ICICI Direct: Thermax’s Execution, Dispatches Impacted By Covid-19 Led Lockdown
A maintenance worker inspects a SolPac D160 parabolic dish in a solar field, comprising of solar concentrating reflectors developed by Thermax. (Photographer: Dhiraj Singh/Bloomberg)

ICICI Direct: Thermax’s Execution, Dispatches Impacted By Covid-19 Led Lockdown


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ICICI Direct Report

Thermax Ltd.’s consolidated revenue came in at Rs 665 crore, down 52.2% YoY (versus our estimate of Rs 716.4 crore) on the back of slower execution owing to Covid-19 lockdowns.

Energy segment revenue (that contributes approximately 75% to revenue) fell 57% to Rs 500.4 crore YoY while environment segment revenue fell 43% to Rs 83.9 crore and chemical segment revenue was at Rs 84.3 crore, down 13.8%, YoY.

It posted a loss of Rs 11.4 crore at the Ebitda level (versus Ebitda of Rs 99.1 crore in Q1 FY20), owing to higher employee expenses, other operating expenses and less booking of revenue.

Consolidated loss after tax came in at Rs 15.3 crore (versus profit after tax of Rs 62.8 crore in Q1 FY20), partially impacted by 6.8% YoY increase in depreciation.

Click on the attachment to read the full report:

ICICI Direct Thermax Q1FY21 Result Update.pdf


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