THERMAX Results: Nine Monthly Results of Thermax

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)

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

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	3,131	3,215	3,868	3,764
yoy growth (%)	(2.60)	(17)	2.77	(13)
Raw materials	(1,720)	(1,847)	(2,142)	(2,060)
As % of sales	54.90	57.50	55.40	54.70
Employee costs	(454)	(431)	(459)	(459)
As % of sales	14.50	13.40	11.90	12.20
Other costs	(739)	(724)	(895)	(871)
As % of sales	23.60	22.50	23.10	23.10
Operating profit	218	213	371	374
OPM	6.97	6.64	9.60	9.93
Depreciation	(64)	(63)	(64)	(65)
Interest expense	(8.60)	(5.20)	(8)	(3.60)
Other income	140	104	104	103
Profit before tax	286	250	403	407
Taxes	(42)	(74)	(140)	(130)
Tax rate	(15)	(29)	(35)	(32)
Minorities and other	--	52.60	--	--
Adj. profit	244	229	263	278
Exceptional items	(103)	(15)	(25)	(133)
Net profit	141	214	238	145
yoy growth (%)	(34)	(10)	64.50	(51)
NPM	4.50	6.66	6.16	3.85

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

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

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	23.80	23.80	23.80	23.80
Preference capital	--	--	--	--
Reserves	2,856	2,714	2,712	2,542
Net worth	2,879	2,737	2,736	2,566
Minority interest
Debt	142	73.50	40	116
Deferred tax liabilities (net)	49.60	59.90	73.70	97.90
Total liabilities	3,071	2,871	2,850	2,780
Fixed assets	794	804	742	764
Intangible assets
Investments	903	1,410	1,424	1,796
Deferred tax asset (net)	103	100	123	202
Net working capital	(115)	327	441	(101)
Inventories	246	255	230	298
Inventory Days	28.70	29	--	28.10
Sundry debtors	824	753	837	1,139
Debtor days	96	85.50	--	108
Other current assets	826	918	2,737	1,154
Sundry creditors	(845)	(608)	(808)	(966)
Creditor days	98.50	69.10	--	91.10
Other current liabilities	(1,166)	(990)	(2,555)	(1,727)
Cash	1,387	230	119	119
Total assets	3,071	2,871	2,850	2,780

Select Period

Particulars ( Rupees In Crores.)	Dec-2021	Dec-2020	Dec-2019	Dec-2018	Dec-2017
Gross Sales	4,136	3,217	4,408	3,900	3,043
Excise Duty	--	--	--	--	20.80
Net Sales	4,136	3,217	4,408	3,900	3,022
Other Operating Income	--	--	--	--	--
Other Income	91.30	71.90	69.30	97.90	71.40
Total Income	4,228	3,289	4,478	3,997	3,093
Total Expenditure **	3,850	3,054	4,066	3,701	2,759
PBIDT	377	235	412	296	334
Interest	15.10	14.30	10.10	10.80	9.16
PBDT	362	221	402	286	325
Depreciation	83.80	85.80	85.90	67.40	58.50
Minority Interest Before NP	--	--	--	--	--
Tax	58.80	54.70	81	124	93
Deferred Tax	10	(19)	61.60	(104)	10.10
Reported Profit After Tax	210	99.20	173	199	163
Minority Interest After NP	--	--	--	--	(1)
Net Profit after Minority Interest	210	99.20	173	199	156
Extra-ordinary Items	--	(31)	--	(38)	--
Adjusted Profit After Extra-ordinary item	210	130	173	236	156
EPS (Unit Curr.)	18.60	8.81	15.40	17.60	13.90
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(%)	9.13	7.30	9.34	7.60	11.10
PBDTM(%)	8.76	6.86	9.11	7.32	10.80
PATM(%)	5.07	3.08	3.93	5.09	5.41