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Thermax - Q4FY20 First Cut - ICICI Securities
Posted On : 2020-06-19 10:45:33( TIMEZONE : IST )
(CMP: Rs. 728; MCap: Rs. 8,677 crore)
Thermax reported weaker Q4FY20 performance with substantial decline in revenue owing to muted order book and covid-19 impact. Consequently, EBITDA margins further deteriorated. However, order inflows and order book continue to remain key concerns.
Q4FY20 Earnings Summary
- Consolidated revenue came in at Rs. 1323 crore registering decline of 36.2% YoY (Vs our estimate of Rs. 1300 crore) on the back of slower execution owing to covid-19 lockdowns. Energy segment revenue declined by 38.2% to Rs. 1051 crore, YoY while Environment segment revenue declined by 25.6% to Rs. 199.1 crore and chemical segment revenue came in at Rs. 96.3 crore, down 6.1%, YoY
- The consolidated order inflow for the quarter came in at Rs. 952 crore down 18% on YoY basis. While consolidated order inflow for FY20 stood at Rs. 5498 crore, down 2.4% on YoY basis
- Consolidated EBITDA came in at Rs. 63.6 crore, down 62.8% YoY, owing to higher employee expenses and other operating expenses. Consequently, EBITDA margin declined by 340 bps to 4.8% on YoY basis
- Consolidated PAT came in at Rs. 39 crore which declined by 69.2% on YoY, impacted by 24.7% YoY increase in depreciation and higher effective tax rate
- On consolidated level, Net working capital days increased to 56 days owing to vendor support provided by the company to MSME vendors and increase in receivables.
Thermax' weak execution performance was reflection of subdued order inflows and order backlog while margins further deteriorated due to higher operating expenses amid covid-19 which disrupted business activities.
We would be coming out with a detailed report post the conference call.
Shares of THERMAX LTD. was last trading in BSE at Rs.728.2 as compared to the previous close of Rs. 713.05. The total number of shares traded during the day was 2159 in over 406 trades.
The stock hit an intraday high of Rs. 740 and intraday low of 710. The net turnover during the day was Rs. 1557497.
