Thermax - (CMP/TP: Rs. 712/-) (Rating: Neutral) - Angel Broking

For 3QFY2014, we expect Thermax to report a 7.8% yoy decline in its top-line to Rs. 965cr, as subdued order backlog in the last few quarters (due to weak order inflow) continues to drag down its revenue. The company's EBITDA margin is likely to contract by 97bp yoy to 9.7%. Falling revenue and margin are expected to result in a yoy fall of 23.4% in the PAT to Rs. 58cr. We maintain our Neutral rating on the stock.

Source : Equity Bulls

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