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Thermax Ltd: Order book declines - Views on News from Equitymaster

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Thermax Ltd: Order book declines

May 22, 2012

Thermax has announced its fourth quarter and full year financial results for 2011-2012 (FY12). During 4QFY12, topline declined 4.5% YoY. However, bottomline increased 2.6% YoY. Here is our analysis of the results.

Performance summary
  • Net sales declined by 4.5% YoY during quarter ended March 2012. The fall has come in on the back of about 7.3% YoY decline in the energy segment. However, revenues from the environmental segment registered a growth of 9.9% YoY.
  • Operating profits decline by 1.0% YoY during 4QFY12. However, operating margins improve marginally by 40 bps to 11.0% in 4QFY12.
  • Net profits increase 2.6% YoY despite flattish performance at the operating level due to increase in other income and fall in taxes. However, increase in interest expenses by almost 250.4% YoY impacted profitability growth negatively.
  • The consolidated order back log of the company stood at Rs 48.2 bn during 4QFY12, registering a fall of 25.1% YoY.
  • The board has recommended a dividend of Rs 7 per share for the fiscal under consideration.
  • The standalone debt/equity ratio of the company stood at 0.10x at the end of the year.
  • During FY12, the company acquired an efficiency enhancement product company, Rifox-Hans Richter in Germany to complement its steam engineering business.

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