Thermax reported consolidated net revenue growth of 35% y-o-y due to a strong execution in its Energy division (up 45% y-o-y) which was above our estimates. Chemical and environment divisions remained muted. Despite strong execution, gross margins (down 418 bps) remained under pressure while OPM improved marginally (in line with expectation) led by lower employee and other expense (as a % of sales). Net Profit growth was supported by lower ETR despite higher interest, depreciation and lowers other income. Weak order intake over trailing two quarter...