THERMAX Announces Quarterly Results (1QFY21); Net Profit Down 124.3%

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THERMAX Announces Quarterly Results (1QFY21); Net Profit Down 124.3%
Tue, 15 Sep

THERMAX has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

THERMAX Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m13,92513,2306,649-49.7%-52.2%
Other incomeRs m216307209-31.9%-3.0%
TurnoverRs m14,14013,5376,859-49.3%-51.5%
ExpensesRs m12,93412,5946,763-46.3%-47.7%
Gross profitRs m991636-114-117.9%-111.5%
DepreciationRs m262308280-8.9%6.8%
InterestRs m444940-18.4%-8.3%
Profit before taxRs m901586-225-138.4%-125.0%
TaxRs m273196-72-136.9%-126.5%
Profit after taxRs m628390-153-139.1%-124.3%
Gross profit margin%7.14.8-1.7
Effective tax rate%30.333.432.1
Net profit margin%4.42.9-2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 52.2% on a year-on-year (YoY) basis. The expenses were down by 47.7% YoY during the same period.
  • The company's operating profit declined by 111.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.7% in 1QFY21 as against 7.1% in 1QFY20.
  • Depreciation charges increased by 6.8% and finance costs declined by 8.3% YoY, respectively.
  • Other income declined by 3.0% YoY during the quarter.
  • Net profit for the quarter declined by 124.3% YoY. Net profit margins during the quarter declined from 4.4% in 1QFY20 to -2.2% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 49.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 46.3% QoQ during the same period.
  • The company's operating profit declined by 117.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.7% in 1QFY21 as against 4.8% in 4QFY20.
  • Net profit for the quarter declined by 139.1% QoQ, while net profit margins declined from 2.9% in 4QFY20 to -2.2% in 1QFY21.

To see how THERMAX has performed over the last eight quarters,please visit here.

Learn: How to Potentially Accumulate Rs 7 Crore in Wealth Over the Long-term

THERMAX Share Price Performance

Over the last one year,THERMAX share price has moved down from Rs 1,041.2 to Rs 768.5, registering a Loss of Rs 272.7 or around 26.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 14,074.6 (up 0.9%). Over the last one year it has moved down from 17,422.5 to 14,074.6, a gain of 3,348 points (down 19.2%).

Overall, the S&P BSE SENSEX is up 4.9% over the year.

Current Valuations

At the current price of Rs 768.5, the price to earnings (P/E) ratio of THERMAX stands at 68.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.0 times.

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