Company Detail Report - Thermax Ltd… · 2018-11-19 · On a standalone basis, Thermax posted...

Document code: FOTL_171120184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved

THERMAX LTDResult Update (CONSOLIDATED BASIS): Q2 FY19

CMP: 997.15 NOV 17th, 2018

Overweight ISIN:INE152A01029

Index Details SYNOPSISThermax Ltd, a leading energy and environmentsolutions provider that offers integrated innovativesolutions in the areas of heating, cooling, power, waterand waste management, air pollution control andchemicals.Consolidated net profit rose by 31.13% and stood atRs. 745.20 mn in the current quarter as against Rs.568.30 mn in Q2 FY18.Consolidated Revenue for the 2nd quarter stood at Rs.14276.40 mn from Rs. 10331.00 mn, in Q2 FY18, upby 38.19%.During Q2 FY19, consolidated EBIDTA was Rs.1456.00 mn as against Rs. 1187.10 mn in thecorresponding period of the previous year.During Q2 FY19 PBT of the company rose by 24.81%at Rs. 1182.60 mn against Rs. 947.50 mn in thecorresponding previous year third quarter.EPS of the company stood at Rs. 6.25 a share duringthe quarter as against Rs. 4.77 in the same quarter ofprevious year.As on September 30, 2018, Thermax Group had anorder balance of Rs. 64110 mn (Rs. 52610 mn) up21.9%.Order booking for the quarter, at the consolidatedlevel, was almost flat at Rs. 13440 mn (Rs. 13970 mn).During H1 FY19, Revenue of the company registereda growth of 27.90% at Rs. 24629.00 mn as against Rs.19256.70 mn in H1 FY18.During H1 FY19, PAT rose by 27.53% at Rs. 1234.90mn against Rs. 968.30 mn in H1 FY18.Thermax’s facility at Sri City for manufacturingabsorption chillers has begun trial production and isexpected to announce the commencement ofcommercial operations shortly.The Company has completed the acquisition of equityshares held by Babcock and Wilcox India Holding Inc.(B&W) in Thermax Babcock & Wilcox EnergySolutions Private Limited (TBWES) on July 19, 2018.Net Sales and PAT of the company are expected togrow at a CAGR of 8% and 11% over 2017 to 2020E,respectively.

Stock DataSector Heavy Electrical EquipmentBSE Code 500411Face Value 2.0052wk. High / Low (Rs.) 1375.00/878.05Volume (2wk. Avg.) 808Market Cap (Rs. in mn.) 118810.42

Annual Estimated Results(A*: Actual / E*: Estimated)Years(Rs in mn) FY18A FY19E FY20ENet Sales 44856.40 48444.91 52320.50EBITDA 5173.30 5529.03 6278.45Net Profit 2311.00 2734.65 3132.31EPS 19.40 22.95 26.29P/E 51.41 43.45 37.93

Shareholding Pattern (%)

As on Sep 2018 As on June 2018

Promoter 61.98 61.98

Public 32.53 32.53

Others 5.49 5.49

1 Year Comparative Graph

THERMAX LTD S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E(X)(TTM) P/BV(X) DIVIDENDCompany Name (Rs.) Rs. In mn. (Rs.) Ratio Ratio (%)Thermax Ltd 997.15 118810.42 21.63 46.09 4.37 300.00Techno Electric and Engg Co. Ltd 154.85 1624.40 14.98 10.34 0.58 0.00BGR Energy Systems Ltd 63.00 4546.20 1.30 48.46 0.32 0.00BHEL Ltd 66.65 244698.80 2.59 25.73 0.75 91.00


QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)

Results updates- Q2 FY19,

(Rs in millions) Sep-18 Sep-17 % Change

Revenue 14276.40 10331.00 38.19%

Net Profit 745.20 568.30 31.13%

EPS 6.62 5.05 31.13%

PBIDT 1456.00 1187.10 22.65%

The consolidated net profit rose by 31.13% and stood at Rs. 745.20 million in the current quarter as against Rs. 568.30

million in the corresponding period of the previous year. Revenue for the 2nd quarter registered a growth of 38.19% and

stood at Rs. 14276.40 million from Rs. 10331.00 million, when compared with the prior year period. Reported earnings

per share of the company stood at Rs. 6.62 a share during the quarter as against Rs. 5.05 in the same quarter of previous

year. Profit before interest, depreciation and tax is Rs. 1456.00 million as against Rs. 1187.10 million in the corresponding

period of the previous year.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q2 FY19 Q2 FY18 %Change

Cost of MaterialConsumed 7319.20 5447.70 34%

Purchase of TradedGoods 275.90 168.30 64%

Employee Benefitexpenses 2137.10 1720.80 24%

Depreciation &AmortizationExpenses

234.50 188.70 24%

Other Expenses 3265.10 2184.50 49%


Segment Revenue:

Financial Highlights:

Revenue of the company registered a growth of 27.90% at Rs. 24629.00 mn as against Rs. 19256.70 mn in H1 FY18.

During H1 FY19, PAT rose by 27.53% at Rs. 1234.90 mn which was at Rs. 968.30 mn in H1 FY18.

As on September 30, 2018, Thermax Group had an order balance of Rs. 64110 mn (Rs. 52610 mn ) up 21.9%.

Order booking for the quarter, at the consolidated level, was almost flat at Rs. 13440 mn (Rs. 13970 mn) due to

delayed investments witnessed in several sectors.

On a standalone basis, Thermax posted operating revenue of Rs. 11880 nm for the quarter, compared to Rs. 8640 mn

in corresponding quarter of the previous year.

Standalone Profit after tax for the quarter was Rs. 690 mn, up 21.1% from last year’s Rs. 570 mn.

Latest Updates:

Thermax’s facility at Sri City for manufacturing absorption chillers has begun trial production and is expected to

announce the commencement of commercial operations shortly.

The Company has completed the acquisition of equity shares held by Babcock and Wilcox India Holding Inc. (B&W)

in Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES) on July 19, 2018. Accordingly, TBWES

has become a wholly owned subsidiary of the Company.


COMPANY PROFILE

Thermax Limited, a leading energy and environment solutions provider is one of the few companies in the world that

offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution

control and chemicals. Thermax has manufacturing facilities in India, China, Europe and South East Asia. The sustainable

solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and

water resources.


FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20EASSETS1) Non-Current Assets

a) Property, plant and equipment 6681.70 8207.20 11900.44 15232.56b) Capital Work in Progress 1384.70 1033.70 1467.85 1878.85c) Goodwill 1057.40 1221.60 1282.68 1333.99d) Other Intangible Assets 368.20 298.00 253.30 233.04e) Intangible Assets Under Development 28.30 0.00 17.30 18.17f) Investments in Joint Ventures 2161.10 1889.10 8.95 6.44g) Financial Assets

i) Investments 678.60 657.40 341.85 246.13ii) Trade Receivables 835.70 560.30 661.15 760.33iii) Loans 160.80 172.40 158.61 150.68iv) Finance Lease Receivables 391.60 416.20 491.12 569.69v) Other Financial Assets 2.60 1.50 564.54 722.61

h) Deferred Tax Assets (net) 1153.40 1081.80 1384.70 1661.64i) Income Tax Assets (net) 708.90 827.20 976.10 1122.51j) Other Non – Current Assets 2018.10 2068.30 2585.38 3050.74Sub - Total Non- Current Assets 17631.10 18434.70 22093.96 26987.38

2) Current Assetsa) Inventories 2832.50 3666.20 4472.76 5143.68b) Financial assets

i) Investments 7990.70 12170.80 9980.06 8982.05ii) Trade receivables 10342.40 12432.10 10567.29 9721.90iii) Cash and Cash equivalents 1730.10 2463.50 1601.28 1200.96iv) Bank Balances other than Cash 479.80 476.40 200.09 144.06v) Loans 104.00 53.80 99.53 127.40vi) Finance Lease Receivables 34.80 43.00 53.75 63.43vii) Other Financial Assets 6757.70 5970.00 7641.60 9552.00

c) Income Tax Assets 189.90 198.40 43.65 32.74d) Other Current Assets 2511.70 3541.40 6303.69 8068.73Sub - Total Current Assets 32973.60 41015.60 40963.69 43036.94

Total Assets (1+2) 50604.70 59450.30 63057.65 70024.32EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 225.20 225.20 225.20 225.20b) Other Equity 25151.00 26922.20 28268.31 32789.16c) Non-Controlling Interests 13.90 0.00 0.00 0.00

Total Equity 25390.10 27147.40 28493.51 33014.362) Non Current Liabilities

a) Financial Liabilitiesi) Borrowings 460.20 530.10 424.08 360.47ii) Trade Payables 474.50 218.80 207.86 199.55iii) Other Financial Liabilities 47.80 47.60 59.50 70.21

b) Provisions 101.60 100.10 285.29 365.16c) Deferred Tax liabilities (Net) 160.10 164.70 156.47 151.77d) Other Non Current Liabilities 318.10 454.20 490.54 519.97Sub - Total Non Current Liabilities 1562.30 1515.50 1623.73 1667.13

3) Current Liabilitiesa)Financial liabilities

i) Borrowings 852.70 1642.40 1478.16 1359.91ii) Trade and Other Payables 10041.90 10386.00 10801.44 11125.48iii) Other Current financial liabilities 1174.30 1536.30 1674.57 1791.79


b) Provisions 9917.30 15348.60 17176.07 19298.86c) Other Current Liabilities 1494.40 1744.60 1657.37 1591.08d) Income Tax Liabilities (net) 171.70 129.50 152.80 175.72Sub - Total Current Liabilities 23652.30 30787.40 32940.41 35342.83

Total Equity and Liabilities (1+2+3) 50604.70 59450.30 63057.64 70024.32

Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20EDescription 12m 12m 12m 12mNet Sales 45897.20 44856.40 48444.91 52320.50Other Income 1140.50 1163.90 1396.68 1648.08Total Income 47037.70 46020.30 49841.59 53968.59Expenditure -41567.30 -40847.00 -44312.56 -47690.14Operating Profit 5470.40 5173.30 5529.03 6278.45Interest -97.10 -128.50 -160.63 -184.72Gross profit 5373.30 5044.80 5368.41 6093.73Depreciation -819.00 -824.40 -948.06 -1042.87Exceptional Items -178.40 0.00 0.00 0.00Profit Before Tax 4375.90 4220.40 4420.35 5050.86Tax -1559.90 -1657.50 -1673.10 -1912.26Profit After Tax 2816.00 2562.90 2747.25 3138.61Share of Profit & Loss of Assoc -654.60 -251.90 -12.60 -6.30Net Profit 2161.40 2311.00 2734.65 3132.31Equity capital 238.30 238.30 238.30 238.30Reserves 25151.00 26922.20 29656.85 32789.16Face value 2.00 2.00 2.00 2.00EPS 18.14 19.40 22.95 26.29

Quarterly Profit & Loss Statement for the period of 31st Mar, 2018 to 31st Dec, 2018E

Value(Rs.in.mn) 31-Mar-18 30-June-18 30-Sep-18 31-Dec-18EDescription 3m 3m 3m 3mNet sales 14430.10 10352.60 14276.40 13419.82Other income 449.50 310.20 355.70 391.27Total Income 14879.60 10662.80 14632.10 13811.09Expenditure -13048.40 -9659.40 -13176.10 -12328.78Operating profit 1831.20 1003.40 1456.00 1482.30Interest -36.90 -33.10 -38.90 -44.74Gross profit 1794.30 970.30 1417.10 1437.57Depreciation -239.20 -209.60 -234.50 -253.26Profit Before Tax 1555.10 760.70 1182.60 1184.31Tax -626.10 -274.00 -434.10 -441.27Profit After Tax 929.00 486.70 748.50 743.03Share of Profit & Loss of Assoc -172.10 3.00 -3.30 -2.15Net Profit 756.90 489.70 745.20 740.89Equity capital 238.30 238.30 238.30 238.30Face value 2.00 2.00 2.00 2.00EPS 6.35 4.11 6.25 6.22


Ratio Analysis

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 18.14 19.40 22.95 26.29EBITDA Margin (%) 11.92% 11.53% 11.41% 12.00%PBT Margin (%) 9.53% 9.41% 9.12% 9.65%PAT Margin (%) 6.14% 5.71% 5.67% 6.00%P/E Ratio (x) 54.97 51.41 43.45 37.93ROE (%) 11.09% 9.44% 9.19% 9.50%ROCE (%) 17.42% 14.83% 14.41% 15.07%Debt Equity Ratio 0.05 0.08 0.06 0.05EV/EBITDA (x) 20.09 20.47 19.70 17.55Book Value (Rs.) 213.09 227.95 250.90 277.19P/BV 4.68 4.37 3.97 3.60

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 997.15, the stock P/E ratio is at 43.45 x FY19E and 37.93 x FY20E respectively.

Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 22.95 and Rs. 26.29,

respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 8% and 11% over 2017 to 2020E,

respectively.

On the basis of EV/EBITDA, the stock trades at 19.70 x for FY19E and 17.55 x for FY20E.

Price to Book Value of the stock is expected to be at 3.97 x and 3.60 x for FY19E and FY20E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW

Thermax performance is significantly influenced by macro factors such as capacity building in core sectors, infrastructure

building as well as consumption growth in durable and consumer segments. The cyclicality in these areas coupled with

implementation of environmental norms and capacity utilisation defines the health of the capital goods industry.

During the year 2017-2018, the global economy showed signs of a possible recovery after almost a decade of slump. This

was reflected in revival of investment in a few of the sectors, especially in the developing world. Manufacturing activities

and trade have also shown an upward trend, though minor in nature. There have been signs of favourable global financing

conditions, generally accommodative policies, positive business sentiments and firming commodity prices. Global GDP

growth has picked up from 3.2% in 2016 to almost 3.8% in 2017.

The growth in advanced economies was 2.3%, while that of emerging markets and developing economies was more

pronounced at 4.8 % in 2017. The recovery was significantly stronger than expected in the Euro area and, to a lesser


degree, in the USA. Abenomics helped Japan recuperate from a prolonged decline in growth, while the oil-dependent

economies heaved a sigh of relief with the firming up of prices. Growth in China continues to be moderate. However, the

country has emerged as a centre of global energy demand with significant investment in renewables. South East Asia also

witnessed improved economic stability showing signs of revival in growth.

In order to leverage the selective global growth and to reduce dependency on a single geo-polity, company further

expanded its manufacturing footprint into eastern Europe through Danstoker Poland and established a manufacturing

facility in Indonesia. These strategic initiatives will help company to participate actively in the capacity building process

in eastern Europe as well as ASEAN countries.

On the domestic front, India’s economic growth is estimated to have decelerated to 6.6 % in the last fiscal, lower than the

previous year’s 7.9%, impacted partially by the process of demonetizations and by the initial challenges on account of

GST implementation. However, in the long term, both these initiatives will propel Indian economic growth which is

targeted at 7.3% this fiscal and further to 7.6% in the next financial year. Ongoing successful implementation of the

Insolvency and Bankruptcy Code (IBC), though painful in the interim, will help clean up the banking balance sheets of

India and pave the way for economic stability in the long-term.

The macro indicators were steadily improving with Current Account deficit coming down from 4.2% in FY 12 to 1.9% in

FY 18 (as % of GDP) while the fiscal deficit reduced from 5.7% to 3.5% during the same period. However, rising oil

prices, depreciating Indian currency, inability to enhance exports and rising inflation could dampen the positive

momentum for India.

The investment needed in infrastructure over the next five years is estimated to be around a trillion USD. While

generating financial resources to fund these will be a major challenge for the country, success on this front can accelerate

the economic growth trajectory and benefit company.

The capacity utilisation in various sectors is showing signs of improvement signaling selective investment revival, mainly

in the consumption-led industries. Though capital goods companies have registered a healthy order intake during the year,

the market is viewing this recovery with cautious optimism.

In order to abate the alarming rise in air pollution created by the automobile sector, the Union Ministry of Petroleum and

Natural Gas has advanced the introduction of Bharat Stage VI fuel norms by two years. Oil refineries are hastening their

upgradation programme with a capital outlay of over Rs. 90,000 crore envisaged to meet the new norms by 2020. With the

government making emission norms stringent, company can look forward to increasing opportunities coming its way.

The Indian power sector is undergoing a paradigm shift to meet the growing electricity demand. The Government of

India’s focus on attaining ‘Power for all’ has accelerated capacity addition in the country, where the total installed

capacity of power stations in India stood at 344 Gigawatt (GW) as on March 31, 2018. For ensuring reliability of power

supply and reduced dependence on the grid, industries such as fertilisers and food processing are investing in captive

cogeneration plants. These plants designed with cleaner fuels like gas and biomass will not only reduce the carbon


footprint but also offer higher plant efficiencies. By bagging significant orders, the company has been a major beneficiary

from the developments in the captive cogeneration sector.

India added 11.79 GW of power generation capacity from renewable sources between January – November 2017. With

India’s commitment to implement the Paris agreement on climate change that entails a 35% reduction in carbon intensity

by 2030, the company expects an accelerated growth for the renewable energy segment in India. With initial success in

the rooftop segment and its leadership position in biomass as an energy source, company is expected to benefit from the

country’s programme to support climate change mitigation.

Opportunities:

With nations including India endorsing the COP 21 compliance requirements and the thrust ongoing green,

enforcement of stringent emission norms and focus on renewable energy is likely to offer opportunities for the

businesses of the company.

With the smart cities project gaining momentum and growth in residential as well as commercial realty sectors,

Thermax can expect business for solutions such as compact sewage treatment, water recycling systems, absorption

chillers and construction chemicals.

Increase in capacity utilisation particularly in consumption-led sectors from private as well as public sector players

will manifest in new opportunities for Thermax.

Future Outlook:

Overall, against the backdrop of an anticipated global economic recovery, augmented by improved investments in the

domestic industrial sector, the company is poised for a positive year ahead.


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The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer orsolicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an officialconfirmation of any transaction. The information contained herein is from publicly available secondary sources and dataor other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should notbe relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damagethat may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.

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Name of the Analyst Qualifications SectorsCovered

Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

Dr.C.V.S.L. Kameswari M.Sc, PGDCA,M.B.A,Ph.D (Finance)

Pharma &Diversified

No Interest/ Exposure

U. Janaki Rao M.B.A CapitalGoods


B. Anil Kumar M.B.A Auto, IT &FMCG


V. Harini Priya M.B.A Diversified No Interest/ ExposureB. Srikanth M.B.A Diversified No Interest/ Exposure

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Company Detail Report - Thermax Ltd… · 2018-11-19 · On a standalone basis, Thermax posted...

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Transcript of Company Detail Report - Thermax Ltd… · 2018-11-19 · On a standalone basis, Thermax posted...