Thermax Ltd

About [ edit ]

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. #

Key Points [ edit ]
  • Market Cap 15,965 Cr.
  • Current Price 1,340
  • High / Low 1,465 / 684
  • Stock P/E 237
  • Book Value 232
  • Dividend Yield 0.52 %
  • ROCE 11.1 %
  • ROE 8.27 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 33.10%
  • Debtor days have improved from 108.09 to 85.53 days.

Cons

  • Stock is trading at 5.77 times its book value
  • The company has delivered a poor sales growth of -6.92% over past five years.
  • Company has a low return on equity of 10.07% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
894.05 608.24 758.43 846.83 1,327.60 787.75 838.30 849.63 739.40 428.54 714.72 903.25
807.02 572.98 724.40 777.85 1,215.22 754.88 774.80 779.82 692.10 439.01 666.79 807.22
Operating Profit 87.03 35.26 34.03 68.98 112.38 32.87 63.50 69.81 47.30 -10.47 47.93 96.03
OPM % 9.73% 5.80% 4.49% 8.15% 8.46% 4.17% 7.57% 8.22% 6.40% -2.44% 6.71% 10.63%
Other Income 50.82 39.76 70.57 18.89 60.03 43.44 51.46 24.55 22.66 23.81 13.75 -62.20
Interest 1.17 1.08 1.25 0.94 1.99 0.76 0.78 1.66 2.03 1.76 1.86 2.24
Depreciation 13.83 13.44 12.43 11.87 12.39 14.11 15.74 16.13 16.63 15.19 15.48 16.67
Profit before tax 122.85 60.50 90.92 75.06 158.03 61.44 98.44 76.57 51.30 -3.61 44.34 14.92
Tax % 30.18% 25.79% 23.74% 35.76% 28.61% 18.77% 34.08% 24.20% 19.79% 46.81% 24.20% 122.86%
Net Profit 85.77 44.90 69.34 48.22 112.81 49.91 64.89 58.04 41.15 -1.92 33.61 -3.41
EPS in Rs 7.20 3.77 5.82 4.05 9.47 4.19 5.45 4.87 3.45 -0.16 2.82 -0.29

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
3,075 3,044 4,850 5,300 4,689 4,283 4,603 4,338 3,764 2,727 3,541 3,215 2,786
2,707 2,748 4,306 4,707 4,173 3,864 4,138 3,960 3,389 2,488 3,401 3,000 2,605
Operating Profit 368 297 545 593 516 419 464 378 375 240 140 215 181
OPM % 12% 10% 11% 11% 11% 10% 10% 9% 10% 9% 4% 7% 6%
Other Income 93 32 83 70 73 64 117 110 -31 151 300 141 -2
Interest 10 11 11 15 18 19 20 5 4 4 5 5 8
Depreciation 32 40 43 47 55 58 64 61 65 49 50 63 64
Profit before tax 419 277 573 601 516 407 497 423 275 337 384 288 107
Tax % 31% 49% 33% 32% 32% 38% 32% 30% 47% 29% 28% 26%
Net Profit 287 141 382 407 350 253 336 297 145 238 275 214 69
EPS in Rs 24.11 11.87 32.09 34.15 29.37 21.23 28.19 24.97 12.15 19.99 23.10 17.96 5.82
Dividend Payout % 21% 42% 28% 20% 24% 28% 25% 24% 49% 30% 30% 39%
Compounded Sales Growth
10 Years:1%
5 Years:-7%
3 Years:-5%
TTM:-27%
Compounded Profit Growth
10 Years:-1%
5 Years:-6%
3 Years:2%
TTM:-77%
Stock Price CAGR
10 Years:7%
5 Years:12%
3 Years:6%
1 Year:91%
Return on Equity
10 Years:14%
5 Years:10%
3 Years:10%
Last Year:8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
24 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 938 1,027 1,269 1,577 1,845 2,001 2,243 2,318 2,386 2,542 2,712 2,714 2,745
Borrowings 0 0 48 166 12 189 105 91 66 116 40 73 86
1,304 2,061 2,290 2,202 2,245 2,640 2,639 2,259 2,120 2,693 3,363 1,599 1,703
Total Liabilities 2,266 3,112 3,631 3,970 4,127 4,854 5,011 4,692 4,596 5,375 6,139 4,410 4,558
440 494 487 532 555 640 609 584 555 671 713 748 760
CWIP 18 11 30 42 91 24 39 59 129 92 29 55 29
Investments 176 378 404 553 804 1,096 1,257 1,378 1,404 1,796 1,424 1,410 918
1,632 2,229 2,710 2,843 2,677 3,094 3,105 2,672 2,507 2,816 3,972 2,197 2,851
Total Assets 2,266 3,112 3,631 3,970 4,127 4,854 5,011 4,692 4,596 5,375 6,139 4,410 4,558

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
148 583 53 175 207 331 294 288 346 507 -117 253
280 -247 -40 -188 -293 -304 -16 -170 -151 -456 254 -98
-115 -71 -23 -12 -262 71 -237 -119 -115 -38 -51 -239
Net Cash Flow 313 265 -10 -26 -347 98 41 -1 80 12 87 -84

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 50% 40% 49% 39% 29% 20% 21% 18% 17% 14% 16% 11%
Debtor Days 64 90 72 86 111 115 122 103 93 152 86 86
Inventory Turnover 5.30 4.01 5.92 5.84 7.62 12.06 9.88 9.60 9.21 5.96 8.49 7.74

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98 61.98
14.79 14.60 14.03 14.15 11.89 9.04 8.55 7.63 7.77 10.97 10.87 12.18
11.49 12.15 12.66 12.03 13.89 16.47 16.72 17.65 17.58 14.37 13.29 14.46
6.25 5.78 5.84 6.34 6.75 7.02 7.26 7.25 7.18 7.19 8.37 5.89
5.49 5.49 5.49 5.49 5.49 5.49 5.49 5.49 5.49 5.49 5.49 5.49

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