- 23 May 2022
- ICICIdirect Research
THERMAX REPORTS MIXED NUMBERS FOR Q4FY22
THERMAX - 4655 Change: -60.90 (-1.29 %)News: Thermax reported mixed Q4FY22 numbers, Consolidated revenue came in at Rs. 1991.9 crore, up 26.5% YoY (above our estimate of Rs. 1830.7 crore) aided by better execution in environment segment. EBITDA came in at Rs. 135.2 crore, down 3.2% YoY impacted by higher commodity prices and higher freight cost. Consequently, EBITDA margin came in at 6.8% (vs. our estimate of 7.2%). Gross margins declined 1000 bps to 37.8% YoY. Adjusted PAT came in at Rs. 102.6 crore, down 4.4% YoY. The consolidated order inflow for the quarter came in decent at Rs. 3396 crore (vs. Rs. 1497 crore in Q4FY21). Consolidated order book as on Q4FY22 was at Rs. 8812 crore, up 68.6% YoY
Views: Energy segment revenue (which contributes ~73% to revenue) grew 23.5% to Rs. 1451 crore YoY. Environment segment revenue grew 53% YoY to Rs. 462.3 crore and chemical segment revenue came in at Rs. 131.7 crore, up 10.3%, YoY. Two significant orders bagged during the year include Rs. 1, 176 crore for a sulphur recovery block and Rs. 830 crore for three Flue Gas Desulphurisation (FGD) systems. It reported record order inflows witnessing broad based recovery in sectors ranging from cement, steel, food & beverages, refinery etc. Operating margins were impacted by higher commodity prices and freight cost
Impact: Positive