PAT declined 62.3% to revenue/EBITDA/PBT increased 22%/28%/8% YoY, while Adj. PAT Energy segment grew 17% YoY to INR13.4b, supported by healthy execution. Environmental segment revenue declined 11% YoY to INR1.5b with EBIT margins at 4.7% (+190bp YoY). Chemical segment revenues came in at INR1.1b (+6% YoY) with EBIT margins at 17.9% (+290bp YoY). However, on account of strong execution depicted over the past six quarters, dependency on new order wins is even higher. TMX is focused on revenue growth, but wont do it at the cost of margins or at the risk of working Margin improvement in current market condition looks difficult, more so in the project business since competition is very aggressive. Over the past few quarters, Thermax has demonstrated its strong execution capability with robust revenue growth. Over the past few quarters, Thermax has demonstrated its strong execution capability with robust revenue growth.