ICICI Direct recommended hold rating on Thermax with a target price of Rs 1170 in its research report dated August 12, 2019.
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.
We maintain our target price of Rs 1170/share and revise our rating from BUY to HOLD.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.