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Thermax: Orderbook swells

Jun 30, 2004

Thermax India has reported mixed results for the 4QFY04. The company witnessed a significant 27% growth at the topline level, but due to lower other income, the bottomline of the company declined by around 31% during the quarter. However, the FY04 results depict a balanced view as the topline of the company grew by around 10% where as the bottomline of the company grew by 12% YoY. Both operating as well as net profit margins improved marginally.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 1,710 2,164 26.6% 5,136 5,639 9.8%
Other income 226 96 -57.8% 389 399 2.6%
Expenditure 1,478 1,876 26.9% 4,729 5,164 9.2%
Operating profit (EBDITA) 232 288 24.2% 407 475 16.7%
Operating profit margin (%) 13.6% 13.3%   7.9% 8.4%  
Interest 2 0 -85.7% 7 4 -38.5%
Depreciation 17 24 36.2% 97 88 -9.4%
Profit before tax 438 360 -18.0% 693 783 12.9%
Extraordinary items (15) (15) 0.0% (58) (58) 0.0%
Tax 86 111 29.4% 153 184 20.3%
Profit after tax/(loss) 338 234 -30.8% 482 541 12.1%
Net profit margin (%) 19.8% 10.8%   9.4% 9.6%  
No. of shares (m) 23.8 23.8   23.8 23.8  
Diluted earnings per share (Rs)* 56.8 39.3   20.3 22.7  
P/E ratio (x)         16.2  
(* annualised)            

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