Thermax Q4 Review - Steady Execution Across Key Segments: ICICI Direct
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ICICI Direct Report
Thermax Ltd.'s consolidated revenue came in at Rs 1574.5 crore, up 19% YoY, 11.6% QoQ (above our estimate of Rs 1552.9 crore) aided by better execution across segments.
Energy segment revenue (~74% of revenue) grew 11.8% to Rs 1175.3 crore YoY while it was up 10.3% QoQ.
Environment segment revenue grew 51.6% to Rs 301.8 crore and chemical segment revenue came in at Rs 119 crore, up 23.6%, YoY.
Ebitda came in at Rs 139.6 crore, up 120% YoY and down 5.4% QoQ, aided by cost control measures and better execution amid higher raw material cost.
Consequently, Ebitda margin came in at 8.9% (versus our estimate of 9.9%).
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