Motilal Oswal: Thermax’s Q2 Revenue Disappoints; Outlook Remains Hazy  
Thermax Ltd. (Source: Company website)

Motilal Oswal: Thermax’s Q2 Revenue Disappoints; Outlook Remains Hazy  

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Motilal Oswal Report

Thermax Ltd.’s Q2 FY21 revenues were 15% lower than estimate, largely due to lower offtake in the energy segment.

Chemicals segment (10% of total revenues) bucked the trend once again, posting revenue growth and higher profits.

Order inflows declined 35% YoY, indicating slower recovery in Industrial activity and the prevailing uncertainty.

Though sectors like pharmaceuticals, fast moving consumer goods and chemicals showed higher inquiries, overall ordering environment is expected to remain weak in FY21.

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Motilal Oswal Thermax Q2FY21 Result Update.pdf


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