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Thermax Q4 Review - Steady Execution Across Key Segments: ICICI Direct

Thermax Q4 Review - Steady Execution Across Key Segments: ICICI Direct

<div class="paragraphs"><p>Workers labor beneath a tunnel-boring machine at a construction site. (Photographer: Qilai Shen/Bloomberg)</p></div>
Workers labor beneath a tunnel-boring machine at a construction site. (Photographer: Qilai Shen/Bloomberg)

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 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%).

Click on the attachment to read the full report:

ICICI Direct Thermax Q4FY21 Result Update.pdf

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