connection with our audit of the consolidated financial
the Group and its joint venture are responsible for overseeing conclusions are based on the audit evidence obtained up of the current period and are therefore the key audit matters.
statements, our responsibility is to read the other information
the financial reporting process of the Group and its joint venture. to the date of our auditor’s report. However, future events We describe these matters in our auditor’s report unless law or
and, in doing so, consider whether the other information
or conditions may cause the Group and its joint venture to regulation precludes public disclosure about the matter or when,
is materially inconsistent with the consolidated financial
Auditor’s Responsibilities for the Audit of the cease to continue as a going concern. in extremely rare circumstances, we determine that a matter
statements, or our knowledge obtained during the course of
Consolidated Financial Statements should not be communicated in our report because the adverse
our audit or otherwise appears to be materially misstated. • Evaluate the overall presentation, structure and content consequences of doing so would reasonably be expected to
Our objectives are to obtain reasonable assurance about of the consolidated financial statements, including the outweigh the public interest benefits of such communication.
If, based on the work we have performed and based on the whether the consolidated financial statements as a whole are disclosures, and whether the consolidated financial
audit report of other auditors, we conclude that there is a free from material misstatement, whether due to fraud or error, statements represent the underlying transactions and Other Matters
material misstatement of this other information, we are required and to issue an auditor’s report that includes our opinion. events in a manner that achieves fair presentation.
to report that fact. We have nothing to report in this regard. We did not audit the financial statements of eight subsidiaries,
Reasonable assurance is a high level of assurance, but is
whose financial statements reflect total assets of ` 2215.89 lacs
not a guarantee that an audit conducted in accordance with • Obtain sufficient appropriate audit evidence regarding the
Responsibility of Management and Those as at March 31, 2024 and total revenue (including other income)
SAs will always detect a material misstatement when it exists. financial information of the entities or business activities
Charged with Governance for the Consolidated of ` 2.94 lacs, total comprehensive income (comprising of profit/
Misstatements can arise from fraud or error and are considered within the Group and its joint venture to express an
Financial Statements (loss) and other comprehensive income) of ` (-) 11.25 lacs and
material if, individually or in the aggregate, they could reasonably opinion on the consolidated financial statements. We are net cash inflow of ` 3.11 lacs for the year ended on that date,
The Holding Company’s Board of Directors is responsible for be expected to influence the economic decisions of users taken responsible for the direction, supervision and performance as considered in the consolidated financial statements. These
the preparation and presentation of these consolidated financial on the basis of these consolidated financial statements. of the audit of the financial statements of such entities financial statements have been audited by the other auditors
statements in terms of the requirements of the Act that give a true included in the consolidated financial statements of which whose reports have been furnished to us by the management
and fair view of the consolidated financial position, consolidated As part of an audit in accordance with SAs, we exercise we are the independent auditors. For the other entities and our opinion on the consolidated financial statements, in
financial performance including other comprehensive income, professional judgment and maintain professional skepticism included in the consolidated financial statements, which so far as it relates to the amounts and disclosures included in
consolidated cash flows and consolidated statement of changes throughout the audit. We also: have been audited by other auditors, such other auditors
respect of aforesaid eight subsidiaries and our report in terms
in equity of the Group and its joint venture in accordance with remain responsible for the direction, supervision and
of sub-sections (3) and (11) of section 143 of the Act, in so far
the accounting principles generally accepted in India, including • Identify and assess the risks of material misstatement of the performance of the audits carried out by them. We remain
as it relates to the aforesaid eight subsidiaries is based solely
the Indian Accounting Standards prescribed under Section consolidated financial statements, whether due to fraud solely responsible for our audit opinion.
on the report of other auditors.
133 of the Act, read with relevant rules issued thereunder. The or error, design and perform audit procedures responsive
respective Board of Directors of the companies included in the to those risks, and obtain audit evidence that is sufficient Materiality is the magnitude of misstatements in the consolidated
The Statement also includes the Group’s share of net profit
Group and its joint venture are responsible for maintenance of and appropriate to provide a basis for our opinion. The financial statements that, individually or in aggregate, makes
after tax of ` 17.58 lacs and total comprehensive income of
adequate accounting records in accordance with the provisions risk of not detecting a material misstatement resulting it probable that the economic decisions of a reasonably
` 17.58 lacs for the year ended March 31, 2024, in respect of
of the Act for safeguarding the assets of the Group and its from fraud is higher than for one resulting from error, as knowledgeable user of the consolidated financial statements
the joint venture. The financial statements of the joint venture
joint venture and for preventing and detecting frauds and other fraud may involve collusion, forgery, intentional omissions, may be influenced. We consider quantitative materiality and
has been audited by the other auditor whose report have been
irregularities; the selection and application of appropriate misrepresentations, or the override of internal control. qualitative factors in (i) planning the scope of our audit work
furnished to us by the management and our opinion on the
accounting policies; making judgments and estimates that are and in evaluating the results of our work; and (ii) to evaluate
consolidated financial statements, in so far as it relates to the
reasonable and prudent; and the design, implementation and • Obtain an understanding of internal control relevant to the effect of any identified misstatements in the consolidated
amounts and disclosures included in respect of aforesaid joint
maintenance of adequate internal financial controls, that were the audit in order to design audit procedures that are financial statements.
venture is based solely on the report of other auditor.
operating effectively for ensuring the accuracy and completeness appropriate in the circumstances. Under section 143(3)
(i) of the Act, we are also responsible for expressing our We communicate with those charged with governance
of the accounting records, relevant to the preparation and Our opinion on the consolidated financial statements, and our
of Holding Company and such other entities included in
presentation of the consolidated financial statements that give opinion on whether the Group and its joint venture has report on Other Legal and Regulatory Requirements below, is
the consolidated financial statements of which we are the
a true and fair view and are free from material misstatement, adequate internal financial controls system in place and not modified in respect of the above matters with respect to our
independent auditors regarding, among other matters, the
whether due to fraud or error, which have been used for the the operating effectiveness of such controls. reliance on the work done and the reports of the other auditors.
274 275
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Report on Other Legal and Regulatory as on March 31, 2024 from being appointed as a kind of funds) by the Holding Company c. The Board of Directors of the Holding
Requirements director in terms of Section 164 (2) of the Act. or its subsidiaries to or in any other Company have proposed final dividend for
person or entity, including foreign entities the year which is subject to the approval
1. With respect to the matters specified in paragraphs 3(xxi) f) With respect to the maintenance of accounts and
(“Intermediaries”), with the understanding, of the members at the ensuing Annual
and 4 of the Companies (Auditor’s Report) Order, 2020 other matters connected therewith, reference is whether recorded in writing or otherwise, General Meeting. The amount of dividend
(the “Order”/ “CARO”) issued by the Central Government invited to paragraph 2(b) above on reporting under that the Intermediary shall, whether, proposed is in accordance with section
in terms of Section 143(11) of the Act, to be included section 143(3) (b) of the Act. directly or indirectly lend or invest in 123 of the Act, as applicable.
in the Auditor’s report, according to the information and
g) With respect to the adequacy of the internal financial other persons or entities identified in any
explanations given to us, and based on the CARO reports The subsidiary companies & joint venture
controls with reference to financial statements of manner whatsoever by or on behalf of the
issued by us and other auditors of companies included in have neither declared dividend nor paid
the Group, and the operating effectiveness of such Holding Company and its subsidiaries
the consolidated financial statements of the Company, to any dividend during the year.
controls, refer to our separate report in Annexure ‘A’. (“Ultimate Beneficiaries”) or provide any
which reporting under CARO is applicable, we report that
guarantee, security or the like on behalf of
there are no qualifications or adverse remarks in these vi. Based on our examination which included test
h) With respect to the other matters to be included in the the Ultimate Beneficiaries.
CARO reports. checks and the report of the respective auditors
Auditor’s Report in accordance with the requirements
b. The respective management of the Holding of the subsidiary companies and joint venture
2. As required by Section 143(3) of the Act, based on our of section 197(16) of the Act, as amended:
Company and its subsidiary companies incorporated in India whose financial statements
audit and on consideration of the report of the other In our opinion and to the best of our information has represented, that, to the best of its have been audited under the Act, the Group
auditors on financial statements and the other financial and according to the explanations given to us, the knowledge and belief, no funds have and its joint venture, in respect of financial year
information of subsidiaries and joint venture referred to remuneration paid by the Group, where applicable, been received by the Holding Company commencing on April 1, 2023, has used an
in Other Matters paragraph, we report, to the extent to its directors during the year is in accordance with and its subsidiaries from any person or accounting software for maintaining its books
applicable, that: the provisions of section 197 of the Act. entity, including foreign entities (“Funding of account which has feature of recording
Parties”), with the understanding, whether audit trail (edit log) and the same has operated
a) We have sought and obtained all the information and i) With respect to the other matters to be included in recorded in writing or otherwise, that the throughout the year for all relevant transactions
explanations which to the best of our knowledge and the Auditor’s Report in accordance with Rule 11 of Holding Company and its subsidiary recorded in the software except that in case
belief were necessary for the purposes of our audit the Companies (Audit and Auditor’s) Rules, 2014, in companies shall, whether, directly or of Holding Company, audit trail feature was
of the aforesaid consolidated financial statements. our opinion and to the best of our information and indirectly, lend or invest in other persons not enabled at database level for accounting
according to the explanations given to us and based or entities identified in any manner software to log any direct data changes.
b) In our opinion, proper books of account as required
on consideration of the report of the other auditors whatsoever by or on behalf of the Funding Further, during the course of our audit we and
by law, relating to preparation of the aforesaid
on financial statements and also the other financial Party (“Ultimate Beneficiaries”) or provide respective auditors of such subsidiaries and
consolidated financial statements, have been kept
information of subsidiaries and its joint venture any guarantee, security or the like on joint venture did not come across any instance
so far as it appears from our examination of those
referred to in Other Matters paragraph: behalf of the Ultimate Beneficiaries. of the audit trail feature being tampered with
books and reports of the other auditors except for
the matters stated in the paragraph 2(i)(vi) below on on accounting software where this feature has
i. The consolidated financial statements disclose c.
Based on the audit procedures that
reporting under Rule 11(g) of the Companies (Audit been enabled.
impact of pending litigations as at March 31, have been considered reasonable and
and Auditors) Rules, 2014. 2024 on the consolidated financial position of appropriate in the circumstances and As proviso to Rule 3(1) of the Companies
the Group and its joint venture – Refer Note no. based on audit reports of other auditors,
c) The Consolidated Balance Sheet, the Consolidated (Accounts) Rules, 2014 is applicable from
48 to the consolidated financial statements. nothing has come to our notice that caused April 1, 2023, thus reporting under Rule 11(g)
Statement of Profit and Loss (including Other
us to believe that the representations of the Companies (Audit and Auditors) Rules,
Comprehensive Income), the Consolidated ii. The Group has made provision, as required
under sub-clause (i) and (ii) of Rule 11(e), 2014 on preservation of audit trail as per the
Statement of Changes in Equity and the Consolidated under the applicable law or accounting
as provided under (a) and (b) above, statutory requirements for record retention
Statement of Cash Flows dealt with by this Report standards, for material foreseeable losses, if
contain any material misstatement. is not applicable for the financial year ended
are in agreement with the relevant books of account any, on long-term contracts including long term
maintained for the purpose of preparation of the derivative contracts. v. As stated in note 15 (vii) to the consolidated March 31, 2024.
consolidated financial statements. financial statements and based on review of the
iii. There were no amounts which were required to reports of other auditors:
d) In our opinion, the aforesaid consolidated financial be transferred, to the Investor Education and
statements comply with the Accounting Standards Protection Fund by the Group. a. The final dividend proposed in the previous
specified under Section 133 of the Act. year, declared and paid by the Holding For S S KOTHARI MEHTA & CO. LLP
iv. a.
The respective managements of the Chartered Accountants
Company during the year is in accordance
e) On the basis of the written representations received Holding Company and its subsidiary Firm Registration No. 00756N/N500441
with Section 123 of the Act, as applicable.
from the directors of the Holding Company as on companies have represented that, to
March 31, 2024 taken on record by the Board of the best of its knowledge and belief, no b. The interim dividend declared and paid by Vijay Kumar
Directors of the Holding Company and the reports funds have been advanced or loaned or the Company during the year and until the Partner
of the statutory auditors of its subsidiary companies, invested (either from borrowed funds or date of this report is in compliance with Place: Noida Membership No.: 092671
none of the directors of the Group, are disqualified Section 123 of the Act. Date: May 20, 2024 UDIN: 24092671BKFBOL1810
share premium or any other sources or
276 277
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
“ANNEXURE A” TO THE INDEPENDENT AUDITOR’S REPORT of collusion or improper management override of controls, control stated in the Guidance Note on Audit of Internal Financial
material misstatements due to error or fraud may occur and not Controls Over Financial Reporting issued by the Institute of
of even date on the Consolidated Financial Statements of TRIVENI ENGINEERING & INDUSTRIES LIMITED be detected. Also, projections of any evaluation of the internal Chartered Accountants of India.
financial controls with reference to financial statements to future
periods are subject to the risk that the internal financial control Other matters
Report on the Internal Financial Controls Our audit involves performing procedures to obtain audit
with reference to financial statements may become inadequate Our aforesaid reports under Section 143(3) (i) of the Act on the
under Clause (i) of Sub-section 3 of Section evidence about the adequacy of the internal financial controls
because of changes in conditions, or that the degree of adequacy and operating effectiveness of the internal financial
143 of the Companies Act, 2013 (“the Act”) with reference to financial statements and their operating
compliance with the policies or may deteriorate. controls with reference to financial statements in so far as
as referred to in paragraph (g) of ‘Report on effectiveness. Our audit of internal financial controls with
it relates to the eight subsidiary companies is based on the
Other Legal and Regulatory Requirements’ reference to financial statements included obtaining an Opinion corresponding reports of the auditors of such companies. Our
understanding of internal financial controls with reference to
In conjunction with our audit of the consolidated financial In our opinion, to the best of our information and according to opinion is not modified in respect of this matter.
financial statements, assessing the risk that a material weakness
statements of the Company as of and for the year ended March the explanations given to us and based on the consideration
exists, and testing and evaluating the design and operating
31, 2024, we have audited the internal financial controls with of reports of other auditors, as referred to in Other Matters For S S KOTHARI MEHTA & CO. LLP
effectiveness of internal control based on the assessed risk.
reference to financial statements of TRIVENI ENGINEERING & paragraph, the Holding Company and its subsidiary companies Chartered Accountants
The procedures selected depend on the auditor’s judgment, Firm Registration No. 00756N/N500441
INDUSTRIES LIMITED (hereinafter referred to as “the Holding have, in all material respects, an adequate internal financial
including the assessment of the risks of material misstatement
Company”) and its subsidiary companies as of that date. controls with reference to financial statements and such
of the financial statements, whether due to fraud or error. Vijay Kumar
internal financial controls with reference to financial statements
were operating effectively as at March 31, 2024, based on the Partner
Management’s Responsibility for Internal We believe that the audit evidence we have obtained and Place: Noida Membership No.: 092671
Financial Controls internal control over financial reporting criteria established by
the audit evidence obtained by the other auditors in terms of Date: May 20, 2024 UDIN: 24092671BKFBOL1810
the Company considering the essential components of internal
The respective Board of Directors of the Holding Company their reports referred to in the Other Matters paragraph below,
and its subsidiary companies are responsible for establishing is sufficient and appropriate to provide a basis for our audit
and maintaining internal financial controls based on the opinion on the Company’s internal financial controls system
internal control with reference to financial statements criteria with reference to financial statements of the Company.
established by the Company considering the essential
components of internal control stated in the Guidance Note Meaning of Internal Financial Controls with
on Audit of Internal Financial Controls Over Financial Reporting reference to Financial Statements
issued by the Institute of Chartered Accountants of India (ICAI). A company’s internal financial control with reference to financial
These responsibilities include the design, implementation and statements is a process designed to provide reasonable
maintenance of adequate internal financial controls that were assurance regarding the reliability of financial reporting and
operating effectively for ensuring the orderly and efficient the preparation of consolidated financial statements for
conduct of its business, including adherence to the respective external purposes in accordance with generally accepted
company’s policies, the safeguarding of its assets, the accounting principles. A company’s internal financial control
with reference to financial statements includes those policies
prevention and detection of frauds and errors, the accuracy
and procedures that (1) pertain to the maintenance of records
and completeness of the accounting records, and the timely
that, in reasonable detail, accurately and fairly reflect the
preparation of reliable financial information, as required under
transactions and dispositions of the assets of the company; (2)
the Act.
provide reasonable assurance that transactions are recorded
as necessary to permit preparation of consolidated financial
Auditors’ Responsibility
statements in accordance with generally accepted accounting
Our responsibility is to express an opinion on the Company’s principles, and that receipts and expenditures of the company
internal financial controls with reference to financial statements are being made only in accordance with authorisations of
based on our audit. We conducted our audit in accordance management and directors of the company; and (3) provide
with the Guidance Note on Audit of Internal Financial Controls reasonable assurance regarding prevention or timely detection
Over Financial Reporting (the “Guidance Note”) issued by the of unauthorised acquisition, use, or disposition of the company’s
ICAI and the Standards on Auditing prescribed under section assets that could have a material effect on the consolidated
143(10) of the Act, to the extent applicable to an audit of internal financial statements.
financial controls. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan Inherent Limitations of Internal Financial
and perform the audit to obtain reasonable assurance about Controls with reference to Financial
whether adequate internal financial controls with reference to Statements
financial statements was established and maintained and if Because of the inherent limitations of internal financial controls
such controls operated effectively in all material respects. with reference to financial statements, including the possibility
278 279
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Consolidated Balance Sheet Consolidated Statement of Profit and Loss
as at March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note As at As at Note Year ended Year ended
No. 31-Mar-24 31-Mar-23
No. 31-Mar-24 31-Mar-23
Revenue from operations 24 615140.31 631009.62
ASSETS
Non-current assets Other income 25 6202.15 8041.33
Property, plant and equipment 4 150168.44 145440.40 Total income 621342.46 639050.95
Capital work-in-progress 4 22570.21 2831.19 Expenses
Investment property 5 1214.35 1210.14 Cost of materials consumed 26 396845.32 395152.61
Goodwill 6 68.23 68.23 Purchases of stock-in-trade 27 5708.74 4624.40
Other intangible assets 6 204.77 249.88 Changes in inventories of finished goods, stock-in-trade and work-in-progress 28 (42609.99) 8872.30
Investments accounted for using the equity method 7 (a) 267.58 - Excise duty on sale of goods 93131.00 69326.49
Financial assets Employee benefits expense 29 37480.75 34827.50
i. Investments 7 (b) 5247.81 615.66
ii. Trade receivables 8 16105.91 17109.15 Finance costs 30 5549.91 5673.83
iii. Loans 9 3.63 3.29 Depreciation and amortisation expense 31 10412.24 9347.77
iv. Other financial assets 10 2249.04 1537.63 Impairment loss on financial assets (net of reversals) 32 294.50 5.79
Deferred tax assets (net) 23 38.40 36.06 Other expenses 33 61648.57 56609.80
Income tax assets (net) 22 1535.81 989.31 Total expenses 568461.04 584440.49
Other non-current assets 11 3211.22 1155.97
Total non-current assets 202885.40 171246.91 Profit before share of net profits of investments accounted for using equity method and 52881.42 54610.46
Current assets tax
Inventories 12 241993.25 199649.50 Share of net profit of associates and joint ventures accounted for using the equity method 45 17.58 1633.44
Financial assets Profit before exceptional items and tax 52899.00 56243.90
i. Trade receivables 8 34469.59 39196.18 Exceptional items 34 - 140119.61
ii. Cash and cash equivalents 13 (a) 7640.90 7201.32 Profit before tax 52899.00 196363.51
iii. Bank balances other than cash and cash equivalents 13 (b) 144.24 753.72 Tax expense:
iv. Loans 9 53.26 57.95 - Current tax 35 12265.40 19739.59
v. Other financial assets 10 1598.82 1726.11
Other current assets 11 23045.47 25611.82 - Deferred tax 35 1117.68 (2556.73)
Total current assets 308945.53 274196.60 Total tax expense 13383.08 17182.86
Total assets 511830.93 445443.51 Profit for the year 39515.92 179180.65
EQUITY AND LIABILITIES Other comprehensive income
EQUITY A (i) Items that will not be reclassified to profit or loss
Equity share capital 14 2189.00 2189.00 - Remeasurements of the defined benefit plan 38 (84.46) (231.65)
Other equity 15 287901.33 264335.90 - Equity instruments through other comprehensive income 15 1146.21 -
Total equity 290090.33 266524.90 1061.75 (231.65)
LIABILITIES
Non-current liabilities A (ii) Income tax relating to items that will not be reclassified to profit or loss 35 109.87 (58.30)
Financial liabilities 951.88 (173.35)
i. Borrowings 16 24879.18 22239.77 B (i) Items that may be reclassified to profit or loss
ii. Lease liabilities 756.59 1227.74 - Effective portion of gains/(losses) on hedging instruments designated as cash flow 15 207.18 (150.86)
Provisions 17 1539.94 2218.65 hedges (net of reclassification to profit or loss)
Deferred tax liabilities (net) 23 12123.01 10872.19 - Gains/(losses) on aligned portion of forward elements of cash flow hedging instruments 15 (124.03) (43.40)
Other non-current liabilities 18 3008.18 3394.38 (net of reclassification to profit or loss)
Total non-current liabilities 42306.90 39952.73 - Share of other comprehensive income of associates accounted for using the 45 - (35.50)
Current liabilities
equity method (pertaining to exchange differences arising on translating the foreign
Financial liabilities
i. Borrowings 19 116217.46 68889.94 operations)
- Share of other comprehensive income of associates accounted for using the equity 45 - (26.88)
ii. Lease liabilities 539.99 568.54
iii. Trade payables 20 method (pertaining to effective portion of gains/(losses) on hedging instruments
(a) total outstanding dues of micro enterprises and small enterprises 823.05 861.79 designated as cash flow hedges (net of reclassification to profit or loss))
(b) total outstanding dues of creditors other than micro enterprises and small 34830.76 40606.18 83.15 (256.64)
enterprises B (ii) Income tax relating to items that may be reclassified to profit or loss 35 20.93 (55.14)
iv. Other financial liabilities 21 8574.76 7562.16 62.22 (201.50)
Other current liabilities 18 12696.76 15947.91 Other comprehensive income for the year, net of tax 1,014.10 (374.85)
Provisions 17 4522.10 4429.13 Total comprehensive income for the year 40530.02 178805.80
Income tax liabilities (net) 22 1228.82 100.23 Earnings per equity share (face value ` 1 each)
Total current liabilities 179433.70 138965.88 Basic 36 18.05 74.58
Total liabilities 221740.60 178918.61 Diluted 36 18.05 74.58
Total equity and liabilities 511830.93 445443.51
The accompanying notes 1 to 53 form an integral part of these consolidated financial statements The accompanying notes 1 to 53 form an integral part of these consolidated financial statements
As per our report of even date attached As per our report of even date attached
For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited
Chartered Accountants Chartered Accountants
Firm's registration number : 000756N/N500441 Firm's registration number : 000756N/N500441
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
Partner Chairman & Managing Director Director & Chairman Audit Committee Partner Chairman & Managing Director Director & Chairman Audit Committee
Membership No. 092671 Membership No. 092671
Place : Noida Suresh Taneja Geeta Bhalla Place : Noida Suresh Taneja Geeta Bhalla
Date : May 20, 2024 Group CFO Group Vice President & Company Secretary Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
280 281
282
Consolidated Statement of Changes in Equity
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
A. Equity share capital
Equity shares of ` 1 each issued, subscribed and fully paid up (including paid up value of ` 0.02 lakhs pertaining to forfeited shares)
As at 31 March 2022 2417.57
Extinguishment of shares upon buy-back (228.57)
As at 31 March 2023 2189.00
Movement during the year -
As at 31 March 2024 2189.00
B. Other equity
Reserves and surplus Items of other comprehensive income Total
Capital Capital Securities Amalgamation General Molasses Retained Equity Foreign Cash flow Costs of other
redemption reserve premium Reserve reserve storage earnings instruments currency hedging hedging equity
reserve fund through other translation reserve reserve
reserve comprehensive reserve
income
Balance as at 31 March 2022 635.04 3285.44 8375.55 926.34 49919.43 230.80 125359.79 - 32.95 (30.89) 133.31 188867.76
Profit/(loss) for the year - - - - - - 179180.65 - - - - 179180.65
Other comprehensive income, net of - - - - - - (173.35) - - (112.89) (32.48) (318.72)
income tax
Share of other comprehensive income of - - - - - - - - (32.95) (23.17) - (56.12)
associates, net of income tax
Total comprehensive income for the - - - - - - 179007.30 - (32.95) (136.06) (32.48) 178805.81
year
Share of associates - adjustments (75.74) (416.61) - - (706.71) - 1197.53 - - - (1.53)
consequent to divestment (refer note15)
Transferred from retained earnings to - - - - - 64.58 (64.58) - - - - -
molasses storage fund reserve
Transactions with owners in their
capacity as owners :
- Amount utilised for buy-back of equity - - (8375.55) - (49212.72) - (22183.16) - - - - (79771.43)
shares (refer note 15)
- Transferred from retained earnings to 228.57 - - - - - (228.57) - - - - -
capital redemption reserve on buy-back of
equity shares (refer note 15)
- Transaction costs related to buy-back of - - - - - - (613.28) - - - - (613.28)
equity shares (refer note 15)
- Tax paid on buy-back of equity shares - - - - - - (18116.33) - - - - (18116.33)
(refer note 15)
- Dividends paid - - - - - - (4835.10) - - - - (4835.10)
Balance as at 31 March 2023 787.87 2868.83 - 926.34 - 295.38 259523.60 - - (166.95) 100.83 264335.90
Annual Report 2023-24
Consolidated Statement of Changes in Equity
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
02-47
Reserves and surplus Items of other comprehensive income Total
Capital Capital Securities Amalgamation General Molasses Retained Equity Foreign Cash flow Costs of other
redemption reserve premium Reserve reserve storage earnings instruments currency hedging hedging equity
reserve fund through other translation reserve reserve
Corporate Overview
reserve comprehensive reserve
income
Profit/(loss) for the year - - - - - - 39515.92 - - - - 39515.92
Other comprehensive income, net of - - - - - - (63.20) 1015.08 - 155.04 (92.82) 1014.10
income tax
Total comprehensive income for the - - - - - - 39452.72 1015.08 - 155.04 (92.82) 40530.02
year
Transferred from retained earnings to - - - - - 60.99 (60.99) - - - - -
08-13
molasses storage fund reserve
Transactions with owners in their
capacity as owners :
- Dividends paid - - - - - - (16964.59) - - - (16964.59)
Balance as at 31 March 2024 787.87 2868.83 - 926.34 - 356.37 281950.74 1015.08 - (11.91) 8.01 287901.33
Management Statements
The accompanying notes 1 to 53 form an integral part of these consolidated financial statements
As per our report of even date attached
For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited
Chartered Accountants
Firm's registration number : 000756N/N500441
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
48-171
Partner Chairman & Managing Director Director & Chairman Audit Committee
Membership No. 092671
Place : Noida Suresh Taneja Geeta Bhalla
Statutory Reports
Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
172-373
283
Financial Statements
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Cash flows from operating activities Cash flows from financing activities
Profit before tax 52899.00 196363.51 Proceeds from long term borrowings 14229.49 7524.00
Adjustments for : Repayments of long term borrowings (16808.22) (14533.74)
Share of net (profit)/loss of associates and joint ventures accounted for using the equity (17.58) (1633.44) Increase/(decrease) in short term borrowings 52299.81 (58403.57)
method Interest paid (other than on lease liabilities) (5725.95) (5603.85)
Depreciation and amortisation expense 10412.24 9347.77 Payment of lease liabilities (interest portion) (126.53) (148.26)
Bad debts written off - trade receivables carried at amortised cost 157.05 433.51 Payment of lease liabilities (principal portion) (563.12) (1512.83)
Bad debts written off - other financial assets carried at amortised cost 10.63 999.08 Buy-back of equity shares - (80000.00)
Impairment loss allowance on trade receivables and other financial assets (net of reversals) 126.82 (1426.80) Buy-back costs (7.50) (605.78)
Bad debts written off - non financial assets 24.39 12.39 Tax paid on buy-back of equity shares - (18116.33)
Impairment loss allowance on non financial assets (net of reversals) (28.21) (45.79) Dividend paid (16964.59) (4835.10)
Provision for non moving/obsolete inventory (net of reversals) 55.41 (31.89) Net cash inflow/(outflow) from financing activities 26333.39 (176235.46)
Loss on sale/write off of inventory 10.99 52.13 Net increase/(decrease) in cash and cash equivalents 439.58 4872.86
Net fair value (gains)/losses on investments 3.02 (13.54) Cash and cash equivalents at the beginning of the year [refer note 13 (a)] 7201.32 2328.46
Mark-to-market (gains)/losses on derivatives 52.67 76.32 Cash and cash equivalents at the end of the year [refer note 13 (a)] 7640.90 7201.32
Credit balances written back (460.43) (213.41) (i) Cash and cash equivalents comprise of cash on hand, cheques on hand, balance with banks in current accounts and short term,
Exceptional items - profit upon divestment in equity shares - (140119.61) highly liquid investments with an original maturity of three months or less and which carry insignificant risk of change in value.
Unrealised (gains)/losses from changes in foreign exchange rates (9.08) 13.51
Loss on sale/write off/impairment of property, plant and equipment 53.46 163.66 (ii) Reconciliation of liabilities arising from financing activities:
Net (profit)/loss on sale/redemption of investments (9.48) (9.53) Non-current Current Interest Lease Buy-back of Dividend
Interest income (3570.95) (5409.12) borrowings borrowings payable liabilities equity shares paid
Dividend income (7.06) (4.98) (including current (excluding (other (including
maturities and current than on tax thereon
Finance costs 5549.91 5673.83
deferred grant maturities lease and buy-
Working capital adjustments : related to long- of long-term liabilities) back costs)
Change in inventories (42410.14) 4017.27 term borrowings) borrowings)
Change in trade receivables 5433.03 (13154.52) Balance as at 31 March 2022 46004.54 110791.87 220.15 1531.11 - -
Change in other financial assets 319.89 (367.55) Cash flows (7009.74) (58403.57) (5603.85) (1661.09) (98722.11) (4835.10)
Change in other assets 2637.63 (3605.38) Finance costs accruals (including interest - - 5525.57 148.26 - -
Change in trade payables (5374.13) 6506.53 capitalised)
Change in other financial liabilities (277.75) (122.77) Lease liabilities accruals - - - 1778.00 - -
Buy-back of equity shares (including tax - - - - 98729.61 -
Change in other liabilities (3212.65) 5151.94
thereon and buy-back costs) accruals
Change in provisions (670.20) (1763.12)
Dividend distributions accruals - - - - - 4835.10
Cash generated from/(used in) operations 21698.48 60890.00 Balance as at 31 March 2023 38994.80 52388.30 141.87 1796.28 7.50 -
Income tax paid (net) (11673.31) (21146.35) Cash flows (2578.73) 52299.81 (5725.95) (689.65) (7.50) (16964.59)
Net cash inflow/(outflow) from operating activities 10025.17 39743.65 Finance costs accruals (including interest - - 5679.41 126.53 - -
Cash flows from investing activities capitalised)
Purchase of property, plant and equipment and intangible assets (35655.95) (23587.42) Lease liabilities accruals - - - 63.42 - -
Proceeds from sale of property, plant and equipment 96.09 40.24 Dividend distributions accruals - - - - - 16964.59
Investments in joint ventures (250.00) - Balance as at 31 March 2024 36416.07 104688.11 95.33 1296.58 0.00 -
Investments (other than subsidiaries, associates and joint ventures) (3500.06) - The accompanying notes 1 to 53 form an integral part of these consolidated financial statements
Proceeds from disposal of investment in associate - 159299.93 As per our report of even date attached
Proceeds from disposal/redemption of investments (other than subsidiaries, associates and 20.59 42.94 For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited
joint ventures) Chartered Accountants
Purchase of investment property (4.20) - Firm's registration number : 000756N/N500441
Decrease/(increase) in deposits with banks 45.01 (311.33)
Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
Interest received 3322.48 4780.60
Partner Chairman & Managing Director Director & Chairman Audit Committee
Dividend received from associate - 1094.73 Membership No. 092671
Other dividends received 7.06 4.98
Net cash inflow/(outflow) from investing activities (35918.98) 141364.67 Place : Noida Suresh Taneja Geeta Bhalla
Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 1: Corporate information and basis of is directly observable or estimated using another expenses. Inter-company transactions, balances adjusted thereafter to recognise the Group’s share
preparation and presentation valuation technique. In estimating the fair value of and unrealised gains on transactions between of the post-acquisition profits or losses of the
an asset or a liability, the Group takes into account group companies are eliminated. Unrealised losses investee in profit or loss, the Group’s share of other
(i) Corporate information
the characteristics of the asset or liability if market are also eliminated unless the transaction provides comprehensive income of the investee in other
The financial statements comprises of financial evidence of an impairment of the transferred asset. comprehensive income and the Group’s share of
participants would take those characteristics into
statements of Triveni Engineering & Industries Limited account when pricing the asset or liability at the Accounting policies of subsidiaries have been other changes in other equity of the investee directly
and its subsidiaries (collectively the “Group”) and the measurement date. Fair value for measurement and/ changed where necessary to ensure consistency in other equity. Dividends received or receivable from
Group’s interest in associates and joint ventures. Triveni or disclosure purposes in these financial statements with the policies adopted by the Group. associates and joint ventures are recognised as a
Engineering & Industries Limited (the “Company” or the is determined on such a basis, except for leasing reduction in the carrying amount of the investment.
“Parent”) is a company limited by shares, incorporated transactions that are within the scope of Ind AS Associates
and domiciled in India. The Company’s equity shares 116 Leases (see note 2(iii)), and measurements When the Group’s share of losses in an equity-
Associates are all entities over which the Group has
are listed at two recognised stock exchanges in India that have some similarities to fair value but are not accounted investment equals or exceeds its interest
significant influence but not control or joint control.
(BSE and NSE). The registered office of the Company is fair value, such as net realisable value in Ind AS 2 in the entity, including any other unsecured long-
This is generally the case where the Group holds
located at A-44, Hosiery Complex, Phase-II extension, Inventories (see note 2(ix)) or value in use in Ind AS term receivables, the Group does not recognise
between 20% and 50% of the voting rights.
Noida, Uttar Pradesh – 201305. The Group is engaged 36 Impairment of Assets (see note 2(v)). further losses, unless it has incurred obligations or
in diversified businesses, mainly categorised into two Interests in associates are accounted for using the made payments on behalf of the other entity.
segments – Sugar & allied businesses and Engineering (c) Classification of assets and liabilities into equity method, after being initially recognised at
business. Sugar & allied businesses primarily comprises current/non-current cost in the balance sheet. Unrealised gains on transactions between the Group
manufacture of sugar and distillation of alcohol. and its associates and joint ventures are eliminated
All assets and liabilities have been classified as
Engineering business primarily comprises manufacture Joint and consortium arrangements to the extent of the Group’s interest in these entities.
current or non-current as per the Group’s normal
of high speed gears, gearboxes and providing water/ Unrealised losses are also eliminated unless the
operating cycle and other criteria set out in Schedule Under Ind AS 111 Joint Arrangements, investments
wastewater treatment solutions. III to the Act. The operating cycle of the Group is the transaction provides evidence of an impairment of
in joint arrangements are classified as either joint
time between the acquisition of assets for processing the asset transferred.
operations or joint ventures. The classification
(ii) Basis of preparation and presentation and their realisation in cash or cash equivalents. depends on the contractual rights and obligations
(a) Compliance with Ind AS Changes in ownership interests
of each investor, rather than the legal structure of
The financial statements comply in all material (d)
Principles of consolidation and equity the joint arrangement. The Company recognises its The Group treats transactions with non-controlling
aspects with Indian Accounting Standards (Ind accounting direct right to the assets, liabilities, revenues and interests that do not result in a loss of control as
AS) notified under Section 133 of the Companies Subsidiaries expenses of joint operations and its share of any transactions with equity owners of the Group. A
Act, 2013 (the Act) [Companies (Indian Accounting jointly held or incurred assets, liabilities, revenues change in ownership interest results in an adjustment
Subsidiaries are all entities over which the Group
Standards) Rules, 2015 (as amended)] and other and expenses. Interests in joint ventures are between the carrying amounts of the controlling
has control. The Group controls an entity when
relevant provisions of the Act. accounted for using the equity method, after initially and non-controlling interests to reflect their relative
the Group is exposed to, or has rights to, variable
being recognised at cost in the balance sheet. interests in the subsidiary. Any difference between
returns from its involvement with the entity and has
(b) Historical cost convention the amount of the adjustment to non-controlling
the ability to affect those returns through its power to
When the Company enters into an agreement with interests and any consideration paid or received is
The financial statements have been prepared on direct the relevant activities of the entity. Subsidiaries
other parties to jointly execute a particular project, recognised within equity.
an accrual basis under historical cost convention are fully consolidated from the date on which control
except for certain assets and liabilities that are is transferred to the Group. They are deconsolidated whereby both parties are responsible for carrying out
their respective share of activities, without requiring When the Group ceases to consolidate or equity
measured at fair values at the end of each reporting from the date that control ceases.
unanimous consent for such assigned activities, and account for an investment because of a loss of
period, as explained in the respective accounting
are entitled to profits arising from their respective control or significant influence or joint control, any
policies described in subsequent paragraphs. The financial statements of a subsidiary company
share of activities, then such an arrangement is retained interest in the entity is remeasured to
namely Triveni Foundation, incorporated under
considered as an extension of the Company’s its fair value with the change in carrying amount
Historical cost is generally based on the fair value Section 8 of the Act is not considered for
activities and the assets, liabilities, revenue and recognised in profit or loss. This fair value becomes
of the consideration given in exchange for goods consolidation since the Group is not exposed to or
expenses relating to its interest in the joint operation, the initial carrying amount for the purposes of
and services. has any right to variable returns from its involvement
are accounted for in its financial statements. subsequently accounting for the retained interest
with this company.
as an associate, joint venture or financial asset.
Fair value is the price that would be received to sell
Equity method In addition, any amounts previously recognised
an asset or paid to transfer a liability in an orderly The Group combines the financial statements of the
in other comprehensive income in respect of that
transaction between market participants at the Parent and its subsidiaries line by line adding together Under the equity method of accounting, the
entity are accounted for as if the Group had directly
measurement date, regardless of whether that price like items of assets, liabilities, equity, income and investments are initially recognised at cost and
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
disposed of the related assets or liabilities. This may Recognising revenue from major business and identification of performance obligations and overnment grants relating to the purchase of property,
G
mean that amounts previously recognised in other activities accordingly transaction price is allocated amongst plant and equipment are deducted from its gross value
comprehensive income are reclassified to profit (a) Sale of goods performance obligations based on stand-alone and are recognised in profit or loss on a systematic and
or loss. selling prices. Performance obligations, in long- rational basis over the expected useful lives of the related
Revenue from the sale of goods is recognised at
duration construction & supply contracts, generally assets by way of reduced depreciation.
the point in time when control of the goods are
If the ownership interest in an associate or a joint includes turnkey related activities towards design
transferred to the customer (i.e. satisfaction of
venture is reduced but significant influence or joint / engineering / supply of equipment / construction overnment grants that are receivable as compensation
G
performance obligation), generally on dispatch of
control is retained, only a proportionate share / commissioning and operation & maintenance for expenses or losses already incurred or for the purpose
the goods. The Group, in its engineering business,
related activities which are satisfied over time with of giving immediate financial support to the Group with
of the amounts previously recognised in other generally provides warranties to its customers in
the customer receiving benefits from the activities no future related costs are recognised in profit or loss in
comprehensive income are reclassified to profit or the nature of assurance, which is considered as
being performed by the Group. the period in which they become receivable.
loss where appropriate. an obligation and provided for under Ind AS 37
Provisions, Contingent Liabilities and Contingent
When the progress towards complete satisfaction he Government grants by way of a benefit of a
T
(e) Statement of cash flows Assets (refer note 2(x)).
of performance obligations of a long-duration Government loan at a below market rate of interest is
Cash flows are reported using the indirect method, measured as the difference between the proceeds
(b) Rendering of services construction & supply contract can be estimated
whereby profit/loss before tax is adjusted for the received and the fair value of the loan based on prevailing
The Group provides engineering services that are reliably, revenue is recognised by reference to
effects of transactions of a non-cash nature, any market interest rates.
either sold separately or bundled together with the the stage of completion of the contract activity at
deferrals or accruals of past or future operating the end of the reporting period, measured based
sale of goods to a customer. ee note 43 for disclosures and treatment of government
S
cash receipts or payments and item of income or on the proportion of contract costs incurred for
expenses associated with investing of financing grants in financial statements.
Contracts for bundled sales of goods and work performed to date relative to the estimated
flows. The cash flows from operating, investing and engineering services are comprised of two total contract costs, because the customer
(iii) Leases
financing activities of the Group are segregated. performance obligations because the promises to simultaneously receives and consumes the benefits
The Group’s lease assets classes primarily consist
transfer goods and provide engineering services are provided by the Group. Contract costs excludes
Note 2: Material accounting policy information of leases for land and buildings. The Group assesses
distinct and capable of being separately identifiable. costs that do not depict the Company’s progress
whether a contract contains a lease, at inception of a
This note provides a list of the material accounting policies Accordingly, the Group allocates the transaction in satisfying the performance obligation.
price based on relative stand-alone selling prices of contract. A contract is, or contains, a lease if the contract
adopted in the preparation of these financial statements.
such goods and engineering services. conveys the right to control the use of an identified asset
These policies have been consistently applied to all the years When the outcome of performance obligations
for a period of time in exchange for consideration. To
presented, unless otherwise stated. of a long-duration construction & supply contract
The Group recognises revenue from engineering assess whether a contract conveys the right to control the
cannot be estimated reliably, but the Group
services over time, using an input method to use of an identified asset, the Group assesses whether:
(i) Revenue recognition expects to recover the costs incurred in satisfying
measure progress towards complete satisfaction of (i) the contract involves the use of an identified asset; (ii)
the performance obligation, contract revenue is
Revenue from contracts with customers is recognised the service, because the customer simultaneously the Group has substantially all of the economic benefits
recognised only to the extent of the contract costs
when control of the goods or services are transferred to receives and consumes the benefits provided by the from use of the asset through the period of the lease; and
incurred until such time that it can reasonably
the customer at an amount that reflects the consideration Group. The progress towards complete satisfaction (iii) the Group has the right to direct the use of the asset.
measure the outcome of the performance obligation.
to which the Group expects to be entitled in exchange of the service is determined as follows:
Contract costs are recognised as expenses in the At the date of commencement of the lease, the
for those goods or services. Transaction price at which
period in which they are incurred. Group recognises a right-of-use (“ROU”) assets and a
revenue is recognised is net of goods & services tax and • erection & commissioning / servicing revenue
- based on technical estimate of completion of corresponding lease liability for all lease arrangements
amounts collected on behalf of third parties, if any and (ii) Government grants
physical proportion of the contract work; in which it is a lessee, except for leases with a term of
includes effect of variable consideration (viz. returns,
rants from the government are recognised where there
G twelve months or less (short-term leases) and low value
rebates, trade allowances, credits, penalties etc.). Variable is a reasonable assurance that the Group will comply with
• operation & maintenance revenue - as the leases. The ROU assets are initially recognised at cost,
consideration is estimated using the expected value proportion of the total period of services all attached conditions and the grant shall be received. which comprises the initial amount of the lease liability
method or most likely amount as appropriate in a given contract that has elapsed at the end of the adjusted for any lease payments made at or prior to the
circumstance and is included in the transaction price only reporting period overnment grants relating to income are deferred and
G commencement date of the lease plus any initial direct
to the extent it is highly probable that a significant revenue recognised in the profit or loss over the period necessary costs less any lease incentives. They are subsequently
reversal in the amount of cumulative revenue recognised (c) Long-duration construction & supply contracts to match them with the costs that they are intended to measured at cost less accumulated depreciation and
will not occur when the associated uncertainty with the Long-duration construction & supply contracts are compensate and presented either within other operating impairment losses. ROU assets are depreciated from
variable consideration is subsequently resolved. analysed to determine combination of contracts income/other income or net of related costs. the commencement date on a straight-line basis over the
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
shorter of the lease term and useful life of the underlying • foreign exchange gains or losses in respect of it might be impaired. Other non-financial assets are because of items of income or expense that are
asset (see note 2(vii) below) and is also evaluated for certain qualifying cash flow hedges which are tested for impairment whenever events or changes in taxable or deductible in other years and items that
impairment (see note 2(v) below). The lease liability is deferred in equity. circumstances indicate that the carrying amount may are never taxable or deductible. The Group’s current
measured at amortised cost at the present value of not be recoverable. An impairment loss is recognised tax is calculated using tax rates that have been
the future lease payments. The lease term includes Foreign exchange gains or losses which are for the amount by which the asset’s carrying amount enacted or substantively enacted by the end of the
(a) the non-cancellable period of the lease; (b) the regarded as an adjustment to borrowing costs are exceeds its recoverable amount. The recoverable reporting period.
period covered by an option to extend the lease, if it is presented in the statement of profit and loss within amount is the higher of an asset’s fair value less costs
reasonably certain that such option shall be exercised; finance costs. Foreign exchange gains or losses of disposal and value in use. In assessing value in use, (b) Deferred tax
and (c) the period covered by an option to terminate the related to certain qualifying cash flow hedges are the estimated future cash flows are discounted to their Deferred tax is recognised on temporary differences
lease, if it is reasonably certain that such option shall presented in other comprehensive income on a net present value using a discount rate that reflects current between the carrying amounts of assets and liabilities
not be exercised. Lease liabilities are remeasured with a basis. All other foreign exchange gains and losses market assessments of the time value of money and the in the financial statements and the corresponding
corresponding adjustment to the related ROU assets if are presented in the statement of profit and loss on risks specific to the asset. In determining fair value less tax bases used in the computation of taxable profit.
the Group changes its assessment concerning the right a net basis within other income or other expenses, costs of disposal, recent market transactions are taken Deferred tax liabilities are generally recognised for all
to exercise its option of extending or terminating the lease as the case may be. into account. If no such transactions can be identified, an taxable temporary differences. Deferred tax assets
provided to it under the relevant arrangement. appropriate valuation model is used. are generally recognised for all deductible temporary
(c) Group companies differences, the carry forward of unused tax credits
For short-term and low value leases as mentioned above, The results and financial position of foreign For the purposes of assessing impairment, assets are and unused tax losses to the extent that it is
the Group recognises the lease payments as an operating operations (none of which has the currency of a grouped at the lowest levels for which there are separately probable that taxable profits will be available against
expense on a straight-line basis over the term of the lease. hyperinflationary economy) that have a functional identifiable cash inflows which are largely independent of which those deductible temporary differences, the
currency different from the presentation currency are the cash inflows from other assets or groups of assets carry forward of unused tax credits and unused tax
(iv) Foreign currency translation translated into the presentation currency as follows: (cash-generating units). Non-financial assets other than losses can be utilised. Such deferred tax assets
(a) Functional and presentation currency goodwill that suffered an impairment are reviewed for and liabilities are not recognised if the temporary
Items included in the financial statements of each of • assets and liabilities are translated at the possible reversal of the impairment at the end of each difference arises from the initial recognition of assets
the Group’s entities are measured using the currency closing rate at the date of that balance sheet reporting period. When an impairment loss subsequently and liabilities in a transaction (other than a business
of the primary economic environment in which reverses, the carrying amount of the asset is increased combination) that affects neither the taxable profit
the entity operates (‘the functional currency’). The •
income and expenses are translated at to the revised estimate of its recoverable amount, so nor the accounting profit and does not give rise to
average exchange rates (unless this is not a however that the increased carrying amount does not equal taxable and deductible temporary differences.
financial statements are presented in Indian rupee
reasonable approximation of the cumulative exceed the carrying amount that would have been In addition, deferred tax liabilities are not recognised
(`), which is the Group’s functional and presentation
effect of the rates prevailing on the transaction determined had no impairment loss been recognised for if the temporary difference arises from the initial
currency unless stated otherwise.
dates, in which case income and expenses are the asset in prior years. A reversal of an impairment loss recognition of goodwill.
(b) Transactions and balances translated at the dates of the transactions), and is recognised immediately in profit or loss.
Deferred tax liabilities are recognised for taxable
Foreign currency transactions are translated into the temporary differences associated with investments
•
all resulting exchange differences are (vi) Income tax
functional currency using the exchange rates that in subsidiaries, associates and interests in joint
approximates the actual rate at the date of respective recognised in other comprehensive income. Income tax expense represents the sum of the tax
arrangements, except where the Group is able to
transactions. Foreign exchange gains or losses currently payable and deferred tax. Current and deferred
control the reversal of the temporary difference
resulting from the settlement of such transactions On consolidation, exchange differences arising from tax are recognised in profit or loss, except when they
and it is probable that the temporary difference
and from the translation of monetary assets and the translation of any net investment in foreign entities, relate to items that are recognised in other comprehensive
will not reverse in the foreseeable future. Deferred
liabilities denominated in foreign currencies at year and of borrowings and other financial instruments income or directly in equity, in which case, the current and
tax assets arising from deductible temporary
end exchange rates are recognised in profit or loss designated as hedges of such investments, are deferred tax are also recognised in other comprehensive differences associated with such investments and
in the period in which they arise except for: recognised in other comprehensive income. When income or directly in equity respectively. Where current interests are only recognised to the extent that
a foreign operation is sold, the associated exchange tax or deferred tax arises from the initial accounting for it is probable that there will be sufficient taxable
• foreign exchange gains or losses on settlement differences are reclassified to profit or loss, as part a business combination, the tax effect is included in the profits to utilise the benefits of the temporary
or translation of foreign currency borrowings of the gain or loss on sale. accounting for the business combination. differences and they are expected to reverse in the
that are directly attributable to acquisition, foreseeable future.
construction or production of a qualifying asset, (v) Impairment of non-financial assets (a) Current tax
which are included in cost of those assets when Goodwill on acquisition of subsidiaries is not amortised The tax currently payable is based on taxable profit The carrying amount of deferred tax assets is
they are regarded as an adjustment to interest but is tested for impairment annually, or more frequently for the year. Taxable profit differs from ‘profit before reviewed at the end of each reporting period and
costs on those foreign currency borrowings. if events or changes in circumstances indicate that tax’ as reported in the statement of profit and loss reduced to the extent that it is no longer probable
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
that sufficient taxable profits will be available to allow spares and cost of inspection/overhauling are depreciated o mobile phones costing ` 5,000/- or more are condition necessary for it to be capable of operating
all or part of the asset to be recovered. separately based on their specific useful life provided depreciated over two years. in the manner intended by management and costs of
these are of significant amounts commensurate with the dismantling/removing the item and restoring the site on
o patterns, tools, Jigs etc. are depreciated over
Deferred tax liabilities and assets are measured at size of the Group and scale of its operations. The carrying which it was located under an obligation. Subsequent
three years.
the tax rates that are expected to apply in the period amount of any equipment / inspection / overhauling expenditure is capitalised to the asset’s carrying amount
in which the liability is settled or the asset realised, accounted for as separate asset or if otherwise significant, o machinery spares are depreciated over a life only when it is probable that future economic benefits
based on tax rates (and tax laws) that have been is derecognised when replaced. All other repairs and ranging from five to ten years. associated with the expenditure will flow to the Group
enacted or substantively enacted by the end of the maintenance costs are charged to profit or loss during and the cost of the item can be measured reliably. All
• Assets costing less than ` 5,000/- are fully
reporting period. the reporting period in which they are incurred. depreciated in the year of purchase. other repairs and maintenance costs are expensed
when incurred.
The measurement of deferred tax liabilities and Estimated useful lives considered are as follows:
An item of property, plant and equipment is derecognised
assets reflects the tax consequences that would
upon disposal or when no future economic benefits are Assets Estimated useful life An investment property is derecognised upon disposal or
follow from the manner in which the Group expects,
expected to arise from the continued use of the asset. Buildings 3 - 60 years when the investment property is permanently withdrawn
at the end of the reporting period, to recover or settle
Any gain or loss arising on the disposal or retirement of Roads 3 - 10 years from use and no future economic benefits are expected
the carrying amount of its assets and liabilities.
an item of property, plant and equipment is determined Plant & equipment 3 - 25 years from the disposal. Any gain or loss arising on derecognition
as the difference between the sales proceeds and the of the property (calculated as the difference between the
(vii) Property, plant and equipment Furniture & fixtures 10 years
carrying amount of the asset and is recognised in profit net disposal proceeds and the carrying amount of the
Property, plant and equipment are tangible items that Vehicles 8 - 10 years
or loss. asset) is included in profit or loss in the period in which
are held for use in the production or supply of goods Office equipment 2 - 5 years
and services, rental to others or for administrative the property is derecognised.
Computers 3 - 6 years
Transition to Ind AS
purposes and are expected to be used during more Laboratory equipment 10 years
On transition to Ind AS, the Group has elected to continue Investment property being building is depreciated using
than one period. The cost of an item of property, plant Electrical installations 10 years
and equipment is recognised as an asset if and only if with the carrying value of all of its property, plant and the straight-line method over their estimated useful lives
and equipment
it is probable that future economic benefits associated equipment recognised as at respective transition dates as stated in Schedule II at 30 years along with residual
with the item will flow to the Group and the cost of the measured as per the previous GAAP and use that Fixture and fittings and improvements to leasehold values of 5%.
item can be measured reliably. Freehold land is carried carrying value as the deemed cost of the property, plant buildings not owned by the Group are amortised
at cost. All other items of property, plant and equipment and equipment. over the unexpired lease period or estimated useful Transition to Ind AS
are stated at cost less accumulated depreciation and life of such fixture, fittings and improvements, On transition to Ind AS, the Group has elected to continue
accumulated impairment losses, if any. Cost comprises Depreciation methods, estimated useful lives and whichever is lower. with the carrying value of all of its investment properties
purchase price after deducting trade discounts/rebates, residual value recognised as at respective transition dates measured as
government grants related to assets and including import Depreciation commences when the assets are available The estimated useful lives, residual values and per the previous GAAP and use that carrying value as the
duties and non-refundable purchase taxes, borrowing for their intended use. Depreciation is calculated using depreciation method are reviewed at the end of each deemed cost of investment properties.
costs, any costs that is directly attributable to the bringing the straight-line method to allocate their cost, net of their reporting period, with the effect of any changes in
the asset to the location and condition necessary for it to residual values, over their estimated useful lives. estimate accounted for on a prospective basis. (ix) Inventories
be capable of operating in the manner intended by the
(a) Finished goods and work-in-progress are valued at
management and costs of dismantling/removing the item The management has estimated the useful lives and (viii) Investment property
lower of cost and net realisable value. The cost of
and restoring the site on which it was located under an residual values of all property, plant and equipment and Property that is held for long-term rental yields or for
finished goods and work-in-progress is computed
obligation. Subsequent costs are included in the asset’s adopted useful lives as stated in Schedule II along with capital appreciation or both, is classified as investment
on weighted average basis and includes raw material
carrying amount or recognised as a separate asset, as residual values of 5% except for the following: property. Investment property is stated at cost less
costs, direct cost of conversion and proportionate
appropriate, only when it is probable that future economic accumulated depreciation and accumulated impairment
allocation of indirect costs incurred in bringing the
benefits associated with the item will flow to the Group •
On the basis of technical assessment and losses, if any. Investment property is measured initially
and the cost of the item can be measured reliably. at its cost, including related transaction costs and, inventories to their present location and condition.
past experience:
where applicable, borrowing costs. Cost comprises Finished goods and work-in-progress are written
Each part of item of property, plant and equipment, o the useful lives of mill rollers, instrumentation purchase price after deducting trade discounts/rebates, down if their net realisable value declines below the
if significant in relation to the total cost of the item, is and control devices installed at sugar plants is government grants related to assets and including duties carrying amount of the inventories and such write
depreciated separately. Further, parts of plant and considered at ten years as against prescribed and taxes, borrowing costs, any costs that is directly downs of inventories are recognised in profit or loss.
equipment that are technically advised to be replaced life of twenty five years in respect of continuous attributable to the bringing the asset to the location and When reasons for such write downs ceases to exist,
at prescribed intervals/period of operation, insurance process plant. the write downs are reversed through profit or loss.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(b) Inventories of raw materials & components, stores & obligation, and a reliable estimate can be made of the cost and, if applicable, the past service cost and The classification depends on the Group’s business
spares and stock-in-trade are valued at lower of cost amount of the obligation. The amount recognised as a settlement gain/loss, is included in employee model for managing the financial assets and the
and net realisable value. Raw materials and other provision is the best estimate of the consideration required benefit expense in the statement of profit and loss. contractual terms of the cash flows.
items held for use in the production of inventories are to settle the present obligation at the end of the reporting Remeasurement gains and losses arising from
not written down below cost if the finished goods period, taking into account the risks and uncertainties experience adjustments and changes in actuarial For assets measured at fair value, gains and losses
in which they will be incorporated are expected surrounding the obligation. When the effect of the time will either be recorded in profit or loss or other
assumptions, comprising actuarial gains/losses
to be sold at or above cost. Write down of such value of money is material, provision is measured at
and return on plan assets (excluding the amount comprehensive income. For assets in the nature of
inventories are recognised in profit or loss and when the present value of cash flows estimated to settle the
recognised in net interest on the net defined liability), debt instruments, this will depend on the business
reasons for such write downs ceases to exist, such present obligation. When some or all of the economic
are recognised in the period in which they occur, model. For assets in the nature of equity instruments,
write downs are reversed through profit or loss. Cost benefits required to settle a provision are expected to be
recovered from a third party, a receivable is recognised directly in other comprehensive income. They are this will depend on whether the Group has made an
of such inventories comprises of purchase price
as an asset if it is virtually certain that reimbursement included in retained earnings in the statement of irrevocable election at the time of initial recognition
and other directly attributable costs that have been
will be received and the amount of the receivable can changes in equity and in the balance sheet. to account for the equity instrument at fair value
incurred in bringing the inventories to their present
location and condition. By-products used as raw be measured reliably. Provisions are reviewed at each through other comprehensive income.
balance sheet date. (b) Other long-term employee benefit obligations
material are valued at transfer price linked with net
realisable value. Cost for the purpose of valuation of Other long-term employee benefits include earned The Group reclassifies debt instruments when and
raw materials & components, stores & spares and (xi) Employee benefits leaves and sick leaves. The liabilities for earned only when its business model for managing those
stock-in-trade is considered on the following basis : (a) Post-employment obligations leaves and sick leaves are not expected to be assets changes.
The Group operates the following post- settled wholly within twelve months after the end
Raw materials & Components employment schemes: of the period in which the employees render the (b) Measurement
Business Units Basis related service. They are therefore measured at At initial recognition, the Group measures a financial
• defined benefit plans towards payment of the present value of expected future payments asset at its fair value plus, in the case of a financial
Sugar First in first out
gratuity; and to be made in respect of services provided by asset not at fair value through profit or loss,
Co-generation & Distillery Weighted average
Water Business Group Specific cost employees up to the end of the reporting period transaction costs that are directly attributable to the
• defined contribution plans towards employees’
Power Transmission Weighted average using the projected unit credit method, with acquisition of the financial asset. Transaction costs
provident fund & employee pension scheme,
Business and Specific cost actuarial valuations being carried out at the end of financial assets carried at fair value through profit
employees’ state insurance, superannuation
scheme and national pension scheme. of each annual reporting period. The benefits are or loss are expensed in profit or loss.
Stores & Spares discounted using the market yield on government
Defined benefit plan bonds at the end of the reporting period that have Debt instruments
Business Units Basis
Water Business Group Specific cost The liability or asset recognised in the balance sheet maturity term approximating to the estimated term Subsequent measurement of debt instruments
in respect of the defined benefit plan is the present of the related obligation. Remeasurements as a depends on the Group’s business model for
Other units Weighted average
value of the defined benefit obligation at the end result of experience adjustments and changes in managing the asset and the cash flow characteristics
Stock-in-trade of the reporting period less the fair value of plan actuarial assumptions are recognised in profit or of the asset. There are three measurement categories
assets. The present value of the defined benefit loss. The obligations are presented as provisions in into which the Group classifies its debt instruments:
Business Units Basis
obligation is determined using projected unit credit the balance sheet.
Branded goods trading Weighted average method by discounting the estimated future cash A mortised cost: Assets that are held for
•
business outflows with reference to market yield at the end (xii) Financial assets collection of contractual cash flows where
Diesel/petrol retailing business First in first out of the reporting period on government bonds that
(a) Classification those cash flows represent solely payments
have maturity terms approximating the estimated
(c)
By-products (excluding those used as raw The Group classifies its financial assets in the of principal and interest are measured at
term of the related obligation, through actuarial
materials) and scrap are valued at estimated net following measurement categories: amortised cost. A gain or loss on a debt
valuations carried out at the end of each annual
realisable value. reporting period. investment that is subsequently measured at
• those to be measured subsequently at fair amortised cost is recognised in profit or loss
(x) Provisions The net interest cost is calculated by applying the value (either through other comprehensive when the asset is derecognised or impaired.
Provisions are recognised when the Group has a present discount rate to the net balance of the defined income, or through profit or loss), and Interest income from these financial assets
obligation (legal or constructive) as a result of a past event, benefit obligation and the fair value of plan assets. is recognised using the effective interest
it is probable that the Group will be required to settle the Such net interest cost along with the current service • those measured at amortised cost. rate method.
294 295
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Fair value through other comprehensive
• loss associated with its financial assets carried at a contractual obligation to pay the cash flows that is no longer recognised on the basis of the
income (FVTOCI): Assets that are held for amortised cost and FVTOCI debt instruments. to one or more recipients. relative fair values of those parts.
collection of contractual cash flows and for
selling the financial assets, where the assets’ For trade receivables or any contractual right to Where the Group has transferred an asset, it (e) Effective interest method
cash flows represent solely payments of receive cash or another financial asset that result evaluates whether it has transferred substantially all The effective interest method is a method of
principal and interest, are measured at FVTOCI. from transactions that are within the scope of Ind risks and rewards of ownership of the financial asset. calculating the amortised cost of a debt instrument
Movements in the carrying amount are taken AS 115 Revenue from Contracts with Customers, In such cases, the financial asset is derecognised.
and of allocating interest income over the relevant
through OCI, except for the recognition of the Group applies simplified approach permitted by Where the Group has not transferred substantially
period. The effective interest rate is the rate that
impairment gains or losses, interest income and Ind AS 109 Financial Instruments, which requires all risks and rewards of ownership of the financial
exactly discounts estimated future cash receipts
foreign exchange gains and losses which are expected life time losses to be recognised after asset, the financial asset is not derecognised.
through the expected life of the financial asset to
recognised in profit or loss. When the financial initial recognition of receivables. For recognition of
the gross carrying amount of a financial asset. When
asset is derecognised, the cumulative gain or impairment loss on other financial assets and risk Where the Group has neither transferred a financial
calculating the effective interest rate, the Group
loss previously recognised in OCI is reclassified exposure, the Group determines whether there has asset nor retained substantially all risks and
estimates the expected cash flows by considering
from equity to profit or loss and recognised in been a significant increase in the credit risk since rewards of ownership of the financial asset, the
financial asset is derecognised if the Group has all the contractual terms of the financial instrument
other gains/(losses). Interest income from these initial recognition. If credit risk has not increased
significantly, twelve months ECL is used to provide not retained control of the financial asset. Where but does not consider the expected credit losses.
financial assets is included in other income
for impairment loss. However, if credit risk has the Group retains control of the financial asset, the Income is recognised on an effective interest basis
using the effective interest rate method.
increased significantly, lifetime ECL is used. If, in a asset is continued to be recognised to the extent of for debt instruments other than those financial
subsequent period, credit quality of the instrument continuing involvement in the financial asset. assets classified as at FVTPL.
• air value through profit or loss (FVTPL):
F
Assets that do not meet the criteria for improves such that there is no longer a significant
increase in credit risk since initial recognition, then On derecognition of a financial asset in its entirety, (xiii) Financial liabilities and equity instruments
amortised cost or FVTOCI are measured at
fair value through profit or loss. A gain or loss the entity reverts to recognising impairment loss the difference between the asset’s carrying amount (a) Classification
on a debt investment that is subsequently allowance based on twelve-months ECL. and the sum of the consideration received and Debt and equity instruments issued by the Group
receivable and the cumulative gain or loss that had are classified as either financial liabilities or as equity
measured at fair value through profit or loss is
ECL represents expected credit loss resulting from been recognised in other comprehensive income in accordance with the substance of the contractual
recognised in profit or loss and presented net
all possible defaults and is the difference between all and accumulated in equity is recognised in profit
in the statement of profit and loss within other arrangements and the definitions of a financial
contractual cash flows that are due to the Group in or loss if such gain or loss would have otherwise
gains/(losses) in the period in which it arises. liability and an equity instrument.
accordance with the contract and all the cash flows been recognised in profit or loss on disposal of that
Interest income from these financial assets is
that the entity expects to receive, discounted at the financial asset.
included in other income. Equity instruments
original effective interest rate. While determining
cash flows, cash flows from the sale of collateral On derecognition of a financial asset other than An equity instrument is any contract that evidences
Equity instruments a residual interest in the assets of the Group after
held or other credit enhancements that are integral in its entirety, the Group allocates the previous
The Group subsequently measures all equity to the contractual terms are also considered. carrying amount of the financial asset between deducting all of its liabilities.
investments at fair value, except for equity the part it continues to recognise under continuing
investments in associates and joint ventures where ECL is determined with reference to historically involvement, and the part it no longer recognises Financial liabilities
equity accounting is followed (note 1(a)(iv)). Where observed default rates over the expected life of on the basis of the relative fair values of those parts The Group classifies its financial liabilities in the
the Group’s management has elected to present fair the trade receivables and is adjusted for forward on the date of the transfer. The difference between following measurement categories:
value gains and losses on equity investments in other looking estimates. Note 41(i) details how the Group the carrying amount allocated to the part that is no
comprehensive income, there is no subsequent determines expected credit loss. longer recognised and the sum of the consideration • those to be measured subsequently at fair
reclassification of fair value gains and losses to received for the part no longer recognised and any value through profit or loss, and
profit or loss. Dividends from such investments are (d) Derecognition of financial assets cumulative gain or loss allocated to it that had
recognised in profit or loss as other income when A financial asset is derecognised only when been recognised in other comprehensive income • those measured at amortised cost.
the Group’s right to receive payments is established. the Group is recognised in profit or loss if such gain or loss
would have otherwise been recognised in profit or Financial liabilities are classified as at FVTPL
(c) Impairment of financial assets • has transferred the rights to receive cash flows when the financial liability is held for trading or it
loss on disposal of that financial asset. A cumulative
from the financial asset; or
In accordance with Ind AS 109 Financial Instruments, gain or loss that had been recognised in other is designated as at FVTPL, other financial liabilities
the Group applies expected credit loss (ECL) model • retains the contractual rights to receive the comprehensive income is allocated between the are measured at amortised cost at the end of
for measurement and recognition of impairment cash flows of the financial asset, but assumes part that continues to be recognised and the part subsequent accounting periods.
296 297
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(b) Measurement Financial liabilities recognised in profit or loss immediately unless the is recognised when the forecast transaction is ultimately
Equity instruments The Group derecognises financial liabilities derivative is designated and effective as a hedge, in recognised in the statement of profit and loss. When
when, and only when, the Group’s obligations which event the timing of the recognition in profit or loss a forecast transaction is no longer expected to occur,
Equity instruments issued by the Group are
are discharged, cancelled or have expired. An depends on the nature of the hedging relationship and the gain or loss accumulated in equity is recognised
recognised at the proceeds received. Transaction
exchange with a lender of debt instruments with the nature of the hedged item. immediately in the statement of profit and loss.
cost of equity transactions shall be accounted for
as a deduction from equity. substantially different terms is accounted for as an
extinguishment of the original financial liability and The Company designates certain derivative instruments Note 3: Critical accounting judgements and
Financial liabilities the recognition of a new financial liability. Similarly, as cash flow hedges to hedge the foreign exchange key sources of estimation uncertainty
a substantial modification of the terms of an existing risk relating to the cash flows attributable to certain firm The preparation of financial statements requires the use of
At initial recognition, the Group measures a financial commitments / highly probable forecast transactions.
financial liability (whether or not attributable to the accounting estimates which, by definition, will seldom equal the
liability at its fair value net of, in the case of a financial At the inception of the hedge relationship, the Company
financial difficulty of the debtor) is accounted for as actual results. Management also needs to exercise judgement
liability not measured at fair value through profit or
an extinguishment of the original financial liability documents the relationship between the hedging in applying the Group’s accounting policies.
loss, transaction costs that are directly attributable
and the recognition of a new financial liability. The instrument and the hedged item, along with its risk
to the issue of the financial liability. Transaction costs
difference between the carrying amount of the management objectives and strategy. Furthermore, at This note provides an overview of the areas that involved a
of financial liability carried at fair value through profit
financial liability derecognised and the consideration the inception of the hedge and on an ongoing basis, higher degree of judgement or complexity and of items which
or loss are expensed in profit or loss.
paid and payable is recognised in profit or loss. the Company assesses the effectiveness of the hedging are more likely to be materially adjusted due to estimates
instrument in offsetting changes in expected cash flows and assumptions turning out to be different than those
Subsequent measurement of financial liabilities
(d) Effective interest method of the hedged item attributable to the hedged risk. The originally assessed.
depends on the classification of financial liabilities.
There are two measurement categories into which The effective interest method is a method of effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges Estimates and judgements are continually evaluated. They are
the Group classifies its financial liabilities: calculating the amortised cost of a financial liability
based on historical experience and other factors, including
and of allocating interest expense over the relevant is recognised in other comprehensive income and
expectations of future events that may have a financial impact
• air value through profit or loss (FVTPL):
F period. The effective interest rate is the rate that accumulated under cash flow hedging reserve within
on the Group and that are believed to be reasonable under
Financial liabilities are classified as at FVTPL exactly discounts estimated future cash payments equity. The gain or loss relating to the ineffective portion is
the circumstances.
when the financial liability is held for trading through the expected life of the financial liability to recognised immediately in the statement of profit and loss.
or it is designated as at FVTPL. Financial the gross carrying amount of a financial liability. In case the Company opts to designate only the changes
(i) Critical accounting judgements
liabilities at FVTPL are stated at fair value, with in the spot element of a foreign currency forward contract
Following are the areas which involved complex and
any gains or losses arising on remeasurement (e) Foreign exchange gains and losses as a cash flow hedge, the changes in the forward element
subjective judgements:
recognised in profit or loss. For financial liabilities that are denominated in a of the relevant forward contract, is recognised in other
foreign currency and are measured at amortised comprehensive income and accumulated under cost of
(a)
Incentives under the U.P. Sugar Industry
• Amortised cost: Financial liabilities that are cost at the end of each reporting period, the foreign hedging reserve within equity, to the extent such forward Promotion Policy, 2004
not held-for-trading and are not designated as exchange gains and losses are determined based element is aligned with the critical terms of the hedged
at FVTPL are measured at amortised cost at In a writ petition filed by the Company against the
on the amortised cost of the instruments and are item. The changes in the forward element of the relevant
the end of subsequent accounting periods. illegal withdrawal of U.P. Sugar Industry Promotion
recognised in ‘Other income’. The fair value of forward contract which is not so aligned, is recognised
The carrying amounts of financial liabilities that Policy, 2004 (“the Policy”) by the State Government
financial liabilities denominated in a foreign currency immediately in the statement of profit and loss.
of Uttar Pradesh, the Hon’ble Allahabad High Court
are subsequently measured at amortised cost is determined in that foreign currency and translated had decided the matter in favour of the Company
are determined based on the effective interest at the spot rate at the end of the reporting period. Amounts previously recognised in other comprehensive
and directed the State Government to quantify and
method. Interest expense that is not capitalised income and accumulated in equity relating to effective
pay all the incentives that were promised under the
as part of costs of an asset is included in the (xiv) Derivatives and hedging activities and /or aligned portion (as described above) of the cash said Policy. The State Government however filed a
‘Finance costs’ line item. flow hedges are reclassified to the statement of profit
The Company undertakes transactions involving Special Leave Petition before the Hon’ble Supreme
derivative financial instruments, primarily foreign or loss in the periods when the hedged item affects the Court challenging the decision of the Hon’ble High
(c) Derecognition
exchange forward contracts, to manage its exposure to statement of profit and loss. Court against it.
Equity instruments foreign exchange risks.
Repurchase of the Group’s own equity instruments Hedge accounting is discontinued when the hedging While the case was sub-judice, the Company
is recognised and deducted directly in equity. No Derivatives are initially recognised at fair value at the instrument expires or is sold, terminated, or exercised, or continued to avail and account for the remissions
gain or loss is recognised in profit or loss on the date the relevant contracts are entered into and are when it no longer qualifies for hedge accounting. Any gain of statutory levies and duties aggregating to
purchase, sale, issue or cancellation of the Group’s subsequently remeasured at their fair value at the end or loss recognised in other comprehensive income and ` 4158.38 lakhs, which it was entitled to under the
own equity instruments. of each reporting period. The resulting gain or loss is accumulated in equity at that time remains in equity and Policy, in accordance with the interim directions of
298 299
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
the High Court. Based on the aforesaid decision liabilities cannot be measured based on quoted determining expected credit losses. Despite the specified warranty period. Provisions made
of Hon’ble Allahabad High Court in its favour, prices in active markets, their fair value is measured best estimates and periodic credit appraisals of represent the amount of expected cost of meeting
the Company shall continue to pursue its claim using valuation techniques by engaging third party customers, the Group’s receivables are exposed to such obligations of rectifications / replacements
of ` 11375 lakhs filed towards one time capital qualified external valuers or internal valuation delinquency risks due to material adverse changes in based on best estimate considering the historical
subsidy and its claims towards other incentives team to perform the valuation. The inputs to these business, financial or economic conditions that are warranty claim information and any recent trends
by way of reimbursements against specified models are taken from observable markets where expected to cause a significant change to the party’s that may suggest future claims could differ from
expenses aggregating to ` 13015.88 lakhs, by filing possible, but where this is not feasible, a degree ability to meet its obligations. All such parameters historical amounts. The assumptions made in
necessary documents for the verification of the State of judgement is required in establishing fair values. relating to impairment or potential impairment are relation to the current period are consistent with
Government authorities. The aforesaid amounts do Judgements include considerations of inputs such reviewed at each reporting date. See note 41(i) for those in the prior years.
not include any interest towards delayed settlement. as liquidity risk, credit risk and volatility. Changes in further disclosures.
assumptions about these factors could affect the (f) Provision for litigations and contingencies
In view of uncertainties involved on account of the
reported fair value of financial instruments. See note In case of non-financial assets, assessment of The provision for litigations and contingencies
fact that the State Government has challenged the
5, 7, 10, 21 and 42 for further disclosures. impairment indicators involves consideration of are determined based on evaluation made by the
decision rendered against it and since the process
future risks. Further, the Company estimates asset’s management of the present obligation arising from
of verification and quantification of claims by the
(b) Employee benefit plans recoverable amount, which is higher of an asset’s/ past events the settlement of which is expected to
State Government for the incentive period of 10
years is yet to be taken up, the Company has not The cost of employee benefits under the defined Cash Generating Units (CGU’s) fair value less costs result in outflow of resources embodying economic
recognised the above benefits/incentives receivable benefit plan and other long term employee benefits of disposal and its value in use. In assessing value in benefits, which involves judgements around
under the Policy. as well as the present value of the obligation use, the estimated future cash flows are discounted estimating the ultimate outcome of such past events
there against are determined using actuarial to their present value using pre-tax discount rate and measurement of the obligation amount.
(b) Accounting of Company’s investment in equity valuations. An actuarial valuation involves making that reflects current market assessments of the time
shares of Sir Shadi Lal Enterprises Limited various assumptions that may differ from actual value of money and the risks specific to the asset. In (g) Useful life and residual value of plant, property
As a strategic investment, the Company has developments in the future. These include the determining fair value less costs of disposal, recent equipment and intangible assets
acquired 25.43% paid-up equity share capital of Sir determination of the discount rate, future salary market transactions are taken into account, if no
The useful life and residual value of plant, property
Shadi Lal Enterprises Limited (SSLEL) from certain increases, attrition and mortality rates. Due to the such transactions can be identified, an appropriate
equipment and intangible assets are determined
members of the promoter group of SSLEL, under complexities involved in the valuation and its long- valuation model is used.
based on technical evaluation made by the
a share purchase agreement dated 30 January term nature, obligation amount is highly sensitive to management of the expected usage of the asset, the
2024. Under Regulation 3(1) and Regulation 4 of changes in these assumptions. (d) Revenue and cost estimation for long-duration
physical wear and tear and technical or commercial
the Securities Exchange Board of India (Substantial construction & supply contracts
obsolescence of the asset. Due to the judgements
Acquisition of Shares and Takeovers) Regulations, The parameter most subject to change is the discount The revenue recognition pertaining to long-duration involved in such estimations, the useful life and
2011, the Company has launched an open offer rate. In determining the appropriate discount rate construction & supply contracts are determined on residual value are sensitive to the actual usage in
on 30 January 2024 for acquisition of further 26% for plans, the management considers the market proportionate completion method based on actual future period.
of the outstanding paid-up equity share capital of
yields on government bonds with a maturity term contract costs incurred till balance sheet date
SSLEL. The Management is of the opinion that the
that is consistent with the term of the concerned and total budgeted contract costs. An estimation (h) Current taxes and deferred taxes
Company does not presently have a significant
defined benefit obligation. Future salary increases of total budgeted contract cost involves making
influence over SSLEL, so as to consider it as an Significant judgement is required in determination
are based on expected future inflation rates and various assumptions that may differ from the actual
associate company. of taxability of certain incomes and deductibility
expected salary trends in the industry. Attrition rates developments in the future. These include delays
of certain expenses during the estimation of the
(ii) Key sources of estimation uncertainty are considered based on past observable data of in execution due to unforeseen reasons, inflation
provision for income taxes.
employees leaving the services of the Group. The rate, future material rates, future labour rates etc.
Following are the key assumptions concerning the future,
mortality rate is based on publicly available mortality The estimates/assumptions are made considering
and other key sources of estimation uncertainty at the Deferred tax assets are recognised for deductible
tables. Those mortality tables tend to change only at past experience, market/inflation trends and
end of the reporting period that may have a significant risk temporary differences and carry forward of unused
of causing a material adjustment to the carrying amounts intervals in response to demographic changes. See technological developments etc. All such estimates/ tax losses and tax credits to the extent that it is
of assets and liabilities within the next financial year: note 38 for further disclosures. assumptions are reviewed at each reporting date. probable that taxable profit would be available
against which such deferred tax assets could be
(a)
Fair value measurements and valuation (c)
Impairment of financial and non-financial (e) Provision for warranty claims
utilised. Significant management judgement is
processes assets The Group, in the usual course of sale of its required to determine the amount of deferred tax
Some of the Group’s assets and liabilities are The Group has a stringent policy of ascertaining products, provides warranties on certain products assets that can be recognised, based upon the likely
measured at fair value for financial reporting impairment, if any, of financial assets as a result and services, undertaking to repair or replace timing and the level of future taxable profits together
purposes. When the fair values of these assets and of detailed scrutiny of major cases and through the items that fail to perform satisfactorily during with future tax optimisation strategies.
300 301
302
Notes to the Consolidated Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
Note 4: Property, plant and equipment and capital work-in-progress
Property, plant and equipment Capital
Freehold Leasehold Right-of- Buildings Right-of- Plant and Furniture & Vehicles Office Computers Total work-in-
Land Land use assets & Roads use assets Equipment Fixtures Equipment progress
(Land) (Building)
Year ended 31 March 2023
Gross carrying amount
Opening gross carrying amount 4004.47 1986.75 373.54 25996.10 2356.91 111404.38 527.74 1703.22 836.02 1210.40 150399.53 25652.78
Additions 140.90 - 1033.93 4114.76 818.34 41300.61 282.94 412.70 197.45 337.62 48639.25 16300.31
Disposals - - (2.64) (29.83) (259.40) (232.80) (3.73) (163.61) (26.30) (35.42) (753.73) -
Transfers * - - - - - - - - - - - (39121.90)
Other adjustments - - - (5.02) - (50.35) 14.47 - 57.06 (16.16) - -
Closing gross carrying amount 4145.37 1986.75 1404.83 30076.01 2915.85 152421.84 821.42 1952.31 1064.23 1496.44 198285.05 2831.19
Accumulated depreciation and
impairment
Opening accumulated depreciation and - - 36.33 5670.77 1014.78 35381.29 254.95 654.23 352.29 727.13 44091.77 -
impairment
Depreciation charge during the year - - 8.49 1087.46 589.07 6953.06 55.94 204.96 121.36 232.69 9253.03 -
Disposals - - (2.64) (27.09) (204.28) (100.68) (3.31) (114.14) (20.93) (27.08) (500.15) -
Closing accumulated depreciation and - - 42.18 6731.14 1399.57 42233.67 307.58 745.05 452.72 932.74 52844.65 -
impairment
Net carrying amount 4145.37 1986.75 1362.65 23344.87 1516.28 110188.17 513.84 1207.26 611.51 563.70 145440.40 2831.19
Year ended 31 March 2024
Gross carrying amount
Opening gross carrying amount 4145.37 1986.75 1404.83 30076.01 2915.85 152421.84 821.42 1952.31 1064.23 1496.44 198285.05 2831.19
Additions 29.84 - 9.93 3514.41 61.82 10745.94 99.08 555.62 88.09 229.78 15334.51 27062.30
Disposals - - - (19.60) (129.23) (265.26) (5.42) (245.49) (35.64) (46.20) (746.84) -
Transfers * - - - - - - - - - - - (7323.28)
Other adjustments (12.35) - - 14.65 - (56.83) (28.85) - (114.19) 32.32 (165.25) -
Closing gross carrying amount 4162.86 1986.75 1414.76 33585.47 2848.44 162845.69 886.23 2262.44 1002.49 1712.34 212707.47 22570.21
Accumulated depreciation and
impairment
Opening accumulated depreciation and - - 42.18 6731.14 1399.57 42233.67 307.58 745.05 452.72 932.74 52844.65 -
impairment
Depreciation charge during the year - - 111.35 1218.62 538.73 7737.41 60.28 253.17 136.13 241.14 10296.83 -
Disposals - - - (6.07) (120.95) (223.69) (4.84) (174.66) (29.81) (41.83) (601.85) -
Other adjustments - - - 0.09 - (0.69) - - - - (0.60) -
Closing accumulated depreciation and - - 153.53 7943.78 1817.35 49746.70 363.02 823.56 559.04 1132.05 62539.03 -
impairment
Net carrying amount 4162.86 1986.75 1261.23 25641.69 1031.09 113098.99 523.21 1438.88 443.45 580.29 150168.44 22570.21
* Represents amount capitalised during the year under property, plant and equipment out of capital work-in-progress.
Annual Report 2023-24
(i)
(ii)
(i)
(iii)
(iv)
Notes:
(a)
02-47
Projects in progress
Leasehold land
at Mumbai.
Net carrying amount
Additions during the year
Gross carrying amount
Corporate Overview
Capital work-in-progress
22533.19
year
than 1
Less
Contractual commitments
Opening gross carrying amount
Closing gross carrying amount
for the year ended March 31, 2024
Opening accumulated depreciation
Note 5: Investment property
Investment properties consist of :
Depreciation charge/impairment losses
20.21
years
1-2
Capital work-in-progress ageing schedule
08-13
Accumulated depreciation and impairment
(All amounts in ` lakhs, unless otherwise stated)
Restrictions on Property, plant and equipment
16.81
years
2-3
Description about investment properties
As at 31-Mar-24
Closing accumulated depreciation and impairment
years
than 3
More
Management Statements
- 22570.21
Total
certain parcels of freehold land located in the State of Uttar Pradesh.
2716.84
year
than 1
Less
48-171
Statutory Reports
19.14
years
1-2
relating to a small parcel of land where prior approval of the specified authority is required.
Capital work-in-progress mainly comprises of distillery plant being constructed at Rani Nangal.
-
years
2-3
1214.35
-
-
-
1214.35
4.21
1210.14
31-Mar-24
As at
As at 31-Mar-23
Refer note 47 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
95.21
years
than 3
More
of freehold land are in view of legal constraints in perfecting title in favour of the Company (also refer note 50(i)).
172-373
2831.19
Total
1210.14
-
-
-
1210.14
-
1210.14
31-Mar-23
As at
Notes to the Consolidated Financial Statements
Comprises certain land acquired under agreements on perpetual lease terms from the Government and accordingly,
classified and accounted for under Ind AS 16 Property, Plant and Equipment. Under the terms of the perpetual lease
303
(b) an office flat owned by the Group having carrying amount of ` 0.12 lakhs constructed by a Society on a leasehold land
Refer note 16(i) & 19(i) for information on charges created on property, plant and equipment. Other adjustments in respect
Financial Statements
agreements, the Group has the right to sublet/ sub-lease/ assign/ transfer such land except in case of one perpetual lease
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(ii) Amount recognised in statement of profit and loss Note 6: Intangible assets and Intangible assets under development
As at As at Intangible assets Intangible
31-Mar-24 31-Mar-23 Goodwill Computer assets under
Website Total
software development
Rental income from office flat at Mumbai 12.00 12.00
Direct operating expenses on property that generated rental income - - Year ended 31 March 2023
Direct operating expenses on property that did not generate rental income (10.76) (11.38) Gross carrying amount
Profit from investment properties before depreciation 1.24 0.62 Opening gross carrying amount 68.23 508.14 9.66 517.80 -
Depreciation - - Additions - 185.65 4.00 189.65 2.50
Profit from investment properties 1.24 0.62 Disposals - (0.70) (9.66) (10.36) -
Transfers * - - - - (2.50)
(iii) Restrictions on realisability and contractual obligations Closing gross carrying amount 68.23 693.09 4.00 697.09 -
The Group has no restrictions on the realisability of any of its investment properties and it is under no contractual obligations Accumulated amortisation and
to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements thereof. impairment
Opening accumulated amortisation and - 355.94 1.12 357.06 -
(iv) Fair value impairment
Amortisation charge during the year - 91.48 3.59 95.07 -
As at As at
31-Mar-24 31-Mar-23 Disposals - (0.59) (4.33) (4.92) -
Closing accumulated amortisation and - 446.83 0.38 447.21 -
Investment properties impairment
- Certain parcels of freehold land located in the State of Uttar Pradesh * 5551.89 6064.88 Closing net carrying amount 68.23 246.26 3.62 249.88 -
- Office flat at Mumbai 455.00 444.60 Year ended 31 March 2024
* Stated values are based upon circle rates notified by the revenue authorities. The parcels of land are situated in the sugarcane belt of Uttar Gross carrying amount
Pradesh and in the absence of comparable transactions relating to large parcels of land in the immediate vicinity, the circle rates may not be
determinative of the actual fair value of such land. Opening gross carrying amount 68.23 693.09 4.00 697.09 -
Additions - 83.42 - 83.42 -
Estimation of fair value of office flat at Mumbai Disposals - (7.03) - (7.03) -
The valuation of the office flat situated at Mumbai has been carried by a registered approved valuer (as defined under rule 2 Closing gross carrying amount 68.23 769.48 4.00 773.48 -
of Companies (Registered Valuers and Valuation) Rules, 2017), conversant with and having knowledge of real estate activities Accumulated amortisation and
in the concerned area, based on prevalent rates and other observable market inputs (Level 2 fair value). impairment
Opening accumulated amortisation and - 446.83 0.38 447.21 -
impairment
Amortisation charge during the year - 126.69 1.34 128.03 -
Disposals - (6.53) - (6.53) -
Closing accumulated amortisation and - 566.99 1.72 568.71 -
impairment
Closing net carrying amount 68.23 202.49 2.28 204.77 -
* Represents amount capitalised during the year under Intangible assets out of Intangible assets under development.
(i) Intangible assets comprising computer software and website are amortised using straight-line method over estimated useful
life of 3 years. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate being accounted for on a prospective basis.
(ii) On transition to Ind AS, the Company has elected to continue with the carrying value of all of intangible assets recognised
as at 1 April 2015 measured as per the previous GAAP and use that carrying value as the deemed cost of intangible assets.
304 305
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 7: Investments As at As at
(a) Investments accounted for using the equity method 31-Mar-24 31-Mar-23
As at As at 9,700 (31 March 2023: 9,700) 8.65% bonds of ` 1,000/- of IL&FS Financial Services 0.97 0.97
31-Mar-24 31-Mar-23 Ltd. SR-XVI
Unquoted Investments (fully paid-up) 5,100 (31 March 2023: 5,100) 8.23% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
Ltd. SR-I
Investments in Equity Instruments
2,000 (31 March 2023: 2,000) 8.70% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
- of Joint ventures
Ltd. SR-I
2,50,00,000 (31 March 2023: Nil) Equity shares of ` 1/- each of Triveni Sports Private 267.58 -
3,000 (31 March 2023: 3,000) 9.50% bonds of ` 1,000/- of Infrastructure Leasing & 4.08 6.00
Limited [refer note 44(ii)]
Financial Services Ltd. SR-II C
Total aggregate unquoted investments 267.58 -
6,000 (31 March 2023: 6,000) 9.00% bonds of ` 1,000/- of Infrastructure Leasing & 8.05 12.00
Total investments accounted for using the equity method 267.58 -
Financial Services Ltd. SR-I-H (O-1)
Total investments accounted for using the equity method 267.58 -
Total aggregate unquoted investments at amortised cost 13.30 19.20
Aggregate amount of quoted investments - -
Total other non-current investments carried at amortised cost [B] 104.46 115.57
Aggregate amount of market value of quoted investment - -
At Fair value through Profit or Loss (FVTPL) (refer note 42)
Aggregate amount of unquoted investments 267.58 -
Quoted Investments (fully paid-up)
Aggregate amount of impairment in the value of investments - -
Investments in Equity Instruments
(b) Other non-current investments Nil (31 March 2023: 13,500) Equity shares of ` 2/- each of Housing Development - 354.44
Finance Corporation Limited
As at As at 27,680 (31 March 2023: 5,000) Equity shares of ` 1/- each of HDFC Bank Limited 400.78 80.48
31-Mar-24 31-Mar-23
24,175 (31 March 2023: 24,175) Equity shares of ` 2/- each of Punjab National Bank 30.07 11.26
At Cost 76 (31 March 2023: 76) Equity shares of ` 10/- each of Central Bank of India 0.05 0.02
Unquoted Investments (fully paid-up) 3,642 (31 March 2023: 3,642) Equity shares of ` 5/- each of NBI Industrial Finance 65.18 52.89
Investments in Equity Instruments Co. Limited
- of Subsidiaries Total other non-current investments carried at FVTPL [C] 496.08 499.09
1,00,000 (31 March 2023: 1,00,000) Equity shares of ` 1/- each of Triveni Foundation 1.00 1.00 At Fair value through Other Comprehensive Income (FVTOCI) (refer note 42)
(incorporated u/s 8 of the Companies Act, 2013) Quoted Investments (fully paid-up)
Total other non-current investments carried at cost [A] 1.00 1.00 Investments in Equity Instruments
At Amortised cost 13,35,136 (31 March 2023: Nil) Equity shares of ` 10/- each of Sir Shadi Lal 4646.27 -
Quoted Investments (fully paid-up) Enterprises Limited [refer note 3(i)(b)]
Investments in Debentures Total non-current investments carried at FVTOCI [D] 4646.27 -
10,418 (31 March 2023: 10,418) 6.75% redeemable non-convertible debentures of 91.16 96.37 Total other non-current investments ([A]+[B]+[C]+[D]) 5247.81 615.66
Piramal Capital & Housing Finance Ltd. Total other non-current investments 5247.81 615.66
Total aggregate quoted investments at amortised cost 91.16 96.37 Aggregate amount of quoted investments 5233.51 595.46
Unquoted Investments (fully paid-up) Aggregate amount of market value of quoted investments 5220.79 581.16
Investments in Government or trust securities Aggregate amount of unquoted investments 14.30 20.20
National Saving Certificates (kept as security) - 0.03 Aggregate amount of impairment in the value of investments - -
Investments in Bonds
2,000 (31 March 2023: 2,000) 9.55% bonds of ` 1,000/- of IL&FS Financial Services 0.20 0.20
Ltd. SR-V
3,000 (31 March 2023: 3,000) 8.85% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
Ltd. SR-VI
4,000 (31 March 2023: 4,000) 8.75% bonds of ` 1,000/- of IL&FS Financial Services 0.00 0.00
Ltd. SR-III
306 307
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 8: Trade receivables For the year ended 31 March 2023
As at 31-Mar-24 As at 31-Mar-23 Not Outstanding for following periods from due date of payment Total
Current Non- current Current Non- current overdue Less than 6 months - 1-2 years 2-3 years More than
6 months 1 year 3 years
Trade receivables (at amortised cost)
- Considered good - Unsecured 34651.46 16106.82 39381.91 17111.61 Undisputed trade 40892.22 10551.76 2038.43 195.17 27.93 58.13 53763.64
receivables - considered
-T rade receivables which have significant increase in - 1048.43 - 861.04
good
credit risk
Undisputed trade - 10.23 15.46 2.38 8.50 16.94 53.51
- Trade receivables - Credit impaired - 16.35 - 64.18
receivables - which have
Less: Allowance for bad and doubtful debts (181.87) (1065.69) (185.73) (927.68)
significant increase in credit
Total trade receivables 34469.59 16105.91 39196.18 17109.15
risk
Disputed trade receivables - 173.06 312.56 457.20 329.54 537.03 920.49 2729.88
(i) Refer note 41(i) for credit risk, impairment of trade receivables under expected credit loss model and other related disclosures.
considered good
(ii) Non-current trade receivables includes ` 16023.43 lakhs in respect of wholly owned subsidiaries, Mathura Wastewater Disputed trade receivables - - - - - 807.53 807.53
Management Private Limited and Pali ZLD Private Limited. These companies are engaged in projects which are on - which have significant
hybrind annuity basis, according to which 40%/55% respectively of EPC value is required to paid by the customer during increase in credit risk
the construction period and balance 60%/45% respectively during the Operation & Maintenance period of 5-15 years Disputed trade receivables - - - - - - 64.18 64.18
alongwith interest. credit impaired
Total trade receivables 41065.28 10874.55 2511.09 527.09 573.46 1867.27 57418.74
(iii) Trade receivables ageing schedule:
Note 9: Loans
For the year ended 31 March 2024
As at 31-Mar-24 As at 31-Mar-23
Not Outstanding for following periods from due date of payment Total
Current Non- current Current Non- current
overdue Less than 6 months - 1-2 years 2-3 years More than
6 months 1 year 3 years At amortised cost
Loan to employees
Undisputed trade 36145.86 9903.93 1224.23 1529.83 16.49 30.75 48851.09
receivables - considered - Loans receivables considered good - Unsecured 53.26 3.63 57.95 3.29
good Total loans 53.26 3.63 57.95 3.29
Undisputed trade - 23.58 58.91 3.01 2.26 12.07 99.83
receivables - which have
Note 10: Other financial assets
significant increase in credit As at 31-Mar-24 As at 31-Mar-23
risk Current Non- current Current Non- current
Disputed trade receivables - 204.44 320.77 182.50 268.64 290.01 640.83 1907.19
At amortised cost
considered good
Security deposits (see (i) below) 17.20 1039.56 113.18 902.20
Disputed trade receivables - - - - - 948.60 948.60
- which have significant Earnest money deposits 167.61 8.00 214.13 8.00
increase in credit risk Less: Allowance for bad and doubtful deposits (4.06) - (0.79) -
Disputed trade receivables - - - - - - 16.35 16.35 163.55 8.00 213.34 8.00
credit impaired Bank balances:
Total trade receivables 36350.30 10248.28 1465.64 1801.48 308.76 1648.60 51823.06 Earmarked balances with banks:
-D eposit against molasses storage fund (refer - 453.58 - 379.17
note15(vi))
Balances under lien/margin/kept as security:
- Post office savings account - 0.19 - 0.19
- Fixed / margin deposits - 741.56 - 240.41
308 309
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
As at 31-Mar-24 As at 31-Mar-23 As at 31-Mar-24 As at 31-Mar-23
Current Non- current Current Non- current Current Non- current Current Non- current
Other balances:
Due from customers under long-duration 12319.97 - 11900.30 -
- Fixed deposits - - - 4.20 construction & supply contracts [see (ii) below]
- 1,195.33 - 623.97 Less: Allowance for bad and doubtful debts (743.00) - (743.00) -
Accrued interest 550.93 6.15 552.09 3.46 11576.97 - 11157.30 -
Insurance premium refundable 102.40 - 130.17 - Customer retentions [see (i) and (ii) below] 4660.93 - 5881.38 -
Miscellaneous other financial assets 764.74 4.30 716.87 14.90 Less: Allowance for bad and doubtful debts (65.30) - (81.56) -
Less: Allowance for bad and doubtful assets - (4.30) - (14.90) 4595.63 - 5799.82 -
764.74 - 716.87 - Miscellaneous other assets 449.62 125.32 264.94 166.73
Total other financial assets at amortised cost [A] 1598.82 2249.04 1725.65 1537.63 Less: Allowance for bad and doubtful assets - (20.17) - (20.75)
At fair value through Other Comprehensive 449.62 105.15 264.94 145.98
Income (FVTOCI) (refer note 42)
Total other assets 23045.47 3211.22 25611.82 1155.97
Derivatives financial instruments carried at fair value
-F oreign exchange forward contracts (designated as - - 0.46 - (i) Customer retentions include ` Nil (31 March 2023: `1152.87 lakhs) expected to be received after twelve months but within
hedges) the operating cycle.
Total other financial assets at FVTOCI [B] - - 0.46 -
Total other financial assets ([A]+[B]) 1598.82 2249.04 1726.11 1537.63 (ii) Contract balances
As at As at
(i) Investment of ` 106.43 lakhs (31 March 2023: ` 65.48 lakhs) in equity shares of Atria Wind Power (Bijapur1) Private Limited, 31-Mar-24 31-Mar-23
under group captive arrangement to source power, has been considered as security deposit in accordance with applicable
accounting standards. Contract assets
- Amounts due from customers under long-duration construction & supply 11576.97 11157.30
Note 11: Other assets contracts
- Customer retentions 4595.63 5799.82
As at 31-Mar-24 As at 31-Mar-23
Contract liabilities
Current Non- current Current Non- current
- Amounts due to customers under long-duration construction & supply contracts 5334.55 5722.60
Capital advances - 2407.73 - 295.87 - Advance from customers 5711.63 7960.16
Advances to suppliers 1511.79 5.25 1700.43 18.06
Less: Allowance for bad and doubtful advances (12.23) (5.25) (11.95) (18.06) (a) Contract assets are initially recognised for revenue earned but not billed pending successful achievement of milestones.
1499.56 - 1688.48 - Upon achievement of milestones and billing, contract assets are reclassified to trade receivables.
Indirect tax and duties recoverable 2524.81 536.07 4485.50 541.38 Contract costs incurred to date plus recognised profits or less recognised losses are compared with progress billings
Less: Allowance for bad and doubtful amounts (13.82) (1.46) (13.82) (1.46) raised on the customer - any surplus is considered as contract assets and shown as amounts due from customers
2510.99 534.61 4471.68 539.92 under long-duration construction & supply contracts, whereas any shortfall is considered as contract liabilities and
Bank guarantee encashment recoverable - 200.00 - 200.00 shown as the amounts due to customers under long-duration construction & supply contracts. Amounts billed for work
Less: Allowance for bad and doubtful claims - (200.00) - (200.00) performed which will become due upon fulfillment of specified conditions is considered as contract assets and shown
- - - - as customer retentions. Amounts received before the related work is performed is considered as contract liabilities
and is shown as advances from customers.
Export incentives receivable 26.50 - 47.15 -
Less: Allowance for bad and doubtful claims (1.15) - - -
(b) Significant changes in contract assets and liabilities:
25.35 - 47.15 -
Government grant receivables (refer note 43) 808.75 - 850.00 - Increase in contract assets (Due from customers under long-duration construction & supply contracts) has resulted
due to non-achievement of contractual billing milestones, mainly in respect of sewage/water treatment projects in the
Advances to employees 79.47 1.45 45.54 1.45
municipal segment.
Prepaid expenses 1499.13 162.28 1286.91 172.75
310 311
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Decrease in contract assets (customer retentions) is mainly due to the release of retentions by the customer upon Note 13: Cash and bank balances
fulfillment of specified conditions in respect of power generation and evacuation system project and wastewater
(a) Cash and cash equivalents
treatment projects in the industrial segment.
As at As at
Decrease in contract liabilities (Amount due to customers under long-duration construction & supply contracts) is 31-Mar-24 31-Mar-23
due to recognition of revenue in accordance with Ind AS 115 Revenue from Contracts with Customers out of opening
contract liabilities in respect of certain projects. At amortised cost
Balances with banks 7637.50 7176.22
Decrease in contract liabilities (Advances from Customers) is mainly on account of lower order booking and adjustment Cash on hand 3.40 25.10
of opening advances. Previous year included advances against sugar export executed in the current year. Total cash and cash equivalents 7640.90 7201.32
(c) Revenue recognised in relation to contract liabilities:
(b) Bank balances other than cash and cash equivalents
The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward
contract liabilities and how much relates to performance obligations that were satisfied in a prior year. As at As at
31-Mar-24 31-Mar-23
Year ended Year ended
31-Mar-24 31-Mar-23 At amortised cost
Earmarked balances with banks:
Revenue recognised that was included in the contract liability balance at the 7540.79 4387.34
- unpaid dividend and preference share redemption accounts 31.41 24.52
beginning of the period
Balances under lien/margin/kept as security:
Revenue recognised from performance obligations satisfied in previous periods - -
- in fixed/margin deposits 109.66 684.20
Note 12: Inventories Other balances:
- in fixed deposits 3.17 45.00
As at As at Total bank balances other than cash and cash equivalents 144.24 753.72
31-Mar-24 31-Mar-23
Raw materials and components 8749.78 7557.89 Note 14: Share capital
Less: Provision for obsolescence/slow moving raw materials and components )219.09( )204.03( As at 31-Mar-24 As at 31-Mar-23
Work-in-progress 4037.78 4716.23 Number of Amount Number of Amount
Finished goods [including stock in transit ` 896.40 lakhs as at 31 March 2024 (31 March 222454.13 179787.35 shares shares
])2023: ` 453.49 lakhs
AUTHORISED
Stock in trade 53.05 67.80
Equity shares of ` 1 each 50,00,00,000 5000.00 50,00,00,000 5000.00
Stores and spares [including stock in transit ` 1.84 lakhs as at 31 March 2024 (31 March 6975.91 7942.00
Preference shares of ` 10 each 2,00,00,000 2000.00 2,00,00,000 2000.00
])2023: ` 5.52 lakhs
7000.00 7000.00
Less: Provision for obsolescence/slow moving stores and spares )366.20( )325.85(
ISSUED
Others - Scrap & low value patterns 307.89 108.11
Equity shares of ` 1 each 21,89,05,968 2189.06 21,89,05,968 2189.06
Total inventories 241993.25 199649.50
SUBSCRIBED AND PAID UP
(i) The cost of inventories recognised as an expense during the year was ` 532188.10 lakhs (31 March 2023: ` 551739.08 Equity shares of ` 1 each, fully paid up 21,88,97,968 2188.98 21,88,97,968 2188.98
lakhs) Add: Paid up value of equity shares of ` 1 each 8,000 0.02 8,000 0.02
(ii) Refer note19(i) for information on charges created on inventories. forfeited
2189.00 2189.00
(iii) The mode of valuation of inventories has been stated in note 2(ix).
(iv) All inventories are expected to be utilised/sold within twelve months except certain critical and insurance items of stores (i) Movements in equity share capital
and spares, which are utilised on need basis. Quantum of such stores and spares, which may be utilised beyond one year, Number of shares Amount
is not determinable and is not expected to be material with reference to the total value of inventories.
(v) For impairment losses recognised during the year refer note 25 & 33. As at 31 March 2022 24,17,55,110 2417.55
Extinguishment of shares upon buy-back (2,28,57,142) )228.57(
(vi) In addition to the cost of inventories recognised as expense as mentioned in (i) above, there are write-downs of inventories
to net realisable value amounting to ` 5.80 lakhs [31 March 2023: write-downs of ` 62.57 lakhs] which are also recognised As at 31 March 2023 21,88,97,968 2188.98
as an expense/income during the year and included in ‘Changes in inventories of finished goods, stock-in-trade and work- Movement during the year - -
in-progress’ in statement of profit and loss. As at 31 March 2024 21,88,97,968 2188.98
312 313
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(ii) Terms and rights attached to equity shares Note15: Other equity
The Company has only one class of equity shares with a par value of ` 1/- per share. The holder of equity shares is entitled As at As at
to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board 31-Mar-24 31-Mar-23
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Capital redemption reserve 787.87 787.87
Capital reserve 2868.83 2868.83
In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the
Securities premium - -
Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding. Amalgamation reserve 926.34 926.34
General reserve - (0.00)
(iii) Details of shareholders holding more than 5% shares in the Company Molasses storage fund reserve 356.37 295.38
As at 31-Mar-24 As at 31-Mar-23 Retained earnings 281950.74 259523.60
Equity instruments through other comprehensive income 1015.08 -
Number of % holding Number of % holding
Foreign currency translation reserve - 0.00
shares shares Cash flow hedging reserve (11.91) (166.95)
Dhruv M. Sawhney 1,82,58,411 8.34 1,82,58,411 8.34 Costs of hedging reserve 8.01 100.83
Total other equity 287901.33 264335.90
Rati Sawhney 62,37,848 2.85 1,51,26,737 6.91
STFL Trading and Finance Private Limited 7,96,77,076 36.40 7,07,88,187 32.34 (i) Capital redemption reserve
Nikhil Sawhney 1,29,86,575 5.93 1,29,86,575 5.93
Year ended Year ended
Tarun Sawhney 1,24,94,259 5.71 1,24,94,259 5.71
31-Mar-24 31-Mar-23
DSP Small Cap Fund 1,07,93,035 4.93 1,10,15,325 5.03
Opening balance 787.87 635.04
(iv) Details of Promoter’s shareholding Transferred from retained earnings on buy-back of equity shares - 228.57
Share of associates - adjustments consequent to divestment (refer note 34) - (75.74)
As at 31-Mar-24 As at 31-Mar-23
Closing balance 787.87 787.87
Number of % holding % change Number of % holding % change
shares during the shares during the Capital redemption reserve has been created consequent to redemption of preference share capital and buy-back of equity
year year share capital. This reserve shall be utilised in accordance with the provisions of Companies Act, 2013.
Dhruv M. Sawhney 1,82,58,411 8.34 - 1,82,58,411 8.34 (51.61)
(ii) Capital reserve
Rati Sawhney 62,37,848 2.85 (58.76) 1,51,26,737 6.91 (8.38)
STFL Trading and Finance 7,96,77,076 36.40 12.56 7,07,88,187 32.34 (10.10) Year ended Year ended
Private Limited 31-Mar-24 31-Mar-23
Nikhil Sawhney 1,29,86,575 5.93 - 1,29,86,575 5.93 (9.61) Opening balance 2868.83 3285.44
Tarun Sawhney 1,24,94,259 5.71 - 1,24,94,259 5.71 (9.59) Share of associates - adjustments consequent to divestment (refer note 34) - (416.61)
Manmohan Sawhney HUF 38,15,853 1.74 - 38,15,853 1.74 (10.10) Closing balance 2868.83 2868.83
Tarana Sawhney 21,140 0.01 - 21,140 0.01 (10.09)
Total 60.98 60.98 Capital reserve majorly comprises reserve created consequent to business combination in earlier years, in accordance with
the accounting standards then prevailing.
(v) Buy-back of equity shares
The aggregate number of equity shares bought back during a period of five financial years immediately preceding the (iii) Securities premium
financial year ended 31 March 2024 is 3,90,47,142 equity shares (31 March 2023: 1,61,90,000 equity shares) Year ended Year ended
31-Mar-24 31-Mar-23
Opening balance - 8375.55
Amount utilised for buy-back of equity shares - (8375.55)
Closing balance - -
Securities premium is used to record the premium received on issue of shares and is utilised in accordance with the
provisions of Companies Act, 2013.
314 315
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(iv) Amalgamation reserve (vii) Retained earnings
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Opening balance 926.34 926.34 Opening balance 259523.60 125359.79
Movement during the year - - Net profit for the year 39515.92 179180.65
Closing balance 926.34 926.34 Other comprehensive income arising from the remeasurement of defined benefit (63.20) (173.35)
obligation, net of income tax
Amalgamation reserve was created consequent to business combinations in past in accordance with the accounting Transfer to molasses storage fund reserve (60.99) (64.58)
standards then prevailing. Dividends distributed (16964.59) (4835.10)
Amount utilised for buy-back of equity shares - (22183.16)
(v) General reserve
Transferred to capital redemption reserve on buy-back of equity shares - (228.57)
Year ended Year ended Transaction costs related to buy-back of equity shares - (613.28)
31-Mar-24 31-Mar-23 Tax paid on buy-back of equity shares - (18116.33)
Opening balance (0.00) 49919.43 Share of associates - adjustments consequent to divestment - 1197.53
Movement during the year - (49212.72) Closing balance 281950.74 259523.60
Share of associates - adjustments consequent to divestment (refer note 34) - (706.71)
(a) Retained earnings represents undistributed profits of the Group which can be distributed to its equity shareholders in
Closing balance - (0.00)
accordance with the provisions of the Companies Act, 2013.
General reserve represents amount retained by the Group out of its profits for future purposes. It is not earmarked for any
specific purpose.
(b) Details of dividend distributions made and proposed:
Year ended Year ended
(vi) Molasses storage fund reserve 31-Mar-24 31-Mar-23
Year ended Year ended Cash dividends on equity shares distributed:
31-Mar-24 31-Mar-23 Final dividend for the year ended 31 March 2023: 325% (` 3.25 per equity share of 7114.18 4835.10
Opening balance 295.38 230.80 ` 1/- each) [31 March 2022: 200% (` 2 per equity share of ` 1/- each)]
Amount transferred from retained earnings 60.99 64.58 Interim dividend for the year ended 31 March 2024: 225% (` 2.25 per equity share 4925.20 -
Closing balance 356.37 295.38 of ` 1/- each) [31 March 2023: Nil]
Special dividend for the year ended 31 March 2024: 225% (` 2.25 per equity share 4925.20
Molasses storage fund reserve is created and maintained under the provisions of the Uttar Pradesh Sheera Niyantran of ` 1/- each) [31 March 2023: Nil]
Adhiniyam, 1964 (U.P. Act No. XXIV of 1964) and is to be utilised for the provision and maintenance of adequate storage Total cash dividends on equity shares declared and paid 12039.38 4835.10
facilities for molasses. Fixed deposit of ` 453.58 lakhs (31 March 2023: ` 379.17 lakhs) is earmarked against molasses Cash dividends on equity shares proposed:
storage fund (refer note 10). Final dividend for the year ended 31 March 2024: 125% (` 1.25 per equity share of 2736.22 7114.18
` 1/- each) [31 March 2023: 325% (` 3.25 per equity share of ` 1/- each)]
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a
liability as at year end.
316 317
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(viii) Equity instruments through other comprehensive income The cash flow hedging reserve is used to recognise the effective portion of gains or losses on derivatives that are designated
and qualify as cash flow hedges. Amounts are subsequently either transferred to the cost of non-financial hedged items or
Year ended Year ended
reclassified to profit or loss, as appropriate.
31-Mar-24 31-Mar-23
Opening balance - - (xi) Costs of hedging reserve
Other comprehensive income arising from fair value gains/(losses) on investments in 1146.21 -
Year ended Year ended
equity instruments at FVTOCI (non-reclassifiable)
31-Mar-24 31-Mar-23
Income tax related to fair value gains/(losses) on investments in equity instruments at (131.13) -
FVTOCI recognised in other comprehensive income Opening balance 100.83 133.31
Closing balance 1015.08 - Other comprehensive income arising from gains/(losses) on aligned portion of 29.21 209.53
forward element of cash flow hedging instruments (reclassifiable)
This reserve represents the cumulative gains and losses arising on the revaluation of investments in equity instruments Other comprehensive income arising from reclasification of cumulative gains/(losses) (153.24) (252.93)
measured at fair value through other comprehensive income. Amounts are subsequently transferred to retained earnings to profit or loss
upon derecognition of such equity instruments. Income tax related to gains/losses (net of reclassification to profit or loss) recognised 31.21 10.92
in other comprehensive income
(ix) Foreign currency translation reserve Closing balance 8.01 100.83
Year ended Year ended
31-Mar-24 31-Mar-23 In cases where the Group opts to designate only the spot element of a foreign exchange forward contract as a cash flow
hedge, the changes in the aligned portion of the forward element of hedging instrument is deferred and accumulated under
Opening balance 0.00 32.95 the costs of hedging reserve. These deferred costs of hedging are included in the initial cost of non-financial hedged items
Share of other comprehensive income of associates arising from the exchange - 32.95 when it is recognised or reclassified to profit or loss when the hedged items affects profit or loss, as appropriate.
differences on translation of foreign operations
Share of other comprehensive income of associates arising from reclassification of - (68.45) Note 16 : Non-current borrowings
cumulative gains/(losses) to profit or loss upon divestment
Income tax related to above share of other comprehensive income of assoicates - 2.55 As at 31-Mar-24 As at 31-Mar-23
Closing balance - 0.00 Current Non- current Current Non- current
maturities maturities
Exchange differences relating to the translation of the foreign operations are recognised in other comprehensive income
and accumulated in the foreign currency translation reserve. The cumulative amount is reclassified to profit or loss when Secured- at amortised cost
the net investment is disposed of. Term loans
- from banks 9704.18 24879.18 9467.49 20427.31
(x) Cash flow hedging reserve - from other parties 1825.17 - 7034.15 1812.46
Year ended Year ended 11529.35 24879.18 16501.64 22239.77
31-Mar-24 31-Mar-23 Less: Amount disclosed under the head "Current (11529.35) - (16501.64) -
Opening balance (166.95) (30.89) borrowings" (refer note19)
Other comprehensive income arising from effective portion of gains/(losses) on (14.82) (581.44) Total non-current borrowings - 24879.18 - 22239.77
hedging instruments designated as cash flow hedges (reclassifiable)
Other comprehensive income arising from reclasification of cumulative gains/(losses) 222.00 430.58
to profit or loss
Income tax related to gains/losses (net of reclassification to profit or loss) recognised (52.14) 37.97
in other comprehensive income
Share of other comprehensive income of associates arising from effective portion - (66.64)
of gains/(losses) on hedging instruments designated as cash flow hedges
(reclassifiable)
Share of other comprehensive income of associates arising from reclassification of - 39.77
cumulative gains/(losses) to profit or loss upon divestment
Income tax related to above share of other comprehensive income of assoicates - 3.70
Closing balance (11.91) (166.95)
318 319
320
Notes to the Consolidated Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
Note 16: Non-current borrowings (contd.)
(i) Details of long term borrowings of the Company
Amount outstanding Interest rate Number of instalments Terms of Repayment Nature of Security
as at outstanding as at
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Secured- at amortised cost
Term loans from banks
(` loans)
1 RBL Bank Limited* 480.67 2401.98 At Repo rate plus applicable 1 5 Equal quarterly Secured by first pari-passu charge
spread. The interest rate as on installments from created / to be created by equitable
31.03.2024 was September 2020 to mortgage on immoveable assets
8.90% p.a. June 2024. and hypothecation of all moveable
2 Central Bank of India * 293.89 1543.39 At MCLR plus applicable spread. 1 5 Equal quarterly assets, both present and future of
The interest rate as on 31.03.2024 installments from the Company and second pari-passu
ranges between 8.80% to September 2020 to charge on current assets of the
9.05% p.a. June 2024. Company.
3 Punjab National Bank* 303.31 1553.97 1 5 Equal quarterly
installments from
September 2020 to
June 2024.
4 RBL Bank Limited* 1802.03 2457.03 At Repo rate plus applicable 11 15 Equal quarterly
spread. The interest rate as on installments from
31.03.2024 was January 2023 to
8.90% p.a. September 2026.
5 Axis Bank Limited* 4373.26 6121.77 At MCLR/Repo rate plus 10 14 Equal quarterly
applicable spread. The interest rate installments from
as on 31.03.2024 ranges between December 2022 to
8.85% to September 2026.
9.30% p.a.
6 ICICI Bank Limited* 4373.36 6121.96 10 14 Equal quarterly
installments from
December 2022 to
September 2026.
7 ICICI Bank Limited* 8495.96 495.00 16 16 Equal quarterly
installments from June
2024 to March 2028.
8 Axis Bank Limited* 5597.09 100.00 16 16 Equal quarterly
installments from June
2024 to March 2028.
Annual Report 2023-24
Notes to the Consolidated Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
Amount outstanding Interest rate Number of instalments Terms of Repayment Nature of Security
02-47
as at outstanding as at
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
9 Axis Bank Limited 8064.49 8886.40 39 43 Equal quarterly (i) First charge by way of hypothecation
installments from March of all the fixed assets / movable
Corporate Overview
2022 to December 2033 assets and current assets of
Mathura Wastewater Management
Private Limited (MWMPL), present &
future, other than project assets.
(ii) Pledge of 40509000 shares (30% of
total equity shares) of the MWMPL
held by the Parent company.
08-13
(iii) Unconditional & irrevocable
Corporate Guarantee of the Parent
company.
10 ICICI Bank Limited 571.00 - 20 0 Equal quarterly (i) First charge by way of hypothecation
installments from of all the current assets and movable
January 2025 to fixed assets of the Pali ZLD Private
September 2029 Limited (PZPL), both present & future
Management Statements
(excluding such current assets/
movable fixed assets over which
creation of charge is not permitted
under the contract agreement).
(ii)
Unconditional & irrevocable
Corporate Guarantee of the Parent
company.
11 Axis Bank (Vehicle loan) 222.05 198.87 At fixed rates ranging from 7.45% 5 to 60 5 to 60 Equated monthly Secured by hypothecation of vehicles
48-171
12 Yes Bank (Vehicle loan) 6.25 14.43 to 9.60% p.a. installments acquired under the respective vehicle
34583.36 29894.80 loans.
Total term loans from banks 34583.36 29894.80
Statutory Reports
Term loans from other parties
(` loans)
1 Govt. of Uttar Pradesh 1812.46 8846.61 5% p.a. 3 15 Equal monthly Secured by first pari-passu charge on
through RBL Bank Ltd. installments upto June the fixed assets of the Company
under SEFASU 2018* 2024
2 Mercedes-Benz Financial 12.71 - 0.14% p.a. 5 0 Equal monthly Secured by hypothecation of vehicle
Services India Private installments upto August acquired under the vehicle loan.
Limited (Vehicle loan) 2024
Total term loans from other 1825.17 8846.61
172-373
parties
Total loans 36408.53 38741.41
* Loans with interest subvention or below market rate under various schemes of the Government, refer note 43.
321
Financial Statements
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 17: Provisions Note 18: Other liabilities
As at 31-Mar-24 As at 31-Mar-23 As at 31-Mar-24 As at 31-Mar-23
Current Non-current Current Non-current Current Non-current Current Non-current
Provision for employee benefits Revenue received in advance
Gratuity (refer note38) 460.04 212.46 478.19 1031.09 Deferred revenue arising from government grant - 5.87 - 141.45
Compensated absences 1046.77 1327.48 825.78 1187.56 related to assets (refer note 43)
Other provisions Deferred revenue arising from government grant 7.54 - 245.85 7.54
Warranty 2540.56 - 2854.44 - related to income (refer note 43)
Cost to completion 350.45 - 152.65 - Amount due to customers under long-duration 2455.77 2878.78 2610.62 3,111.98
Arbitration/Court case claims 124.28 - 118.07 - construction & supply contracts [refer note11(ii)]*
Total provisions 4522.10 1539.94 4429.13 2218.65 Other advances
Advance from customers [refer note 11(ii)] 5711.63 - 7960.16 -
(i) Information about individual provisions and significant estimates Others
(a) Warranty Statutory remittances 3764.00 - 4394.44 -
The Group provides warranties on certain products, undertaking to repair or replace the items that fail to perform Miscellaneous other payables 757.82 123.53 736.84 133.41
satisfactorily during the warranty period. Provisions made represent the amount of expected cost of meeting such Total other liabilities 12696.76 3008.18 15947.91 3394.38
obligations of rectifications / replacements based on best estimate considering the historical warranty claim information * includes revenue of ` 3111.98 lakhs (31 March 2023: ` 3345.18 lakhs) deferred, to be recognised over the period of long-duration operations and
and any recent trends that may suggest future claims could differ from historical amounts. It also includes provisions maintenance contract.
made towards contractual obligations to replace certain parts under an Operation and Maintenance (O&M) contract.
The timing of the outflows is expected to be within a period of two years except outflow towards cost of membranes Note 19: Current borrowings
during O&M period which may exceed two years depending upon operational requirements. As at As at
31-Mar-24 31-Mar-23
(b) Cost to completion
The provision represents costs of materials and services further required for construction contracts upon full recognition Secured- at amortised cost
of revenue. Repayable on demand
- Cash credits/working capital demand loans from banks (see (i) below) 104688.11 52388.30
(c) Arbitration / Court-case claims Current maturities of long-term borrowings (refer note16) 11529.35 16501.64
Represents the provision made towards certain claims awarded against the Group in legal proceedings which have Total current borrowings 116217.46 68889.94
been challenged by the Group before appropriate authorities. The timing of the outflows is uncertain.
(i) Secured by pledge/hypothecation of the stock-in-trade, raw material, stores and spare parts, work-in-progress and trade
(ii) Movement in provisions receivables and second charge created/to be created on the properties of all the Engineering units, an immovable property
Movement in each class of provision are set out below: at New Delhi and third charge on the properties of Sugar, Co-Generation and Distillery units of the Company on pari-passu
basis. Interest rates on the above loans outstanding as at the year end range between 7.33% to 8.90% (weighted average
As at 31-Mar-24 As at 31-Mar-23 interest rate: 7.68% p.a.).
Warranty Cost to Arbitration/ Warranty Cost to Arbitration/
completion Court case completion Court case (ii) There are no differences in the quantities of stocks reported in the quarterly returns/statements filed with the banks vis-à-
claims claims vis the books of accounts. In the books of accounts, the stocks are valued at lower of cost or net realizable value, whereas
for the determination of drawing power, the sugar stocks are valued at minimum selling price, which are invariably lower
Balance at the beginning of the 2854.44 152.65 118.07 3545.20 232.42 111.86
than the book value as well as the valuation as per the RBI guidelines prescribed for commodities covered under selective
year
credit control.
Additional provisions recognised 1631.54 254.86 6.21 1560.57 46.66 6.21
Amounts used during the year (1929.05) (57.06) - (2,030.04) (126.43) -
Unused amounts reversed during (16.37) - - (221.29) - -
the year
Balance at the end of the year 2540.56 350.45 124.28 2854.44 152.65 118.07
322 323
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 20: Trade payables As at As at
As at As at 31-Mar-24 31-Mar-23
31-Mar-24 31-Mar-23 At fair value through Profit or Loss (FVTPL) (refer note 42)
Trade payables (at amortised cost) Derivatives financial instruments carried at fair value
- Total outstanding dues of micro enterprises and small enterprises (refer note 49) 823.05 861.79 - Foreign exchange forward contracts (not designated as hedges) 52.67 76.32
- Total outstanding dues of creditors other than micro enterprises and small enterprises 34830.76 40606.18 Total other financial liabilities at FVTPL [B] 52.67 76.32
Total trade payables 35653.81 41467.97 At fair value through Other Comprehensive Income (FVTOCI) (refer note 42)
Derivatives financial instruments carried at fair value
(i) Trade payables ageing schedule: - Foreign exchange forward contracts (designated as hedges) 0.24 -
For the year ended 31 March 2024 Total other financial liabilities at FVTOCI [C] 0.24 -
Unbilled/ Not Outstanding for following periods from due date Total Total other financial liabilities ([A]+[B]) 8574.76 7562.16
Pending overdue of payment
(i) Capital creditors as at 31 March 2024 include ` 123.31 lakhs (31 March 2023: ` 109.87 lakhs) outstanding balance of micro
bills Less than 1-2 years 2-3 years More than
enterprises and small enterprises (refer note 49).
1 year 3 years
MSME - 823.05 - - - - 823.05 (ii) Security deposits as at 31 March 2024 include ` 370 lakhs (31 March 2023: ` 370 lakhs) deposits from sugar selling agents
which are interest bearing subject to fulfillment of terms and conditions. These deposits are repayable on cessation of
Others 2005.15 22022.50 9940.84 300.02 59.42 294.42 34622.35
contractual arrangements. Interest payable is normally settled annually.
Disputed dues - Others - 208.41 - - - - 208.41
Total trade payables 2005.15 23053.96 9940.84 300.02 59.42 294.42 35653.81 (iii) There are no amounts as at the year end which are due and outstanding to be credited to the Investors Education and
Protection Fund.
For the year ended 31 March 2023
Unbilled/ Not Outstanding for following periods from due date Total Note 22: Income tax balances
Pending overdue of payment As at 31-Mar-24 As at 31-Mar-23
bills Less than 1-2 years 2-3 years More than Current Non-current Current Non-current
1 year 3 years
Income tax assets - 1535.81 - 989.31
MSME - 861.79 - - - - 861.79 Tax refund receivable (net) - 1535.81 - 989.31
Others 4228.76 26659.67 8343.28 388.90 99.83 623.76 40344.20
Disputed dues - Others - 261.98 - - - - 261.98 Income tax liabilities
Total trade payables 4228.76 27783.44 8343.28 388.90 99.83 623.76 41467.97 Provision for income tax (net) 1228.82 - 100.23 -
1228.82 - 100.23 -
Note 21: Other financial liabilities
As at As at Note 23: Deferred tax balances
31-Mar-24 31-Mar-23 As at As at
At amortised cost 31-Mar-24 31-Mar-23
Accrued interest 35.33 71.87 Entities with net deferred tax assets
Capital creditors (see (i) below) 3813.38 2540.92 Deferred tax assets 38.40 36.06
Employee benefits & other dues payable 4032.20 4275.55 Deferred tax liabilities - -
Security deposits (see (ii) below) 609.55 564.69 Net deferred tax assets 38.40 36.06
Unpaid dividends (see (iii) below) 31.39 24.50 Entities with net deferred tax liabilities
Miscellaneous other financial liabilities - 8.31 Deferred tax assets 2681.09 2943.96
Total other financial liabilities at amortised cost [A] 8521.85 7485.84 Deferred tax liabilities (14804.10) (13816.15)
Net deferred tax liabilities (12123.01) (10872.19)
324 325
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(i) Movement in deferred tax balances For the year ended 31 March 2023
For the year ended 31 March 2024
Opening Recognised in Recognised Recognised Closing
Opening Recognised in Recognised Recognised Closing balance profit or loss in OCI directly in balance
balance profit or loss in OCI directly in balance equity
equity
Tax effect of items constituting deferred
Tax effect of items constituting deferred tax assets/(liabilities)
tax assets/(liabilities) Entities with net deferred tax assets
Entities with net deferred tax assets Deferred tax assets
Deferred tax assets Liabilities and provisions tax deductible 37.26 (1.20) - - 36.06
Liabilities and provisions tax deductible 36.06 2.34 - - 38.40 only upon payment/actual crystallisation -
only upon payment/actual crystallisation - Statutory taxes and duties
Statutory taxes and duties 37.26 (1.20) 36.06
36.06 2.34 - - 38.40 Deferred tax liabilities - - - - -
Deferred tax liabilities - - - - - Net deferred tax assets 37.26 (1.20) - - 36.06
Net deferred tax assets 36.06 2.34 - - 38.40 Entities with net deferred tax liabilities
Entities with net deferred tax liabilities Deferred tax assets
Deferred tax assets Difference in carrying values of investment 177.68 12.31 - - 189.99
Difference in carrying values of investment 189.99 14.95 - - 204.94 property
property Liabilities and provisions tax deductible only
Liabilities and provisions tax deductible only upon payment/actual crystallisation
upon payment/actual crystallisation - Employee benefits 1090.53 (88.70) 58.30 - 1060.13
- Employee benefits 1060.13 (137.74) 21.26 - 943.65 - Statutory taxes and duties 189.34 41.78 - - 231.12
- Statutory taxes and duties 231.12 (15.41) - - 215.71 - Other contractual provisions 964.71 (199.26) 48.89 (1.53) 812.81
- Other contractual provisions 812.81 (9.94) (20.93) - 781.94 Impairment provisions of financial assets 756.89 (127.20) - - 629.69
Impairment provisions of financial assets 629.69 (80.41) - - 549.28 made in books, but tax deductible only on
made in books, but tax deductible only on actual write-off
actual write-off Other temporary differences 47.49 (27.27) - - 20.22
Other temporary differences 20.22 (63.61) - - (43.39) Unutilised tax losses 580.87 (580.87) - - -
Unused tax losses - 28.96 - - 28.96 3807.51 (969.21) 107.19 (1.53) 2943.96
2943.96 (263.20) 0.33 - 2681.09 Deferred tax liabilities
Deferred tax liabilities Difference in carrying values of property, (12922.71) (893.44) - - (13816.15)
Difference in carrying values of property, (13816.15) (852.24) - - (14668.39) plant & equipment and intangible assets
plant & equipment and intangible assets Investment in associates under equity (4426.83) 4420.58 6.25 - -
Other temporary differences - - (131.13) - (131.13) method
Investment in associates under equity - (4.58) - - (4.58) (17349.54) 3,527.14 6.25 - (13816.15)
method Net deferred tax liabilities (13542.03) 2557.93 113.44 (1.53) (10872.19)
(13816.15) (856.82) (131.13) - (14804.10)
Net deferred tax liabilities (10872.19) (1120.02) (130.80) - (12123.01)
326 327
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 24: Revenue from operations Note 25: Other income
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Sale of products [refer note 37(vii) Interest income
Finished goods 586994.16 589940.27 Interest income from financial assets carried at amortised cost 3554.61 5,388.84
Stock-in-trade 5423.66 4566.76 Interest income from others 16.34 20.28
Sale of services 3570.95 5,409.12
Servicing 737.38 601.12 Dividend income
Operation and maintenance 5534.61 4522.44 Dividend income from equity investments 7.06 4.98
Long-duration construction & supply contract revenue 15371.01 27147.20 7.06 4.98
Other operating revenue Other non-operating income (net of expenses directly attributable to such
Subsidy from Central Government (refer note 43) 110.14 141.62 income)
Income from transfer of sugar export quota - 2941.93 Rental income [refer note 5(ii)] 53.76 44.40
Income from scrap 969.35 1148.28 Miscellaneous income 1682.58 1943.84
Total revenue from operations 615140.31 631009.62 1736.34 1988.24
Other gains/(losses)
(i) Unsatisfied long-duration construction & supply contracts: Net fair value gains/(losses) on investments mandatorily measured at FVTPL (3.02) 13.54
The transaction price allocated to all long-duration construction & supply contracts that are partially or fully unsatisfied as Net gains/(losses) on derivatives mandatorily measured at FVTPL (6.02) (25.64)
at reporting date alongwith expected period of its revenue recognition, are as follows: Net foreign exchange rate fluctuation gains 140.46 154.68
As at As at Credit balances written back 460.43 213.41
31-Mar-24 31-Mar-23 Net profit/(loss) on sale / redemption of investments at amortised cost 9.48 9.53
Net reversal of impairment loss allowance on contract assets (refer note 11) 16.26 44.25
Within one year 28701.57 25146.13
Net reversal of provision for non moving/obsolete inventory (refer note 12) - 31.89
More than one year 12356.45 30555.86
Net reversal of provision for cost to completion (refer note17) - 79.77
Total 41058.02 55701.99
Reversal of excess provision of expenses 270.21 117.56
# As permitted under Ind AS 115, all contracts having original expected duration of one year or less or which are billed based on time incurred are 887.80 638.99
not disclosed.
Total other income 6202.15 8041.33
(ii) Reconciliation of revenue recognised with contract price: Note 26: Cost of materials consumed
As at As at Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Contract price 616167.63 631909.02 Stock at the beginning of the year 7557.89 4364.94
Adjustments for Discounts/ Commissions to Customers (1027.32) (899.40) Add: Purchases 398037.21 398345.56
Total revenue from operations 615140.31 631009.62 Less: Stock at the end of the year (8749.78) (7557.89)
Total cost of materials consumed 396845.32 395152.61
Note 27: Purchases of stock-in-trade
Year ended Year ended
31-Mar-24 31-Mar-23
Petroleum goods 2549.87 2563.12
Other consumer goods 3158.87 2061.28
Total purchases of stock-in-trade 5708.74 4624.40
328 329
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 28: Changes in inventories of finished goods, stock-in-trade and work-in-progress Note 30: Finance costs
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Inventories at the beginning of the year: Interest costs
Finished goods 179787.35 190098.78 - Interest on loans with interest subvention (refer note 43) 1045.02 919.96
Stock in trade 67.80 179.03 - Interest on loans with below-market rate of interest (refer note 43) 257.46 622.08
- Interest on other borrowings 4254.01 3820.05
Work-in-progress 4716.23 2838.73
- Interest on lease liabilities 126.53 148.26
Total inventories at the beginning of the year 184571.38 193116.54
- Other interest expense 111.73 155.74
Inventories at the end of the year:
Total interest expense on financial liabilities not classified as at FVTPL 5794.75 5666.09
Finished goods 222454.13 179787.35
Less: Amount capitalised (included in the cost of property, plant and equipment and (256.03) -
Stock in trade 53.05 67.80 capital work-in-progress)
Work-in-progress 4037.78 4716.23 5538.72 5666.09
Total inventories at the end of the year 226544.96 184571.38 Other borrowing costs
Add/(Less): Impact of excise duty on finished goods (636.41) 327.14 - Loan monitoring and administration charges 11.19 7.74
Total changes in inventories of finished goods, stock-in-trade and work-in- (42609.99) 8872.30 Total finance costs 5549.91 5673.83
progress
Note 31: Depreciation and amortisation expense
Note 29: Employee benefits expense Year ended Year ended
Year ended Year ended 31-Mar-24 31-Mar-23
31-Mar-24 31-Mar-23 Depreciation of property, plant and equipment (refer note 4) 10296.83 9253.03
Salaries and wages 33594.90 31026.85 Amortisation of intangible assets (refer note 6) 128.03 95.07
Contribution to provident and other funds (refer note 38) 2704.61 2611.60 10424.86 9348.10
Less: Amount capitalised (included in the cost of property, plant and equipment and (12.62) (0.33)
Staff welfare expenses 1325.94 1193.12
capital work-in-progress)
37625.45 34831.57
Total depreciation and amortisation expense 10412.24 9347.77
Less: Amount capitalised (included in the cost of property, plant and equipment and (144.70) (4.07)
capital work-in-progress) Note 32: Impairment loss on financial assets (net of reversals)
Total employee benefits expense 37480.75 34827.50
Year ended Year ended
31-Mar-24 31-Mar-23
Bad debts written off - trade receivables carried at amortised cost 157.05 433.51
Bad debts written off - other financial assets carried at amortised cost 10.63 999.08
Impairment loss allowance on trade receivables (net of reversals) (refer note 8) 134.15 (427.72)
Impairment loss allowance on other financial assets carried at amortised cost (net of (7.33) (999.08)
reversals) (refer note 9 & 10)
Total impairment loss on financial assets (including reversal of impairment 294.50 5.79
losses)
330 331
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 33: Other expenses (i) Detail of payment to auditors
Year ended Year ended Statutory Auditors Cost Auditors
31-Mar-24 31-Mar-23 Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Stores and spares consumed 6659.72 6901.59
Power and fuel 4122.85 1932.33 Audit fee 67.11 56.86 6.22 6.06
Design and engineering charges 50.70 45.80 Tax audit fee 2.00 2.00 - -
Limited review fee 22.36 18.63 - -
Cane development expenses 775.93 461.52
Other services (Certification) * 1.07 16.87 0.56 0.20
Machining/fabrication expenses 82.84 282.92
Reimbursement of expenses 2.63 2.45 - 0.20
Erection and commissioning expenses 751.62 668.63
Total payment to auditors 95.17 96.81 6.78 6.46
Civil construction charges 4226.44 6096.18
* This amount is exclusive of ` Nil (31 March 2023: ` 4 lakhs) paid to the statutory auditors towards certificates in connection with buy-back of
Packing and stacking expenses 10119.78 9150.99
shares. The same has been adjusted against retained earnings.
Repairs and maintenance
- Machinery 8168.27 7107.39 (ii) Corporate Social Responsibility (CSR)
- Building 1005.59 870.48 (a) The Company has incurred CSR expenses towards activities including inter-alia promoting education, sports, women
- Others 505.77 475.72 empowerment, rural development, healthcare and sanitation, ensuring environmental sustainability, animal welfare and
Factory/operational expenses 4513.34 3437.32 conservation of natual resources, contribution to Prime Minister National Relief Fund, eradicating hunger, maintaining
Travelling and conveyance 2180.43 2060.53 quality of soil and making available safe drinking water, which are specified in Schedule VII of the Companies Act, 2013.
Rent expense (refer note 46) 255.11 203.11
Rates and taxes 1905.17 2172.75 (b) Detail of CSR expenses:
Insurance 861.23 905.18 Year ended Year ended
Directors' fee 60.90 46.95 31-Mar-24 31-Mar-23
Directors' commission 155.00 107.00 (a) Gross amount required to be spent during the year 1015.95 952.30
Legal and professional expenses 2835.72 2267.75 (b) Maximum amount approved by the Board to be spent during the year 1136.86 963.94
Security service expenses 2031.72 1966.95 (including excess spent brought forward from previous year)
(c) Amount spent during the year on :
Bad debts written off - other non financial assets [net of reversal of impairment loss 12.44 13.92
allowance of ` 11.96 lakhs (31 March 2023: ` 1.53 lakhs) (refer note 11)] (i) Construction/acquisition of any asset
Education, vocational skills and livelihood enhancement - 30.13
Warranty expenses [includes provision for warranty (net) ` 1615.17 lakhs (31 March 2023: 1616.09 1360.03 Healthcare and sanitation - 11.24
` 1339.28 lakhs) (refer note 17)] Safe drinking water - 15.06
Provision for Arbitration/Court case claims (refer note 17) 6.21 6.21 Promotion of sports - 1.29
Provision for cost to completion on construction contracts (net) (refer note 17) 197.80 - Women empowerment - 0.91
Payment to Auditors (see (i) below) 101.95 103.27 Rural development - 26.91
- 85.54
Corporate social responsibility expenses (see (ii) below) 1015.95 952.30
(ii) Purposes other than (i) above
Provision for non moving / obsolete inventory (refer note 12) 55.41 - Education, vocational skills and livelihood enhancement 262.06 193.76
Loss on sale /write off of inventory 10.99 52.13 Environmental sustainability, animal welfare and conservation of natural 98.60 99.07
Loss on sale / write off / impairment of property, plant and equipment 53.46 163.66 resources
Selling commission 601.83 752.75 Healthcare and sanitation 278.35 154.03
Promotion of sports 5.00 6.34
Royalty 57.26 345.77
Maintenance of quality of soil 462.21 315.94
Outward freight and forwarding 2665.65 2254.71 Contribution to Prime Minister National Relief Fund - 75.00
Other selling expenses 1394.95 523.50 Eradicating hunger 2.00 -
Miscellaneous expenses 2775.82 2965.55 Administration overheads 17.00 15.00
Less: Amount capitalised (included in the cost of property, plant and equipment and (185.37) (45.09) 1125.22 859.14
capital work-in-progress) Add: Excess spent, brought forward from previous year 11.64 19.26
Less: Excess spent, carried forward to next year 120.91 11.64
Total other expenses 61648.57 56609.80 Net amount recognised in the statement of profit and loss 1015.95 952.30
332 333
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 34: Exceptional items (ii) Income tax recognised in other comprehensive income
Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Profit upon disposal of equity shares of Triveni Turbine Limited, an erstwhile associate of - 140119.61 Current tax related to following items recognised in other comprehensive
the Company [refer note44(ii)] income:
Total exceptional items - 140119.61 Deferred tax related to following items recognised in other comprehensive
income:
Note 35: Income tax expense Remeasurement of defined benefit obligations (non-reclassifiable) (21.26) (58.30)
(i) Income tax recognised in profit or loss Share of other comprehensive income of associates arising from remeasurement of - -
defined benefit plan (non-reclassifiable)
Year ended Year ended
31-Mar-24 31-Mar-23 Fair value gains/(losses) on investments in equity instruments at FVTOCI (non- 131.13 -
reclassifiable)
Current tax Effective portion of gains/(losses) on hedging instruments designated as cash flow 52.14 (37.97)
In respect of the current year 12610.10 19818.29 hedges (reclassifiable)
In respect of earlier years (344.70) (78.70) Gains/(losses) on aligned portion of forward elements of cash flow hedging (31.21) (10.92)
Total current tax expense recognised in profit or loss 12265.40 19739.59 instruments (reclassifiable)
Deferred tax Share of other comprehensive income of associates arising from exchange - 8.29
differences arising on translating the foreign operations (reclassifiable)
In respect of origination and reversal of temporary differences * 1117.68 (2556.73)
Share of other comprehensive income of associates arising from reclassification, - (10.84)
Total deferred tax expense recognised in profit or loss 1117.68 (2556.73)
of cumulative gains/(losses) from exchange differences on translating the foreign
Total income tax expense recognised in profit or loss 13383.08 17182.86
operations, to profit or loss upon divestment
Share of other comprehensive income of associates arising from effective portion - (16.77)
Reconciliation of income tax expense recognised in profit or loss:
of gains/(losses) on hedging instruments designated as cash flow hedges
Year ended Year ended (reclassifiable)
31-Mar-24 31-Mar-23 Share of other comprehensive income of associates arising from reclassification, of - 13.07
effective portion of gains/(losses) on hedging instruments designated as cash flow
Profit before tax 52899.00 196363.51
hedges, to profit or loss upon divestment
Income tax expense calculated at 25.168% (including surcharge and education 13313.62 49420.77
Total deferred tax expense recognised in other comprehensive income 130.80 (113.44)
cess) (2022-23: 25.168%)
Total income tax expense recognised in other comprehensive income 130.80 (113.44)
Effect of lower tax on income taxable under capital gains - (31965.43)
Bifurcation of the income tax recognised in other comprehensive income
Effect of expenses that is non-deductible in determining taxable profit 315.01 326.38
into:
Effect of tax incentives and concessions (1.78) (276.78)
Items that will not be reclassified to profit or loss 109.87 (58.30)
Effect of changes in tax base of assets not considered in profit or loss (18.06) (11.68) Items that may be reclassified to profit or loss 20.93 (55.14)
Effect of tax on share in undistributed profit of associates - (411.11) Total income tax expense recognised in other comprehensive income 130.80 (113.44)
Effect of elimination of income on consolidation (net) 6.64 280.13
Others (232.35) (179.42) (iii) Income tax recognised directly in equity
Total income tax expense recognised in profit or loss 13383.08 17182.86 Year ended Year ended
31-Mar-24 31-Mar-23
Current tax recognised directly in equity - -
Deferred tax related to following items recognised directly in equity:
Share of other comprehensive income of associates arising from remeasurement of - 1.53
defined benefit plan transferred upon divestment
Total income tax expense recognised directly in equity - 1.53
334 335
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 36: Earnings per share Engineering Businesses and Pali ZLD Private Limited, incorporated as special
(a) Power transmission : This business segment is purpose vehicles to execute specific projects.
Year ended Year ended
31-Mar-24 31-Mar-23 focused on high speed and niche low speed gears
The ‘Other Operations’ mainly include selling sugar
& gear boxes covering supply to OEMs, after market
Profit for the year attributable to owners of the Company [A] 39515.92 179180.65 under the Company’s brand name/private label;
services and retrofitment of gearboxes, catering to
Weighted average number of equity shares for the purposes of basic EPS/ diluted EPS [B] 21,88,97,968 24,02,52,175 and retailing of diesel/petrol through a Company
the requirement of power sector, other industrial operated fuel station.
Basic earnings per share (face value of ` 1 per share) [A/B] 18.05 74.58
segments and defence. The manufacturing facility
Diluted earnings per share (face value of ` 1 per share) [A/B] 18.05 74.58 is located at Mysore, Karnataka. The above reportable segments have been identified
based on the significant components of the
(i) Basic earnings per share is calculated by dividing the the captive power requirements of sugar plants (b)
Water/Wastewater treatment : The business enterprise for which discrete financial information
profit attributable to owners of the Company by the and distilleries, the surplus power is exported to segment operates from Noida, Uttar Pradesh and is available and reviewed by the chief operating
weighted average number of equity shares outstanding the state grid. Molasses, another by-product in the decision maker (CODM) to assess the performance
provides engineered-to-order process equipment
during the financial year, adjusted for bonus elements in manufacturing of sugar, is used as raw material and allocate resources to the operating segments.
and comprehensive solutions in the water and
equity shares issued during the year, if any, and excluding for producing alcohol/ethanol. The Group sells the
wastewater management. This segment includes
treasury shares, if any. surplus molasses and bagasse after meeting its There are no geographical segments as the volume
captive requirements. EPC contracts, Equipment supply, Hybrid Annuity
of exports is not significant and the major turnover
(ii) Diluted earnings per share adjusts the figures used in Model projects and O&M and also includes
of the Group takes place indigenously. There is no
the determination of basic earnings per share to take (b) Distillery : The Group has overall distillation capacity operations of two wholly owned subsidiaries namely
major reliance on few customers or suppliers.
into account the after income tax effect of interest and of 660 kilo-litres per day (KLPD) comprising of (i) Mathura Wastewater Management Private Limited
financing costs associated with dilutive potential equity two distilleries having total capacity of 400 KLPD
shares and the weighted average number of additional located at Muzaffarnagar and Sabitgarh in the state
equity shares that would have been outstanding assuming of Uttar Pradesh, which use molasses produced in
the conversion of all dilutive potential equity shares. manufacture of sugar as the principal raw material
in production of ethanol and extra neutral alcohol;
Note 37: Segment information (ii) a greenfield dual feed 200 KLPD (160 KLPD on
(i)
Description of segments and principal grain) distillery at its sugar unit at Milak Narayanpur,
activities Uttar Pradesh; and (iii) a grain based 60 KLPD
distillery at Muzaffarnagar, Uttar Pradesh. Under
The operating segments are classified under two major
its Alcoholic Beverages vertical forming part of this
businesses which the Group is engaged in, and are briefly
segment, country liquor is produced at the bottling
described as under:
facility in the premises of the existing distillery at
Sugar & Allied Businesses Muzaffarnagar, to facilitate forward integration of
distillery operations. The Group, during the current
(a) Sugar : The Group is a manufacturer of white
year, is in the process of expanding its distillery
crystal sugar, having seven manufacturing plants
operations by setting up a new 200 KLPD dual feed
situated in the state of Uttar Pradesh. The sugar
distillery at Rani Nangal, Uttar Pradesh and venturing
is sold to wholesalers and institutional users as
into a new business of manufacturing, marketing
well as in the export market. The Group uses its
and selling of Indian Made Foreign Liquor (IMFL) in
captively produced bagasse, generated as a by-
the premium segment under its own brands, as a
product in the manufacturing of sugar, as a feed
forward integration of the distillery operations.
stock for generating power. Apart from meeting
336 337
338
Notes to the Consolidated Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
(ii) Segment revenue and segment profit
SUGAR & ALLIED BUSINESSES ENGINEERING BUSINESSES OTHER OPERATIONS Eliminations Total
Sugar Distillery Total Power transmission Water Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
REVENUE
From external 323287.00 370973.76 220489.94 186553.13 543776.94 557526.89 28871.00 22509.66 24632.93 35217.07 53503.93 57726.73 17859.44 15756.00 - - 615140.31 631009.62
customers
From inter-segments 62499.71 65220.88 - - 62499.71 65220.88 309.90 15.10 - - 309.90 15.10 351.30 179.90 (63160.91) (65415.88) - -
sales
Total revenue from 385786.71 436194.64 220489.94 186553.13 606276.65 622747.77 29180.90 22524.76 24632.93 35217.07 53813.83 57741.83 18210.74 15935.90 (63160.91) (65415.88) 615140.31 631009.62
operations
RESULT
Segment Profit/(loss) 30560.31 30583.28 18085.61 21231.73 48645.92 51815.01 10708.88 7644.23 3140.56 2427.62 13849.44 10071.85 (66.64) (801.00) 62428.72 61085.86
Unallocated expenses (7568.33) (6210.69)
(Net)
Finance cost (5549.91) (5673.83)
Interest income 3570.94 5409.12
Exceptional items - 140119.61
Share of profit of 17.58 1633.44
associates and joint
ventures
Profit before tax 52899.00 196363.51
Current tax (12265.40) (19739.59)
Deferred tax (1117.68) 2556.73
Profit for the year 39515.92 179180.65
- The accounting policies of the reportable segments are the same as the Group’s accounting policies described in note 2.
- Segment profit is the Segment revenue less Segment expenses. Segment revenue/expenses includes all revenues/expenses that are attributable to the segments.
- Dividend income, finance income, finance costs, fair value gains & losses on certain financial assets/liabilities, current tax/deferred tax charge are not allocated to individual segments since
these are managed/applicable on an overall entity basis.
(iii) Segment assets and liabilities
SUGAR & ALLIED BUSINESSES ENGINEERING BUSINESSES OTHER OPERATIONS Eliminations Total
Sugar Distillery Total Power transmission Water Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
ASSETS
Segment assets 313114.97 264699.62 101473.21 88467.91 414588.18 353167.53 22641.80 21071.49 34801.27 57177.55 57443.07 78249.04 1186.05 1123.07 - - 473217.30 432539.64
Unallocated assets 38613.63 12903.87
Total assets 313114.97 264699.62 101473.21 88467.91 414588.18 353167.53 22641.80 21071.49 34801.27 57177.55 57443.07 78249.04 1186.05 1123.07 - - 511830.93 445443.51
LIABILITIES
Segment liabilities 30284.07 36870.58 8145.18 6953.04 38429.25 43823.62 7305.85 5711.08 16734.46 21773.39 24040.31 27484.47 239.47 592.02 - - 62709.03 71900.11
Unallocated liabilities 159031.57 107018.50
Total liabilities 30284.07 36870.58 8145.18 6953.04 38429.25 43823.62 7305.85 5711.08 16734.46 21773.39 24040.31 27484.47 239.47 592.02 - - 221740.60 178918.61
- The accounting policies of the reportable segments are the same as the Group’s accounting policies described in note 2.
- Segment assets include all assets that are attributable to the segments other than investments, loans, current/deferred tax assets and certain financial assets.
Annual Report 2023-24
- Segment liabilities include all liabilities that are attributable to the segments other than borrowings, current and deferred tax liabilities and certain financial liabilities.
Notes to the Consolidated Financial Statements
for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated)
02-47
(iv) Other segment information
SUGAR & ALLIED BUSINESSES ENGINEERING BUSINESSES OTHER OPERATIONS Eliminations Total
Sugar Distillery Total Power transmission Water Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Corporate Overview
Amount considered
in segment results
Depreciation and 5383.15 4902.78 2907.53 2671.06 8290.68 7573.84 1093.94 773.11 226.25 248.61 1320.19 1021.72 44.60 38.53 - - 9655.47 8634.09
amortisation
Unallocated 756.77 713.68
depreciation and
amortisation
Total depreciation 5383.15 4902.78 2907.53 2671.06 8290.68 7573.84 1093.94 773.11 226.25 248.61 1320.19 1021.72 44.60 38.53 - - 10412.24 9347.77
and amortisation
08-13
Non cash items (other (352.64) (101.46) 1.68 21.40 (350.96) (80.06) 70.30 (75.61) 239.91 (28.25) 310.21 (103.86) (9.86) 42.54 - - (50.61) (141.38)
than depreciation and
amortisation)
Unallocated non cash (1143.27) (13.54)
items (other than
depreciation and
amortisation)
Management Statements
Total non cash (352.64) (101.46) 1.68 21.40 (350.96) (80.06) 70.30 (75.61) 239.91 (28.25) 310.21 (103.86) (9.86) 42.54 - - (1193.88) (154.92)
items (other than
depreciation and
amortisation)
Amounts not
considered in
segment results
Interest expense 5523.38 4350.85 971.95 1061.19 6495.33 5412.04 10.36 2.18 1563.45 1363.72 1573.81 1365.90 - (1.66) - - 8069.14 6776.28
Unallocated interest (2519.23) (1102.45)
expense
48-171
Total interest 5523.38 4350.85 971.95 1061.19 6495.33 5412.04 10.36 2.18 1563.45 1363.72 1573.81 1365.90 - (1.66) - - 5549.91 5673.83
expense
Interest income 33.83 40.97 13.44 13.39 47.27 54.36 51.72 12.34 2107.92 1723.20 2159.64 1735.54 - - - - 2206.91 1789.90
Statutory Reports
Unallocated interest 1364.04 3619.22
income
Total interest 33.83 40.97 13.44 13.39 47.27 54.36 51.72 12.34 2107.92 1723.20 2159.64 1735.54 - - - - 3570.95 5409.12
income
Exceptional items - - - - - - - - - - - - - - - - - -
Unallocated - 140119.61
exceptional items
Total exceptional - - - - - - - - - - - - - - - - - 140119.61
items
Others
172-373
Capital expenditure 10092.30 13612.12 23170.64 6454.96 33262.94 20067.08 1108.68 3571.09 227.74 219.51 1336.42 3790.60 0.30 12.72 - - 34599.66 23870.40
Unallocated capital 485.54 282.14
expenditure
Total Capital 10092.30 13612.12 23170.64 6454.96 33262.94 20067.08 1108.68 3571.09 227.74 219.51 1336.42 3790.60 0.30 12.72 - - 35085.20 24152.54
expenditure
339
Financial Statements
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(v) Break-up of revenue by geographical area Note 38: Employee benefit plans
Year ended Year ended (i) Defined contribution plans
31-Mar-24 31-Mar-23
(a) The Group contributes to certain defined contribution retirement benefit plans under which the Group pays fixed
India (country of domicile) 606628.41 619690.84 contributions to separate entities (funds) or financial institutions or state managed benefit schemes. The Group has no
Rest of the world 8511.90 11318.78 further payment obligations once the contributions have been paid. Following are the schemes covered under defined
615140.31 631009.62 contributions plans of the Group:
(vi) Non-current assets by geographical area Provident Fund Plan & Employee Pension Scheme: The Group makes monthly contributions at prescribed rates
Year ended Year ended towards Employee Provident Fund/ Employee Pension Scheme administered and managed by the Government of India.
31-Mar-24 31-Mar-23
India (country of domicile) 179084.92 151758.98 Employee State Insurance: The Group makes prescribed monthly contributions towards Employees State
Rest of the world 155.69 186.14 Insurance Scheme.
179240.61 151945.12
Superannuation Scheme: The Group contributes towards a fund established to provide superannuation benefit
- Non-current assets excludes financial assets and deferred tax assets.
to certain employees in terms of Group Superannuation Policies entered into by such fund with the Life Insurance
(vii) Break-up of revenue from major products and services Corporation of India.
Timing of revenue Year ended Year ended
recognition 31-Mar-24 31-Mar-23 National Pension Scheme: The Group makes contributions to the National Pension Scheme fund in respect of
certain employees of the Group.
Sale of products
Finished goods
- Sugar At a point in time 327926.98 370110.13 (b) The expense recognised during the period towards defined contribution plans are as follows:
- Molasses At a point in time 922.18 735.45 Year ended Year ended
- Bagasse At a point in time 3219.98 3015.43 31-Mar-24 31-Mar-23
- Power At a point in time 5699.43 6374.91
- Alcohol At a point in time 209658.04 178145.21 Employer's contribution to Employees’ Provident Fund 1744.03 1630.58
- Mechanical equipment - Water/Wastewater At a point in time 3637.85 3344.03 Administration and other expenses relating to above 54.93 52.01
- Gears/Gear Boxes (including spares) At a point in time 28328.06 21928.52
Employer's contribution to Employees' State Insurance Scheme 5.59 7.20
- Others At a point in time 7601.64 6286.59
586994.16 589940.27 Employer's contribution to Superannuation Scheme 129.61 123.97
Stock in trade Employer's contribution to National Pension Scheme 63.53 59.75
- Petroleum goods (Diesel/Petrol/Lubricants) At a point in time 2255.23 2450.69
- Other consumer goods At a point in time 3168.43 2116.07 (ii) Defined benefit plan (Gratuity)
5423.66 4566.76 (a) The Group operates a defined benefit retirement plan under which the Group pays certain defined benefit by way
592417.82 594507.03
of gratuity to its employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement/
Sale of services
termination of employment or upon death of an employee, based on the respective employees’ salary and years of
Servicing Over time 737.38 601.12
Operation and maintenance Over time 5534.61 4522.44 employment with the Group.
6271.99 5123.56
Long-duration construction & supply contract (b) Risk exposure
revenue The plan typically exposes the Group to number of actuarial risks, the most significant of which are detailed below:
Water, Wastewater and Sewage treatment Over time 15371.01 27147.20
15371.01 27147.20 Investment risk: The plan liabilities are calculated using a discount rate set with references to government bond yields
Other operating revenue as at end of reporting period; if plan assets underperform compared to the government bonds discount rate, this will
Subsidy from Central Government At a point in time 110.14 141.62 create or increase a deficit.
Income from transfer of sugar export quota At a point in time - 2941.93
Income from scrap At a point in time 969.35 1148.28
Interest risk: A decrease in government bond yields will increase plan liabilities, although this is expected to be partially
1079.49 4231.83
offset by an increase in the value of the plan’s debt instruments.
(viii) Information about major customers
There is no single customer who has contributed 10% or more to the Group’s revenue in the years ended 31 March 2024
and 31 March 2023.
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Life expectancy: The present value of the defined benefit plan liability is calculated by reference to the best estimate
(e) Amounts included in the balance sheet arising from the entity’s obligation in respect of the defined benefit plan (gratuity)
of the mortality of plan participants during their employment. A change in the life expectancy of the plan participants is as follows:
will impact the plan’s liability.
As at As at
31-Mar-24 31-Mar-23
Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability. Present value of defined benefit obligation as at the end of the year 7714.63 7129.60
Fair value of plan assets 7042.13 5620.32
Attrition rate: The present value of the defined benefit plan liability is impacted by the rate of employee turnover,
Funded status (672.50) (1509.28)
disability and early retirement of plan participants. A change in the attrition rate of the plan participants will impact the
Net asset/(liability) arising from defined benefit obligation recognised in (672.50) (1509.28)
plan’s liability.
the balance sheet
(c) The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:
(f) Movement in the present value of the defined benefit obligation (gratuity) is as follows:
Valuation as at Year ended Year ended
As at 31-Mar-24 As at 31-Mar-23 31-Mar-24 31-Mar-23
Discounting rate 7.20% 7.45% Present value of defined benefit obligation at the beginning of the year 7129.60 6439.14
Future salary growth rate 8.00% 8.00% Expenses recognised in profit or loss
Mortality table * IALM 2012-14 Ultimate IALM 2012-14 Ultimate - Current service cost 563.80 531.84
Attrition rate 7.00% for Permanent employees 6.00% for Permanent employees - Interest expense/(income) 492.62 414.04
2.00% for Seasonal employees 2.00% for Seasonal employees Remeasurement (gains)/losses recognised in other comprehensive income
Method used Projected unit credit method Projected unit credit method - Actuarial (gain)/loss arising from:
i. Demographic assumptions (17.81) 18.84
* Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics (i.e. IALM 2012-14
Ultimate). These assumptions translate into an average life expectancy in years at retirement age. ii. Financial assumptions 109.27 (217.16)
iii. Experience adjustments (4.80) 408.83
(d) Amounts recognised in statement of profit and loss in respect of the defined benefit plan (gratuity) are as follows: Benefit payments (558.05) (465.93)
Year ended Year ended Present value of defined benefit obligation at the end of the year 7714.63 7129.60
31-Mar-24 31-Mar-23
(g) Movement in the fair value of the plan assets (gratuity) is as follows:
Current service cost 563.80 531.84
Year ended Year ended
Net interest expense 73.01 146.91
31-Mar-24 31-Mar-23
Components of defined benefit costs recognised in profit or loss 636.81 678.75
Remeasurement on the net defined benefit liability Fair value of plan assets at the beginning of the year 5620.32 3874.33
- Return on plan assets (excluding amount included in net interest expense) (2.20) 21.14 Recognised in profit or loss
- Actuarial gains and loss arising form changes in demographic assumptions (17.81) 18.84 - Expected return on plan assets 419.61 267.13
- Actuarial gains and loss arising form changes in financial assumptions 109.27 (217.16) Remeasurement gains / (losses) recognised in other comprehensive income
- Actuarial gains and loss arising form experience adjustments (4.80) 408.83 - Actual return on plan assets in excess of the expected return 2.20 (21.14)
Components of defined benefit costs recognised in other 84.46 231.65 Contributions by employer 1558.05 1965.93
comprehensive income Benefit payments (558.05) (465.93)
Total 721.27 910.40 Fair value of plan assets at the end of the year 7042.13 5620.32
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
The fair value of the plan assets (gratuity) at the end of the reporting period for each category, are as follows: The Group expects to contribute ` 1148.06 lakhs to the defined benefit plan relating to gratuity during the next
financial year.
As at 31-Mar-24 As at 31-Mar-23
Quoted Unquoted Total Quoted Unquoted Total
The weighted average duration of the defined gratuity obligation (on discounted cash flow basis) as at 31 March 2024
Cash and cash equivalents - 87.25 87.25 - 41.94 41.94 is 6 years (31 March 2023: 6 years).
Debt instruments
The expected maturity analysis of undiscounted defined benefit obligation (gratuity) as at 31 March 2024 is as follows:
- Government securities - 250.70 250.70 - 251.12 251.12
- State development loans - 601.34 601.34 - 670.57 670.57 Less than a Between 1-2 Between 3-5 Over 5 years Total
- Private sector bonds - 96.48 96.48 - 103.12 103.12 year years years
- Public sector bonds - 334.60 334.60 - 340.49 340.49 Defined benefit obligation 1522.72 1281.46 2492.11 7319.52 12615.81
- Special deposit scheme balance - 102.13 102.13 - 102.13 102.13 (Gratuity)
with RBI
Group gratuity plans with - 5546.86 5546.86 3974.95 3974.95 Note 39: Related party transactions
insurance companies (i) Subsidiaries (wholly owned) - incorporated under section 8 of the Companies Act, 2013
Accrued interest and other - 22.77 22.77 - 136.00 136.00
Triveni Foundation
recoverables
Total plan assets - 7042.13 7042.13 - 5620.32 5620.32 (ii) Related parties with whom transactions have taken place during the year alongwith details of such
transactions and outstanding balances as at the end of the year:
Majority of the plan assets held comprise amounts invested in traditional plans of group gratuity schemes offered by
specified life insurance companies. The investment in traditional group gratuity scheme of life insurance companies Name of related party and nature of transactions Relationship Year ended Year ended
ensures protection of the capital sum invested and interest earned. Balance investments comprise a mix of investments 31-Mar-24 31-Mar-23
comprising central government securities, state government securities and other debt instruments. The Company has Sales and rendering services
a risk management strategy which defines exposure limits and acceptable credit risk rating and are generally held to Triveni Turbine Limited Other 8120.95 5305.84
maturity. Amounts invested with life insurance companies, which form majority of the plan assets, do not face any risk (refer #2 below)
of capital erosion.
Purchases and receiving services
Triveni Turbine Limited Other 1767.18 555.05
(h) Sensitivity analysis
(refer #2 below)
The sensitivity of the defined benefit obligation (gratuity) to changes in the weighted principal assumptions is: Rent & other charges received
Triveni Turbine Limited Other 17.98 17.98
Change in Impact on defined obligation (gratuity)
(refer #2 below)
assumption by Increase/ Increase in Decrease in
Dividend received from investment in equity shares
decrease assumption assumption
Triveni Turbine Limited Other - 1094.73
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
(refer #2 below)
Discounting rate 0.50% in ` lakhs (206.83) (199.49) 218.59 211.26 Rent paid
in % -2.68% -2.80% 2.83% 2.96% Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 68.58 65.31
Future salary growth rate 0.50% in ` lakhs 215.90 209.16 (206.27) (199.40) person
in % 2.80% 2.93% -2.67% -2.80% Rati Sawhney (RS) Spouse of DMS 43.90 42.11
Attrition rate 0.50% in ` lakhs (10.89) (7.98) 11.31 8.28 Kameni Upaskar Limited Enterprise over 106.68 101.60
in % -0.14% -0.11% 0.15% 0.12% which RS has
Mortality rate 10.00% in ` lakhs (0.63) (0.44) 0.63 0.44 control
in % -0.01% -0.01% 0.01% 0.01% Corporate Social Responsibility expenses
Triveni Foundation Subsidiary 363.58 293.60
The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. incorporated u/s 8
In the event of change in more than one assumption, the impact would be different than stated above. The methods of the Companies
and types of assumptions used in preparing the sensitivity analysis did not change compared to prior period. Act, 2013
Remuneration
(i) Defined benefit liability (gratuity) and employer contributions
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Name of related party and nature of transactions Relationship Year ended Year ended Name of related party and nature of transactions Relationship Year ended Year ended
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management 1025.22 871.76 Nikhil Sawhney (Promoter Non-Executive Director) Key management 57.00 55.00
person person
Suresh Taneja (Group Chief Financial Officer) Key management 293.39 268.75 Homai A. Daruwalla (Independent Non-Executive Director) Key management 21.00 19.00
person person
Geeta Bhalla (Group Vice President & Company Secretary) Key management 125.08 113.63 Sudipto Sarkar (Independent Non-Executive Director) Key management 20.00 18.00
person person
B.K. Agrawal (Director of Subsidiary) Key management 108.72 109.11 J. K. Dadoo (Independent Non-Executive Director) Key management 18.00 15.00
person of Mathura person
Wastewater Siraj Azmat Chaudhry (Independent Non-Executive Director) Key management 12.00 -
Management person
Private Limited, Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management 12.00 -
Subsidiary person
Anil Garg (Chief Financial Officer of Subsidiary) Key management 6.00 6.00 Manoj Kumar Kohli (Independent Non-Executive Director) Key management 12.00 -
person of Mathura person
Wastewater Dr. Meena Hemchandra (Independent Non-Executive Director) Key management 3.00 -
Management person
Private Limited, Contribution to post employment benefit plans
Subsidiary Triveni Engineering Works Limited Gratuity Fund Post employment 1558.05 1965.93
Sikander Singh (Company Secretary of Subsidiary) Key management 2.52 2.40 benefit plan for
person of Mathura employees
Wastewater Triveni Engineering and Industries Limited Officers Pension Post employment 129.61 123.97
Management Scheme benefit plan for
Private Limited, employees
Expenses incurred by the Company on behalf of party (net
Subsidiary
of expenses incurred by party on behalf of the Company) on
Director's fee
reimbursable basis
Nikhil Sawhney (Promoter Non-Executive Director) Key management 11.65 9.70
Triveni Turbine Limited Other 51.00 33.04
person
(refer #2 below)
Homai A. Daruwalla (Independent Non-Executive Director) Key management 15.50 14.25
Triveni Sports Private Limited Joint venture 1.63 -
person
Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 19.08 18.40
Sudipto Sarkar (Independent Non-Executive Director) Key management 15.75 14.50
person
person
Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management (2.41) -
J. K. Dadoo (Independent Non-Executive Director) Key management 7.50 8.50
person
person Kameni Upaskar Limited Enterprise over (3.86) (3.19)
Siraj Azmat Chaudhry (Independent Non-Executive Director) Key management 4.00 - which RS has
person control
Dr. Meena Hemchandra (Independent Non-Executive Director) Key management 2.00 - Triveni Engineering Works Limited Gratuity Fund Post employment (0.22) (0.06)
person benefit plan for
Manoj Kumar Kohli (Independent Non-Executive Director) Key management 1.00 - employees
person Triveni Engineering and Industries Limited Officers Pension Post employment (0.01) -
Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management 3.50 - Scheme benefit plan for
person employees
Director's commission Triveni Engineering Works Limited Employee Provident Fund Post employment (0.00) -
Trust benefit plan for
employees
Dividend paid on equity shares
346 347
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Name of related party and nature of transactions Relationship Year ended Year ended Outstanding balances
31-Mar-24 31-Mar-23 Name of related party and nature of balances Relationship As at As at
Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 1415.03 754.67 31-Mar-24 31-Mar-23
person Receivable
Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management 968.31 276.40 Triveni Turbine Limited Other 1381.69 556.76
person (refer #2 below)
Nikhil Sawhney (Promoter Non-Executive Director) Key management 1006.46 287.36 Payable
person Triveni Turbine Limited Other - 414.53
Suresh Taneja (Group Chief Financial Officer) Key management 0.91 0.26 (refer #2 below)
person Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management 4.14 4.42
Manmohan Sawhney HUF Controlled by DMS 295.73 84.89 person
Rati Sawhney (RS) Spouse of DMS 772.32 330.21 Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management 581.78 450.10
person
Tarana Sawhney Spouse of TS 1.64 0.47
Suresh Taneja (Group Chief Financial Officer) Key management 12.19 12.83
STFL Trading and Finance Private Limited (refer #1 below) Enterprise over 5886.08 1574.78
person
which DMS has
Geeta Bhalla (Group Vice President & Company Secretary) Key management 6.45 10.21
control
person
Buy-back of equity shares Nikhil Sawhney (Promoter Non-Executive Director) Key management 57.00 55.00
Dhruv M. Sawhney (Chairman & Managing Director) (DMS) Key management - 7177.80 person
person Homai A. Daruwalla (Independent Non-Executive Director) Key management 22.80 19.00
Tarun Sawhney (Vice Chairman & Managing Director) (TS) Key management - 4640.92 person
person Sudipto Sarkar (Independent Non-Executive Director) Key management 21.80 18.00
Nikhil Sawhney (Promoter Non-Executive Director) Key management - 4834.42 person
person Dr. Rajender Pal Singh (Independent Non-Executive Director) Key management 14.21 -
Suresh Taneja (Group Chief Financial Officer) Key management - 4.64 person
person J. K. Dadoo (Independent Non-Executive Director) Key management 18.00 15.00
Manmohan Sawhney HUF Controlled by DMS - 1500.10 person
Rati Sawhney (RS) Spouse of DMS - 4842.67 Siraj Azmat Chaudhry (Independent Non-Executive Director) Key management 12.00 -
Tarana Sawhney Spouse of TS - 8.31 person
Manoj Kumar Kohli (Independent Non-Executive Director) Key management 12.00 -
STFL Trading and Finance Private Limited (refer #1 below) Enterprise over - 27828.47
person
which DMS has
Dr. Meena Hemchandra (Independent Non-Executive Director) Key management 3.00 -
control
person
Sale of investment
Sikander Singh (Company Secretary of Subsidiary) Key management 0.21 0.20
Rati Sawhney (RS) Spouse of DMS - 74036.95
person of Mathura
Investment made in equity shares Wastewater
Triveni Sports Private Limited Joint venture 250.00 - Management
Private Limited,
Amounts stated above are inclusive of applicable taxes Subsidiary
Triveni Engineering and Industries Limited Officers Pension Post employment - 0.43
Scheme benefit plan for
employees
#1 Person or entity belonging to the promoter/promoter group holding 10% or more shareholding in the Company.
#2 ceased to be an associate of the Company w.e.f. 21 September 2022 hence no more covered within the definition of related party under Ind
AS 24 Related Party Disclosures. However, it continues to be a related party as per section 2 of the Companies Act, 2013 since it is a public
company in which certain directors of the Company are also directors and hold along with their relatives more than 2% of its paid-up share
capital.
348 349
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(iii) Remuneration of key management personnel: As at As at
Year ended Year ended 31-Mar-24 31-Mar-23
31-Mar-24 31-Mar-23
Non-current borrowings (note 16) 24879.18 22239.77
Short-term employee benefits 1480.35 1296.06 Non-current lease liabilities 756.59 1227.74
Post-employment benefits 80.58 75.59 Non-current debt 25635.77 23467.51
Total 1560.93 1371.65 Working capital borrowings (note 19) 104688.11 52388.30
Current maturities of long-term borrowings (note 19) 11529.35 16501.64
The remuneration of key management personnel is determined by the remuneration committee having regard to the Current lease liabilities 539.99 568.54
performance of individuals, market trends and applicable provisions of Companies Act, 2013.
Current debt 116757.45 69458.48
Total debt 142393.22 92925.99
(iv) Remuneration and outstanding balances of key management personnel does not include long term employee benefits by
way of gratuity and compensated absences, which are payable only upon cessation of employment and provided on the Total equity (note 14 & 15) 290090.33 266524.90
basis of actuarial valuation by the Company. EBITDA (before exceptional items) 68861.15 71265.50
Total debt to equity ratio 0.49 0.35
(v) Terms & conditions: Total term loans and lease liabilities/EBITDA ratio 0.55 0.57
(a) Transactions relating to dividends and buyback of shares were on same terms and conditions that applied to
other shareholders. No changes were made in the objectives, policies or processes the Group policy not to carry out any trading in derivative for
for managing capital during the years ended 31 March 2024 speculative purposes. The Audit Committee and the Board are
(b) Other transactions are made on terms equivalent to those that prevail in arm’s length transactions.
and 31 March 2023. regularly apprised of the exposures and risks every quarter and
(c) The outstanding balances at the year-end are unsecured and settlement to take place in cash. mitigation measures are extensively discussed.
The Group is not subject to any externally imposed
Note 40: Capital management capital requirements. (i) Credit risk
For the purpose of capital management, capital includes net debt and total equity of the Group. The primary objective of the Credit risk is associated with the possibility of a
capital management is to maximize shareholders’ value along with an objective to keep the leverage in check in view of cyclical Note 41: Financial risk management counterparty defaulting on its contractual obligations to
capital intensive sugar business of the Group. The Group’s principal financial liabilities comprise borrowings, pay, resulting in financial loss to the Group. The Group
lease liabilities, trade payables and other payables. The main is exposed to credit risks from its operating activities,
The sugar business is the major business of the Group and is seasonal. The entire production of sugar takes place in about six purpose of the financial liabilities is to finance the Group’s primarily trade receivables and retentions. The credit
months and is sold throughout the year. It thus necessitates maintaining high levels of sugar inventory requiring high working operations. The Group’s principal financial assets include loans, risks in respect of deposits with the banks, foreign
capital funding. Sugar business being a cyclical business, it is prudent to avoid high leverage and the resultant high finance cost. trade and other receivables and cash and bank balances. exchange transactions and other financial instruments
It is the endeavour of the Group to prune down debts to acceptable levels based on its financial position. The Group also holds certain investments, measured at fair are nominal. As required, the Group also advances loans
value through profit or loss / amortised cost and enters into to its subsidiary companies and there is some credit risk
The Group may resort to further issue of capital for projects which can not be fully funded through internal accruals/debt and/or derivative transactions, which are not extensive. associated with it.
to finance working capital requirements.
The Group’s activities expose it mainly to market risk, liquidity (a) Credit risk management
The Group monitors capital structure through gearing ratio represented by debt-equity ratio (debt/total equity). In addition to risk and credit risk. The monitoring and management of such The customer credit risk is managed by each
the gearing ratio, the Group also looks at non-current debt to operating profit ratio (non-current debt/EBITDA) which provides risks is undertaken by the senior management of the Group business subject to the Group’s established policy,
an indication of adequacy of earnings to service the debts. The Group diligently negotiates the terms and conditions of the and there are appropriate policies and procedures in place procedure and controls relating to customer credit
loans and ensures adherence to all the financial covenants. The Group generally incorporates a clause in loan agreements for through which such financial risks are identified, measured risk management. Various businesses require
prepayment of loans without any premium. The gearing ratio and non-current debt/EBITDA ratio for the Group as at the end of and managed. The Group has a specialised team to undertake different processes and policies to be followed
reporting period were as follows: derivative activities for risk management purposes and such based on the business risks, industry practice and
team has appropriate skills, experience and expertise. It is customer profiles.
350 351
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
In the case of Sugar business, majority of the sales contracts, creditworthiness of the customer is (b) Provision for expected credit losses
are made either against advance payments or at ensured through scrutiny of its financials, status of Basis as explained above, life time expected credit loss (“ECL”) is determined on trade receivables except in cases
a very short credit period upto 7-10 days through financial closure of the project, if required, market where advance payment terms are prescribed or payment is due from Central / State Government or Government
established sugar agents whereas in Cogeneration, reports and reference checks. The Group remains Authorities / entities where there is no track record of short receipts. ECL arising from delays in receiving payments
forming part of sugar business, and Distillery, most from the Government customers pursuant to sale of goods or under construction contracts are not considered if such
vigilant and regularly assesses the financial position
of the sales are made to Government customers, delays are commonly prevalent in the industry and / or the delays are not exceeding one year. All short receipts, other
of customers during execution of contracts with a
such as, State Electricity Board (UPPCL) and Oil than arising from expense claims offset by the counter-party, are duly considered in determining ECL. In view of the
view to restrict risks of delays and default. In view of
Marketing Companies (OMCs). There may be delays business model of the Group’s engineered-to-order products and the profile of trade receivables, the determination
in receiving payments from UPPCL but the risk in its diversified business profile and considering the
of provision based on age analysis may not be realistic and hence, the provision of expected credit loss is determined
respect of realisation of dues is minimal. In Power size of the Group, credit risks from receivables are
for the total trade receivables outstanding as on the reporting date. This provision for ECL is made in addition to the
transmission business, it is the policy of the Group well contained on an overall basis. specific credit losses, if any, provided on specific financial assets.
to receive payment prior to delivery of the material
except in the case of some well established OEMs, The impairment analysis is performed on each Provision matrix (%, amounts) of ECL for trade receivables (other than specific credit losses separately recognised) is
including public sector undertakings, where credit up reporting period on individual basis for major as under:
to 90 days is extended. Water business is engaged customers. In addition, a large number of receivables
Business % ECL ECL amount ECL amount
in Engineering, Procurement and Construction (EPC) are grouped and assessed for impairment as at 31-Mar-24 as at 31-Mar-23
business in the municipal and industrial sectors
collectively. The calculation of impairment loss is
where it is customary to have prescribed retentions Sugar Nil Nil Nil
based on historical data of losses, current conditions
which are payable upon completion of the project Distillery Nil Nil Nil
and forecasts and future economic conditions.
and after satisfactory performance of the plant. Power transmission 0.63% 54.47 48.08
The Group’s maximum exposure to credit risk at
the reporting date is the carrying amount of each Water 1.15% 128.31 140.11
In order to contain the business risk especially with
respect to long-duration construction & supply financial asset as detailed in note 7, 8, 9, 10 and 13.
(c) Reconciliation of loss allowance provision
Trade receivables:
The business wise receivable position as at the end of the year is provided here below:
Year ended Year ended
Year ended 31-Mar-24 Year ended 31-Mar-23 31-Mar-24 31-Mar-23
External Year end % External Year end %
asales receivables Receivables sales receivables Receivables Balance at beginning of the year 1113.41 1541.13
(A) (B) (B/A) (A) (B) (B/A) Additional provisions recognised during the year 290.08 65.76
Provision reversed/utilised during the year (155.93) (493.48)
Sugar business 323287.00 5533.69 2% 370973.06 3225.93 1%
Distillery business 220489.94 7495.16 3% 186553.13 14943.91 8% Balance at the end of the year 1247.56 1113.41
Power transmission 28768.32 8559.75 30% 22426.89 8194.15 37%
Other financial assets:
business
Water business 24625.47 28361.07 115% 35158.92 29675.53 84% Year ended Year ended
Others 17859.44 625.83 4% 15756.00 265.81 2% 31-Mar-24 31-Mar-23
Total 615030.17 50575.50 8% 630868.00 56305.33 9% Balance at beginning of the year 15.69 1,014.77
Additional provisions recognised during the year 3.27 -
In the case of Water and Power transmission businesses, the percentage receivables to external sales is high whereas
Provision reversed/utilised during the year (10.60) (999.08)
the overall ratio for the Group is much lower. In the case of EPC projects undertaken by Water business, the receivables
Balance at the end of the year 8.36 15.69
are high as per the norms of the industry and terms of the contracts. A majority of such projects are executed for the
municipalities and before bidding for any contract, the Water business carries out due-diligence to ensure that the
customer has made satisfactory funding arrangements. Further, this business is executing two projects on hybrid
annuity model and in such projects, receivables are higher as specified proportion of EPC contract value is paid
rear-ended during Operation & Maintenance period (refer note 8(ii)). In the case of Power transmission business,
negotiated credit is allowed to reputed OEMs. The percentage receivables to external sales is also high due to higher
year end sales.
Overall, the credit risk from receivable is low in view of diverse businesses and government customers.
352 353
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(ii) Liquidity risk Maturities of derivative financial instruments:
The Group uses liquidity forecast tools to manage its liquidity. The Group operates capital intensive sugar business and has The Group enters into derivative contracts (foreign exchange forward contracts) that are generally settled on a net basis
obligation to timely make cane price payments within the statutory time period. The Group is able to organise liquidity through to manage some of its foreign currency exposures. Derivative liabilities (net) of ` 52.91 lakhs as at 31 March 2024 (31
own funds and through working capital loans. The Group has good relationship with its lenders, has not defaulted at any March 2023: Derivative liabilities (net) ` 75.86 lakhs), shall mature within one year from reporting date.
point of time in the past and is maintaining healthy credit ratings (viz. short term A1+ and long term AA+ with stable outlook
from ICRA), as a result of which it does not experience any difficulty in arranging funds from its lenders. However, when the (iii) Market risk
sugar fundamentals are unfavourable, either due to market forces or due to excessive cane pricing by the Government, the The Group is exposed to following key market risks:
payment of cane price gets delayed though it is the endeavour of the Group to make cane payment on a priority basis. It is
the objective and focus of the Group to reduce debts to be able to meet the cyclicalities of the sugar business. (a) Interest rate risk on loans and borrowings
(b) Sugar price risk
Apart from cyclical sugar business, the Group has alternate revenue streams in the form of distillery and engineering
business, which, to a large extent, offset the impact of sugar cyclicalities. (c) Other market risks
(a) Interest rate risk
Table hereunder provides the current ratios of the Group as at the year end:
Most of the borrowings availed by the Group are subject to interest on floating rate basis linked to the MCLR (Marginal
As at As at Cost of funds based Lending Rate). In view of the fact that the total borrowings of the Group are quite substantial, the
31-Mar-24 31-Mar-23 Group is exposed to interest rate risk.
Total current assets 308945.53 274196.60 The strategy of the Group to opt for floating interest rates is helpful in maintaining market related realistic rates. Further,
Total current liabilities 179433.70 138965.88 most of the loans and borrowings have a prepayment clause through which the loans could be prepaid without any
Current ratio 1.72 1.97 prepayment premium. The said clause helps the Group to arrange debt substitution to bring down the interest costs
or to prepay the loans out of the surplus funds held. The interest rate risk is largely mitigated as 76% of the long term
In view of seasonal nature of sugar business, which is a dominant business of the Group, there is a peak build-up of sugar debts as at 31 March 2024 (31 March 2023: 77% of long term debts), comprises loans carrying concessional interest
inventories at the year end, resulting in peak working capital requirement. With the liquidation of such inventories over the rates/interest subvention.
year, the working capital requirement is gradually reduced. Thus, the current ratio computed at the year end is not a reflection
of average and realistic ratio for the year. While declining interest rates would be beneficial to the Group, adverse interest rate fluctuations could increase the
finance cost. The total impact, in respect of borrowings on floating interest rate basis, is limited as per sensitivity analysis
(a) Maturities of financial instruments provided here under:
Maturities of non-derivative financial liabilities: Year ended Year ended
The following table details the remaining contractual maturity for its non-derivative financial liabilities with agreed 31-Mar-24 31-Mar-23
repayment periods. The amounts disclosed in the table have been drawn up based on the undiscounted cash flows of
Total debt as at the end of the year 142393.22 92925.99
financial liabilities. The contractual maturity is based on the earliest date on which the Group may be required to pay.
Debt at floating rate of interest as at the end of the year 139043.17 82069.80
On < 1 year 1-3 years 3-5 years > 5 years Total Carrying Average availment of borrowings at floating rate of interest 73675.36 83052.29
demand amount Impact of 1% interest rate variation 736.75 830.52
As at 31 March 2024
Borrowings 104688.11 11555.74 15475.55 5465.44 4020.75 141205.59 141096.64 (b) Sugar price risk
Trade payables - 35310.68 343.13 - - 35653.81 35653.81
The sugar prices are dependent inter-alia on domestic and global sugar balance - higher supplies lead to softening of
Lease liabilities - 539.99 337.28 228.49 190.82 1296.58 1296.58
sugar prices whereas higher demand than available supplies lead to hardening of sugar prices. The Group sells most
Other financial - 8511.88 9.97 - - 8521.85 8521.85
of its sugar in the domestic market where there are no effective mechanism available to hedge sugar prices in view of
liabilities
104688.11 55918.29 16165.93 5693.93 4211.57 186677.83 186568.88 limited breadth in the commodity exchanges. The Group also exports sugar in the years of surplus production based
As at 31 March 2023 on Government policy on exports.
Borrowings 52388.30 16765.10 13269.93 4253.93 4793.75 91471.01 91129.71
Trade payables - 41274.74 193.23 - - 41467.97 41467.97
Lease liabilities - 568.54 739.21 198.77 289.76 1796.28 1796.28
Other financial - 7485.84 - - - 7485.84 7485.84
liabilities
52388.30 66094.22 14202.37 4452.70 5083.51 142221.10 141879.80
354 355
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Adverse changes in sugar price impact the Group in the following manner: Foreign currency risk exposure
- The Group values sugar stocks at lower of cost of production (COP) and net realisable value (NRV). In the event, The Group’s exposure to foreign currency risk at the end of the reporting period are as follows:
the COP of sugar is higher than the NRV, the stocks are written down to NRV leading to recognition of loss on US$ EURO GBP AUD MVR BDT
such inventory.
As at 31 March 2024
- The Group is a large producer of sugar and even a small variation in the sugar price leads to significant impact Financial assets
on the profitability of the Group. - Trade receivables in foreign currency lakhs 6.49 11.15 0.34 - - -
in equivalent ` lakhs 535.99 989.53 34.87 - - -
Sensitivity analysis in respect of sugar price risk is provided here below:
- Bank balances in foreign currency lakhs 25.53 - - - 0.10 384.42
Year ended Year ended in equivalent ` lakhs 2108.32 - - - 0.53 292.62
31-Mar-24 31-Mar-23 Derivatives (in respect of
underlying financial assets)
Annual production of sugar (MT) 982082 972381
-F
oreign exchange forward in foreign currency lakhs 6.90 5.62 - - - -
Impact of sugar price variation by ` 1000/MT 9820.82 9723.81 contracts to sell foreign in equivalent ` lakhs 569.80 498.83 - - - -
currency
The cost of production of sugar is generally lower than the net realisable value of sugar and hence, chances of significant Net exposure to foreign in foreign currency lakhs 25.12 5.53 0.34 - 0.10 384.42
losses due to inventory write down are low. Further, the Central Government has prescribed Minimum Selling Price currency risk (assets) in equivalent ` lakhs 2074.51 490.70 34.87 - 0.53 292.62
(MSP) for sugar, which is subject to revision from time to time. It ensures that there is no steep decline in the sugar prices. Financial liabilities
- Trade payables in foreign currency lakhs 10.34 0.35 0.25 30.87 - 0.04
(c) Other market risks
in equivalent ` lakhs 869.66 32.10 26.34 1716.36 - 0.03
The other market risks includes Equity price risk and Foreign currency risk. Derivatives (in respect of
underlying financial liabilities)
Equity price risk arise in respect of listed and unlisted equity securities which may be susceptible to market price -F
oreign exchange forward in foreign currency lakhs - - - 29.77 - -
fluctuations. In view of nominal value of investments being held by the Group, other than strategic investments, the contracts to buy foreign in equivalent ` lakhs - - - 1655.21 - -
magnitude of risk is not significant. currency
Net exposure to foreign in foreign currency lakhs 10.34 0.35 0.25 1.10 - 0.04
The Group is exposed to foreign currency exchange risk on certain contracts in connection with export and import of currency risk (liabilities) in equivalent ` lakhs 869.66 32.10 26.34 61.15 - 0.03
goods and services. The Group mitigates such risk by entering into off-setting derivative contracts with Banks, mainly
foreign exchange forward contracts, of appropriate maturity and amounts at adequate intervals.
US$ EURO GBP AUD MVR BDT
In respect of firm commitments under certain contracts involving receipt of consideration in foreign currency, the As at 31 March 2023
Group has chosen to follow hedge accounting to hedge the risks attributable to the cash flows in respect of such firm Financial assets
commitments. The foreign exchange risk arises in respect of the movement in the foreign currency from the time the - Trade receivables in foreign currency lakhs 22.95 12.28 - - - -
contract is negotiated/entered into and till the time the consideration under the contract is actually settled. In accordance
in equivalent ` lakhs 1867.46 1081.43 - - - -
with its risk management strategy, the Group manages such risks, generally by entering into foreign exchange forward
- Bank balances in foreign currency lakhs 25.49 - - - 0.05 429.82
contracts for the appropriate maturity with banks. The risk mitigation strategy involves determination of the timing and
the amount of hedge to be taken in a progressive manner, with a view to protect the exchange rate considered at the in equivalent ` lakhs 2073.97 - - - 0.27 329.45
time of acceptance of the contract. The Group, generally hedges the foreign currency risk directly to INR and for hedge Derivatives (in respect of
underlying financial assets)
accounting, designates a hedge ratio of generally 1:1 in respect of all such cash flow hedges. Besides monitoring the
movements in the foreign exchange market, the Group also takes the advice of outside consultants in arriving at its
- Foreign exchange forward in foreign currency lakhs 10.45 2.35 - - - -
contracts to sell foreign in equivalent ` lakhs 850.52 206.61 - - - -
hedging decision. Refer note 2 (xiv) for further details on accounting policy in respect of hedge accounting. currency
Net exposure to foreign in foreign currency lakhs 37.99 9.93 - - 0.05 429.82
currency risk (assets) in equivalent ` lakhs 3090.91 874.82 - - 0.27 329.45
356 357
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
US$ EURO GBP AUD MVR BDT Sensitivity
Financial liabilities The following table demonstrate the sensitivity of net unhedged foreign currency exposures relating to financial
- Trade payables in foreign currency lakhs 12.04 3.44 0.38 30.95 - - instruments to reasonably possible changes in foreign currency exchange rates, with all other variables held constant.
in equivalent ` lakhs 997.80 313.40 38.95 1744.70 - - Change in FC Impact on profit or loss and equity (in ` lakhs)
Derivatives (in respect of exchange rate Increase in FC exchange Decrease in FC exchange
underlying financial liabilities) by rates rates
- Foreign exchange forward in foreign currency lakhs - - - 24.00 - - 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
contracts to buy foreign in equivalent ` lakhs - - - 1352.88 - -
currency US$ sensitivity 5% 60.24 104.66 (60.24) (104.66)
EURO sensitivity 5% 22.93 28.07 (22.93) (28.07)
Net exposure to foreign in foreign currency lakhs 12.04 3.44 0.38 6.95 - -
currency risk (liabilities) GBP sensitivity 5% 0.43 (1.95) (0.43) 1.95
in equivalent ` lakhs 997.80 313.40 38.95 391.82 - - AUD sensitivity 5% (3.06) (19.59) 3.06 19.59
MVR sensitivity 5% 0.03 0.01 (0.03) (0.01)
The Group’s foreign currency derivatives outstanding (including for firm commitments) at the end of the reporting period BDT sensitivity 5% 14.63 16.47 (14.63) (16.47)
are as follows:
Further, the impact of change in foreign currency rates (assuming forward premium to remain unchanged) on the fair
US$ EURO GBP AUD MVR BDT valuation of derivatives in respect of firm commitments (i.e. Derivatives excluding derivatives which have hedged the
foreign currency denominated receivables and payables in the books) as at the end of the year, is demonstrated in
As at 31 March 2024
the table below. However, apart from the impact on the profit or loss due to fair value changes of the derivatives, the
Derivatives (designated as derivatives will help the Group in capturing the hedged rates including forward premium and the budgeted profitability
hedges)
will remain unaffected.
-F
oreign exchange forward in foreign currency lakhs 2.10 - - - - -
contracts to sell foreign Change in FC Impact on profit or loss / other comprehensive
in equivalent ` lakhs 173.42 - - - - -
currency exchange rate income and equity (in ` lakhs)
Derivatives (not designated as by Increase in FC exchange Decrease in FC exchange
hedges) rates rates
- Foreign exchange forward in foreign currency lakhs 11.90 6.62 - - - - 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
contracts to sell foreign in equivalent ` lakhs 982.70 587.59 - - - - Impact on profit or loss and
currency
equity
- Foreign exchange forward in foreign currency lakhs 8.75 14.49 - 29.77 - -
US$ sensitivity 5% 16.14 (24.41) (16.14) 24.41
contracts to buy foreign in equivalent ` lakhs 735.70 1328.00 - 1655.21 - -
currency EURO sensitivity 5% 61.96 (25.38) (61.96) 25.38
Impact on other
As at 31 March 2023
comprehensive income and
Derivatives (designated as
equity
hedges)
US$ sensitivity 5% (8.67) (164.77) 8.67 164.77
- Foreign exchange forward in foreign currency lakhs 40.50 - - - - -
contracts to sell foreign in equivalent ` lakhs 3295.49 - - - - - Impact of hedging activities
currency
Derivatives (not designated as Outstanding derivative instruments designated as hedges:
hedges) < 3 months 3-6 months 6-9 months Total
- Foreign exchange forward in foreign currency lakhs 16.45 8.11 - - - -
contracts to sell foreign As at 31 March 2024
in equivalent ` lakhs 1338.74 714.25 - - - - Foreign exchange forward contracts to hedge
currency
receivables
- Foreign exchange forward in foreign currency lakhs - - - 24.00 - - - Nominal amount (in US$ lakhs) 2.10 - - 2.10
contracts to buy foreign in equivalent ` lakhs - - - 1352.88 - -
currency
- Nominal amount (in ` lakhs) 175.04 - - 175.04
Average rate 83.35 - - 83.35
As at 31 March 2023
All the above contracts are maturing within one year from the reporting date.
Foreign exchange forward contracts to hedge
receivables
- Nominal amount (in US$ lakhs) 15.00 23.00 2.50 40.50
- Nominal amount (in ` lakhs) 1236.90 1905.00 209.67 3351.57
Average rate 82.46 82.83 83.87 82.75
358 359
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Effects on financial position: Note 42: Fair value measurements
As at As at (i) Financial instruments by category
31-Mar-24 31-Mar-23 As at 31-Mar-24 As at 31-Mar-23
Carrying amount of hedging instruments - Assets (refer note 10 - other financial - 0.46 FVTPL * FVTOCI # Amortised FVTPL * FVTOCI # Amortised
assets) cost cost
Carrying amount of hedging instruments - Liabilities (refer note 21 - other (0.24) - Financial assets
financial liabilities)
Investments
Amount included under non-financial liabilities (refer note 18 - other liabilities) - (2.89)
- Equity instruments 496.08 4646.27 - 499.09 - -
Total (0.24) (2.43)
- Debentures or Bonds - - 104.46 - - 115.54
- National Saving Certificates - - - - - 0.03
Effects on financial performance:
Trade receivables - - 50575.50 - - 56305.33
Year ended Year ended
Loans - - 56.89 - - 61.24
31-Mar-24 31-Mar-23
Cash and bank balances - - 8980.47 - - 8579.01
Effective portion of gains/(losses) on hedging instruments recognised in other (14.82) (581.44) Security deposits - - 1056.76 - - 1015.38
comprehensive income Earnest money deposits - - 171.55 - - 221.34
Share of other comprehensive income of associates arising from effective - (66.64) Derivative financial assets - - - - 0.46 -
portion of gains/(losses) on hedging instruments designated as cash flow
Other receivables - - 1424.22 - - 1,402.59
hedges
Total financial assets 496.08 4,646.27 62369.85 499.09 0.46 67700.46
Share of other comprehensive income of associates arising from reclassification - 39.77
Financial liabilities
of cumulative gains/(losses) to profit or loss upon divestment
Borrowings - - 141096.64 - - 91129.71
Fair value gains/(losses) on forward elements of forward contracts in hedging 29.21 209.53
relationship recognised in other comprehensive income Trade payables - - 35653.81 - - 41467.97
Cumulative gains/(losses) reclassified from cash flow hedging reserve to profit 222.00 430.58 Capital creditors - - 3813.38 - - 2540.92
or loss Security deposits - - 609.55 - - 564.69
Cumulative gains/(losses) reclassified from cost of hedging reserve to profit or (153.24) (252.93) Derivative financial liabilities 52.67 0.24 - 76.32 - -
loss Lease liabilities - - 1296.58 - - 1796.28
Line item affected in the statement of profit or loss because of the Revenue from Revenue from Other payables - - 4098.92 - - 4380.23
reclassification operations - operations - Total financial liabilities 52.67 0.24 186568.88 76.32 - 141879.80
note 24 note 24 * Mandatorily required to be measured at FVTPL. There is no financial instrument which is held for trading or designated as FVTPL.
# Investment in equity instruments at FVTOCI represent a strategic investment and therefore has been designated at FVTOCI upon initial
(Refer note15(x) & 15(xi) for movements in cash flow hedging reserve and costs of hedging reserve) recognition. Derivative instruments at FVTOCI represents derivative instruments designated as hedges.
Other disclosures: (ii) Fair value hierarchy
Year ended Year ended This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
31-Mar-24 31-Mar-23 recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair
value, the Group has classified its financial instruments into the three levels prescribed under the accounting standard. An
Changes in fair value of hedging instruments (15.92) (223.10) explanation of each level follows underneath the table.
Changes in the value of hedged items used as the basis for recognising hedge 15.92 223.10
effectiveness
360 361
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Financial assets and liabilities measured at fair value - recurring fair value measurements Note 43: Government grants
Note No. Level 1 Level 2 Level 3 Total (i) Government grants recognised in the financial statements
As at 31 March 2024 Grants recognised in profit or loss Grant recoverable
Financial assets Year ended Year ended Treatment As at As at
- Investments in equity instruments at FVTPL (quoted) 7 496.08 - - 496.08 31-Mar-24 31-Mar-23 in financial 31-Mar-24 31-Mar-23
statements
- Investments in equity instruments at FVTOCI (quoted) 7 4,646.27 - - 4,646.27
5,142.35 - - 5,142.35 A Deferred government grants related to
Financial liabilities income
-
Foreign exchange forward contract at FVTPL (not 21 - 52.67 - 52.67 a) Loans at below market interest rate 245.85 567.76 Reduced from - -
designated as hedges) aggregating to ` 36400 lakhs availed finance cost
-
Foreign exchange forward contract at FVTOCI 20 - 0.24 - 0.24 during financial year 2018-19 under (note 30)
(designated as hedges) the “Scheme for Extending Financial
- 52.91 - 52.91 Assistance to Sugar Undertakings 2018”
As at 31 March 2023 notified by the State Government of Uttar
Financial assets Pradesh.
Total deferred government grants 245.85 567.76 - -
- Investments in equity instruments at FVTPL (quoted) 7 499.09 - - 499.09
B Other revenue government grants
-Foreign exchange forward contract at FVTOCI 10 - 0.46 - 0.46
a) Interest subvention @ 50% of rate 734.06 922.03 Reduced from 576.33 850.00
(designated as hedges)
charged by lenders (subject to maximum finance cost
499.09 0.46 - 499.55
of 6%) on loans of ` 48415 lakhs (31 (note 30)
Financial liabilities
March 2023: ` 34915 lakhs) availed from 253.10 - Reduced from 232.42 -
-
Foreign exchange forward contract at FVTPL (not 21 - 76.32 - 76.32 banks for distilleries under the schemes of capital work in
designated as hedges) Government of India extending financial progress (note 4)
- 76.32 - 76.32 assistance to sugar mills for enhancement
and augmentation of ethanol production
evel 1: Level 1 hierarchy includes financial instruments measured using quoted unadjusted market prices in active markets
L
capacity.
for identical assets or liabilities. This includes listed equity instruments that have quoted price. The fair value of all equity
b) Export incentives under various schemes 110.14 141.62 Presented under 26.50 47.15
instruments which are traded in the stock exchanges is valued using the closing price as at the reporting date.
of Government of India. ''Other operating
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques revenue''
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant (note 24)
inputs required to fair value an instrument are observable, the instrument is included in level 2. Total other revenue government grants 1097.30 1063.65 835.25 897.15
Total government grants related to income 1343.15 1631.41 835.25 897.15
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Grants received Grant recoverable
There are no transfers between levels 1 and 2 during the year. Year ended Year ended Treatment As at As at
31-Mar-24 31-Mar-23 in financial 31-Mar-24 31-Mar-23
(iii) Valuation technique used to determine fair value statements
Specific valuation techniques used to value financial instruments include the fair value of derivatives (viz. foreign exchange C Government grants related to assets
forward contracts) is determined using market observable inputs, including prevalent forward rates for the maturities of the
a) Deferred grant of ` 5.87 lakhs (31 March 5.87 - Shall be reduced - -
respective contracts and interest rate curves as indicated by banks and third parties. from gross value
2023: ` 141.45 lakhs) in the form of duties
saved upon import of machinery under of PPE and
All of the resulting fair value estimates are included in level 2. Export Promotion Capital Goods (EPCG) recognised in
scheme (refer note 18). profit or loss by
(iv) Valuation processes way of reduced
The Corporate finance team has requisite knowledge and skills in valuation of financial instruments. The team headed by depreciation
Group CFO directly reports to the audit committee on the fair value of financial instruments. upon fulfilment
of export
(v) The management considers that the carrying amounts of financial assets and financial liabilities recognised in the financial obligation(s)
statements approximate their fair values. Total government grants related to assets 5.87 - - -
362 363
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(ii) Movement of deferred government grants is provided here below: (ii) Interest in Associates and Joint ventures
Year ended Year ended Details of the Group’s associates and joint ventures at the end of the reporting period are as follows:
31-Mar-24 31-Mar-23 Name of entity Relationship Principal activities Place of Proportion of ownership
As at the beginning of the year 394.84 962.60 incorporation interest and voting power
and operation held by the Group
Recognised during the year 5.87 -
As at As at
Released to the statement of profit and loss (245.85) (567.76)
31-Mar-24 31-Mar-23
Released to the cost of property, plant & equipment (141.45) -
As at the end of the year 13.41 394.84 Triveni Turbine Limited Associate Power generating India 0.00% 0.00%
Current (refer note18) 7.54 245.85 equipment and
Non-current (refer note 18) 5.87 148.99 solutions
Total 13.41 394.84 Triveni Sports Private Limited Joint Venture Sports India 50.00% N.A.
Note 44: Interest in other entities The Company had, during the previous year, divested the entire equity stake of 21.85% held in its associate company viz.,
Triveni Turbine Limited (TTL). Consequently, TTL had ceased to remain an associate of the Company w.e.f. September 21,
(i) Subsidiaries
2022 and the Company ceased to consolidate the results of TTL using the equity method of accounting.
Details of the Group’s subsidiaries at the end of the reporting period are as follows:
Name of Subsidiaries Principal activities Place of Proportion of ownership (a) Summarised financial information of Associates and Joint ventures
incorporation interest and voting power The summarised financial information below represents amounts based on the associate’s and joint venture’s financial
and operation held by the Group statements drawn up for consolidation under equity accounting method by the Group.
As at As at
31-Mar-24 31-Mar-23 Summarised balance sheet of Associates and Joint ventures
Triveni Engineering Limited see (a) below India 100% 100% Particulars Triveni Turbine Limited Triveni Sports Private Limited
Triveni Energy Systems Limited see (a) below India 100% 100% As at As at As at As at
31-Mar-24 20-Sep-22 31-Mar-24 31-Mar-23
Svastida Projects Limited see (a) below India 100% 100%
Triveni Entertainment Limited see (a) below India 100% 100% Current assets N.A. 112913.67 572.14 N.A.
Triveni Industries Limited see (a) below India 100% 100% Non-current assets N.A. 28253.68 - N.A.
Triveni Sugar Limited see (a) below India 100% 100% Current liabilities N.A. 51952.47 36.98 N.A.
United Shippers & Dredgers Limited see (a) below India 100% 100% Non-current liabilities N.A. 1297.34 - N.A.
Gaurangi Enterprises Limited see (a) below India 100% 100% Non-controlling interest N.A. 81.23 - N.A.
Triveni Foundation (Section 8 Corporate social India 100% 100% Net assets N.A. 87836.31 535.16 N.A.
company) responsibility activities
Mathura Wastewater Management Water and wastewater India 100% 100% Summarised statement of profit and loss of Associates and Joint ventures
Private Limited treatment solutions Particulars Triveni Turbine Limited Triveni Sports Private Limited
Pali ZLD Private Limited Water and wastewater India 100% 100% Year ended 01-Apr-22 Year ended Year ended
treatment solutions 31-Mar-24 to 20-Sep-22 31-Mar-24 31-Mar-23
(a) These companies are relatively much smaller and there have been no significant business activities in these companies. Revenue N.A. 50421.17 494.41 N.A.
Profit from continuing operations N.A. 7364.02 35.16 N.A.
Profit from discontinued operations N.A. - - N.A.
Other comprehensive income N.A. (174.74) - N.A.
Total comprehensive income N.A. 7189.28 - N.A.
Dividend received from Associates and N.A. 1094.73 - N.A.
joint ventures
364 365
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Reconciliation of the above summarised financial information to the carrying amount of the interest in the associates Name of the entity in the Group Net Assets, i.e., total Share in profit or loss Share in other Share in total
and joint ventures recognised in financial statements: assets minus total comprehensive income comprehensive income
liabilities
Particulars Triveni Turbine Limited Triveni Sports Private Limited
As % of Amount As % of Amount As % of Amount As % of Amount
As at As at As at As at consolidated consolidated consolidated consolidated
31-Mar-24 20-Sep-22 31-Mar-24 31-Mar-23 net assets profit or loss other total
comprehensive comprehensive
Net assets of the Associates N.A. 87836.31 535.16 N.A. income income
Group's share in % N.A. 21.85% 50.00% N.A. Triveni Entertainment
Group's share in ` N.A. 19188.36 267.58 N.A. Limited
Adjustments: 31 March 2024 0.04% 123.63 0.00% (1.48) 0.00% - 0.00% (1.48)
Goodwill on acquisition (as restated) N.A. (8.11) - N.A. 31 March 2023 0.05% 125.11 0.00% (1.55) 0.00% - 0.00% (1.55)
Triveni Industries Limited
Other adjustments N.A. 0.07 - N.A.
31 March 2024 0.03% 101.46 0.00% (0.99) 0.00% - 0.00% (0.99)
Proceeds from disposal of investment N.A. (159299.93) - N.A.
31 March 2023 0.04% 102.45 0.00% (1.00) 0.00% - 0.00% (1.00)
(refer statement of cash flows) Mathura Wastewater
Profit from disposal of investment (refer N.A. 140119.61 - N.A. Management Private
note 34) Limited
Carrying amount - - 267.58 - 31 March 2024 2.67% 7754.64 0.74% 293.04 0.00% - 0.73% 293.04
31 March 2023 2.69% 7172.51 0.05% 87.40 0.00% - 0.05% 87.40
Gaurangi Enterprises
Note 45: Additional information required by Schedule III Limited
Name of the entity in the Group Net Assets, i.e., total Share in profit or loss Share in other Share in total 31 March 2024 0.04% 125.53 0.00% (0.19) 0.00% - 0.00% (0.19)
assets minus total comprehensive income comprehensive income 31 March 2023 0.05% 125.71 0.00% (0.36) 0.00% - 0.00% (0.36)
liabilities United Shippers & Dredgers
As % of Amount As % of Amount As % of Amount As % of Amount Limited
consolidated consolidated consolidated consolidated 31 March 2024 0.00% 2.21 0.00% (0.62) 0.00% - 0.00% (0.62)
net assets profit or loss other total 31 March 2023 0.00% 0.63 0.00% (0.59) 0.00% - 0.00% (0.59)
comprehensive comprehensive
Pali ZLD Private Limited
income income
31 March 2024 0.91% 2651.39 0.01% 4.24 0.00% - 0.01% 4.24
Parent 31 March 2023 1.32% 3505.22 0.05% 95.91 0.00% - 0.05% 95.91
Triveni Engineering & Associates (Investments as per the equity
Industries Limited method)
31 March 2024 96.13% 278868.76 99.22% 39207.22 100.00% 1,014.10 99.24% 40221.32 Indian
31 March 2023 95.69% 255025.47 98.99% 177370.47 83.36% (312.47) 99.02% 177058.00 Triveni Turbine Limited [refer
Subsidiaries (Group's share) note 44(ii)]
Indian 31 March 2024 0.00% - 0.00% - 0.00% - 0.00% -
Triveni Engineering Limited 31 March 2023 0.00% - 0.91% 1633.44 16.64% (62.38) 0.88% 1571.06
31 March 2024 0.04% 116.55 0.00% (1.01) 0.00% - 0.00% (1.01) Joint ventures (Investments as per the equity
31 March 2023 0.04% 115.56 0.00% (1.06) 0.00% - 0.00% (1.06) method)
Triveni Energy Systems Indian
Limited Triveni Sports Private
31 March 2024 0.04% 115.70 0.00% (0.99) 0.00% - 0.00% (0.99) Limited
31 March 2023 0.04% 116.69 0.00% (1.01) 0.00% - 0.00% (1.01) 31 March 2024 0.00% - 0.04% 17.58 0.00% - 0.04% 17.58
Triveni Sugar Limited 31 March 2023 0.00% - 0.00% - 0.00% - 0.00% -
31 March 2024 0.04% 104.68 0.00% (0.57) 0.00% - 0.00% (0.57) Total
31 March 2023 0.04% 105.25 0.00% (0.68) 0.00% - 0.00% (0.68) 31 March 2024 100% 290090.33 100% 39515.92 100% 1014.10 100% 40530.02
Svastida Projects Limited 31 March 2023 100% 266524.90 100% 179180.65 100% (374.85) 100% 178805.80
31 March 2024 0.04% 125.78 0.00% (0.31) 0.00% - 0.00% (0.31)
31 March 2023 0.05% 130.30 0.00% (0.32) 0.00% - 0.00% (0.32)
366 367
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Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
Note 46: Leases Note 48: Contingent liabilities and contingent assets
As Lessee Contingent liabilities
Assets taken under lease mainly include various residential, office, godown premises and plots of land. These are generally
not non-cancellable leases (except for few premises) having unexpired period upto sixty six years. Except a few, the leases As at As at
are generally renewable by mutual consent and on mutually agreeable terms. The Company has given refundable interest free 31-Mar-24 31-Mar-23
security deposits under certain lease agreements. There is no contingent rent, sublease payments or restriction imposed in the
(i) Claims against the Company not acknowledged as debts: 3807.81 3400.68
lease agreement.
Claims (excluding further interest thereon) which are being contested by the
Company pending final adjudication of the cases:
Amounts recognised as expense
Sl. Particulars Amount of contingent Amount paid under
Year ended Year ended
No. liability protest
31-Mar-24 31-Mar-23
31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Depreciation expense - Right-of-use assets (Land) (refer note 4) 111.35 8.49
1 Sales tax 18.53 29.04 4.01 14.52
Depreciation expense - Right-of-use assets (Building) (refer note 4) 538.73 589.07
2 Excise duty 597.17 552.23 292.13 288.76
Interest on lease liabilities (refer note 30) 126.53 148.26
3 GST 218.59 63.32 10.07 0.42
Rent expense - short term leases (refer note33) 255.11 203.11
4 Others 2973.52 2756.09 49.72 67.13
Total 1,031.72 948.93
Total 3807.81 3400.68 355.93 370.83
Total cash outflow for leases during the year ended 31 March 2024 is ` 939.66 lakhs (31 March 2023: ` 1857.66 lakhs). (ii) Others
(a) The Group is contingently liable in respect of unpaid interest on delayed payment 5973.50 5973.50
Commitments for short term leases as at 31 March 2024 is ` 21.30 lakhs (31 March 2023 is ` 19.46 lakhs).
of cane price for the sugar seasons 2012-13, 2013-14 and 2014-15 amounting
to ` 5973.50 lakhs (31 March 2023: ` 5973.50 lakhs). The Hon’ble Allahabad
As Lessor
High Court had passed an order directing the Cane Commissioner of the State
The Group has given certain portion of its office / factory premises under operating leases [including lease of investment property to decide the matter afresh, taking into consideration certain additional factors.
(refer note 5)]. These leases are not non-cancellable and are extendable by mutual consent and at mutually agreeable terms. The However, no order demanding interest on delayed payment of cane price for the
gross carrying amount, accumulated depreciation and depreciation recognised in the statement of profit and loss in respect of aforesaid years has been served on the Company till date.
such portion of the leased premises are not separately identifiable. There is no impairment loss in respect of such premises. No (b) The Group is contingently liable in respect of unpaid commission payable to cane 4106.80 4106.80
contingent rent has been recognised in the statement of profit and loss. There are no minimum future lease payments as there societies for the sugar seasons 2012-13 and 2014-15 amounting to ` 4106.80
are no non-cancellable leases. Lease income is recognised in the statement of profit and loss under “Other income” (refer note lakhs (31 March 2023: ` 4106.80 lakhs). In the cane price package offered by the
25). Lease income earned by the Group from its investment properties and direct operating expenses arising on the investment State Government of Uttar Pradesh (“State Government”) to sugar mills, the State
properties for the year is set out in note 5. Government had reduced the rate of commission payable to cane societies for
sugar seasons 2012-13 and 2014-15 by way of notification dated 12 June 2015
Note 47: Commitments and for sugar season 2015-16 vide notification dated 5 February 2016, to provide
As at As at relief to the Sugar Industry in view of disparity in the cane price and the market
31-Mar-24 31-Mar-23 outlook of the sugar prices. In the public interest litigation and writ petitions filed
against such reduction in commission rates, the Hon’ble Allahabad High Court
(i) Estimated amount of contracts remaining to be executed on capital account and not 12068.12 5737.98
has held that these notifications cannot have retrospective applicability. Special
provided for (net of advances)
leave petition has been preferred by UP Sugar Mills Association against the said
order and a stay has been granted in the matter and as such till date no demand
has been received by the Group in this regard.
(c) The Group is contingently liable in respect of short provision against disputed 2641.62 2641.62
income tax liabilities (excluding determination of final interest payable thereon) of
` 2641.62 lakhs (31 March 2023: ` 2641.62 lakhs) against which ` 748.36 lakhs
(31 March 2023: ` 748.36 lakhs) stands paid. The disputed income tax liability
mainly arises on the issue of taxability of unrealised incentives, majority of which
have been held to be non-taxable in the first appeal filed by the Group against
which the Department has filed appeals before the Tribunal.
368 369
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
As at As at Note 50: Additional regulatory information under Schedule III
31-Mar-24 31-Mar-23 The relevant disclosures to the extent applicable to the Company are as under:
(d) Liability arising from claims / counter claims/ interest in arbitration/ court cases, Indeterminate Indeterminate
(i) Title deeds of Immovable Properties not held in name of the Group
claims of certain employees/ex-employees and in respect of service tax, if any,
on certain activities of the Group which are being contested by the Group. Relevant line item Description Gross Title Whether title Property Reason for not being held
The amount shown above represent the best possible estimates arrived at on the basis in the Balance of item of carrying deeds deed holder is a held in the name of the Group
of available information. The uncertainties, possible payments and reimbursements Sheet property value held promoter, director since
are dependent on the outcome of the different legal processes which have been in the or relative of which
invoked by the Group or the claimants, as the case may be, and therefore cannot be name promoter/director date
predicted accurately. The Group engages reputed professional advisors to protect its of or employee of
interests and has been advised that it has strong legal position against such disputes. promoter/director
As at 31 March
Contingent assets 2024
Based on management analysis, there are no material contingent assets as at 31 March 2024 and as at 31 March 2023. Nil (refer note 4(ii))
As at 31 March
Note 49: Disclosures of Micro enterprises and Small enterprises 2023
Based on the intimation received by the Group from its suppliers regarding their status under the Micro, Small and Medium Property, plant and Land 8.27 Horam No Jul'2005 Transfer of land in the name of
Enterprises Development Act, 2006, the relevant information is provided here below: equipment (note 4) Singh some Group companies could
31-Mar-24 31-Mar-23 Land 4.08 Shyam No Jul'2005 not be completed on account
Bhadur of certain technicalities/
The principal amount and the interest due thereon remaining unpaid to any supplier at the
Investment property Land 12.06 Madhu No Sep'2004 documentary deficiencies/
end of each accounting year; as at the end of the year various delays including due
(note 5) Arora
(i) Principal amount (refer note 20 & 21) 946.36 971.67
Land 0.84 Madhu No Sep'2004 to the pandemic, which the
(ii) Interest due on above - - Arora Group companies are trying to
The amount of interest paid by the buyer in terms of section 16 of Micro, Small and - - resolve to the extent feasible
Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the
payment made to the supplier beyond the appointed day during each accounting year. (ii) Transactions with Struck off companies
The amount of interest due and payable for the period of delay in making payment (which - - Name of Struck Nature of Balance Relationship Balance Relationship
has been paid but beyond the appointed day during the year) but without adding the off company transactions outstanding as with struck off outstanding as with struck off
interest specified under the Micro, Small and Medium Enterprises Development Act, 2006 at 31 March 2024 company, if any at 31 March 2023 company, if any
The amount of interest accrued and remaining unpaid at the end of each accounting year; - -
Nikumbh Payables against - Not a related party 1.22 Not a related party
and
Engineering purchase of
The amount of further interest remaining due and payable even in the succeeding years, - -
Works Private services
until such date when the interest dues above are actually paid to the small enterprise, for
Limited
the purpose of disallowance of a deductible expenditure under section 23 of the Micro,
Small and Medium Enterprises Development Act, 2006 .
370 371
02-47 08-13 48-171 172-373
Annual Report 2023-24 Corporate Overview Management Statements Statutory Reports Financial Statements
Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in ` lakhs, unless otherwise stated) (All amounts in ` lakhs, unless otherwise stated)
(iii) Ratios Ratio Numerator Denominator 31-Mar-24 31-Mar-23 % Variance Reason for variance
Ratio Numerator Denominator 31-Mar-24 31-Mar-23 % Variance Reason for variance
Return on Market value Weighted 145% 6% 2460% Based on market conditions
Current ratio Current assets Current 1.72 1.97 -13% - investment changes Average
liabilities (other than of quoted investment
Debt equity Borrowings and Equity 0.49 0.35 41% Due to higher working associates and investments,
ratio lease liabilities capital limits utilisation on joint ventures) dividend
account of increased cane (%) income, interest
price and lower sugar income and
dispatches gain/loss on
disposal of
Debt service Profit after Repayment 2.48 9.61 -74% Due to substantially higher
investment
coverage ratio tax plus of long term profits during the previous
finance costs, borrowings and year in view of exceptional
depreciation lease liabilities income (iv) For other applicable disclosures, refer note 4, 5, and 19.
and (excluding
amortisation prepayments) Note 51: Large corporate
expense and finance The Securities and Exchange Board of India, vide Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated 19
costs October 2023 issued by it, has revised the framework for fund raising by large corporates, inter-alia, by increasing the minimum
Return on Profit after tax Average equity 14% 78% -82% Due to substantially higher threshold level of outstanding long-term borrowings to be considered as a large corporate to ` 1000 crore from ` 100 crore earlier.
equity ratio (%) profits during the previous Accordingly, the Company, as on 31 March 2024 is not a large corporate under the revised framework and the regulations framed
year in view of exceptional thereunder shall not be applicable to it till its borrowings reach the prescribed threshold level. Under the earlier framework, the
income Company (having been categorized as a large corporate) was required to raise a minimum 25% of its incremental borrowings in
Inventory Revenue from Average 2.36 2.79 -15% - each of the financial years 2022-23 and 2023-24, through issuance of debt securities which were to be met over a contiguous
turnover ratio operations (net inventories block of three years, i.e., till the expiry of financial years 2024-25 and 2025-26 respectively. The Company has however not
of excise duty) raised any amount till 31 March 2024 through issuance of debt securities, since the time period prescribed to do so had not yet
Trade Revenue from Average trade 11.51 12.69 -9% - expired. With the revision in the framework as mentioned above, there is no further requirement to comply with the regulations
receivables operations receivables under the earlier framework.
turnover ratio
Trade payables Purchases of Average trade 11.95 11.94 0% - Note 52: Comparatives
turnover ratio goods and payables The Group has reclassified certain items of financials of comparative year to conform to this year’s classification, however, impact
services of these reclassification are not material.
Net capital Revenue from Average 3.94 5.54 -29% Due to lower income and
turnover ratio operations (net working higher average working Note 53: Approval of consolidated financial statements
of excise duty) capital (i.e. capital resulting from higher
The consolidated financial statements were approved for issue by the Board of Directors of the Company on 20 May 2024 subject
current assets sugar inventories.
to approval of shareholders.
less current
liabilities) As per our report of even date attached
Net profit ratio Profit after tax Revenue from 8% 32% -76% Due to substantially higher For S S Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of Triveni Engineering & Industries Limited
(%) operations (net profits during the previous Chartered Accountants
of excise duty) year in view of exceptional Firm's registration number : 000756N/N500441
income
Return Earnings before Average capital 14% 55% -74% Due to substantially higher Vijay Kumar Dhruv M. Sawhney Sudipto Sarkar
on capital interest and employed profits during the previous Partner Chairman & Managing Director Director & Chairman Audit Committee
employed (%) taxes (i.e. equity, year in view of exceptional Membership No. 092671
borrowings, income
lease liabilities Place : Noida Suresh Taneja Geeta Bhalla
and deferred Date : May 20, 2024 Group CFO Group Vice President & Company Secretary
tax liabilities)
372 373
Annual Report 2023-24
Glossary and Definitions
Term Definition Term Definition
AI Artificial Intelligence ESY Ethanol Supply Year
Alcohol Colourless liquid produced by natural fermentation of sugary feedstocks and used as an intoxicating In the Indian context, historically it referred to the 12-month period of supply of Ethanol from December
constituent of potable spirits, industrial solvent and as fuel. 1 of a year to November 30 of next year. However, this was redefined in FY 23, as a period of ethanol
API American Petroleum Institute supply from November 1 of a year to October 31 of next year, with effect from November 1, 2023.
AR Augmented Reality In view of the above, the first year i.e. ESY 2022-23 will be considered from December 1, 2022 to
October 31, 2023, i.e. 11 months.
Ata Atmosphere absolute
ETP Effluent Treatment Plant
B2B Business to business
FCI Food Corporation of India
Bagasse Cane fibre leaving cane mill after extraction of juice FICCI Federation of Indian Chambers of Commerce & Industry
B-Heavy Molasses These are molasses produced from 2nd stage (B-massecuite) pan boiling during production of sugar FSSAI Food Safety and Standard Authority of India (FSSAI) is a statutory body established under the Ministry
BOD Biochemical Oxygen Demand of Health & Family Welfare, Government of India. The FSSAI has been established under Food Safety
BOOT Build-Own-Operate-Transfer and Standards Act, 2006 which is a consolidating statute related to food safety and regulation in India.
CAD Computer-Aided Design FSSAI is responsible for protecting and promoting public health through the regulation and supervision
CAH Congenital Adrenal Hyperplasia of food safety.
CAM Computer-Aided Manufacturing FSSC 22000 Food Safety System Certification is a robust ISO-based, internationally accepted certification system
CAGR Compound annual growth rate for auditing and certification of food safety within the food and beverage manufacturing sector.
FY Financial Year
CapEx Capital expenditure is the funds that a company invests in long-term assets such as property, plant,
and equipment (PP&E). Gross Recovery Recovery of sugar based on conventional sugar production process (which includes production of
C-Heavy Molasses)
CEO Chief Executive Officer
G6PD Glucose 6-Phosphate Dehydrogenase Deficiency
CETP Common Effluent Treatment Plant
GPS Global Positioning System
CH Congenital Hypothyroidism GSMA Groupe Speciale Mobile Association
C-Heavy Molasses Also known as final molasses, blackstrap molasses, treacle. This is the end by-product of HAM Hybrid Annuity Model
the processing in the sugar factory. HKIAC Hong Kong International Arbitration Centre
CII Confederation of Indian Industry IAS Indian Administrative Service
CO2 Carbon Dioxide ICAR Indian Council of Agricultural Research
COD Chemical Oxygen Demand ICRA Investment Information and Credit Rating Agency
CSR Corporate Social Responsibility IIFT Indian Institute of Foreign Trade
DDGS Distillers Dried Grain Solubles IIM Indian Institute of Management
A co-product of a grain ethanol facility which contains higher protein and is sold as an animal feed, IMFL Indian Made Foreign Liquor
poultry and swine feed. IMIL Indian Made Indian Liquor
DFPD Department of Food and Public Distribution IoT Internet of Things
DGP Director-General of Police IOS i-Phone operating system
Distillation Process of separating alcohol from water via evaporation and condensation. IP Intellectual Property
DRP Defeco Remelt Phosphotation IPP Independent Power Producer
DSOBS Doon School Old Boys’ Society ITPO India Trade Promotion Organization
ISMA Indian Sugar Mills Association
EBITDA Earnings Before Interest, Taxes, Depreciation and Amortisation
ISO International Sugar Organization
EBIT Earnings before Interest and Taxes
JBF Jubliant Bhartia Foundation
EBP Ethanol Blended Petrol
KL Kilo Litre
The EBP programme seeks to achieve blending of ethanol with petrol with a view to reducing pollution,
KLPD Kilo Litre Per Day
conserve foreign exchange and increase value addition in the sugar industry enabling them to clear
Lakh Quintals 100 Lakh Quintals is equal to 1 Million Tonne
cane price arrears of farmers.
LED Light-emitting diode
ECGC Export Credit Guarantee Corporation
MD Managing Director
EIH East India Hotels MLD Million Litres per Day
ENA Extra Neutral Alcohol Molasses A co-product/by-product of sugar manufacturing process used mainly for ethanol production
EOW Economic offence wing MT Metric Tonne
EPC Engineering Procurement Construction MW Mega Watt
ERM Enterprise Risk Management NABARD National Bank for Agriculture and Rural Development
NCB Narcotics Control Bureau
NCML National Commodity Management Ltd.
374 375
Annual Report 2023-24
Information on Company’s Business Locations
REGISTERED OFFICE SABITGARH DISTILLERY UNIT – JOINT VENTURE
Plot No. 44, Block-A, SUGAR UNIT MILAK NARAYANPUR Triveni Sports Private Limited
Term Definition Phase II Extension, P.O. Karora, Tehsil Khurja Milak Narayanpur,
Hosiery Complex, Noida-201 305, District-Bulandshahar, P.O. Dadiyal CORPORATE
Net Recovery This is after the diversion of sugar for alcohol production
District Gautam Budh Nagar, U.P. Uttar Pradesh-203 129 District-Rampur INFORMATION
NGO Non-Government Organisation Chairman and Managing
Phone: +91 120 4748000 Phone: +91 9557794246 Uttar Pradesh-244 925
NGT National Green Tribunal Director
CIN- L15421UP1932PLC022174 Phone: +91 7217030130
NIFT National Institute of Fashion Technology RANI NANGAL Mr. Dhruv M. Sawhney
NTC National Textiles Corporation LTD. CORPORATE OFFICE SUGAR UNIT DISTILLERY UNIT – (DIN-00102999)
O&M Operations & Maintenance ‘Express Trade Towers’, Rani Nangal, RANI NANGAL
8th Floor 15-16, Sector-16A Tehsil Thakurdwara Rani Nangal, Tehsil Vice Chairman &
OAE Oto Acoustic Emission Managing Director
OEMs Original Equipment Manufacturers Noida 201 301(U.P.) District-Moradabad Thakurdwara District-
Phone: +91 120 4308000 Uttar Pradesh-244 401 Moradabad Mr. Tarun Sawhney
OHS Occupational Health & Safety (DIN-00382878)
Fax: +91 120 4311010-11 Phone: +91 9690098098 Uttar Pradesh-244 401
OMCs Oil Marketing Companies Phone: +91 9690098098
SHARE DEPARTMENT/ MILAK NARAYANPUR Directors
PAT Profit After Tax
INVESTORS’ GRIEVANCES SUGAR UNIT BRANDED DIVISION Mr. Nikhil Sawhney
PBIT Profit Before Interest and Tax
‘Express Trade Towers’, Milak Narayanpur, World Trade Centre, 4th Floor, (DIN-00029028)
PBT Profit Before Tax Mr. Sudipto Sarkar
8th Floor 15-16, Sector-16A P.O. Dadiyal District-Rampur Sector 16, Noida-201301
PIAC Pacific International Arbitration Centre (DIN-00048279)
Noida 201 301 (U.P.) Uttar Pradesh- 244 925 Uttar Pradesh
PLV Pitch Line Velocity Mr. Jitendra Kumar Dadoo
Phone: +91 120 4308000 Phone: +91 9758400160
PPP Public Private Partnership POWER TRANSMISSION (DIN-02481702)
Fax: +91 120 4311010-11
PTB Power Transmission Business CHANDANPUR BUSINESS Mr. Siraj Azmat Chaudhry
Email: [email protected]
Q&A Question and Answer SUGAR UNIT 1,2,3 Belagola Industrial Area, (DIN-00161853)
Quintals 1 Quintal is equal to 100 Kilograms REGISTRAR AND SHARE P.O. Chapna, Tehsil-Hasanpur, Metagalli Post, K.R.S. Road, Mr. Manoj Kumar Kohli
TRANSFER AGENTS District-Amroha Mysore-570 016 (DIN-00162071)
RBI Reserve Bank of India
For Equity shares held in Uttar Pradesh-244 255 Phone: +91 821 4286500-01 Dr. Mrs. Meena Hemchandra
RESPOA Retired Senior Police Officers Association physical and electronic mode Phone: +91 5924 267004/05 Fax: +91 821 4286531 (DIN-05337181)
R&D Research and Development (Correspondence Address) and +91 7830220828 Dr. Rajender Pal Singh
RFP Request For Proposal WATER BUSINESS
M/s KFin Technologies Ltd., Fax: +91 5924 267001 (DIN-10198810)
RO Reverse Osmosis Plot No. 44, Block-A,
Unit: Triveni Engineering &
SIT Special Investigation Team CO-GENERATION Phase II Extension, Group Chief Financial Officer
Industries Limited
KHATAULI Hosiery Complex, Mr. Suresh Taneja
Slop Slop is the waste generated during alcohol manufacturing in distilleries, which is used as fuel in Selenium Tower B,
Khatauli, District-Muzaffarnagar, Noida-201 305,
Incineration boilers Plot 31-32, Gachibowli, Group Vice President &
Uttar Pradesh-251 201 District Gautam
SPV Special Purpose Vehicle Financial District, Nanakramguda, Company Secretary
Phone: +91 9897133335 and Budh Nagar, U.P.
SRCC Shri Ram College of Commerce Serilingampally, Ms. Geeta Bhalla
+91 9897544464 Phone: +91 120 4748000
Hyderabad-500 032
SS Sugar Season Bankers
Tel. +91 40 6716 2222, CO-GENERATION SUBSIDIARY
In the Indian context, it refers to the period of production of sugar production from October to Axis Bank Ltd.
Fax: +91 40 6716 1563 DEOBAND COMPANIES
September. Normally sugar units operate from October to June in North and in South India a few units Toll Free No.: 18003094001 Bank of Baroda
Deoband, District-Saharanpur Triveni Industries Limited
operate a special season from June to September also. Email: [email protected] Central Bank of India
Uttar Pradesh-247 554 Triveni Engineering Limited
STAI Sugar Technologists Association Phone: +91 9759607000 and Triveni Energy Systems Limited HDFC Bank Ltd.
STC State Trading Corporation of India Ltd. KHATAULI SUGAR UNIT ICICI Bank Ltd.
+91 9759608000 Triveni Entertainment Limited
STP Sewage Treatment Plant Khatauli, District-Muzaffarnagar, IDBI Bank Ltd.
Triveni Sugar Limited
Uttar Pradesh-251 201 ALCO-CHEMICAL UNIT - IndusInd Bank Ltd.
Sugarcane juice Juice obtained from sugarcane after crushing it in mills Svastida Projects Limited
Phone: +91 8859108061-63 MUZAFFARNAGAR Punjab National Bank
TCD Tonnes of Cane per Day Mathura Wastewater
Village Bhikki Bilaspur, RBL Bank Ltd.
TEIL Triveni Engineering & Industries Limited DEOBAND SUGAR UNIT Management Private Limited
Jolly Road, State Bank of India
TSS Total Suspended Solids Deoband, District-Saharanpur Pali ZLD Private Limited
District - Muzaffarnagar, Yes Bank Ltd.
UF Ultra Filtration Uttar Pradesh-247 554 Gaurangi Enterprises Limited
Uttar Pradesh-251 001
Phone: +91 9759607000 and United Shippers & Dredgers Auditors
UK United Kingdom Phone: +91 7895900631
+91 9759608000 Limited M/s S.S. Kothari Mehta
UP Uttar Pradesh
DISTILLERY UNIT – Triveni Foundation (Section 8 & Co. LLP
UPPCL Uttar Pradesh Power Corporation Limited RAMKOLA SUGAR UNIT
SABITGARH Company)
USA United States of America Ramkola, District-Kushinagar Triveni Group website
P.O. Karora, Tehsil Khurja
VAP Value added Products Uttar Pradesh-274 305 www.trivenigroup.com
District-Bulandshahar,
WHR Waste Heat Recovery Phone: +91 9936300473 and Uttar Pradesh-203 129
WtE Waste-to-Energy +91 9695507700 Phone: +91 9557794246
WTP Water Treatment Plant
ZLD Zero Liquid Discharge
376 377
CIN-L15421UP1932PLC022174
8th Floor, Express Trade Towers, Plot No. 15 & 16,
Sector 16-A, Noida-201 301, Uttar Pradesh
www.trivenigroup.com
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