Thermax Limited has informed the Exchange about Investor Presentation
THERMAX LIMITED THERMAX HOUSE, 14 MUMBAI - PUNE ROAD, WAKDEWADI, PUNE 411 003, INDIA D TEL.: +91 20 25542122, 25542263 D FAX: +91 20 25541226 Website : www.thermaxglobal.com D IT PAN - AAACT 391 OD Customer Care: 18002090115 (India Toll Free)
May 20, 2022
To The Secretary BSE Limited P J Towers, Dalal Street Mumbai: 400 001
Company Scrip Code: 500411
Corporate Finance
THERMAX
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai - 400 051
Company Scrip Code: THERMAX EQ
Sub: Regulation 30 of SERI (Listing Obligations & Disclosure Requirements)
Regulations, 2015- Investor Presentation
Dear Sir,
In terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, please find enclosed the Investor Presentation for Q4 FY 21-22.
You are requested to take note of the same.
Thanking you,
Yours faithfully, For THERMAX LIMITED
v ·
anbavi Khele
Company Secretary Membership No: A20601
Encl: As above
REGO. OFFICE : D 13, MIDC INDUSTRIAL AREA, R. D. AGA ROAD, CHINCHWAD, PUNE 411 019. INDIA CORPORATE IDENTllY NUMBER : L29299PN1980PLC0227B7
Thermax Limited – Investor Presentation Q4 FY21-22
Energy | Environment | Chemical | Services
Our Vision To be a globally respected high- performance organisation offering sustainable solutions in energy and the environment
Disclaimer
This presentation includes forward-looking information and statements including statements concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and the economic conditions of the regions and industries that are major markets for Thermax. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates”, “targets”, “plans”, “outlook” or similar expressions.
There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this presentation and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others:
• business risks associated with the volatile global economic environment and political conditions • costs associated with compliance activities • market acceptance of new products and services • changes in governmental regulations and currency exchange rates, and • such other factors as may be discussed from time to time in Thermax Ltd.'s filings with the Securities
and Exchange Board of India (SEBI), including its Annual Report
Energy | Environment | Chemical | Services
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Thermax at a Glance
3,699 Employees Globally*
Installations in 88 Countries
Sales and Service presence in 30 Countries
$651 Million revenue
14 Manufacturing Locations (10 in India, 4 abroad)
Note: employees excluding workmen
Energy | Environment | Chemical | Services
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Business Highlights - Energy
Chilling the Chemical Processes in Malaysia
Heating Oil & Gas Processes at Singapore
Supplying Power from Waste Heat at a Steel Co.
Reducing Carbon Footprint for a FMCG and Textile Major through BOO Model
Arial (Body) 14pt
Installation of chiller for a major acetic acid manufacturer.
Commissioned a hot oil package boiler at an Oil & Gas giant.
TBWES has commissioned 2*110 TPH waste heat recovery boilers at an iron & steel major in West Bengal, India.
Commissioned two plants this quarter; steam supply to an FMCG major; steam and heat supply to a textile major, helping them reduce CO2 emissions by ~33,000 tons per year.
Energy | Environment | Chemical | Services
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Business Highlights - Environment
Helping a Steel Industry Major to Manage Particulate Emissions
Retrofit Air Pollution Control Solution for Sponge Iron Application
Highest Capacity of Pre- fabricated STP Solution
Helping Oil Major for Recycling Effluents
Commissioned an ESP for 63 TPH waste heat recovery boiler of a steel manufacturer.
ESP retrofitting project completed for a steel major in India.
Thermax has set up a 2.4 MLD STP recycling plant for a major automobile company in Gurgaon, India.
Commissioned a 8.4 MLD - ETP recycle plant for an oil & gas major in India.
Energy | Environment | Chemical | Services
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Business Highlights - Chemical
Digitalising Chemical Solutions by IoT Products
Growth in Oil Field Chemicals
Growth in Construction Chemicals
Winning International Orders from Eastern and Western World
Big wins in automated IoT based product orders (digital offerings) for cooling water applications received in Q4.
Oil field chemicals saw ~ 200% jump in Q4 Y-O-Y, which is highest ever order book in FY22; attributed to major order received from renowned oil field service provider.
40% Y-O-Y growth seen in construction chemicals business.
Major orders for ion exchange resins received for industrial water treatment and high purity water from USA, Europe, Japan, Korea and India.
Energy | Environment | Chemical
| Services
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New Product Launches
Ultra Low Temp Hot Water Chiller
Heat Pump Chiller
TACTS-RX
RealSteam™
Heat source : Hot water Inlet water temperature : 60oC – 80oC COP : 0.4 - 0.45 Capacity : 70 – 640 TR
Takes care of both heating and cooling water needs
TACTS-RX : Compact, highly reliable, weatherproof, with unique benefits
RealSteam™ is steam dryness fraction measurement device
Absorption Cooling
Steam Engineering
Energy | Environment | Chemical
| Services
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Thermax Q4 FY2021-22 Results
Order book
Order balance
3,396 cr.
8,812 cr.
Operating revenue 1,992 cr.
PBT*
131 cr.
PAT
103 cr.
Cash and Investments
2,416 cr.
127 %
69 %
26 %
(-6) %
(-4) %
11 %
Growth in order booking is due to two significant project orders bagged in Q4
•
•
Sulphur recovery unit worth Rs. 1,176 Cr.
Flue Gas Desulphurisation (FGD) systems worth Rs. 546 Cr.
Revenue - Highest invoicing in last 12 quarters
PBT is lower due to increased commodity and freight costs
* : Profit Before Tax and exceptional item
Note: % Growth with respect to Q4 FY 2020-21
Energy | Environment | Chemical
| Services
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Q4 - Order Book Status
Others 12%
Cement 5%
Metals & Steel 4%
Drugs & Pharmaceuticals 4% Sugar / Distillery 4%
Refinery And Petrochemical 6%
Chemical 6%
• Highest ever quarterly order booking of Rs.
3,396 crore in 10 years
Transportation* 34%
• Bagged Rs. 1,176 crore order to set up sulphur recovery block from an Indian public sector refinery
• Healthy mix of orders from diverse industry
sectors
• Enquiry pipeline from Metals, Cement and
refinery sectors continue to be strong due to increased CAPEX plans in the private sector
Food/Beverage & packaging 8%
Power 17%
*Transportation sector includes the order from a refinery in North East India
Energy | Environment | Chemical | Services
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Consolidated Performance Summary by Segment
Segment
Energy
Environment
Chemical
Total
Order Booking
Order Balance
Q4, 2022
YOY% Change YTD Mar 2021 YOY% Change
2,385
884
127
3,396
103 %
332 %
6 %
127 %
5,895
2,788
128
8,812
63 %
82 %
63 %
68.6 %
Energy | Environment | Chemical | Services
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Note: Values are in Rs. crore
Consolidated Performance Indicators
Q3, 2022 Performance Indicator
Q4, 2022 Q4, 2021
2,462 Order Booking 7,389 Order Balance 1,615 Revenue
Profit Before Tax and Exceptional (PBT)
108 6.7% PBT before Exceptional % Exceptional Item
- 108 6.7% PBT %
Profit Before Tax (PBT)
Profit After Tax (PAT)
79 4.9% PAT %
3,396
8,812
1,992
131
6.6%
- 132
6.6%
103
5.1%
1,497
5,227
1,575
140
8.9%
- 140
8.9%
107
6.8%
Energy | Environment | Chemical | Services
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Note: Values are in Rs. crore and ratios are in %
Business Performance Summary
For Q4, FY2021-22
For Q4, FY2020-21
YTD Mar 22
YTD Mar 21
Segments
Revenue PBIT PBIT %
Revenue
PBIT PBIT % Revenue PBIT PBIT % Revenue PBIT PBIT %
Energy
1,451
101
6.9 %
1,175
109
9.3 %
4,434
286
6.4 %
3,627
218
6.0 %
Environment
Chemical
462
132
23
4
5 %
2.8 %
302
119
20
22
6.6 %
1,294
18.5 %
539
43
62
3.3 %
794
38
4.7 %
11.6 %
429
103
24.1 %
PBIT - Segment PBIT before exceptional & unallocated overheads
Energy | Environment | Chemical | Services
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Business Segment Wise - Quarterly Trend
Energy
Environment
3,000
2,500
2,000
1,500
1,000
500
-
e r o r c
. s R n
i
l
e u a V
OB RR PBIT
Q1
412 500 -26
Q2
Q3
Q4
Q1
Q2
Q3
Q4
FY2021
FY2122
848 886 39
1,291 1,066 97
1,173 1,175 109
1,256 763 28
1,432 1,057 84
1,163 1,163 73
2,385 1,451 101
120 100 80 60 40 20 - -20 -40
I
T B P
e r o r c
. s R n
i
l
e u a V
1,200
1,000
800
600
400
200
-
OB RR PBIT
Chemical
25 20 15 10 5 - -5 -10 -15
I
T B P
Q1
104 84 -10
Q2
Q3
FY2021
155 155 10
172 253 18
Q4
204 302 20
Q1
300 180 3
Q2
Q3
FY2122
285 312 6
1,135 339 11
Q4
884 462 23
180 160 140 120 100 80 60 40 20 -
e r o r c
. s R n
i
l
e u a V
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
OB RR PBIT
92 84 17
FY2021
111 115 35
102 111 29
FY2122
120 119 22
139 123 22
139 129 20
163 155 17
127 132 4
40 35 30 25 20 15 10 5 -
I
T B P
OB
Order Booking
RR
Revenue Recognition
PBIT
Segment PBIT before exceptional & Unallocated Overheads
Energy | Environment | Chemical | Services
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Domestic – Export Business Performance
FY 2020-21
YTD March FY 2021-22
Q4, FY 2021-22
Order Book
Chemical
Environment
Energy
172 252
555 80
Chemical
Environment
Energy
2,693
1,030
300 268
2,517
87
4,747 1,490
-
1,000 2,000 3,000 4,000
-
2,000
4,000
6,000
8,000
Chemical
Revenue
Revenue
Environment
Energy
183 247
735 60
2,259
1,369
-
2,000
4,000
Order Balance
Chemical
Environment
Energy
30 48
1,372 59
2,824 892
Chemical
Environment
Energy
Chemical
Environment
Energy
64 64
868
16
1,983
402
-
500 1,000 1,500 2,000 2,500 3,000
77 55
418 45
1,098 353
Chemical
Environment
Energy
Chemical
Environment
Energy
264 275
1,204 90
3,178
1,257
-
1,000 2,000 3,000 4,000 5,000
-
500
1,000
1,500
2,000
54 74
2,728
61
4,608 1,287
Domestic
Export
-
1,000 2,000 3,000 4,000
-
2,000
4,000
6,000
8,000
All values are in Rs. crore
Energy | Environment | Chemical | Services
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Environment and Industry Outlook
• Covid-19 had a reducing impact on businesses across the globe after December 2021
• Steel prices are at an all-time high, and continuously rising fuel prices have impacted the margins of the company
Covid-19 Covid-19 Impact Impact
Input Cost Input Cost
• Prevailing geo-political scenario has disrupted the supply chain which led to increase in input cost
•
India's PMI for manufacturing fell to 54 from 54.9 amid slower expansions in new orders and decline in new export orders
• The GDP projections for FY23 are
slashed to 8.2% from the previously declared 9% owing to the rise in commodity prises (source: IMF)
• The global GDP is also revised to 3.6%
from 4.4% due to commodity price volatility and disruption of supply chains caused by the war in Europe
Market Market Sentiments Sentiments
Demand Demand
Sources : MOSPI, WHO, IMF
• Cost of styrene, caustic soda, bicarb, ethylene di- chloride, including phosphorus-based chemicals continued to rise, thus adding cost pressure
•
•
•
Healthy enquiry pipeline was witnessed across multiple segments like cement, steel, sugar, F&B and petrochemicals due to increased CAPEX in private sector
Increased thrust on sustainability is driving the demand for alternate fuel consumption (biomass) and outsourcing of utilities especially in F&B and agro sectors
Policy push to ramp up ethanol production helped in securing orders from sugar/distillery sector
Energy | Environment | Chemical | Services
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Environmental consciousness has been at the core of our products and services offerings. The focus will continue strengthening our green portfolio as we chart the decarbonisation path.
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For more information about Thermax:
Contact Us Thermax Limited Thermax House 14, Mumbai – Pune Road Wakdewadi, Pune 411003, India
visit: www.thermaxglobal.com
Energy | Environment | Chemical | Services