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As on Nov 25, 2017 12:00 AM Your results on : Corporate Results    
Thermax
25-Nov-2017 (11:32)
Thermax, the Energy & Environment management major, has registered 3% fall in its consolidated sales adjusted by GST/excise for the quarter ended Sep 2016 to Rs 1033.10 crore. However gained by 60 bps expansion in operating profit margin to 9.2% the operating profit jumped up by 4% to Rs 95.16 crore. However its net profit was down by 8% to Rs 58.61 crore. Fall at bottom-line despite growth at operating profit level was largely due to lower other income, higher interest, higher taxation and higher share of loss from JV. But for higher other comprehensive income net of tax, the fall at bottom-line would have been much steeper than reported.
    • On and empirically weak quarter the sales were lower by 35 to Rs 1033.10 crore and this was largely due to GST transisition delays.
    • The consolidated EBIT was up by 2% to Rs 79.70 crore driven largely by higher profit from environment and chemicals business. Segment margin of energy contracted by 100 bps to 6.0% but that of environment expanded by 30 bps to 2.0%. Similarly the segment margin of Chemicals was up by whopping 1000 bps to 27.4%. Thus the segment profit of energy business was down by 22% to Rs 46.95 crore. The segment profit both environment and chemicals was up by 15% and 100% respectively to Rs 3.01 crore and Rs 29.74 crore.
    • Expansion in operating margin to the extent of 60 bps is largely due to lower other expenses. The material cost (as % to sales net of stocks) was up by 180 bps to 52% and the staff cost was up by 30 bps to 16.4%. But the OE was down by 490 bps to 20.9%. Thus despite lower sales the operating profit was up by 4% to Rs 95.16 crore.
    • Other income was down by 35% to Rs 23.55 crore. The interest cost was up by 114% (to Rs 5.09 crore) and the depreciation was down by 5% to Rs 18.87 crore. Thus the PBT was down by 10% to Rs 94.75 crore. EO expense was nil for the quarter as well as corresponding previous period.
    • The tax provision was higher by 6% to Rs 36.95 crore and thus the PAT was down by 18% to Rs 57.80 crore. Share of loss from JV was Rs 56.83 crore compared to a profit of Rs 7.53 crore in the corresponding previous period. Thus the PAT after share of JV loss was Rs 56.83 crore, a fall of 27%.
    • Profit/loss attributable to non controlling interest was a share of loss of Rs 0.39 crore, a growth of 30%. Thus the net profit attributable to owners was down by 27% to Rs 57.22 crore. Thus the other comprehensive income net of tax was up an income of Rs 1.39 crore compared to an expense of Rs 15.15 crore in the corresponding previous period. Thus deflated base, the total comprehensive income was down by 8% to Rs 58.61 crore.

Half yearly performance

Sales were lower by 7% to Rs 1904.91 crore. But with 40 bps expansion in OPM, the fall at operating profit restricted at 3% to Rs 167.31 crore. After accounting for lower other income, higher interest and lower depreciation, the PBT was down by 9% to Rs 170.46 crore. The taxation was higher by 4% to Rs 65.37 crore and thus the PAT was down by 15% to Rs 105.09 crore.

As the loss from JV stands higher at Rs 8.26 crore (compared to a profit of Rs 3.29 crore in corresponding previous period) the PAT after share of loss from JV was down by 24% to Rs 96.83 crore. Share of loss of non controlling interest at Rs 1.01 crore (up by 237%) the net profit attributable to owners was down by 23% to Rs 97.84 crore. After accounting for other comprehensive income of Rs 14.66 crore (as against an expense of Rs 21.22 crore) the total comprehensive income was up by 6% to Rs 112.50 crore.

Other developments

Standalone order intake for the quarter ended Sep 30, 2017 stood at Rs 1185 crore (up 8% from Rs 1098 crore in Q2FY17) and the group order intake stood at Rs 1397 crore (up 14% from Rs 1230 crore in Q2FY17). Of the group order intake the domestic orders was Rs 692 crore and the international orders was Rs 705 crore.

Standalone order backlog as end of Sep 30, 2017 was at Rs 4819 crore (as against Rs 3917 crore as end of September 2016 and Rs 4257 crore as end of March 2017). The Group order backlog stands at Rs 5261 crore as end of Sep 2017.

The company and its partner, B&W have begun scaling down operations at the JV's manufacturing facility in Shirwal. Only essential personnel are retained to complete pending jobs. There is no visibility of new business. No more orders for this JV and nor it is looking for opportunities any more. Thermax has already recognized impairment in the carrying value of its investment in the JV in Q4 of 2016-17. The staffs of the company will be partially absorbed by Thermax and some to design centre of B&W in India.

Thermax:Consolidated Result

1709 (3)1609 (3)Var. (%)1709 (6)1609 (6)Var. (%)1703 (12)1603 (12)Var. (%)
Sales1033.101070.25-31904.912048.66-74483.085144.96-13
OPM (%)9.28.68.88.49.78.3
OP95.1691.894167.31172.29-3432.99429.121
Other income23.5536.14-3547.6059.20-20114.05122.41-7
PBIDT118.71128.03-7214.91231.49-7547.04551.53-1
Interest5.092.381146.685.53219.7112.19-20
PBDT113.62125.65-10208.23225.96-8537.33539.340
Dep.18.8719.93-537.7739.30-481.9072.2413
PBT94.75105.72-10170.46186.66-9455.43467.10-2
EO0.000.000.000.00-17.840.00PL
PBT after EO94.75105.72-10170.46186.66-9437.59467.10-6
Current tax36.9534.97665.3762.714155.99143.948
PAT57.8070.75-18105.09123.95-15281.60323.16-13
Share of loss/(profit) from JV/associate0.97-7.53-1138.26-3.29-35165.4640.8960
PAT after Share of loss from JV56.8378.28-2796.83127.24-24216.14282.27-23
Profit attributable to non controlling interest-0.39-0.3030-1.01-0.30237-6.870.00PL
Net profit attributable to owners of the company57.2278.58-2797.84127.54-23223.01282.27-21
Other comprehensive Income, net of tax1.39-15.15-10914.66-21.22-169-19.1522.08PL
Total Comprehensive Income attributable to owners 58.6163.43-8112.50106.326203.86304.35-33
EPS (Rs)*####19.723.7
* Annualised on current equity of Rs 23.83 crore; Face Value of Rs 10
# EPS can not be annualised due to seasonality of business
LP: Loss to profit; PL: Profit to loss
EO: Extraordinary item
Figures in Rs crore
Source: Capitaline Corporate Database

Thermax: Consolidated Segment result

1709 (3)1609 (3)Var. (%)% to total1709 (6)1609 (6)Var. (%)% to total1703 (12)1603 (12)Var. (%)% to total
Sales
Energy785.74871.77-10751509.641684.22-10783624.824307.16-1678
Environment151.96158.50-415248.02276.87-1013699.69720.78-315
Chemicals108.3885.122710190.24162.781710331.91327.5717
Total1046.081115.39-61001947.902123.87-81004656.425355.51-13100
Less: Inter segment revenue12.9819.6822.2326.0366.7089.91
Net sales1033.101095.711925.672097.844589.725265.60
PBIT
Energy46.9560.51-225999.44128.05-2271322.87377.38-1477
Environment3.012.621542.45-0.36-781238.1018.031119
Chemicals29.7414.851003738.6125.66502759.1651.591514
Total79.7077.98263140.50153.35-873420.13447.00-686
less: Interest5.092.386.685.539.7112.19
Unallocable (income) / expenses20.1430.1236.6438.8427.1732.29
PBT94.75105.72170.46186.66437.59467.10
Segment Assets
Energy2514.492360.717472514.492360.717472574.192738.61-651
Environment433.02440.31-28433.02440.31-28454.16469.89-39
Chemicals379.78276.93377379.78276.93377318.92225.60416
Unallocated2037.141705.4019382037.141705.4019381713.201746.92-234
Total Assets5364.434783.35121005364.434783.35121005060.475181.02-2100
Segment Liabilities
Energy2107.121688.7125752107.121688.7125751856.042061.64-1074
Environment323.11342.94-612323.11342.94-612367.47340.49815
Chemicals69.1299.35-30269.1299.35-30277.4951.27513
Unallocated296.66209.674111296.66209.674111220.46311.46-299
Total CE2796.012340.67191002796.012340.67191002521.462764.86-9100
Figures in Rs crore
Source: Capitaline Corporate Database

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