Please find enclosed transcript of Analyst / Investor Conference Call held on 28th May, 2025 post announcement of audited financial results of the Company for the Q4 & FY25 ended on March 31, 2025.

Triveni Engineering reported FY25 revenue of ₹5,689 crore (up ~9%) and PAT of ₹238.3 crore, with a record Q4 revenue of ₹1,925 crore and Q4 PAT of ₹187.1 crore. The Board has recommended a 250% final dividend for FY25. Power Transmission was the star, with revenue up 27%, profitability up 19%, and PBIT margins above 34%; Water business order book grew 30%+ to ₹1,600 crore despite slower execution. Sugar business saw segment profits fall 12.8% on lower recovery (down 69 bps) due to red rot disease and erratic rainfall, though current prices (~₹40.8/kg) are ~₹2 higher YoY. Alcohol turnover rose 15.7% on the new Rani Nangal distillery, but margins were squeezed by higher maize costs (₹24.42/kg vs ₹20/kg for FCI rice previously). Management targets 23-24 crore litres of ethanol in FY26 vs 20 crore in FY25, and sees scope for further margin improvement as maize prices ease.