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Motilal Oswal Report
Thermax Ltd.'s revenue was 15% below our estimate in Q4 FY21, with lower miss (6%) on operating profit.
This is largely attributable to higher operating leverage and margin uptick.
While margin across segments moderated sequentially, it stood higher YoY (barring the environment segment), owing to improved execution in the energy segment, higher mix of specialty resin in the chemical segment, and ongoing cost controls.
Order inflows grew 57% YoY to Rs 15 billion in Q4 FY21 after declining for four consecutive quarters.
Recovery was seen across sectors like cement, metals, and refineries. Order inflows fell 13% YoY to Rs 47.8 billion in FY21.
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