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Last Updated : Aug 13, 2019 01:05 PM IST | Source: Moneycontrol.com

Hold Thermax; target of Rs 1170: ICICI Direct

ICICI Direct recommended hold rating on Thermax with a target price of Rs 1170 in its research report dated August 12, 2019.

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ICICI Direct's research report on Thermax


Thermax reported standalone revenue of Rs 1167.7 crore, registering robust growth of 37.5% YoY (on a proforma basis, including B&H business), while consolidated revenue grew 34% to Rs 1392 crore YoY predominantly led by 45% growth in domestic and 9-10% growth in the international business. Proforma EBITDA came in at Rs 71.2 crore, up 21.4% YoY (vs. our estimate of Rs 68.9 crore) while the EBIDTA margin declined 80 bps owing to a more-than-expected increase in total operating expenses. PAT came in at Rs 49.9 crore, up 11.1% YoY. The consolidated order inflow for the quarter was at Rs 1217 crore (Rs 1652 crore in Q1FY19), down 26% YoY due to ongoing sluggishness in new investments in several sectors, whereas standalone order inflow was at Rs 1062 crore, down 26% YoY. The consolidated order book was at Rs 5250 crore, down 18.0%, YoY.


Outlook


We maintain our target price of Rs 1170/share and revise our rating from BUY to HOLD.

For all recommendations report, click here

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First Published on Aug 13, 2019 01:05 pm
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