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. #

  • Market Cap 16,739 Cr.
  • Current Price 1,405
  • High / Low 1,459 / 570
  • Stock P/E 97.6
  • Book Value 256
  • Dividend Yield 0.50 %
  • ROCE 11.8 %
  • ROE 6.93 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 30.14%

Cons

  • Stock is trading at 5.48 times its book value
  • The company has delivered a poor sales growth of 1.56% over past five years.
  • Company has a low return on equity of 9.58% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,443 1,035 1,428 1,437 2,074 1,392 1,606 1,410 1,323 665 1,141 1,411
1,322 966 1,318 1,330 1,903 1,293 1,476 1,297 1,259 676 1,062 1,263
Operating Profit 121 69 110 107 170 99 130 113 64 -11 79 148
OPM % 8% 7% 8% 7% 8% 7% 8% 8% 5% -2% 7% 10%
Other Income 45 31 36 -56 50 22 22 26 31 21 -2 0
Interest 4 3 4 4 4 4 4 2 5 4 5 6
Depreciation 24 21 23 23 25 26 28 32 31 28 29 29
Profit before tax 138 76 118 24 192 90 120 105 59 -22 44 113
Tax % 45% 36% 37% -214% 34% 30% 79% 19% 33% 32% 29% 26%
Net Profit 76 49 75 75 127 63 26 85 39 -15 31 83
EPS in Rs 6.35 4.11 6.25 6.30 10.65 5.27 2.16 7.13 3.28 -1.28 2.62 6.99
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
3,270 3,212 5,297 6,087 5,490 5,081 5,304 5,145 4,483 4,465 5,973 5,731 4,540
2,896 2,900 4,749 5,485 4,990 4,633 4,878 4,712 4,049 4,088 5,516 5,325 4,261
Operating Profit 373 312 548 602 500 449 426 433 434 377 457 406 279
OPM % 11% 10% 10% 10% 9% 9% 8% 8% 10% 8% 8% 7% 6%
Other Income 98 31 94 83 85 72 109 118 95 115 60 100 50
Interest 11 13 15 22 26 39 82 12 10 13 14 15 19
Depreciation 35 44 54 66 77 92 134 72 82 82 92 117 117
Profit before tax 425 286 573 596 481 389 319 467 438 397 410 375 193
Tax % 32% 50% 34% 34% 37% 44% 54% 31% 36% 42% 21% 43%
Net Profit 289 144 382 404 320 246 210 282 223 232 325 212 138
EPS in Rs 24.25 12.11 32.03 33.86 26.87 20.64 17.60 23.69 18.72 19.48 27.31 17.83 11.61
Dividend Payout % 21% 41% 28% 21% 26% 29% 40% 24% 30% 29% 24% 37%
Compounded Sales Growth
10 Years:6%
5 Years:2%
3 Years:9%
TTM:-30%
Compounded Profit Growth
10 Years:-2%
5 Years:-1%
3 Years:-4%
TTM:-43%
Stock Price CAGR
10 Years:9%
5 Years:13%
3 Years:6%
1 Year:58%
Return on Equity
10 Years:13%
5 Years:10%
3 Years:10%
Last Year:7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 23 23 23 23 23 23
Reserves 967 1,054 1,291 1,606 1,845 2,014 2,123 2,394 2,515 2,692 2,992 3,005 3,031
Borrowings 4 8 148 273 423 761 688 195 136 234 240 230 245
1,392 2,263 2,636 2,771 2,696 3,142 3,255 2,554 2,371 2,980 3,535 2,693 2,668
Total Liabilities 2,388 3,349 4,099 4,673 4,988 5,942 6,089 5,166 5,044 5,929 6,790 5,951 5,967
491 537 785 844 873 1,527 1,431 827 811 973 1,312 1,283 1,277
CWIP 18 11 35 247 517 54 43 60 141 103 40 56 32
Investments 143 370 241 240 443 708 822 1,050 1,083 1,472 829 875 271
1,736 2,431 3,037 3,343 3,154 3,654 3,793 3,228 3,009 3,381 4,609 3,737 4,387
Total Assets 2,388 3,349 4,099 4,673 4,988 5,942 6,089 5,166 5,044 5,929 6,790 5,951 5,967

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
157 632 73 261 87 321 311 253 335 534 -115 326
266 -263 -95 -234 -498 -382 80 -127 -99 -507 266 -140
-112 -69 40 -18 35 191 -351 -112 -126 -20 -65 -232
Net Cash Flow 312 301 18 10 -377 130 39 13 110 7 85 -47

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 49% 40% 46% 36% 24% 16% 15% 18% 18% 15% 17% 12%
Debtor Days 64 91 70 82 103 105 122 95 84 102 84 88
Inventory Turnover 4.89 3.61 5.31 5.15 6.19 7.84 6.87 7.69 8.01 7.37 7.75 6.50

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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