Thermax gains 4% on strong growth in profit, margin

A cool off in commodity costs led to an expansion in operating margin of Thermax to 8.65 percent from 6.79 percent.

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Shares of Thermax rose about 4 percent on May 18, reacting to a strong set of quarterly numbers, but the stock came off its intraday high.

At 10:19 am, the scrip was quoting at Rs 2,484.05, up 0.85 percent. The stock was trading with volumes of 12,368 shares today, in comparison to its five day average of 3,234 shares, an increase of 282 percent.

Consolidated revenue was up 16 percent YoY to Rs 2,310.82 crore while net profit surged 52 percent at Rs 156.21 crore. EBITDA rose 48 percent on year to Rs 199.90 crore.

A cool off in commodity costs led to an expansion in operating margin to 8.65 percent from 6.79 percent.

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Thermax said in its investor presentation that the better performance was due to increase in revenue and normalising of commodity cost post Q2.

Consolidated order inflow for the quarter came in at Rs 2,254 crore as compared to Rs 3,396 crore in Q4 of FY22. In Q4FY22, the order inflow was higher as a significant order of Rs 1,176 crore was booked for a sulphur recovery block, and an order of Rs 546 crore was received for a flue gas desulphurisation system. In FY23, order inflow came at Rs 8,788 crore from Rs 9,410 crore last fiscal.

Thermax reported a strong execution performance along with decent order inflows witnessing broad based recovery in multiple industries with core sectors such as metal and steel, chemical, refinery, and petrochemical continuing to show strength, explained ICICI Securities.

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