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ICICI Securities Report
Thermax Ltd. has successfully withstood global cycles before on the strengths of its focus on cash flow, uncompromising terms of trade and steering clear of risks.
Post the global economic meltdown, the company had strategically looked at opportunities for global expansion. It had its share of successes and failures; however, the management was always prudent to change gears in the face of changing adversities.
European restructuring process is expected to yield dividends while Chinese operations have been wound off and Indonesian expansion is continuing.
Though near-term challenges persist, we believe Thermax has a strong balance sheet and financial discipline to sail through.
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