Thermax Ltd. share price target

Revenue fell by 41.51% to Rs. 871.81 Cr in Q1FY18 when compared to the previous quarter Revenue fell by 41.51% to Rs. 871.81 Cr in Q1FY18 when compared to the previous quarter

Q4FY17 order inflow at Rs 11.4 bn (down 18% YoY) was above expectations.In addition, Thermax in April booked a large export order of ~Rs 10 bn from a leading African conglomerate (Dangote).

Thermax Ltd Q4FY17 results comment Revenue rose by 54.2% to Rs. 1490.47 Cr in Q4FY17 when compared to the previous quarter.

Thermax reported strong beat across all key parameters in Q4FY17. Revenues were higher than estimates on better execution while the EBITDA margin was driven by the former and lower input costs. However, one offs marred profitability Revenues came in at | 1342.8 crore, down 3.8% (I-direct estimate: | 1156.8 crore). For FY17, revenues fell 13.1% YoY to | 3973 crore vs. | 4573 crore in FY16. Order backlog was at | 3618 crore, lower than FY16 backlog of | 3747 crore. Energy segment revenues were at...

The outlook fails to impress: The proverbial systemic delays continue to plague. Be it (a) contractual delivery delays; and (b) slow-moving projects, conventional quarters of mainstream capex are yet to show the signs. The order book, thereby, is down by 14% YoY at Rs39.6 bn. We expect the inflows to be no greater than high single digits. Also, we are concerned on International orders. After all, the nature of international ordersfrom execution to margins has always negatively surprised us. We continue to believe TMX will be beneficiary from compact linear Fresnel reflector in domestic market. Further, we expect South Asian geography to contribute more towards the base orders. Yet, in the grander scheme of things, they don't...

Thermaxs (TMX) 4QFY17 result came in below our estimates. Growth in the Environment segment ( 18% YoY) was compensated by decline in the Energy segment (-3%), resulting in flat revenues in 4QFY17. Stiff cost control measures resulted in EBITDA margins improving ~280bps YoY to 11.6%.

Q3FY17 order inflow at Rs 11.9 bn (up19% YoY) beat consensus/our estimates,driven by higher export orders (up 74%) though domestic orders (down 5%) remained subdued.

ICICI Securities Ltd | Retail Equity Research Thermax reported a lower-than expected performance in Q3FY17. The key miss came in on the revenues front while margins were ahead of estimates. The key silver lining was a decent order inflow in Q3FY17, which led to a flattish order backlog QoQ Revenues came in at | 813 crore vs. our estimate of | 1025.8 crore. The miss was on account of slower execution on a lower order backlog. Energy segment revenues were at | 583 crore, down 30.3%...

Even after penciling in near term orders from cement, waste heat recovery, and middle-east, the energy/environment segment will not qualify for around, we fear. Further, higher exposure to international orders poses a risk. From margins to pace of execution, there are multiple variables that could adversely impact. We maintain REDUCE....

Thermaxs (TMX) 3QFY17 result was below our estimates. The company continues to report a decline in revenues (-20% YoY for 3QFY17) on the back of a muted order book. 3QFY17 also saw the impact of demonetisation, in the absence of which revenues would have been higher by 4-5%. Surprisingly, gross margins improved 730bps YoY (better mix) which led to EBITDA margins of 9% ( 210bps YoY).