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Prabhudas Lilladher Report
Thermax Ltd. reported decent quarterly performance led by execution ramp up and cost control measures.
Revenue came flat YoY led by growth in environment segment (up, 28% YoY), while energy/chemical segment de-grew by 5% YoY each.
Margins expanded by 256 basis points led by lower raw cost and better cost rationalization measures.
One-time exceptional item (approximately Rs 279 million) impacted profitability, primarily due to impairment of goodwill in Thermax Netherlands B.V. during Q3, energy segment reported 62% YoY growth in order inflows led by order win in bio refinery (~Rs 3.2 billion).
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