ICICI Direct: Thermax’s Muted Q2 Execution Amid Industrial Disruption  
Thermax Ltd. (image: Company website)

ICICI Direct: Thermax’s Muted Q2 Execution Amid Industrial Disruption  

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Direct Thermax Q2FY21 Result Update.pdf

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