Thermax’s Q1FY19 numbers have been below the street expectations on sales and profitability fronts. Sales have increased by 18.7% yoy to Rs1,035.3cr as against estimates of Rs1,110cr. EBITDA decreased by 3.9% yoy to Rs69.3cr during the quarter from Rs72.2cr in Q1FY18. EBITDA margin declined by ~158bps yoy to 6.7% in Q1FY19. Net profit grew by 22.4% yoy to Rs49cr as against expectations of Rs65cr.
• The increase in sales was a result of higher order book at the start of FY19.
• Total raw material cost and other expenses increased by 21% yoy and 30% yoy respectively.
• Other income increased by 29% yoy to Rs31cr. Interest cost increased by 108.2% yoy to Rs3.3cr.
• Net income growth in the quarter was supported by absence of loss in JV (profit of Rs3lakh) in the corresponding quarter of previous year.
• As on Q1FY19, Thermax group had an order balance of Rs6,420cr, up 29.9% yoy. Order booking for the quarter, at the consolidated level, was Rs1,652cr, down 13.9% yoy, as last year’s quarter included a single order of value exceeding Rs1,000cr. These figures are excluding the joint ventures.
Thermax Ltd ended at Rs. 1,142.65, down by 13.95 points or 1.21% from its previous closing of Rs. 1,156.60 on the BSE.
The scrip opened at Rs. 1,159.45 and touched a high and low of Rs. 1,161 and Rs. 1,135 respectively. A total of 1,105 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.
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