Thermax Financial Statements

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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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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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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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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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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

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