THERMAX Announces Quarterly Results (2QFY21); Net Profit Up 21.6%

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THERMAX Announces Quarterly Results (2QFY21); Net Profit Up 21.6%
Fri, 6 Nov

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

THERMAX Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Net SalesRs m16,0596,64911,41271.6%-28.9%
Other incomeRs m2202092288.8%3.5%
TurnoverRs m16,2786,85911,64069.7%-28.5%
ExpensesRs m14,7556,76310,61957.0%-28.0%
Gross profitRs m1,303-114547-58.0%
DepreciationRs m2812802872.4%2.2%
InterestRs m38404717.3%22.5%
Profit before taxRs m1,204-225441-63.4%
TaxRs m947-72129-86.4%
Profit after taxRs m257-15331221.6%
Gross profit margin%8.1-1.74.8
Effective tax rate%78.732.129.1
Net profit margin%1.6-2.22.7
* 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 28.9% on a year-on-year (YoY) basis. The expenses were down by 28.0% YoY during the same period.
  • The company's operating profit declined by 58.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 4.8% in 2QFY21 as against 8.1% in 2QFY20.
  • Depreciation charges increased by 2.2% and finance costs increased by 22.5% YoY, respectively.
  • Other income increased by 3.5% YoY during the quarter.
  • Net profit for the quarter increased by 21.6% YoY. Net profit margins during the quarter increased from 1.6% in 2QFY20 to 2.7% in 2QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 71.6% on a quarter-on-quarter (QoQ) basis. The expenses were up by 57.0% QoQ during the same period.
  • The company's operating profit declined by 580.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 4.8% in 2QFY21 as against 1.7% in 1QFY20.
  • Net profit for the quarter increased by 304.6% QoQ, while net profit margins increased from -2.2% in 1QFY20 to 2.7% in 2QFY21.

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

Get Details: We are Bullish on These 3 Little-known Stocks

THERMAX Share Price Performance

Over the last one year, THERMAX share price has moved down from Rs 1,128.7 to Rs 788.6, registering a Loss of Rs 340.1 or around 30.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 14,893.8 (up 0.7%). Over the last one year it has moved down from 18,578.5 to 14,893.8, a gain of 3,685 points (down 19.8%).

Overall, the S&P BSE SENSEX is up 3.6% over the year.

Current Valuations

At the current price of Rs 788.6, the price to earnings (P/E) ratio of THERMAX stands at 67.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.1 times.

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