Thermax Ltd's Q3FY19 Adjusted consolidated net profit rises 165% yoy to Rs155cr : In-line with Estimates
The company’s consolidated revenue stood at Rs1,437cr, up 28.6% yoy and 0.6% qoq.
Feb 08, 2019 04:02 IST India Infoline Research Team
Thermax Ltd Q3FY19
Consolidated Results Q3FY19: (Rs. in cr)
| Q3FY19 | YoY (%) | |
|---|---|---|
| Revenue | 1,437 | 28.6 |
| EBITDA | 107 | 12.4 |
| EBITDA Margin (%) | 7.5 | [108] |
| Net Profit (adjusted) | 155 | 165.2 |
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Thermax Ltd reported results in-line with consensus estimates in Q3FY19. Revenue grew by 28.6% yoy to Rs1,437cr (expectation Rs1,343cr). EBITDA stood at Rs107cr, up 12.4% yoy against estimates of Rs116cr. EBIDTA margin declined 108bps yoy to 7.5%. Adjusted Net Profit stood at Rs155cr, up 165% yoy, against an expectation of Rs78cr.
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Segmental Revenue for the quarter stood at:
- Energy Rs1,135cr (up 30.2% yoy)
- Environment Rs213cr (up 22.9% yoy)
- Chemical Rs112cr (up 23.3% yoy)
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Segmental EBIT for the quarter stood at:
- Energy Rs61cr (down 14.9% yoy)
- Environment Rs15.5cr (up 209% yoy)
- Chemical Rs17.3cr (up 32.7% yoy)
- The company recorded an exceptional item of Rs88cr related to the impairment of goodwill at a subsidiary, Thermax Denmark ApS and recognition of deferred tax asset at another subsidiary, Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES).
- The Board has also approved the transfer of the Boiler & Heater business from Thermax to TBWES via a slump sale, pending shareholder approval.
- As on December 31, 2018, the Thermax Group had an order balance of Rs6,475cr (up 16.5% yoy). Order booking for the quarter (at the consolidated level) was marginally higher at Rs1,480cr due to ongoing sluggishness in new investments in several sectors of the economy.
Technical View:
Thermax Ltd ended at Rs. 1,087.75, up by 1.4 points or 0.13% from its previous closing of Rs. 1,086.35 on the BSE.
The scrip opened at Rs. 1,109.20 and touched a high and low of Rs. 1,120 and Rs. 1,077.80 respectively. A total of 8,217 (NSE+BSE) shares were traded on the counter. The stock traded above its 50 DMA.
