Thermax - Q2 FY13 Results First Cut - Microsec

Thermax Ltd announced its Q2 FY13 results on 30 Oct 2012. The company's Net Sales decreased by 9% YOY to 1192 crore and EBITDA decreased by 13% YOY to INR122 crore. EBITDA Margin of the company decreased from 10.8% to 10.2% YOY. PAT of the company decreased by 10% YOY to INR91 crore. Result of the company was in line with the estimates.

The Order book stood at 4412 crore VS 5770 crore YOY. Order inflow show a decline of INR62 crore in comparison to previous quarter Order book of INR4474 crore. The order inflow expectation for the quarter was INR1120 crore in which the company has totally disappointed.

At the CMP of INR568, the stock discounts its FY13E EPS of INR28.3 by 20x. We Remain Neutral to the Stock.

Source : Equity Bulls

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