Steam turbines maker Triveni Turbine Ltd (TTL) on Friday said its board would decide on a proposal for share buyback in its meeting to be held on Wednesday, November 2.

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"...in continuation with our letter dated October 26, 2022, regarding the Board Meeting of the Company scheduled to be held on November 02, 2022, this is to inform you that the Board at the said meeting shall inter-alia consider and approve a proposal for buyback of equity shares of the company," TTL said in a regulatory filing on October 28.

Under a share buyback or repurchase, a company buys back its own shares from investors or shareholders. It is seen as an alternative, tax-efficient way to return money to shareholders.

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For the first quarter, the company posted an over 38 percent jump in its consolidated net profit to Rs 38.33 crore for the April-June quarter on account of higher income. The consolidated net profit of the company in the quarter that ended on June 30, 2021, was at Rs 27.75 crore.

Its total income rose to Rs 266.49 crore in the first quarter of the current fiscal from Rs 189.61 crore in the same period last year. The expenses stood at Rs 215.74 crore in the latest June quarter compared to Rs 153.49 crore in the year-ago period.

Triveni Turbine is a company with core competence in the area of designing and manufacturing up to 100 megawatt (MW) industrial steam turbines.

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(Edited by : Shoma Bhattacharjee)