Good morning, ladies and gentlemen. I'm Dhruv M. Sawhney, Chairman and Managing Director of your company, Triveni Engineering & Industries Limited, joining from Noida. Welcome to all of you to the 88th Annual General Meeting of your company, Triveni Engineering and Industries Limited, being held through the virtual mode via video conference in accordance with the relevant provisions of the Companies Act 2013 , read with various circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. I hope all of you and your family members are safe and in good health. The company has taken all feasible steps to enable members to participate in the eighty-eighth AGM through the video conferencing facility provided by KFin Technologies Limited, KFintech, registrars, and share transfer agent. The proceedings of this meeting are being recorded for compliance purposes.
The deemed venue of the meeting for statutory purposes shall be the registered office of the company. Let me now introduce you to the members of the board and senior management present with us today. I will introduce them one by one. The first is Mr. Tarun Sawhney, Vice Chairman and Managing Director, who is joining us from Noida. We now have Mr. Sudipto Sarkar, Independent Director and Chairman of the Audit Committee, and is joining us from Kolkata. There is Mr. Nikhil Sawhney, Non-Executive Director and Chairman of the Stakeholders Relationship Committee, who is joining us from Noida. Mr. Jitendra Kumar Dadoo, Independent Director and Chairman of the Nominations and Remuneration Committee, is joining us from New Delhi. Mr. Siraj Chaudhry, Independent Director, is joining us from Gurugram. Dr. Rajender Pal Singh, Independent Director and Chairman of the CSR Committee, is joining us from Lucknow.
Manoj Kohli, Independent Director, is joining us from Gurugram. Dr. Meena Hemchandra, Independent Director, is joining us from Bengaluru. Mr. Vijay Gupta, Partner, S S Kothari Mehta & Company, Statutory Auditors, is joining us from New Delhi. I'll come to our management. Mr. Suresh Taneja, Group CFO, is joining us from Noida. Ms. Geeta Bhalla, Group Vice President and Company Secretary, is also joining us from Noida. Mr. Suresh Gupta, practicing Company Secretary, and who's also the Secretarial Auditor and Scrutineer, is joining us from Noida. Finally, Ms. Surabhi Chandna, General Manager, Investor Relations and Value Creation, is joining us from Noida. The Company Secretary has informed that the requisite quorum of members participating through video conferencing is present in accordance with Section 103 of the Companies Act, 2013, read with the Articles of Association of the company.
Accordingly, the meeting is properly constituted, and I call the meeting to order. The register of directors and key management personnel and their shareholding, and the register of contracts or arrangements in which the directors are interested, are available electronically for inspection upon request by members. I would like to share with you, a brief summary of the performance of the company for the financial year 2023 and 2024, and the future for the current year. This is covered in more detail in the annual report. The performance during financial year 2024 was satisfactory despite the immense challenges. Adverse climatic conditions and the spread of red rot disease impacted sugarcane yields in the state of Uttar Pradesh, presenting tough times for the sugar industry.
To ensure sufficient sugar availability, the government limited sugar, which would have been sacrificed through B-heavy molasses being processed into ethanol, and also restricted sugar exports. This, along with the stoppage of surplus rice being supplied by FCI, impacted the feedstock availability for our ethanol and alcohol business. While we swiftly shifted to the maize feedstock, it led to lower operating capacities and subsequent margins. The water business witnessed a muted period due to some project delays, but the power transmission business was a silver lining, yet again, delivering a stellar performance with a growth of 29.5% in revenue and 40.1% in segment profits. The order booking in PTB division went up by 42.3%, and that augurs very well for the next year.
Overall, our net revenue from operations declined by 7% to INR 5,218 crore for financial year 2024, and the EBITDA was lower by much less, by about 3.1% to INR 675 crore on a standalone basis. Profits after tax was at INR 371.5 crore, as against INR 1,800 crore in the last year. Last year's profit, of course, included the exceptional income, a net of tax, of INR 1,370 crore from the sale of TTL shares. The revenue contribution of the non-sugar businesses increased from 34% to 38% in the financial year 2024, and this is good, as we are diversifying from sugar, which is impacted by external circumstances such as climate change and government policy.
This was partly on account of the decline in the sugar business, along with our ongoing efforts to achieve healthy diversification and, thereby, ensuring predictability in revenue and profits. We've always been inspired to look beyond the challenges, and have invested a substantial CapEx this year of INR 357 crore in the financial year 2024. This will be a key enabler for our future growth. We have already commissioned a 200 kiloliter per day multi-feed distillery at our Rani Nangal sugar unit, which not only enhances our overall distillation capacity to 860 kiloliters per day, but also provides further feedstock flexibility. Your company has also ventured into a new business of manufacturing, marketing, and selling its own brands in the premium segment of Indian-Made Foreign Liquor, IMFL, as a forward integration of the distillery operations.
I'm pleased to inform you that the company has recently launched two IMFL brands in the key districts of Uttar Pradesh, in the super premium and premium categories. There are certain other projects which are on track for scheduled commissioning, and these include an enhancement in the crushing capacity of the Sabitgarh sugar unit by 2,000 tonnes cane crushing per day, from 7,000 TCD to 9,000 TCD. Besides the debottlenecking, modernization, and efficiency improvements across all the other sugar units. This is besides the cost optimization efforts that your company is continually going through in all its operations, including sugar, distillery, and the engineering businesses. A new state-of-the-art bottling plant at Muzaffarnagar facility for high-quality IMFL products has been commissioned.
Most importantly, we've enhanced the annual capacity of our power transmission gear business at Mysuru from INR 250 crore to over INR 500 crore, and this is excluding any manufacturer in the defence sector, which will be also catered by the expanded unit. Digital technology is yet another area where we are making good strides. Deployment of advanced technologies like GPS-based farming services, satellite mapping to detect diseases, drones for insecticide spraying, and IoT-based supply chain management are revolutionizing sugarcane farming today. Several digital projects are underway, aimed at further empowering our farmer and our other partners. The power transmission business is all set to support expanded activities and undertake extensive international customer outreach operations, and have been demonstrating its enhanced capabilities with various new customers.
They are ramping up their R&D expenses and spending international expansion operations, and of course, innovation possibilities in many areas. In addition, in June 2024, the company had acquired a majority stake of 61.77% in a listed entity, Sir Shadi Lal Enterprises Limited, SSEL, with a view to expand its business operations in the sugar and allied businesses. With the said acquisition, SSEL has become a subsidiary of this company. Further, the company launched an open offer on the 3rd of August 2024, to the shareholders in accordance with SEBI (SAST) Regulations, 2011, and this was completed on the 20th of August 2024.
Consistent with our focus on delivering healthy returns to shareholders, as well as balancing financial stability, the board of directors approved a total dividend of 5.75 per share in FY 2024, and this has resulted in an out-go of INR 126 crore. Our contribution to the exchequer remains robust at around INR 1,200 crore. It's about INR 1,187 crore. We remain aligned with various government initiatives, including water management related projects, the Ethanol Blended Petrol (EBP) program, and to meet the Prime Minister's target of 20% blending by the ethanol supply year 2025-2026. This year, we supplied 182,700 kiloliters of alcohol bearing ethanol to the oil marketing companies. Our ongoing efforts in these areas will be instrumental in addressing the challenges of climate change and water scarcity.
We continue to empower our communities with spending INR 11.4 crore on community projects. A booming economy has expectations of favorable policy decisions, and the government's commitment to EBP, the ethanol program, its targets and central alliance in sugar augurs well for our sugar and alcohol businesses. With our enhanced capacities, we remain well-positioned for improved performances. In sugar, we continue to judiciously invest, enhancing sugarcane crush rates, sugar quality, and operational efficiencies. The focus on Make in India and industrialization, along with the long-term prospects for water and wastewater management solutions, globally provide a positive outlook for our engineering businesses. In power transmission, our extensive international market customer outreach and continued investment in R&D and infrastructure position allows us to capitalize on these global opportunities.
As we remain sharply focused on execution and doing the right thing, I believe with the support of our valued stakeholders, we are enthused to create a brighter, more promising tomorrow, where we grow together and create value for all. Now, I would like to invite Mr. Tarun Sawhney, Vice Chairman and Managing Director of the company, to brief you on the performance of the various business segments and his views on the future outlook. Over to you, Tarun.
Thank you, Chairman. Good morning, ladies and gentlemen. It's a pleasure to address you at the 88th AGM of your company. As the chairman mentioned, this has been a interesting year for the company. From an overall environmental perspective, for the larger businesses of sugar and ethanol, there have been considerable challenges. However, the company has weathered them well. I think our relative performance, if I delve deeper into the sugar business, has been better than our peers in our neighboring area. We did have a substantial impact of disease within the sugarcane crop. That has now, of course, been mitigated in this off-season with fresh planting, roguing, and a whole host of new techniques to ensure that we have the best varieties for our farmers, and that the farmers themselves have disease-free sugarcane.
However, f or the year under review, there were challenges as there was considerable water that was left from Uttarakhand and led to considerable flooding, especially in Western Uttar Pradesh, and led to a spread of disease, which was very unfortunate. In addition, weather conditions continued to play with the growth of the sugarcane crop, and as a result, the overall recoveries of the company were slightly muted. This year as well, we have experienced... Or this summer and monsoon season, we've seen an adequate amount of rainfall. And provided that this rainfall stops in the next few weeks, I think the forecast for the upcoming season is very encouraging.
But it's important to mention to you the hard work that has been done by the over 1,500 people that are employed in the field by your company, to ensure that we get the very best sugarcane varieties and the freshest sugarcane delivered, to the factories. As far as the distillery segment is concerned, again, the chairman was right in pointing out the challenges as we migrated from rice all the way to maize. The company is running a substantial portion of its distilleries on maize. However, due to weather conditions last year, the maize crop was far lower across the country than was forecast, leading to a price hike in maize.
I'm encouraged and happy to share with you that the maize sowing for the rabi and kharif crops of maize for this year, this upcoming next period of nine to 12 months, has been fantastic. And I believe that we will have substantial quantums of maize in the country, and therefore, one does predict a slight softening of maize prices, which will, of course, benefit the company. In addition, the central government has announced that it will no longer limit the quantum of sugarcane juice and molasses that will be allowed for diversion into the ethanol blending program, and this, again, augurs very, very well for this year. However, in the previous year, there were some limitations, as was previously mentioned. With respect to the engineering businesses, I believe that we are on the anvil of great success.
Both businesses have performed extremely well, both the power transmission business and the water and wastewater management business. Again, the former, with new clients and new projects overseas, leading the way in terms of improved margins, and sustainable growth and margin growth. And as far as the water business is concerned, I think we had a period of elections, and that, of course, always has an impact in terms of finalization of projects, and we are hopeful that this year will augur very well for the business as well. Thank you very much, ladies and gentlemen. I'd like to pass this back to the chairman.
In accordance with the relevant circulars issued by the Ministry of Corporate Affairs and SEBI, dispensing with the requirement of sending the physical copies of the AGM notice and annual report to the members, the company has sent notice of the eightieth AGM, together with the annual report for financial year 2024, through the electronic mode, to those members whose email addresses are registered with the company and its depositories. As the notice has already been circulated to all members, I take the notice convening the meeting as read. The statutory auditors, S S Kothari Mehta & Company LLP, have submitted their report on the financial statements for the year ended 31st March 2024 . The auditor's report does not contain any qualifications or modified opinion or adverse remarks.
In view of this, as per the provisions of Section 145 of the Companies Act, 2013, the auditor's report is not required to be read out at the meeting, and the same is being taken as read. Similarly, the Secretarial Audit Report also does not contain any qualification or adverse remarks. In accordance with the relevant provisions of the Companies Act, 2013, read with the Secretarial Standards on General Meetings and SEBI Listing Regulations, the members holding shares as on the cutoff date, September 6, 2024, have been provided the facility to exercise their rights to vote by electronic means through the e-voting platform of the company's Registrar and Share Transfer Agents, KFin tech.
Both through remote e-voting and e-voting in InstaPoll at this AGM, on all the six items provided in the notice of the AGM and being considered, of course, at this meeting. Remote e-voting facility was made available to members during the period commencing from 10:00 A.M., Indian Standard Time, on Tuesday, September 10, till 5:00 P.M., Indian Standard Time, on Thursday, September 12th, 2024 . Members participating in the meeting through video conferencing, who have not cast their vote through remote e-voting, may vote through the InstaPoll e-voting facility being provided at this AGM through the portal of KFin tech. The members who have already cast their vote by remote e-voting prior to the AGM, shall not be entitled to cast their vote again. Mr. Suresh Gupta, Practicing Company Secretary, has been appointed as the Scrutineer for conducting the entire e-voting process in a fair and transparent manner.
Based on the report of the Scrutinizer, the consolidated results of remote e-voting and the e-voting InstaPoll at today's meeting will be announced and displayed on the website of the company, and will also be submitted to the stock exchanges, where the equity shares of the company are listed within the prescribed time limit. Before commencing the e-voting facility on all the items and resolutions contained in the notice of the AGM, we should be glad to answer the questions which members may have on the financial statements of FY 2024, and other agenda items.
Members who have registered themselves as speakers during the 10th to 11th September 2024, will be allowed to speak at the meeting. They are requested to first mention their names, folio or DP, and their client ID and location. I shall now request the moderator to commence the question and answer session, and I call on the pre-registered speakers one by one. There are forty-one registered speakers. Thank you, moderator, and over to you.
Thank you, Chairman, sir. I will now take up the speaker shareholders one by one. I request the first speaker shareholder, Mr. Lokesh Gupta, to unmute the audio, switch on the camera, and ask the question, please. Mr. Lokesh Gupta?
Hello, sir, [Foreign language] ? Chairman, sir, [Foreign language] board members [Foreign language] . Sir, excellent chairman speech [Foreign language] company [Foreign language] sir. [Foreign language] , sir. [Foreign language] , [Foreign language] sir? Sir, [Foreign language] . Company [Foreign language] , company [Foreign language] . Company [Foreign language], shareholders [Foreign language] returns [Foreign language] , sir. Sir, [Foreign language] company [Foreign language] sir. [Foreign language] merge [Foreign language] entity [Foreign language] ? [Foreign language] , sir. [Foreign language] total [Foreign language] capacity [Foreign language] , sir? [Foreign language] , sir.
[Foreign language] sir, [Foreign language] , sir. [Foreign language] , [Foreign language] , [Foreign language] Company Secretary [Foreign language] team [Foreign language] Well, time [Foreign language] reply [Foreign language] team [Foreign language] , sir . [Foreign language] portal [Foreign language] , sir, [Foreign language] AGM [Foreign language] , sir. [Foreign language] portal [Foreign language] AGM [Foreign language], [Foreign language] pan India [Foreign language] shareholders [Foreign language] , [Foreign language] company [Foreign language].
Thank you. Thank you. [Foreign language].
Thank you, Mr. Lokesh Gupta. The next speaker shareholder, Mr. Ajay Kumar Jain and Aloysius Peter Mascarenhas are not available in the meeting. I now request the next speaker shareholder, Mr. Manjit Singh, to unmute the audio, switch on the camera, and proceed, please.
Am I audible?
Yes, sir, you are audible. Thank you.
Triveni Engineering team, management team, secretarial team, and my co-shareholders, [Foreign language] growth already [Foreign language] three quarters [Foreign language] , [Foreign language] festival season [Foreign language] sir [Foreign language] order book [Foreign language] festival season [Foreign language] minimum support price [Foreign language], INR 32 [Foreign language] INR 42 [Foreign language] government [Foreign language] ? [Foreign language] growth [Foreign language] earning per share [Foreign language] , [Foreign language] sugar sector [Foreign language] , ethanol [Foreign language] meeting [Foreign language] government [Foreign language] government? [Foreign language], [Foreign language] ? [Foreign language]. Thank you.
Thank you.
Thank you, Mr. Manjit Singh. I now move on to the next speaker shareholder Mr. Shripal Singh Mohnot. Mr. Shripal Singh, can you please unmute and speak. Sorry sir, there seems to be some internet connectivity issue at the end. I now request the next speaker shareholder Mr. Praveen Kumar to unmute the audio, switch on the camera and ask the question please. Mr. Praveen Kumar.
Hello, I am audible.
Yes, you are, you can continue.
Very very good morning to my respected Chairman, respected MD, esteemed board of directors, my fellow shareholders, myself. Praveen Kumar joining this meeting from New Delhi. I have the observation which I love to share with the entire house. But before that, in this financial year, this is our first interaction with the management. So I wish the entire management team, each and every dedicated employee, a happy, healthy and prosperous future. Coming down to my observation sir, I am with the company for years now and I have the biggest respect for you.
When we used to meet physically, I see the sparkle in your eyes. Your face is very very smiling like a young man and today when I see you, I see the same energy, same enthusiasm in your speech and I am very very lucky to be part of such an interesting company. To be very very honest with you, it's a legacy for me. God bless you with all the positivity, so that you will keep the momentum of creating wealth for retail investor like me. You are always there to share your wealth with the retail investor. That's wonderful, wonderful!
Now step ahead. We are acquiring Shadi Lal in that space and in your speech. A... a... That will be subsidiary of company and it will be separate entity but subsidiary and mark my words sir, when you, when you touch this company, it will turn into gold in the future. Because I know your, I salute your leadership, dedication, devotion to make this company also one of the best like in respect to the space. I wholeheartedly support all the resolution which is set out for the notice today. Excellent corporate governance is maintained by our secretarial team and I am very very thankful to the entire management team to give me this opportunity to share my views and observation. Wish you all the luck and all the best. Thank you respected Chairman.
Thank you.
Thank you, Mr. Praveen Kumar. Now I move on to the next speaker shareholder Mr. Raju. Mr. Raju, can you please unmute the audio, switch on the camera and ask the question please.
Hello, [Foreign language] , sir?
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Hello, [Foreign language] Raju Verma, shareholder New Delhi [Foreign language] . [Foreign language] Secretarial Department [Foreign language] 88th AGM [Foreign language] sir. Sir, [Foreign language] query [Foreign language] instant Secretarial Department [Foreign language] company [Foreign language] investor friendly company [Foreign language] sir. [Foreign language] . Sir, [Foreign language] chairman speech [Foreign language] transparent [Foreign language], [Foreign language] questions [Foreign language] clear [Foreign language] , [Foreign language] past, present, future [Foreign language] . Sir, [Foreign language] management team [Foreign language] , future [Foreign language] company [Foreign language] . Sir, share price [Foreign language] . [Foreign language]. Thank you so much, sir.
Thank you.
Thank you, Mr. Raju. Now I request the next speaker shareholder, Mr. Pramod Kumar Jain, to unmute the audio, switch on the camera and ask the question, please. Mr. Pramod Kumar Jain.
Hello, [Foreign language] ?
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Thank you Mr. Jain. Now I request the next speaker shareholder Mr. Murlidhar Talreja to unmute the audio, switch on the camera and ask the question please. Mr. Murlidhar Talreja.
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Thank you.
Thank you Mr. Talreja. The speaker shareholders Mr. Gagan Kumar and Mr. Vimal Jain are currently not available. Even Ashutosh Sharma is also not available in the meeting. I request the next speaker shareholder Mr. Abhishek Jain to unmute the audio, switch on the camera and ask the question please. Mr. Abhishek. I am sorry, there seems to be some connectivity issue with Mr. Abhishek. I move on to the next speaker shareholder Mr. Gaurav Kumar Singh. Mr. Gaurav Kumar Singh, can you please unmute and speak? Mr. Gaurav Kumar Singh, can you please unmute and speak?
Mr. Gaurav Kumar Singh. I am sorry, there seems to be some connectivity issue. We are not getting any feedback from Mr. Gaurav Kumar Singh. The next speaker shareholder Mr. Rahul Kumar Paliwal is currently not available in the meeting. Mr. Krishan Lal Chadha is also not available. Mr. Chetan Chadha is also not available. I now request Urmila Jain to unmute the audio, switch on the camera and ask the question please. Miss Urmila.
Hello, hello! Yes sir, my voice is coming.
[Foreign Language]
Haan, Chairman sir [Foreign Language.] [Foreign Language] Delhi , DP ID 300118 , client ID 10401292 . Sir, AGM [Foreign Language] . Sir, [Foreign Language] speech [Foreign Language] [Foreign Language] . [Foreign Language] company [Foreign Language] . [Foreign Language] . Sir, [Foreign Language] resolution [Foreign Language] . Sir, [Foreign Language] s hare [Foreign Language] rate, market [Foreign Language] . [ Foreign Language] management, staff [Foreign Language] board [Foreign Language] company [Foreign Language] . [Foreign Language] company [Foreign Language] future [Foreign Language] . Sir, [Foreign Language] secretary department [Foreign Language] , [Foreign Language] VC [Foreign Language] company [Foreign Language] sir. Thank you sir.
Thank you.
I now request the next speaker shareholder, Mr. Surender Kumar Arora, to unmute the audio, switch on the camera and ask the question please. Mr. Surender Kumar Arora . Mr. Arora, you have already unmuted yourself. Can you please speak? Mr. Surender Kumar Arora . Sorry sir, there is no feedback from Mr. Surender Kumar Arora . We now move on to the next speaker shareholder, Mr. Toni Bhatia. Sorry, Mr. Toni Bhatia is also not available in the meeting. I now request Mr. Subhash Chander Wadhwa to unmute the audio, switch on the camera and ask the question please.
Hello, I am audible.
Yes, you are audible, batayiye.
Respected Chairman and Board of Directors, good morning. My name is Subhash Wadhwa and I have come from New Delhi. First of all congratulations Chairman sir and entire management of Triveni Engineering, for doing very well during financial year 2024 . Our secretary department is very proactive and I am happy that we get response from them quickly. Thanks for confirming my name as speaker. I support all the resolutions of the company. I want to know from Chairman sir, how the company is planning to do its business in the coming three-four years of time. Thank you sir!
I now request the next speaker shareholder Mr. Rakesh Kumar to unmute the audio, switch on the camera and proceed please. Mr. Rakesh Kumar, can you please unmute and speak?
Hello! I am audible.
[Foreign Language]. Yes, [Foreign Language].
Chairman sir, Board of Directors, Company Secretary and co-shareholders, sir, [Foreign Language] platform [Foreign Language] . Sir, [Foreign Language] question raise [Foreign Language] company [Foreign Language] . Sir, [Foreign Language] question [Foreign Language] sir, [Foreign Language] investment [Foreign Language] return [Foreign Language] ? Sir, dividend [Foreign Language] . Dividend [Foreign Language] sir, [Foreign Language] sugar [Foreign Language] price [Foreign Language] company [Foreign Language] profit [Foreign Language] . Sir, [Foreign Language] d ividend [Foreign Language] . Thank you sir. Thank you.
Thank you, I now request the next speaker shareholder Santosh Bhutani to unmute the audio, switch on the camera and ask the question please.
Hello.
[Foreign Language]
Hello, can you hear me? Okay, namaste to all. I am going, I am joining this meeting from New Delhi. A warm welcome to all the board members and the management team. I would like to thank the team of CS for very informative annual report. I have only two question to ask. Number one is the steps to increase the asset quality, credit rating and profitability and second is the your value creation roadmap for two years. I support all the resolution. Thank you. Thanks sir.
Thank you, Miss Bhutani. I now request the next speaker shareholder Mr. Ashok Kumar Jain to unmute the audio switch on the camera and ask the question.
Hello, [Foreign Language] ?
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Thank you Mr. Jain. I now request the next speaker shareholder Sanjay Kathpal to unmute the audio switch on the camera and ask the question please. Sanjay Kathpal can you please speak.
Hello, [Foreign Language]
[Foreign Language]
Thank you sir. Thank you sir. My name is Sanjay Kathpal. I am speaking from Delhi sir. I am a very old shareholder sir. Sir, I have been attending the meeting continuously for 48 minutes. Sir, I listened to every single line, I felt so much happiness attending the meeting that it cannot be expressed. The main reason for this is that this time there is not a single speaker who said something like our company is not doing well. Because that is justified. Our company has grown so much this year that we are overjoyed.
All the credit goes to our management. Sir, study the records, because our main thing is that we do not sell shares. We look at the appreciation. What all have you given us in one year? Sir, I saw the rate of 267 , on the board. I saw the NSE code and today we are sitting at 475 . This is the reason that today all our shareholders, whatever they have said, they are overjoyed.
They are so happy that you have made us rich and we hope that when we meet next time, such days will not come every day. Okay, NSE index has increased, but there is no shortcoming in our company, because its main thing is, you are the chairman, about whom very few speak. Sir, not one company, all three companies are progressing. I am very happy sir.
Now coming to sir, the turn of our secretarial department. In all the years that have passed so far, since these VC meetings are happening, the way they have pampered us, the way they have given us turns to speak, the way they have conveyed all our expressions, this is praiseworthy. The voice is so clear, what we are able to hear is in itself a big thing. No connection is getting loose.
Please sir, pat them on the back, they have done a very good job sir. It is praiseworthy. I should not repeat my words again and again, because my turn came very late. People have asked today to tell us about the future. Please tell me sir's roadmap, because I do not think far ahead, because we will meet again next year. Now tell about one year because from this it will be estimated whether the share will double from here. There will be great happiness. We will not sell, we are also stubborn, because you are praiseworthy, we are also doing so. Thank you sir!
Thank you, Mr. Kathpal. Now, I request the next speaker shareholder Mahender Pal Bhutani to unmute the audio, switch on the camera and ask the question please.
All the board members and management team. Thanks for the opportunity. I am MP Bhutani from New Delhi. Regarding annual report, I would like to thank the team of CS for accurate compliance made well in time. Annual report is very informative. All sections has been covered in very transparent and lucid manner. Chairman Sir, I am extremely confident that the leadership team will hit more significant milestones and take the company to the next phase of growth.
Sir, [Foreign Language] Dhruv Sir, [Foreign Language] Joint Chairman Sir [Foreign Language] team, [Foreign Language] , company [Foreign Language] company [Foreign Language] . Chairman Sir, [Foreign Language] company [Foreign Language] opportunities [Foreign Language] 60 years [Foreign Language] Prime Minister [Foreign Language] third term [Foreign Language] Prime Minister [Foreign language] 3x [Foreign language] first term [Foreign language], second term [Foreign language] third term [Foreign language] economy , [Foreign language] industries . [Foreign language] industry [Foreign language] growth GDP [Foreign language] , [Foreign language] . [Foreign language] 18% [Foreign language] .
Sir, my general question is what are some of the challenge and opportunity that you foresee in the coming time and your strategy to navigate, internal and external challenge. Sir, I would appreciate if you could briefly reply and I wish the company all the best for the future and hope to see a healthy growth in business and size of the company. Greetings to all the board members and management team for upcoming festival season. May God fulfill all your wishes and keep you all happy, healthy and safe. Thank you to all. Namaskar and Jai Hind!
Thank you, Mr. Bhutani. The next speaker shareholder Mr. Harjeet Kaur, Chander Mohan Kohli, Asha Kohli, Vikas Chandrakant Dakwe and Narender Singh Chauhan are currently not available in the meeting. I now request Mr. Manmohan Dam to unmute the audio, switch on the camera and ask the question please.
Moderator, can you confirm if I am audible?
Yes, you are audible, [Foreign language].
Thank you! Respected Chairman Shri Dhruv Sawhney Ji, MD Tarun Sawhney, Nikhil Sawhney, Independent Board of Directors. Dr. Rajender Pal Singh Ji, KMPs, all the shareholders attending this call, very good morning to you. I am Manmohan Dam, attending this meeting. It's been another, say, year of transition for us. The results which you have come out with are very satisfactory because there have been a lot of challenges, and the regulator is always giving new surprises year on year, and it's been a learning experience for all of us. But I'm sure, amidst the challenges, our leadership team is very able to grow from year on year. Sir, actually, there are lot many questions in my mind, but I would like to restrict a couple of them.
The first thing being the R&D which we are doing, and we are innovating with the newer products. So what is our strength on R&D? That's a small question which I have. But then pertaining to this, I would also like to understand that, given the, say, ethanol this thing for say which will be used for say automotive by the say automotive industry. That's a big, big, huge opportunity. All the automotive industry is spending crore and crore of rupees on R&D, so that's one key area. The other part is regarding the CSR. We are doing a lot of, say, funding for CSR activities.
Thank you, Mr. Manmohan. The next speaker shareholders, Anjana, Dev Kumar Aggarwal, Sachin Singhal, and Madhu Singhal are currently not available in the meeting. With this, we have completed with the speaker shareholders, sir. Chairman, sir, you may please proceed. Thank you.
Thank you. Thank you. I shall answer the very appropriate questions that have been asked by our shareholders, and thank you for them. A lot of thought has gone into it, and I'd like to take all of them up together rather than for each person. There's some of them are the same. I think the question of merger of Sir Shadi Lal Enterprises will be taken up by our board, and of course, the moment any decision is taken, that will be communicated to our stock exchanges and to the shareholders, and put on our website straight away. It will be shortly taken up by them, but I can't say what the any decision on this yet, it is taken up by the board.
We have a very good order book, going into the current year, financial year 2025. That is a very encouraging sign. The issue that was mentioned about R&D is a very appropriate one. In the sugar area, we are continuing looking at new seed, new sugarcane varieties that will be most appropriate for the agronomic conditions, and also, where they are in their cycle of evolution. We've been very successful in this, and we are using all the new technologies in these efforts. Similarly, our R&D efforts in our cogeneration business are quite exceptional, and that's what's giving us the growth in our products and services in this area. There was a question about our meeting with the government.
Vice Chairman and Managing Director, Tarun Sawhney, is asked at all the high levels, both in the central government and state, UP government, to meet with them, both alone and on a one-to-one basis and collectively, and he's been doing that a lot. They are very happy with the interactions. I thank you all for the personal comments, compliments, and our team is really responsible for this great work that Triveni Engineering has been able to accomplish. Of course, the support and forethought given by our board has been extremely useful.
So that I want to assure you will be continuing, and our team is all geared up for growth in all areas in the next three to four years, and we see no reason why this should not happen. Of course, especially in the sugar business, it depends a bit on climate change and on government policies, but they have been very positive right now, and our expectation is that this will continue. So it augurs very well for both the sugar, alcohol and our engineering businesses. There was a talk about how much jute packaging we have. If you would, we can give you that data offline.
I'd like to mention that thoughts on bonus and dividend will be taken up by our board, but we have had, for the benefit of shareholders, and one shareholder did mention it, with the share price of INR 474 now, it has increased by 34% in the last year. And this is, as on date, in one year, and that's quite substantial, and that's for the benefit of all shareholders. I think we are expecting with our efforts of cost-cutting, of expansion for this to continue. Value creation roadmap for the future is extremely relevant question, and this is based on our very innovation team, the innovative methods that they're using, our usage of technology, and our efforts on R&D.
In our engineering businesses, we are looking at new markets internationally and are making good progress in the same. So I feel that we have a very encouraging future ahead of us, and there's no reason why we cannot sustain the growth that we've had for the last few years. As far as the challenge of meeting the internal and external pressures in the future, I'll ask our vice chairman if he has anything further to add on this. And then I'd also like to mention that we are very much keen on moving into our diversification phase and moving away from a sole reliance on sugar. So you will find that our engineering and our ethanol businesses, in keeping with the government's aspirations, will be taking a much more central stage.
Vice Chairman has already mentioned that to you, about what has happened in the past. And with our new distillery coming on stream, we expect this situation to be much better. And, Tarun, would you like to add a few words?
Thank you, Chairman. Just a few other points were raised by the shareholders. I'll cover that and then address the subject of future value mapping in addition. The crushing capacity of the company after the enhancement at Sabitgarh, and if one is to add Sir Shadi Lal, will be approximately 70,000 TCD. So that's an increase from 61,000 to 70,000 TCD. There was a question on MSP of sugar, and the possibility of it going up to INR 42. That, again, has not happened. At this particular point in time, the MSP is INR 32, and the decision will be taken at very high levels of the government. So until that's taken, I think it's not wise to start calculating any impact on profit, et cetera.
The conundrum between maize versus sugar as far as the ethanol blending program is concerned, I think this is a very valid question. It's a very real question, not just for last year, but also for the future, and you will be happy to know that the vast majority of our distillation capacity at Triveni is multi-feed, and therefore we are best positioned or one of the best positioned in the entire industry in terms of being able to manage differential pricing between ethanol derived from sugarcane byproducts or from grain. And yes, we do also utilize several online platforms for the sale of sugar, all that are currently available. However, the total quantum of sugar that are traded on these platforms is very, very little.
And your company produces a very large quantum, almost a million tons of sugar last year. And therefore, to utilize these online platforms, is something that we're looking at, but we're hoping that there will be more, depth and breadth, as time progresses. There was also a question on the debt rating of the company. We'll be very happy to note that the debt rating of the long-term debt rating of the company has been further improved to AA+ by ICRA, which allows us huge flexibility in terms of availing of different routes for our debt. And lastly, there was a question about a suggestion on CSR to assist sugarcane trash and burning.
We do that in any case, and you'll be very happy to know that we buy excess trash from the fields, not just sugarcane, but also wheat and rice, and utilize it in our cogen boilers. We can utilize up to 10%. And as far as research and development is concerned, we are looking at enhancing other waste, other agricultural waste besides sugarcane bagasse, to up to 20% in our boilers, so that we'll be able to absorb a lot more of this agricultural waste and prevent the sugarcane trash burning power, of which very little actually happens in our areas. This is really a problem in some other areas, but we're really trying to play our part as good citizens in terms of procuring this waste and utilizing it for green energy.
As far as the future is concerned, the chairman, I will not repeat what the chairman has already said, but there are ample projects that are underway, in terms of enhancing value, not just in the next, eight months, seven months or so before the end of this fiscal year, but also beyond that, within the entire commodity space and adding value through ethanol, through alcohol, and through branded alcohol as well, among other initiatives within the engineering businesses. So it's an exciting time, and I thank all of you as well, personally, for the support and encouragement to the entire management team. Back to the chairman.
Thank you. Thank you, Tarun. I'd also like to just add one more thing before I close the question and answer, that our defence business is also progressing well. It takes a little longer, but the government is very supportive and the armed forces, especially the Navy, is very happy with our initiatives in this regard. And as and when they come to fruition, they will be brought to your notice, but this is another area of growth for the company. I would now like to declare the proceedings of the AGM as complete. As mentioned earlier, the InstaPoll e-voting facility will now be activated for those members who are participating in this meeting, but have not cast their votes earlier through remote e-voting, on all the resolutions proposed in the notice for the AGM.
The InstaPoll facility will remain active for 15 minutes after the meeting, and thereafter will be disabled automatically. The members may cast their vote by clicking the voting button, which is a thumb sign, appearing on the bottom left side of their screen. I would request the company secretary to get the e-voting process completed as mentioned. I'd like to convey our sincere thanks on behalf of all my colleagues on the board and the management and workers of the company, to all the members for attending and participating in the meeting. I also thank my board and the stakeholders for their support and being here. Please stay healthy and safe, and take care of yourselves. Thank you very much, and have a good day.