Thermax - Q3 FY21 Result Update - YES Securities

(Rating: ADD, TP: Rs1,245, Upside 2.3%)

- Broad based recovery with momentum in sectors like Food & Beverages, Refineries, Cement and Steel

- Immense long term opportunities in clean water, clean air, and clean energy which can be tapped via offerings like compact sewage recycle system- 'atoM'

- Margin uptick visibility through sales mix, cost rejig & turnaround of overseas operations

- Limited upside in near term, downgrade to 'ADD' rating with TP of Rs1,245 at 35x FY23E earnings

Shares of THERMAX LTD. was last trading in BSE at Rs.1171.15 as compared to the previous close of Rs. 1210.3. The total number of shares traded during the day was 64694 in over 5991 trades.

The stock hit an intraday high of Rs. 1285.3 and intraday low of 1137. The net turnover during the day was Rs. 78596563.

Source : Equity Bulls

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