Thermax - Order Pipeline Moderates, But Remains Stable: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.We believe Thermax Ltd. is a key beneficiary of the government’s increasing thrust on clean energy and de-carbonisation initiatives, as well as visibility on private capex. Thermax’s strengths are in its technical expertise, strong balance sheet and prudent working capital management. Order inflow continues to be strong as seen from the 97% / 22% YoY growth in FY22 / H1 FY23, led by both base and large orders from inter alia refinery, steel, cement and flue gas desulfurization sectors. However, going ahead, with enquiry pipeline plateauing in the large-order space (mainly from refineries), growth is likely to be driven by base orders from steel, sponge iron, cement (waste heat recovery), biomass energy, and sugar industries among others. We believe, with increasing share of the base business, execution momentum is likely to sustain. We expect a revenue compound annual growth rate of 19% over FY22- FY25E..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Thermax - Order Pipeline Moderates, But Remains Stable: ICICI Securities

Order inflow continues to be strong as seen from the 97% / 22% YoY growth in FY22 / H1 FY23.

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