Neutral on Thermax Limited - Way2Wealth

Thermax has registered a growth of 45% in its consolidated turnover, with a growth of 42% in consolidated PBT and a similar cons. PAT growth of 42%.

The results have been above expectations. At the CMP of Rs 808, the stock trades at 24x FY12E and 20x FY13E earnings of Rs 34 and Rs 41 respectively.

We remain positive on the stock, although it seems to be fairly discounted at its CMP; we give a 'Neutral' rating for the stock.

Source : Equity Bulls

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