Thermax Financial Statements
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ConsolidatedStandalone
| Y/e 31 Mar | Mar-2018 | Mar-2017 | Mar-2016 | Mar-2015 |
|---|---|---|---|---|
| Growth matrix (%) | ||||
| Revenue growth | (0.40) | (13) | (3) | 4.01 |
| Op profit growth | (7.40) | 0.90 | (7) | 5.52 |
| EBIT growth | (6.50) | (3) | 6.43 | 8.07 |
| Net profit growth | 4.08 | (21) | 34.60 | (15) |
| Profitability ratios (%) | ||||
| OPM | 8.98 | 9.66 | 8.34 | 8.70 |
| EBIT margin | 9.74 | 10.40 | 9.32 | 8.49 |
| Net profit margin | 5.20 | 4.97 | 5.49 | 3.95 |
| RoCE | 14.70 | 16.60 | 16.70 | 15 |
| RoNW | 2.21 | 2.25 | 3.09 | 2.51 |
| RoA | 1.96 | 1.99 | 2.46 | 1.74 |
| Per share ratios () | ||||
| EPS | 20.50 | 25 | 28.70 | 11 |
| Dividend per share | 6 | 6 | 6 | 7 |
| Cash EPS | 13.30 | 12.50 | 18.70 | 6.35 |
| Book value per share | 241 | 225 | 215 | 180 |
| Valuation ratios | ||||
| P/E | 55.10 | 38.70 | 26.30 | 96.70 |
| P/CEPS | 85.10 | 77.30 | 40.40 | 168 |
| P/B | 4.69 | 4.30 | 3.51 | 5.91 |
| EV/EBIDTA | 25.90 | 20.90 | 16.10 | 22.20 |
| Payout (%) | ||||
| Dividend payout | 30.80 | 32.10 | 25.30 | 47.90 |
| Tax payout | (39) | (34) | (31) | (46) |
| Liquidity ratios | ||||
| Debtor days | 93.10 | 96.40 | 110 | 112 |
| Inventory days | 26.60 | 23.30 | 25.60 | 29.10 |
| Creditor days | (94) | (89) | (78) | (73) |
| Leverage ratios | ||||
| Interest coverage | (34) | (48) | (39) | (5.50) |
| Net debt / equity | -- | -- | -- | 0.14 |
| Net debt / op. profit | (0.20) | (0.20) | (0.20) | 0.66 |
| Cost breakup () | ||||
| Material costs | (53) | (51) | (53) | (54) |
| Employee costs | (16) | (15) | (13) | (13) |
| Other costs | (23) | (25) | (26) | (24) |
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ConsolidatedStandalone
| Y/e 31 Mar( In .Cr) | Mar-2018 | Mar-2017 | Mar-2016 | Mar-2015 |
|---|---|---|---|---|
| Revenue | 4,465 | 4,483 | 5,145 | 5,304 |
| yoy growth (%) | (0.40) | (13) | (3) | 4.01 |
| Raw materials | (2,349) | (2,264) | (2,740) | (2,866) |
| As % of sales | 52.60 | 50.50 | 53.30 | 54 |
| Employee costs | (697) | (686) | (660) | (706) |
| As % of sales | 15.60 | 15.30 | 12.80 | 13.30 |
| Other costs | (1,018) | (1,100) | (1,316) | (1,271) |
| As % of sales | 22.80 | 24.50 | 25.60 | 24 |
| Operating profit | 401 | 433 | 429 | 461 |
| OPM | 8.98 | 9.66 | 8.34 | 8.70 |
| Depreciation | (82) | (82) | (72) | (134) |
| Interest expense | (13) | (9.70) | (12) | (82) |
| Other income | 116 | 114 | 122 | 123 |
| Profit before tax | 422 | 455 | 467 | 368 |
| Taxes | (166) | (156) | (144) | (171) |
| Tax rate | (39) | (34) | (31) | (46) |
| Minorities and other | (24) | (59) | (41) | 61.60 |
| Adj. profit | 232 | 241 | 282 | 259 |
| Exceptional items | -- | (18) | -- | (49) |
| Net profit | 232 | 223 | 282 | 210 |
| yoy growth (%) | 4.08 | (21) | 34.60 | (15) |
| NPM | 5.20 | 4.97 | 5.49 | 3.95 |
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Tabular DataGraph
| Y/e 31 Mar ( In .Cr) | Mar-2018 | Mar-2017 | Mar-2016 | Mar-2015 |
|---|---|---|---|---|
| Profit before tax | 422 | 455 | 467 | 368 |
| Depreciation | (82) | (82) | (72) | (134) |
| Tax paid | (166) | (156) | (144) | (171) |
| Working capital | (348) | (371) | (84) | (380) |
| Other operating items | -- | -- | -- | -- |
| Operating cashflow | (174) | (154) | 167 | (317) |
| Capital expenditure | 673 | 323 | 142 | 6.36 |
| Free cash flow | 499 | 169 | 309 | (310) |
| Equity raised | 3,821 | 3,968 | 4,026 | 4,011 |
| Investments | 1,230 | 844 | 607 | 114 |
| Debt financing/disposal | 182 | 194 | (216) | 175 |
| Dividends paid | 71.50 | 71.50 | 71.50 | 83.40 |
| Other items | -- | -- | -- | -- |
| Net in cash | 5,804 | 5,245 | 4,798 | 4,073 |
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ConsolidatedStandalone
| Y/e 31 Mar ( In .Cr) | Mar-2019 | Mar-2018 | Mar-2017 | Mar-2016 |
|---|---|---|---|---|
| Equity capital | 22.50 | 22.50 | 22.50 | 22.50 |
| Preference capital | -- | -- | -- | -- |
| Reserves | 2,992 | 2,692 | 2,515 | 2,394 |
| Net worth | 3,014 | 2,715 | 2,538 | 2,416 |
| Minority interest | ||||
| Debt | 240 | 234 | 136 | 195 |
| Deferred tax liabilities (net) | 129 | 109 | 201 | 123 |
| Total liabilities | 3,383 | 3,058 | 2,876 | 2,734 |
| Fixed assets | 1,352 | 1,076 | 952 | 887 |
| Intangible assets | ||||
| Investments | 829 | 1,472 | 1,083 | 1,050 |
| Deferred tax asset (net) | 341 | 201 | 300 | 227 |
| Net working capital | 492 | 15 | 319 | 272 |
| Inventories | 509 | 367 | 283 | 290 |
| Inventory Days | -- | 30 | 23.10 | 20.60 |
| Sundry debtors | 1,378 | 1,243 | 1,034 | 1,334 |
| Debtor days | -- | 102 | 84.20 | 94.60 |
| Other current assets | 2,141 | 1,385 | 1,372 | 1,201 |
| Sundry creditors | (1,381) | (1,067) | (1,022) | (954) |
| Creditor days | -- | 87.30 | 83.20 | 67.70 |
| Other current liabilities | (2,155) | (1,913) | (1,348) | (1,600) |
| Cash | 369 | 294 | 221 | 298 |
| Total assets | 3,383 | 3,058 | 2,876 | 2,734 |
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ConsolidatedStandalone
| Particulars ( Rupees In Crores.) | Mar-2020 | Dec-2019 | Sep-2019 | Jun-2019 | Mar-2019 |
|---|---|---|---|---|---|
| Gross Sales | 1,323 | 1,410 | 1,606 | 1,392 | 2,074 |
| Excise Duty | -- | -- | -- | -- | -- |
| Net Sales | 1,323 | 1,410 | 1,606 | 1,392 | 2,074 |
| Other Operating Income | -- | -- | -- | -- | -- |
| Other Income | 30.70 | 25.80 | 22 | 21.60 | 52 |
| Total Income | 1,354 | 1,436 | 1,628 | 1,414 | 2,126 |
| Total Expenditure ** | 1,259 | 1,297 | 1,476 | 1,293 | 1,905 |
| PBIDT | 94.30 | 139 | 152 | 121 | 220 |
| Interest | 4.90 | 1.93 | 3.83 | 4.36 | 3.51 |
| PBDT | 89.40 | 137 | 148 | 116 | 217 |
| Depreciation | 30.80 | 31.60 | 28.10 | 26.20 | 24.70 |
| Minority Interest Before NP | -- | -- | -- | -- | -- |
| Tax | 15.10 | 19.20 | 27.20 | 34.50 | 69.90 |
| Deferred Tax | 4.49 | 1.30 | 67.50 | (7.30) | (4.70) |
| Reported Profit After Tax | 39 | 85 | 25.70 | 62.80 | 127 |
| Minority Interest After NP | -- | -- | -- | -- | -- |
| Net Profit after Minority Interest | 39 | 85 | 25.70 | 62.80 | 127 |
| Extra-ordinary Items | -- | -- | -- | -- | (1.30) |
| Adjusted Profit After Extra-ordinary item | 39 | 85 | 25.70 | 62.80 | 128 |
| EPS (Unit Curr.) | 3.47 | 7.54 | 2.29 | 5.57 | 11.30 |
| Book Value (Unit Curr.) | -- | -- | -- | -- | -- |
| Dividend (%) | 350 | -- | -- | -- | -- |
| Equity | 22.50 | 22.50 | 22.50 | 22.50 | 22.50 |
| Public Shareholding (Number) | -- | -- | -- | -- | -- |
| Public Shareholding (%) | -- | -- | -- | -- | -- |
| Pledged/Encumbered - No. of Shares | -- | -- | -- | -- | -- |
| Pledged/Encumbered - % in Total Promoters Holding | -- | -- | -- | -- | -- |
| Pledged/Encumbered - % in Total Equity | -- | -- | -- | -- | -- |
| Non Encumbered - No. of Shares | -- | -- | -- | -- | -- |
| Non Encumbered - % in Total Promoters Holding | -- | -- | -- | -- | -- |
| Non Encumbered - % in Total Equity | -- | -- | -- | -- | -- |
| PBIDTM(%) | 7.13 | 9.85 | 9.49 | 8.66 | 10.60 |
| PBDTM(%) | 6.76 | 9.72 | 9.25 | 8.35 | 10.50 |
| PATM(%) | 2.95 | 6.03 | 1.60 | 4.51 | 6.12 |
