Thermax - Q4FY13 Result Review - Angel Broking

For 4QFY2013, Thermax reported a 13% yoy decline in top-line to Rs. 1,468cr, as weak order inflow in last year (due to slowdown in investments) dragged down the company's revenue. Energy segment reported 13.7% yoy decline in revenue to Rs. 1,139cr while environment segment reported 16.8% yoy decline in revenue to Rs. 349cr. However, company's EBITDA margin expanded by 60bp yoy to 10.2%. On the bottom line front, net profit declined by 11.2% yoy to Rs. 115cr. Order backlog stood at Rs. 4,878cr, almost flat yoy.

We maintain our Neutral rating on the stock.

Source : Equity Bulls

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