Thermax's consolidated net revenue reported a sharp decline of 36.2% y-o-y in revenue for Q4FY2020 (lower than our estimates) at Rs. 1,323 crore due to impact of lockdown (loss of revenue of Rs. 400 crore-500 crore), wherein the decline in revenue was seen across segments. Operating profit margin (OPM) declined by 343 bps y-o-y, led by lower absorption of fixed costs on lower revenue. Hence, operating profit fell sharply by 63% y-o-y to Rs. 64 crore. Further, lower other income (-41% y-o-y to Rs. 30.7 crore) and higher depreciation (+25% y-o-y to Rs. 30.8 crore) impacted PBT (-70% y-o-y) and adjusted PAT declined by 70% y-o-y...