Thermax Financial Statements
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ConsolidatedStandalone
| Y/e 31 Mar | Mar-2020 | Mar-2018 | Mar-2017 | Mar-2016 |
|---|---|---|---|---|
| Growth matrix (%) | ||||
| Revenue growth | 28.40 | (0.40) | (13) | (3) |
| Op profit growth | 1.31 | (7.40) | 0.90 | (7) |
| EBIT growth | (10) | (6.50) | (3) | 6.43 |
| Net profit growth | (8.50) | 4.08 | (21) | 34.60 |
| Profitability ratios (%) | ||||
| OPM | 7.09 | 8.98 | 9.66 | 8.34 |
| EBIT margin | 6.80 | 9.74 | 10.40 | 9.32 |
| Net profit margin | 3.71 | 5.20 | 4.97 | 5.49 |
| RoCE | 12.10 | 14.70 | 16.60 | 16.70 |
| RoNW | 1.85 | 2.21 | 2.25 | 3.09 |
| RoA | 1.65 | 1.96 | 1.99 | 2.46 |
| Per share ratios () | ||||
| EPS | 18.90 | 20.50 | 25 | 28.70 |
| Dividend per share | 7 | 6 | 6 | 6 |
| Cash EPS | 8.51 | 13.30 | 12.50 | 18.70 |
| Book value per share | 269 | 241 | 225 | 215 |
| Valuation ratios | ||||
| P/E | 39.20 | 55.10 | 38.70 | 26.30 |
| P/CEPS | 86.90 | 85.10 | 77.30 | 40.40 |
| P/B | 2.75 | 4.69 | 4.30 | 3.51 |
| EV/EBIDTA | 16.90 | 25.90 | 20.90 | 16.10 |
| Payout (%) | ||||
| Dividend payout | 44.70 | 30.80 | 32.10 | 25.30 |
| Tax payout | (43) | (39) | (34) | (31) |
| Liquidity ratios | ||||
| Debtor days | 83.70 | 93.10 | 96.40 | 110 |
| Inventory days | 26.10 | 26.60 | 23.30 | 25.60 |
| Creditor days | (70) | (94) | (89) | (78) |
| Leverage ratios | ||||
| Interest coverage | (26) | (34) | (48) | (39) |
| Net debt / equity | (0.10) | -- | -- | -- |
| Net debt / op. profit | (0.60) | (0.20) | (0.20) | (0.20) |
| Cost breakup () | ||||
| Material costs | (54) | (53) | (51) | (53) |
| Employee costs | (14) | (16) | (15) | (13) |
| Other costs | (25) | (23) | (25) | (26) |
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ConsolidatedStandalone
| Y/e 31 Mar( In .Cr) | Mar-2020 | Mar-2018 | Mar-2017 | Mar-2016 |
|---|---|---|---|---|
| Revenue | 5,731 | 4,465 | 4,483 | 5,145 |
| yoy growth (%) | 28.40 | (0.40) | (13) | (3) |
| Raw materials | (3,086) | (2,349) | (2,264) | (2,740) |
| As % of sales | 53.80 | 52.60 | 50.50 | 53.30 |
| Employee costs | (799) | (697) | (686) | (660) |
| As % of sales | 13.90 | 15.60 | 15.30 | 12.80 |
| Other costs | (1,440) | (1,018) | (1,100) | (1,316) |
| As % of sales | 25.10 | 22.80 | 24.50 | 25.60 |
| Operating profit | 406 | 401 | 433 | 429 |
| OPM | 7.09 | 8.98 | 9.66 | 8.34 |
| Depreciation | (117) | (82) | (82) | (72) |
| Interest expense | (15) | (13) | (9.70) | (12) |
| Other income | 100 | 116 | 114 | 122 |
| Profit before tax | 375 | 422 | 455 | 467 |
| Taxes | (162) | (166) | (156) | (144) |
| Tax rate | (43) | (39) | (34) | (31) |
| Minorities and other | -- | (24) | (59) | (41) |
| Adj. profit | 212 | 232 | 241 | 282 |
| Exceptional items | -- | -- | (18) | -- |
| Net profit | 212 | 232 | 223 | 282 |
| yoy growth (%) | (8.50) | 4.08 | (21) | 34.60 |
| NPM | 3.71 | 5.20 | 4.97 | 5.49 |
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Tabular DataGraph
| Y/e 31 Mar ( In .Cr) | Mar-2020 | Mar-2018 | Mar-2017 | Mar-2016 |
|---|---|---|---|---|
| Profit before tax | 375 | 422 | 455 | 467 |
| Depreciation | (117) | (82) | (82) | (72) |
| Tax paid | (162) | (166) | (156) | (144) |
| Working capital | 237 | (607) | (152) | (372) |
| Other operating items | -- | -- | -- | -- |
| Operating cashflow | 332 | (434) | 65.80 | (121) |
| Capital expenditure | 1,188 | 548 | 219 | (607) |
| Free cash flow | 1,520 | 115 | 285 | (728) |
| Equity raised | 4,162 | 4,136 | 4,207 | 4,196 |
| Investments | 634 | 1,232 | 640 | 342 |
| Debt financing/disposal | 178 | 292 | (275) | (317) |
| Dividends paid | 78.80 | 71.50 | 71.50 | 71.50 |
| Other items | -- | -- | -- | -- |
| Net in cash | 6,573 | 5,846 | 4,928 | 3,564 |
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ConsolidatedStandalone
| Y/e 31 Mar ( In .Cr) | Mar-2020 | Mar-2019 | Mar-2018 | Mar-2017 |
|---|---|---|---|---|
| Equity capital | 22.50 | 22.50 | 22.50 | 22.50 |
| Preference capital | -- | -- | -- | -- |
| Reserves | 3,005 | 2,992 | 2,692 | 2,515 |
| Net worth | 3,028 | 3,014 | 2,715 | 2,538 |
| Minority interest | ||||
| Debt | 230 | 240 | 234 | 136 |
| Deferred tax liabilities (net) | 103 | 137 | 109 | 201 |
| Total liabilities | 3,362 | 3,392 | 3,058 | 2,876 |
| Fixed assets | 1,339 | 1,352 | 1,076 | 952 |
| Intangible assets | ||||
| Investments | 875 | 829 | 1,472 | 1,083 |
| Deferred tax asset (net) | 254 | 349 | 201 | 300 |
| Net working capital | 417 | 492 | 15 | 319 |
| Inventories | 455 | 509 | 367 | 283 |
| Inventory Days | 28.90 | -- | 30 | 23.10 |
| Sundry debtors | 1,386 | 1,378 | 1,243 | 1,034 |
| Debtor days | 88.30 | -- | 102 | 84.20 |
| Other current assets | 1,269 | 2,141 | 1,385 | 1,372 |
| Sundry creditors | (966) | (1,381) | (1,067) | (1,022) |
| Creditor days | 61.50 | -- | 87.30 | 83.20 |
| Other current liabilities | (1,727) | (2,155) | (1,913) | (1,348) |
| Cash | 476 | 369 | 294 | 221 |
| Total assets | 3,362 | 3,392 | 3,058 | 2,876 |
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ConsolidatedStandalone
| Particulars ( Rupees In Crores.) | Dec-2020 | Dec-2019 | Dec-2018 | Dec-2017 | Dec-2016 |
|---|---|---|---|---|---|
| Gross Sales | 3,217 | 4,408 | 3,900 | 3,043 | 3,071 |
| Excise Duty | -- | -- | -- | 20.80 | 78.10 |
| Net Sales | 3,217 | 4,408 | 3,900 | 3,022 | 2,993 |
| Other Operating Income | -- | -- | -- | -- | -- |
| Other Income | 71.90 | 69.30 | 97.90 | 71.40 | 84.40 |
| Total Income | 3,289 | 4,478 | 3,997 | 3,093 | 3,077 |
| Total Expenditure ** | 3,054 | 4,066 | 3,701 | 2,759 | 2,733 |
| PBIDT | 235 | 412 | 296 | 334 | 344 |
| Interest | 14.30 | 10.10 | 10.80 | 9.16 | 7.23 |
| PBDT | 221 | 402 | 286 | 325 | 337 |
| Depreciation | 85.80 | 85.90 | 67.40 | 58.50 | 59 |
| Minority Interest Before NP | -- | -- | -- | -- | -- |
| Tax | 54.70 | 81 | 124 | 93 | 96.30 |
| Deferred Tax | (19) | 61.60 | (104) | 10.10 | (0.10) |
| Reported Profit After Tax | 99.20 | 173 | 199 | 163 | 182 |
| Minority Interest After NP | -- | -- | -- | (1) | (1.50) |
| Net Profit after Minority Interest | 99.20 | 173 | 199 | 156 | 182 |
| Extra-ordinary Items | (31) | -- | (38) | -- | -- |
| Adjusted Profit After Extra-ordinary item | 130 | 173 | 236 | 156 | 182 |
| EPS (Unit Curr.) | 8.81 | 15.40 | 17.60 | 13.90 | 16.20 |
| 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(%) | 7.30 | 9.34 | 7.60 | 11.10 | 11.50 |
| PBDTM(%) | 6.86 | 9.11 | 7.32 | 10.80 | 11.30 |
| PATM(%) | 3.08 | 3.93 | 5.09 | 5.41 | 6.07 |
