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ICICI Direct Report
Thermax Ltd.’s Q2 consolidated revenue was at Rs 1,141.2 crore, down 28.9% YoY (below our estimate of Rs 1,191.9 crore) on slower execution.
Energy segment revenue (contributing approximately 77.5% to revenue) fell 33.9% to Rs 885.8 crore YoY while environment segment revenue fell 13.5% to Rs 155.9 crore, chemical segment revenue was at Rs 114.5 crore, marginally up 3.6% YoY.
However, Ebitda margin was better-than-expected at 7.0% (versus our estimate of 3.6%) posting a decline of mere 120 basis points YoY.
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