Peer Group

Stock	Current Price Rs	PE TTM Price to Earnings	Market Capitalization in Cr	Dividend yield 1yr %	Net Profit Qtr Cr	Net Profit Annual Growth YoY %	Operating Revenues Qtr Cr	Revenue Growth Qtr YoY	Price to Book Value
Thermax Ltd.	1097.55	36.29	12358.41	0.64	62.76	27.39	1392.45	34.50	4.10
Siemens Ltd. Market Leader	1327.75	45.64	47267.90	0.53	248.10	-21.15	3198.40	4.08	5.69
ABB India Ltd. Market Runner Up	1409.10	54.01	29858.83	0.34	130.40	21.65	1725.75	3.60	7.45
Bharat Heavy Electri..	50.10	20.68	17445.07	3.99	-216.25	50.68	4531.68	-23.65	0.56
Adani Green Energy L..	51.60	-425.46	8070.31	0.00	5.52	24.30	111.37	207.56	5.73
Kalpataru Power Tran..	475.45	17.88	7369.48	0.63	92.00	24.63	1655.00	24.91	2.34
KEC International Ltd.	275.30	14.31	7077.96	0.98	88.61	7.68	2412.45	14.62	2.91
GE Power India Ltd.	760.25	78.73	5111.16	0.79	-8.69	186.33	428.66	-3.26	5.78

All values except ratios in INR(Crores)


Indicator	Jun-2019	Mar-2019	Dec-2018	Sep-2018	Jun-2018	Mar-2018	Dec-2017	Sep-2017	Jun-2017
Total Revenue Qtr cr	804.8	1,360.0	871.0	1,229.8	877.1	1,348.1	1,002.4	885.7	735.6
Operating Revenues Qtr Cr	787.8	1,327.6	846.8	1,188.4	849.3	1,310.1	980.5	863.9	713.4
Other Income Qtr Cr	17.1	32.4	24.2	41.4	27.8	38.0	21.9	21.9	22.2
Operating Expenses Qtr Cr	754.9	1,215.2	777.9	1,104.8	790.6	1,160.2	888.1	777.8	670.5
Operating Profit Qtr Cr	32.9	112.4	69.0	83.6	58.7	149.9	92.4	86.1	42.9
Operating Profit Margin Qtr %	4.17%	8.46%	8.15%	7.03%	6.91%	11.44%	9.43%	9.97%	6.02%
Depreciation Qtr Cr	14.1	12.4	11.9	15.8	16.9	17.5	16.8	15.0	14.9
Interest Qtr Cr	0.8	2.0	0.9	2.1	2.0	2.0	1.7	3.8	0.5
Profit Before Tax Qtr Cr	35.1	109.8	53.1	107.1	67.6	143.4	95.8	89.2	49.7
Tax Qtr Cr	11.5	45.2	26.8	37.8	22.7	57.7	32.6	32.3	17.3
Net Profit Qtr Cr	49.9	112.8	48.2	69.3	44.9	85.8	63.2	56.8	32.4
Basic EPS Qtr Rs	4.2	9.5	4.0	5.8	3.8	7.2	5.3	4.8	2.7
Net profit TTM Cr	280.3	275.3	248.2	263.2	250.7	238.3	135.8	129.2	132.1
Basic EPS TTM Rs	23.5	23.1	20.8	22.1	21.0	20.0	11.4	10.8	11.1

Quarterly Operating Revenues Qtr Cr Analysis

Operating Revenues Qtr Cr growth is lower than historical averages.

Quarterly Net Profit Qtr Cr Analysis

Net Profit Qtr Cr growth is lower than historical averages.


Indicator	Jun-2019	Mar-2019	Dec-2018	Sep-2018	Jun-2018	Mar-2018	Dec-2017	Sep-2017	Jun-2017
Total Revenue Qtr cr	1,414.0	2,125.6	1,467.9	1,463.2	1,066.3	1,488.0	1,140.8	1,056.7	895.9
Operating Revenues Qtr Cr	1,392.5	2,073.7	1,436.6	1,427.6	1,035.3	1,443.0	1,117.0	1,033.1	871.8
Other Income Qtr Cr	21.6	52.0	31.3	35.6	31.0	45.0	23.8	23.6	24.1
Operating Expenses Qtr Cr	1,293.4	1,902.9	1,329.3	1,317.6	965.9	1,304.8	1,021.5	937.9	799.7
Operating Profit Qtr Cr	99.1	170.8	107.3	110.0	69.3	138.2	95.5	95.2	72.2
Operating Profit Margin Qtr %	7.12%	8.24%	7.47%	7.71%	6.7%	9.58%	8.55%	9.21%	8.28%
Depreciation Qtr Cr	26.2	24.7	22.9	23.4	21.0	23.9	20.8	18.9	18.9
Interest Qtr Cr	4.4	3.5	3.6	3.9	3.3	3.7	2.5	5.1	1.6
Profit Before Tax Qtr Cr	90.0	192.5	24.6	118.3	76.1	155.5	96.1	94.8	75.7
Tax Qtr Cr	27.3	65.3	-51.1	43.4	27.4	62.6	37.8	37.0	28.4
Net Profit Qtr Cr	62.8	127.3	75.7	74.8	48.7	92.9	58.3	57.8	47.3
Basic EPS Qtr Rs	5.6	11.3	6.7	6.6	4.3	6.7	5.2	5.1	3.6
Net profit TTM Cr	340.6	326.5	292.1	274.7	257.7	256.3	263.2	262.7	275.7
Basic EPS TTM Rs	30.2	29.0	25.9	24.4	22.9	22.8	23.4	23.3	24.5

Quarterly Operating Revenues Qtr Cr Analysis

Operating Revenues Qtr Cr growth is lower than historical averages.

Quarterly Net Profit Qtr Cr Analysis

Net Profit Qtr Cr growth is lower than historical averages.

Annual Results

Standalone
Consolidated

All values except ratios in INR(Crores)


Indicator	TTM	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Total Revenue Annual Cr	4,265.6	3,663.9	3,971.8	3,866.3	4,461.6	4,808.2	4,366.5	4,763.9	5,374.6	4,935.5
Operating Revenues Annual Cr	4,150.6	3,541.1	3,867.9	3,763.7	4,351.8	4,697.4	4,302.2	4,690.9	5,304.1	4,852.4
Other Income Annual Cr	115.1	122.8	104.0	102.7	109.8	110.8	64.3	73.0	70.5	83.1
Operating Expenses Annual Cr	3,852.8	3,290.4	3,496.5	3,389.9	3,963.2	4,227.4	3,892.9	4,183.7	4,720.1	4,317.3
Operating Profit Annual in Cr	297.8	250.7	371.4	373.8	388.6	470.0	409.2	507.1	583.9	535.1
Operating Profit Margin Annual %		6.84%	9.35%	9.67%	8.71%	9.78%	9.37%	10.65%	10.86%	10.84%
Total Expenses Annual Cr		3,345.8	3,568.7	3,458.9	4,024.7	4,311.2	3,959.6	4,248.3	4,773.6	4,362.8
Other Expenses Annual Cr	811.0	691.0	895.1	870.6	845.4	735.0	705.6	608.5	651.9	532.8
Employee Expenses Annual Cr	435.7	393.3	459.1	458.9	454.2	450.3	422.6	401.6	387.4	368.6
Cost Of Power Purchased Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost Of Fuel Annual Cr		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EBIDT Annual Cr		373.5	475.4	476.4	498.4	580.9	473.5	580.1	654.4	618.2
EBIDT margin Annual %		10.19%	11.97%	12.32%	11.17%	12.08%	10.84%	12.18%	12.18%	12.53%
Other Income Annual Cr	115.1	122.8	104.0	102.7	109.8	110.8	64.3	73.0	70.5	83.1
Interest Annual Cr	5.8	5.3	8.0	3.6	0.6	19.7	8.8	9.7	6.5	2.2
Depreciation Cr	54.2	50.1	64.2	65.4	60.9	64.1	57.8	54.9	47.0	43.3
Profit Before Tax Annual Cr	305.0	270.3	378.1	274.6	436.9	497.0	406.9	515.6	600.9	572.7
Tax Annual Cr	121.3	109.3	139.9	129.8	131.4	161.1	153.9	165.7	194.0	190.3
PAT Before ExtraOrdinary Items Annual Cr		161.0	238.3	144.8	305.5	335.9	253.0	350.0	406.9	382.4
Minority Interest Income Annual Cr
Net Profit Annual Cr	280.3	275.2	238.3	144.8	305.5	335.9	253.0	350.0	406.9	382.4
Net Profit Margin Annual %		7.77%	6.15%	3.84%	7.02%	7.15%	5.88%	7.46%	7.67%	7.88%
Basic EPS Annual Rs		23.1	20.0	12.2	25.6	28.2	21.2	29.4	34.1	32.1

Annual Total Revenue Annual Cr Analysis

Total Revenue Annual Cr growth is lower than historical averages.

1 Year:: 3,663.9 Cr
3 Years:: 3,834.02 Cr
5 Years:: 4,154.38 Cr
7 Years:: 4,271.75 Cr

Annual Net Profit Annual Cr Analysis

Net Profit Annual Cr growth is higher than historical averages.

1 Year:: 275.24 Cr
3 Years:: 219.44 Cr
5 Years:: 259.96 Cr
7 Years:: 271.82 Cr

Annual ROE Annual % Analysis

ROE Annual % is growing faster than historical averages.

1 Year:: 10.06 %
3 Years:: 8.45 %
5 Years:: 10.49 %
7 Years:: 11.95 %


Indicator	TTM	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Total Revenue Annual Cr	6,470.8	6,123.1	4,581.3	4,597.1	5,267.4	5,516.4	5,171.4	5,576.6	6,174.2	5,393.6
Operating Revenues Annual Cr	6,330.4	5,973.2	4,464.9	4,483.1	5,145.0	5,395.5	5,099.9	5,491.7	6,091.2	5,299.0
Other Income Annual Cr	140.4	149.9	116.4	114.0	122.4	120.9	71.6	84.8	83.0	94.6
Operating Expenses Annual Cr	5,843.1	5,515.7	4,063.9	4,050.1	4,715.8	4,932.0	4,662.6	5,001.5	5,499.3	4,761.6
Operating Profit Annual in Cr	487.2	457.4	400.9	433.0	429.1	463.6	437.3	490.2	591.9	537.5
Operating Profit Margin Annual %		7.47%	8.75%	9.42%	8.15%	8.4%	8.46%	8.79%	9.59%	9.96%
Total Expenses Annual Cr		5,622.1	4,159.2	4,141.7	4,800.3	5,148.1	4,782.1	5,095.1	5,577.7	4,820.2
Other Expenses Annual Cr	1,456.7	1,413.6	1,035.2	1,099.5	1,316.3	1,088.6	1,099.1	1,073.6	1,098.0	826.6
Employee Expenses Annual Cr	813.3	767.5	680.5	686.4	659.7	705.7	701.9	612.2	557.8	454.7
Cost Of Power Purchased Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost Of Fuel Annual Cr		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EBIDT Annual Cr		607.3	517.3	547.0	551.5	584.5	508.9	575.0	674.9	632.1
EBIDT margin Annual %		9.92%	11.29%	11.9%	10.47%	10.59%	9.84%	10.31%	10.93%	11.72%
Other Income Annual Cr	140.4	149.9	116.4	114.0	122.4	120.9	71.6	84.8	83.0	94.6
Interest Annual Cr	15.4	14.3	12.8	9.7	12.2	82.0	27.4	16.5	12.2	4.5
Depreciation Cr	97.3	92.0	82.4	81.9	72.2	134.1	92.2	77.1	66.3	54.2
Profit Before Tax Annual Cr	425.4	411.4	422.0	437.6	467.1	319.0	389.3	481.4	596.5	573.4
Tax Annual Cr	84.8	84.9	165.8	156.0	143.9	170.8	169.6	177.3	204.3	196.5
PAT Before ExtraOrdinary Items Annual Cr		326.5	256.3	281.6	323.2	148.1	219.8	304.1	392.1	376.9
Minority Interest Income Annual Cr	0.0	0.0	1.0	6.9	0.0	61.6	26.2	16.1	11.4	4.7
Net Profit Annual Cr	340.6	326.5	256.3	281.6	323.2	148.1	219.8	304.1	392.1	376.9
Net Profit Margin Annual %		5.46%	5.74%	6.28%	6.28%	2.74%	4.3%	5.53%	6.43%	7.11%
Basic EPS Annual Rs		28.9	20.6	19.8	25.1	17.6	20.6	26.9	33.9	32.0

Annual Total Revenue Annual Cr Analysis

Total Revenue Annual Cr growth is higher than historical averages.

1 Year:: 6,123.05 Cr
3 Years:: 5,100.48 Cr
5 Years:: 5,217.05 Cr
7 Years:: 5,261.89 Cr

Annual Net Profit Annual Cr Analysis

Net Profit Annual Cr growth is higher than historical averages.

1 Year:: 326.5 Cr
3 Years:: 288.13 Cr
5 Years:: 267.14 Cr
7 Years:: 265.64 Cr

Annual ROE Annual % Analysis

ROE Annual % is growing faster than historical averages.

1 Year:: 10.79 %
3 Years:: 9.37 %
5 Years:: 9.91 %
7 Years:: 11.25 %

Financial Ratios

Standalone
Consolidated

All values except ratios in INR(Crores)


Indicator	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Book Value Per Share Annual Rs	229.6	215.3	202.2	208.7	190.2	170.0	156.9	134.4	108.5
RoA Annual %	4.48%	4.43%	3.15%	6.16%	6.92%	5.21%	8.52%	10.24%	10.53%
ROE Annual %	10.06%	9.28%	6.01%	12.28%	14.81%	12.49%	18.72%	25.41%	29.59%
ROCE Annual %	11.57%	9.03%	5.84%	11.96%	14.51%	11.5%	18.07%	24.71%	28.89%
Profitability Ratio
EBDIT Annual Margin %	10.54%	12.28%	12.65%	11.45%	12.36%	11.0%	12.36%	12.33%	12.74%
EBIT Annual Margin %	9.13%	10.62%	10.92%	10.05%	11.0%	9.66%	11.19%	11.45%	11.84%
PBT Annual Margin %	7.63%	9.77%	7.29%	10.03%	10.58%	9.45%	10.99%	11.32%	11.8%
Net Profit Margin Annual %	7.77%	6.15%	3.84%	7.02%	7.15%	5.88%	7.46%	7.67%	7.88%
Asset Turnover Annual %	57.68%	71.95%	81.89%	87.75%	96.8%	88.63%	114.29%	133.61%	133.65%
Liquidity Ratio
Current Ratio Annual	1.3	1.3	1.4	1.4	1.4	1.3	1.3	1.3	1.2
Quick Ratio Annual	1.2	1.2	1.2	1.3	1.3	1.2	1.2	1.1	1.0
Dividend Payout to NP Annual %	25.97%	30.0%	49.36%	23.39%	24.82%	28.26%	23.83%	20.5%	28.04%
Dividend Payout CP Annual %	21.97%	23.63%	34.0%	19.51%	20.84%	23.0%	20.6%	18.37%	25.18%
Earning Retention Annual %	74.03%	70.0%	50.64%	76.61%	75.18%	71.74%	76.17%	79.5%	71.96%
Cash Earning Retention Annual %	78.03%	76.37%	66.0%	80.49%	79.16%	77.0%	79.4%	81.63%	74.82%
Valuation Ratio
EnterpriseValue Annual Cr	11,505.6	13,470.0	11,532.0	8,891.5	12,489.5	8,776.2	6,565.8	5,129.4	6,630.0
EV Per Net Sales Annual	3.2	3.5	3.1	2.0	2.7	2.0	1.4	1.0	1.4
Price To Book Value Annual	4.2	5.3	4.8	3.6	5.6	4.4	3.6	3.5	5.6
EV Per EBITDA Annual	30.8	28.3	24.2	17.8	21.5	18.5	11.3	7.8	10.7
Market Cap Per Sales Annual	3.3	3.5	3.1	2.1	2.7	2.1	1.4	1.0	1.5
Retention Ratio Annual %	74.02%	69.99%	50.63%	76.6%	75.17%	71.73%	76.16%	79.49%	71.95%
Earnings Yield Annual	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
Cash Earning Retention Annual %	78.03%	76.37%	66.0%	80.49%	79.16%	77.0%	79.4%	81.63%	74.82%
Total Debt to Total Equity Annual	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0

Annual Book Value Per Share Annual Rs Analysis

Book Value Per Share Annual Rs growth is stable compared to historical averages.

1 Year:: 229.61 Rs
3 Years:: 215.73 Rs
5 Years:: 209.23 Rs
7 Years:: 196.14 Rs

Annual RoA Annual % Analysis

RoA Annual % is growing faster than historical averages.

1 Year:: 4.48 %
3 Years:: 4.02 %
5 Years:: 5.03 %
7 Years:: 5.55 %


Indicator	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Book Value Per Share Annual Rs	267.7	241.1	225.5	214.6	186.7	182.8	166.1	146.1	114.7
RoA Annual %	4.78%	3.9%	4.4%	5.44%	3.59%	4.13%	6.44%	8.63%	9.3%
ROE Annual %	10.79%	8.54%	8.78%	11.68%	9.77%	12.06%	17.13%	24.76%	29.02%
ROCE Annual %	16.37%	15.17%	8.27%	11.0%	7.51%	8.35%	13.03%	21.07%	24.84%
Profitability Ratio
EBDIT Annual Margin %	10.16%	11.58%	12.2%	10.71%	10.83%	9.97%	10.47%	11.07%	11.92%
EBIT Annual Margin %	8.62%	9.74%	10.37%	9.31%	8.34%	8.17%	9.06%	9.99%	10.9%
PBT Annual Margin %	6.88%	9.45%	9.76%	9.07%	5.91%	7.63%	8.76%	9.79%	10.82%
Net Profit Margin Annual %	5.46%	5.74%	6.28%	6.28%	2.74%	4.3%	5.53%	6.43%	7.11%
Asset Turnover Annual %	87.84%	75.1%	88.59%	99.3%	92.57%	85.82%	110.6%	130.35%	129.26%
Liquidity Ratio
Current Ratio Annual	1.3	1.3	1.4	1.4	1.3	1.4	1.3	1.2	1.2
Quick Ratio Annual	1.2	1.2	1.3	1.3	1.2	1.2	1.2	1.1	1.1
Dividend Payout to NP Annual %	20.76%	29.22%	30.42%	27.92%	39.76%	29.06%	26.05%	20.67%	28.1%
Dividend Payout CP Annual %	16.18%	21.56%	22.24%	22.23%	24.25%	21.14%	20.99%	17.75%	24.6%
Earning Retention Annual %	79.24%	70.78%	69.58%	72.08%	60.24%	70.94%	73.95%	79.33%	71.9%
Cash Earning Retention Annual %	83.82%	78.44%	77.76%	77.77%	75.75%	78.86%	79.01%	82.25%	75.4%
Valuation Ratio
EnterpriseValue Annual Cr	10,798.5	12,655.5	10,814.2	8,359.5	12,961.9	9,334.6	6,986.2	5,216.5	6,689.5
EV Per Net Sales Annual	1.8	2.8	2.4	1.6	2.4	1.8	1.3	0.9	1.3
Price To Book Value Annual	3.6	4.7	4.3	3.5	5.9	4.4	3.6	3.4	5.5
EV Per EBITDA Annual	17.8	24.5	19.8	15.2	22.2	18.3	12.1	7.7	10.6
Market Cap Per Sales Annual	1.8	2.9	2.4	1.6	2.4	1.7	1.2	0.9	1.4
Retention Ratio Annual %	79.23%	70.77%	69.57%	72.07%	60.23%	70.93%	73.94%	79.32%	71.89%
Earnings Yield Annual	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Cash Earning Retention Annual %	83.82%	78.44%	77.76%	77.77%	75.75%	78.86%	79.01%	82.25%	75.4%
Total Debt to Total Equity Annual	0.1	0.1	0.1	0.1	0.3	0.4	0.2	0.2	0.1

Annual Book Value Per Share Annual Rs Analysis

Book Value Per Share Annual Rs growth is higher than historical averages.

1 Year:: 267.7 Rs
3 Years:: 244.76 Rs
5 Years:: 227.11 Rs
7 Years:: 212.06 Rs

Annual RoA Annual % Analysis

RoA Annual % is growing faster than historical averages.

1 Year:: 4.78 %
3 Years:: 4.36 %
5 Years:: 4.42 %
7 Years:: 4.67 %

Balance Sheet

Standalone
Consolidated

All values except ratios in INR(Crores)


Indicator	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Total ShareHolders Funds Annual Cr	2,735.8	2,565.6	2,409.8	2,487.1	2,266.8	2,025.0	1,869.3	1,601.2	1,292.3
Equity Share Capital Annual Cr	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
Total Share Capital Annual Cr	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
Reserves Plus Surplus Annual Cr	2,712.0	2,541.7	2,385.9	2,463.3	2,243.0	2,001.2	1,845.4	1,577.3	1,268.5
Total Reserves Plus Surplus Annual Cr	2,712.0	2,541.7	2,385.9	2,463.3	2,243.0	2,001.2	1,845.4	1,577.3	1,268.5
Minority Interest Liability Annual Cr
Total Non Current Liabilities Annual Cr	58.6	70.3	69.2	66.1	46.9	173.6	67.0	45.0	31.3
Deferred Tax Liabilities Annual Cr	0.0	0.0	0.0	0.0	0.0	13.6	24.7	23.0	20.1
Other LongTerm Liabilities Annual Cr	51.1	60.4	59.5	62.1	46.2	159.3	41.9	22.0	11.1
Total Current Liabilities Annual Cr	3,344.4	2,739.3	2,116.6	2,405.9	2,538.9	2,655.3	2,167.8	2,323.5	2,306.9
Trade Payables Annual Cr	798.9	943.1	924.5	826.9	863.5	841.2	888.0	895.4	844.5
Other Current Liabilities Annual Cr	2,434.3	1,531.5	995.7	1,196.0	1,366.6	1,387.4	1,012.1	1,016.0	1,154.6
Short Term Provisions Annual Cr	71.1	148.2	130.2	292.3	277.9	238.0	255.7	245.7	259.7
Total Capital Plus Liabilities Annual Cr	6,138.9	5,375.1	4,595.6	4,959.1	4,852.6	4,853.9	4,104.1	3,969.7	3,630.5
Fixed Assets Annual Cr	742.0	763.8	683.7	644.5	648.5	663.9	645.5	573.6	516.3
Tangible Assets Annual Cr	698.0	645.5	520.6	563.7	583.8	609.9	527.5	498.8	471.8
Intangible Assets Annual Cr	14.9	25.9	34.0	21.9	25.5	30.6	27.1	32.8	14.9
Capital Work In Progress Annual Cr	29.2	92.3	126.3	26.7	39.2	23.5	90.9	42.0	29.7
Total Non Current Assets Annual Cr	1,811.8	1,803.7	1,735.4	1,647.4	1,360.9	1,320.0	1,263.7	1,056.7	972.7
Non Current Investments Annual Cr	767.5	639.3	639.7	667.2	474.2	462.1	393.7	351.0	260.9
Deferred Tax Assets Annual Cr	49.4	104.2	103.7	54.6	17.8	0.0	0.0	0.0	0.0
Long Term Loans Plus Advances Annual Cr	12.1	13.6	11.7	217.8	15.8	20.9	26.2	30.1	26.1
Other Non Current Assets Annual Cr	240.9	282.8	296.4	63.3	204.7	173.2	198.3	102.0	169.3
Total Current Assets Annual Cr	4,327.0	3,571.4	2,860.2	3,311.8	3,491.8	3,533.8	2,840.5	2,913.0	2,657.9
Current Investments Annual Cr	656.9	1,156.5	764.7	838.7	783.1	633.4	410.3	201.7	143.4
Trade Receivables Annual Cr	836.9	1,139.3	955.4	1,390.9	1,526.8	1,352.4	1,423.9	1,245.6	961.2
Cash Plus Cash Equivalents Annual Cr	118.8	119.3	70.9	178.4	222.2	320.1	222.6	569.8	595.7
Short Term Loans Plus Advances Annual Cr	12.5	5.3	39.0	175.1	155.8	187.9	125.0	158.1	183.1
Other Current Assets Annual Cr	2,471.5	852.7	801.5	503.9	577.7	787.1	448.3	458.6	492.1
Total Assets Annual Cr	6,138.9	5,375.1	4,595.6	4,959.1	4,852.6	4,853.9	4,104.1	3,969.7	3,630.5
Contingent Liabilities plus Commitments Annual Cr	2,005.4	547.0	422.7	1,912.1	1,286.2	278.8	285.5	364.8	408.9
Bonus Equity Share Capital Annual Cr	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
Non Current Investments Unquoted BookValue Annual Cr	973.0	84.1	81.6	681.1	488.1	480.1	411.7	370.0	281.4
Current Investments Unquoted BookValue Annual Cr	656.9	1,156.5	764.7	838.7	0.0	367.3	183.7	131.3	89.0

Annual Long Term Debt To Equity Annual Analysis

Long Term Debt To Equity Annual Changes
Long Term Debt To Equity Annual

1 Year:: -
3 Years:: -
5 Years:: -
7 Years:: -

Annual Total Assets Annual Cr Analysis

Total Assets Annual Cr growth is higher than historical averages.

1 Year:: 6,138.85 Cr
3 Years:: 5,369.86 Cr
5 Years:: 5,184.27 Cr
7 Years:: 4,982.77 Cr


Indicator	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Total ShareHolders Funds Annual Cr	3,014.3	2,714.7	2,537.6	2,416.2	2,146.4	2,038.3	1,868.7	1,629.3	1,314.9
Equity Share Capital Annual Cr	22.5	22.5	22.5	22.5	23.8	23.8	23.8	23.8	23.8
Total Share Capital Annual Cr	22.5	22.5	22.5	22.5	23.8	23.8	23.8	23.8	23.8
Reserves Plus Surplus Annual Cr	2,991.8	2,692.2	2,515.1	2,393.6	2,122.6	2,014.5	1,844.8	1,605.5	1,291.1
Total Reserves Plus Surplus Annual Cr	2,991.8	2,692.2	2,515.1	2,393.6	2,122.6	2,014.5	1,844.8	1,605.5	1,291.1
Minority Interest Liability Annual Cr	0.0	0.0	1.4	0.0	78.0	139.7	110.3	111.6	52.0
Total Non Current Liabilities Annual Cr	131.8	151.6	156.2	149.6	567.8	764.8	476.9	174.0	169.0

Thermax Ltd.

Analyst Rating

No of reports

14

Recommendation upgrades

1

Recommendation downgrade

3

Price to Book Value

4.10

Operating Revenues Qtr Cr c

1,392.45 Cr

Net Profit Qtr Cr c

62.76 Cr

RSI

63.48

MFI

57.24

MACD

-3.79

MACD signal

-11.81

SMA 30

1,027.97

SMA 50

1,049.57

SMA 100

1,033.14

SMA 200

1,040.92

Promoter holding %

61.98

FII holding %

9.04

MF holding %

14.73

Institutional holding %

25.51

Peer Group

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Quarterly Results

Quarterly Operating Revenues Qtr Cr Analysis

Quarterly Net Profit Qtr Cr Analysis

Quarterly Operating Revenues Qtr Cr Analysis

Quarterly Net Profit Qtr Cr Analysis

Annual Results

Annual Total Revenue Annual Cr Analysis

Average Total Revenue Annual Cr

Annual Net Profit Annual Cr Analysis

Average Net Profit Annual Cr

Annual ROE Annual % Analysis

Average ROE Annual %

Annual Total Revenue Annual Cr Analysis

Average Total Revenue Annual Cr

Annual Net Profit Annual Cr Analysis

Average Net Profit Annual Cr

Annual ROE Annual % Analysis

Average ROE Annual %

Financial Ratios

Annual Book Value Per Share Annual Rs Analysis

Average Book Value Per Share Annual Rs

Annual RoA Annual % Analysis

Average RoA Annual %

Annual Book Value Per Share Annual Rs Analysis

Average Book Value Per Share Annual Rs

Annual RoA Annual % Analysis

Average RoA Annual %

Balance Sheet

Annual Long Term Debt To Equity Annual Analysis

Average Long Term Debt To Equity Annual

Annual Total Assets Annual Cr Analysis

Average Total Assets Annual Cr