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TRIL’s Q1 FY-24 Financials: Revenue Falls Drastically by 48% YoY

TRIL, Transformers & Rectifiers (India) Ltd logo

Transformers & Rectifiers (India) Ltd. (TRIL) [NSE: TRIL, BOM: 532928], a Gujarat-based transformer manufacturing company, has announced its financial results for the quarter ended 30th June 2023.

TRIL’s Standalone Financials for First Quarter of FY-24

On a standalone basis, TRIL reported Rs. 153.36 crore as revenue from operations for the quarter ended 30th June 2023. The corresponding Profit After Tax (PAT) for the period stood at Rs. 10.98 crore.

Subsequently, the company logged Rs. 0.83 as its Earning Per Share (EPS) in Q1 of financial year 2023.

Consolidated Financial Result of TRIL During Q1 of FY-24

YoY Comparison of TRIL’s Financial Results: Q1 FY-24 vs. Q1 FY-23

Comparison of TRIL’s Financials: Q1 FY-23 vs. Q1 FY-24 vs. Q4 FY-23

On a Year-over-Year basis, TRIL’s Q1 revenue from operations fell by 48% to Rs. 155.57 crore in FY-24 from Rs. 300.34 crore during FY-23.

The company reported a loss of Rs. 12.21 crore for Q1 of FY-24. However, TRIL earned Rs. 6.43 crore as PAT for Q1 of FY-23.

Further, EPS of the company was Rs. -0.95 on a consolidated basis for the first quarter of FY-24 against Rs. +0.48 for Q1 of FY-23.

QoQ Comparison of TRIL’s Financial Figures: Q1 FY-24 vs. Q4 FY-23

Quarter over Quarter (QoQ) basis, TRIL’s revenue from operations decreased by 64.51% from Rs. 438.35 crore which was earned during Q4 of FY-23.

Further, Transformers & Rectifiers reported a PAT of Rs. 9.60 crore clocked during the closing quarter of FY-23.

“Multiple Factors Led to Decline in the Revenue” – TRIL Chairman

During the company’s earnings call, Mr. Jitendra Mamtora, Chairman of Transformers and Rectifiers mentioned several reasons for the decrease in revenue from operations of the company. He said that orders were cancelled and delayed due to non-receipt of dispatch instructions, delay in inspection, and delayed payments by the customers.

He further added, During the quarter, we have not received any amount from Gujarat Energy Transmission Corporation Limited (GETCO) which increased its outstanding to Rs.183 crore which impacted heavily on the deliverable of the company.

The company had orders on hand amounting to Rs. 2,149 crore as of 30th June 2023.

About Transformers and Rectifiers (India) Ltd. : TRIL was incorporated in 1994 and has its headquarters in Ahmedabad, India. It manufactures power transformers, distribution transformers, furnaces, and rectifier transformers. The company has three manufacturing facilities in Western India, namely, Moraiya, Changodar, and Odhav in Ahmedabad.