THERMAX Financial Statements

Thermax Profit & Loss Statement

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth (16) 28.40 (0.40) (13)
Op profit growth (13) 1.31 (7.40) 0.90
EBIT growth (11) (10) (6.50) (3)
Net profit growth (2.80) (8.50) 4.08 (21)
Profitability ratios (%)        
OPM 7.41 7.09 8.98 9.66
EBIT margin 7.27 6.80 9.74 10.40
Net profit margin 4.31 3.71 5.20 4.97
RoCE 9.94 12.10 14.70 16.60
RoNW 1.64 1.85 2.21 2.25
RoA 1.47 1.66 1.96 1.99
Per share ratios ()        
EPS 18.40 18.90 20.50 25
Dividend per share 7 7 6 6
Cash EPS 8.17 8.51 13.30 12.50
Book value per share 289 269 241 225
Valuation ratios        
P/E 73.40 39.20 55.10 38.70
P/CEPS 165 86.90 85.10 77.30
P/B 4.66 2.75 4.69 4.30
EV/EBIDTA 31.10 16.90 25.90 20.90
Payout (%)        
Dividend payout -- 44.70 30.80 32.10
Tax payout (21) (43) (39) (34)
Liquidity ratios        
Debtor days 99.90 83.70 93.10 96.40
Inventory days 32.70 26.10 26.60 23.30
Creditor days (87) (70) (94) (89)
Leverage ratios        
Interest coverage (17) (26) (34) (48)
Net debt / equity (0.50) (0.10) -- --
Net debt / op. profit (4.60) (0.60) (0.20) (0.20)
Cost breakup ()        
Material costs (53) (54) (53) (51)
Employee costs (16) (14) (16) (15)
Other costs (24) (25) (23) (25)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 4,791 5,731 4,465 4,483
yoy growth (%) (16) 28.40 (0.40) (13)
Raw materials (2,539) (3,086) (2,349) (2,264)
As % of sales 53 53.80 52.60 50.50
Employee costs (759) (799) (697) (686)
As % of sales 15.80 13.90 15.60 15.30
Other costs (1,139) (1,440) (1,018) (1,100)
As % of sales 23.80 25.10 22.80 24.50
Operating profit 355 406 401 433
OPM 7.41 7.09 8.98 9.66
Depreciation (115) (117) (82) (82)
Interest expense (21) (15) (13) (9.70)
Other income 108 100 116 114
Profit before tax 328 375 422 455
Taxes (69) (162) (166) (156)
Tax rate (21) (43) (39) (34)
Minorities and other -- -- (24) (59)
Adj. profit 259 212 232 241
Exceptional items (53) -- -- (18)
Net profit 207 212 232 223
yoy growth (%) (2.80) (8.50) 4.08 (21)
NPM 4.31 3.71 5.20 4.97
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 328 375 422 455
Depreciation (115) (117) (82) (82)
Tax paid (69) (162) (166) (156)
Working capital 1,241 (23) (388) (440)
Other operating items -- -- -- --
Operating cashflow 1,386 73.20 (214) (223)
Capital expenditure 1,260 1,063 445 (529)
Free cash flow 2,646 1,136 231 (752)
Equity raised 4,312 4,476 4,375 4,377
Investments (7) 636 1,029 375
Debt financing/disposal 265 288 (177) (377)
Dividends paid -- 78.80 71.50 71.50
Other items -- -- -- --
Net in cash 7,217 6,614 5,529 3,694
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 22.50 22.50 22.50 22.50
Preference capital -- -- -- --
Reserves 3,229 3,005 2,992 2,692
Net worth 3,251 3,028 3,014 2,715
Minority interest
Debt 317 230 240 234
Deferred tax liabilities (net) 80.20 101 137 109
Total liabilities 3,649 3,359 3,392 3,058
Fixed assets 1,266 1,339 1,352 1,076
Intangible assets
Investments 234 875 829 1,472
Deferred tax asset (net) 234 252 349 201
Net working capital (25) 412 492 15
Inventories 405 455 509 367
Inventory Days 30.80 28.90 -- 30
Sundry debtors 1,237 1,386 1,378 1,243
Debtor days 94.20 88.30 -- 102
Other current assets 1,264 1,264 2,141 1,385
Sundry creditors (1,146) (966) (1,381) (1,067)
Creditor days 87.30 61.50 -- 87.30
Other current liabilities (1,785) (1,727) (2,155) (1,913)
Cash 1,939 481 369 294
Total assets 3,649 3,359 3,392 3,058
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Particulars ( Rupees In Crores.) Mar-2022 Dec-2021 Sep-2021 Jun-2021 Mar-2021
Gross Sales 1,992 1,615 1,469 1,052 1,575
Excise Duty -- -- -- -- --
Net Sales 1,992 1,615 1,469 1,052 1,575
Other Operating Income -- -- -- -- --
Other Income 35.80 29.20 36.80 25.40 35.80
Total Income 2,028 1,644 1,506 1,078 1,610
Total Expenditure ** 1,857 1,502 1,359 989 1,435
PBIDT 171 142 147 88.40 175
Interest 10.10 5.26 5.05 4.78 6.30
PBDT 161 137 142 83.70 169
Depreciation 29.50 29 27.40 27.40 28.80
Minority Interest Before NP -- -- -- -- --
Tax 13.70 19.10 26.40 13.30 20.20
Deferred Tax 15.20 9.51 (0.10) 0.56 12.90
Reported Profit After Tax 103 79.50 87.90 42.40 107
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 103 79.50 87.90 42.40 107
Extra-ordinary Items 0.10 -- -- -- --
Adjusted Profit After Extra-ordinary item 102 79.50 87.90 42.40 107
EPS (Unit Curr.) 9.10 7.06 7.80 3.77 9.53
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
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(%) 8.59 8.81 9.99 8.40 11.10
PBDTM(%) 8.08 8.49 9.64 7.95 10.70
PATM(%) 5.15 4.92 5.98 4.03 6.82
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