Thermax reported a growth of 15% YoY FY24 respectively, which is nearly half of the growth seen for the previous two fiscals. Order intake for the year was on the lower end and the order book now stand +4% over that of FY23. Order inflows were below the initial expectations of the management for a host of reasons, the important ones being a) expectations of policy changes amid the upcoming general elections, b) the expectation of lower production of sugarcane affecting the ethanol sector & c) lower conversion of inquiry pipeline in the steel sector.
OutlookMargins have improved for the quarter and the year mainly due to input materializing at lower costs as compared to those anticipated at the time of bidding. We downgrade to HOLD at the revised TP of INR 4,406
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