External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><div><div><div><ul><li>Strong order inflow indicates broad-based recovery: Thermax posted consolidated order inflow of Rs33.96bn, up 127% YoY, aided by a broad-based industrial recovery.</li></ul><div><div><div><div><ul><li>Other business updates: (1) Chemicals segment margins were affected due to the company’s inability to pass on elevated costs through sufficient price hikes and geopolitical tensions.</li></ul><div><div><div><div><ul><li>Outlook and valuation: We expect Thermax to report 34%/46.2% revenue/earnings CAGR over FY22- FY24E. The stock is currently trading at 46.5x FY23E EPS.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong order inflow indicates broad-based recovery: Thermax posted consolidated order inflow of Rs33.96bn, up 127% YoY, aided by a broad-based industrial recovery.Other business updates: (1) Chemicals segment margins were affected due to the company’s inability to pass on elevated costs through sufficient price hikes and geopolitical tensions.Outlook and valuation: We expect Thermax to report 34%/46.2% revenue/earnings CAGR over FY22- FY24E. The stock is currently trading at 46.5x FY23E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermax - Weak Profitability Offsets Strong Topline Growth; Strong Order Inflow

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Revenue was 15% below our estimate in 4QFY21, with lower miss (6%) on operating profit. This is largely attributable to higher operating leverage and margin uptick. While margin across segments moderated sequentially, it stood higher YoY (barring the Environment segment), owing to improved execution in the Energy segment, higher mix of Specialty Resin in the Chemical segment, and ongoing cost controls. Order inflows grew 57% YoY to INR15b in 4QFY21 after declining for four consecutive quarters.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Revenue was 15% below our estimate in 4QFY21, with lower miss (6%) on operating profit. This is largely attributable to higher operating leverage and margin uptick. While margin across segments moderated sequentially, it stood higher YoY (barring the Environment segment), owing to improved execution in the Energy segment, higher mix of Specialty Resin in the Chemical segment, and ongoing cost controls. Order inflows grew 57% YoY to INR15b in 4QFY21 after declining for four consecutive quarters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In line earnings, order inflows key to future outlook

India

Thermax Ltd manufactures equipment and machinery used to both produce and to conserve energy. The Company operates through a number of divisions, including Boilers, Heat Recovery Steam Generators, Water Treatment Plants and Air Pollution Control Equipment. In addition, Thermax  produces steam and gas turbines and diesel gensets through a number of strategic alliances.

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Thermax (TMX IN)

Thermax - Weak Profitability Offsets Strong Topline Growth; Strong Order Inflow

Thermax posted 4QFY22 consolidated revenue of Rs19.9bn, up 26.5% YoY, above our/consensus estimates by 9.9%/5.8%. Topline was aided by healthy...

Nirmal Bang

In line earnings, order inflows key to future outlook

Revenue was 15% below our estimate in 4QFY21, with lower miss (6%) on operating profit. This is largely attributable to higher operating leverage...

Motilal Oswal

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