Thermax Ltd., incorporated in the year 1980, is a Mid Cap company (having a market cap of Rs 17188.89 Crore) operating in Engineering sector.
Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1610.34 Crore, up 11.92 % from last quarter Total Income of Rs 1438.82 Crore and up 18.96 % from last year same quarter Total Income of Rs 1353.66 Crore. Company reported net profit after tax of Rs 107.35 Crore in latest quarter.
Investment Rationale
Order book stood at INR52.3b (flat YoY), with book-to-bill of 1.1x. Weak ordering environment, owing to the second COVID wave, and order book depletion is a significant risk to our FY22-23E revenue estimate. On account of a higher cash balance, we increase our FY22E/FY23E EPS estimate by 5% each due to increase in other income.
Promoter/FII Holdings
Promoters held 62 per cent stake in the company as of March 31, 2021, while FIIs held 17.9 per cent, DIIs 14.6 per cent and public and others 5.5 per cent.
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