THERMAXNSE2 August 2022

Thermax Limited has informed the Exchange about Investor Presentation

Thermax Limited

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)

August 2, 2022

To The Secretary BSE Limited PJ 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 SEBI (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 Ql FY 22-23.

You are requested to take note of the same.

Thanking you,

Yours faithfully, For THERMAX LIMITED

~y (}Janhavi Khele £.. Company Secretary ~ Membership No: A20601

Encl: As above

REGD. OFFICE : D 13, MIDC INDUSTRIAL AREA, R. D. AGA ROAD, CHINCHWAD, PUNE 411 019. IND/A CORPORATE IDENTITY NUMBER : L29299PN1980PLC022787

Thermax Limited: Investor Presentation Q1 FY22-23

Conserving Resources, Preserving the Future

To be a globally respected high performance organisation offering sustainable solutions in energy and the environment

Conserving Resources, Preserving the Future

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

Conserving Resources, Preserving the Future

Exchange Board of India (SEBI), including its Annual Report

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Thermax at a Glance

3,758 Employees Globally*

Installations in 90+ Countries

Sales and Service presence in 30+ Countries

$807 Million revenue

14 Manufacturing Locations (10 in India, 4 abroad)

Conserving Resources, Preserving the Future

Note: employees excluding workmen

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Business Highlights - Energy

Meeting Heating Needs of a Tyre Major

Supplying Power to Oil and Gas Refining Major

Meeting Process Cooling Needs of a Chemical Plant

Supplying Multi-utility to Agro-chemical Major

Arial (Body) 14pt

Commissioned 2*35 TPH fluidised bed combustion boiler at a tyre major in India.

Thermax has received an order for two units of 260 TPH high pressure utility boilers along with auxiliaries for their steam and power requirements.

Commissioned a vapour absorption chiller for a chemical major at Germany.

Conserving Resources, Preserving the Future

TOESL commissioned its first multi-utility plant which includes compressed air, steam, chilled water, treated water, effluent and sewage treatment and recycle.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Business Highlights - Environment

Helping a Steel PSU Co. to Manage Emissions for Sinter Application

Helping a Palm Oil Company in Malaysia to Adhere to Emission Norms

First Pharma Grade Plant in South East Asia

Treating Effluents at Kenya’s Edible Oil Refinery

Commissioned four electrostatic precipitators (ESP) for a Steel Public Sector Undertaking (PSU).

Commissioned an ESP at a palm oil mill in Malaysia through virtual technical assistance.

Commissioned 21.67 m3/hr Pre- treatment and three units of RO and EDI.

Thermax has setup its first EPC in Kenya, Conserving Resources, Preserving the Future East-Africa for 86 m3/hr WTP and 3 x 20 KLD STP (BioCask).

Confidential and Internal Purpose only

Confidential and Internal purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Business Highlights - Chemical

Automating Cooling Water Business by IoT Solutions

Growth in Oil Field Chemicals

Growth in Construction Chemicals

Growth of Ion Exchange Resins in US & Europe

40% growth as compared to last quarter for automated IoT based systems for cooling water applications.

Oil field chemicals grew 49% Y-O-Y growth and have healthy order projections in coming quarters.

86% Y-O-Y growth seen in construction chemicals business.

Conserving Resources, Preserving the Future

Substantial orders for ion exchange resins for specialty and water applications from US & Europe Markets.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Launch of Digital Solution

EDGETM Live is an Enterprise Asset Performance Enhancement Solution It integrates all your industrial assets across the globe and can perform data analytics at the click of a button

It is a powerful platform that allows you to tread your energy optimisation journey with great flexibility and versatility without compromising on quality

EdgeTM Live is powered with Artificial Intelligence, Machine Learning and Thermax engineered algorithms.

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Thermax Q1 FY2022-23 Results

Order book

Order balance

2,310 cr.

9,554 cr.

Operating revenue 1,654 cr.

PBT*

81 cr.

PAT

59 cr.

Cash and Investments

2,452 cr.

36 %

56 %

57 %

45 %

40 %

8 %

• Order booking includes a Rs. 522 crore order concluded in Q1 for utility boilers and associated systems for a petrochemical

complex in Rajasthan.

• Growth in order balance and revenue is due to better order booking in Q3 and Q4 of FY2021-22, major orders booked

Conserving Resources, Preserving the Future

includes sulphur recovery unit and flue gas desulphurisation systems.

Confidential and Internal Purpose only

* : Profit Before Tax and exceptional item

Note: % growth is with respect to Q1 FY 2021-22

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Q1 – Order Book Status

Others 9%

Pharma 3%

Fertiliser and Agro 4%

Refinery/Petchem 24 %

• Bagged Rs. 522 crore order for utility boilers and associated systems for a petrochemical complex in Rajasthan

Cement 5%

Chemical 7%

F&B 9%

Metals and Steel 18%

Power 10%

Sugar / Distillery 10%

• Healthy mix of orders from diverse industry

sectors

• Strong enquiry inflow from refinery, steel, power and chemical segments. Export duty on steel may slowdown the capex plans in the coming quarters

• Upward trend in enquiry inflow from

sugar/distilleries, paper and pulp industries for the green offerings

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Consolidated Performance Summary by Segment

Segment

Energy

Environment

Chemical

Total

Order Booking

Order Balance

Q1, 2023

YOY% Change YTD Jun 2022 YOY% Change

1,758

404

147

2,310

40 %

35 %

5 %

36 %

6,506

2,918

129

9,554

46%

86%

33%

56.4%

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Conserving Resources, Preserving the Future

Note: Values are in Rs. crore

Consolidated Performance Indicators

Q4, 2022 Performance Indicator

Q1, 2023 Q1, 2022

3,396 Order Booking

8,812 Order Balance

1,992 Revenue

2,310

9,554

1,654

131

Profit Before Tax and Exceptional (PBT)

1,696

6,109

1,052

6.6% PBT before Exceptional %

4.9%

5.3%

Exceptional Item

132

Profit Before Tax (PBT)

6.6% PBT %

103

Profit After Tax (PAT)

5.1% PAT %

4.9%

5.3%

3.6%

4.0%

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Conserving Resources, Preserving the Future

Business Performance Summary

For Q1, FY2022-23

For Q1, FY2021-22

Segments

Revenue PBIT PBIT %

Revenue

PBIT PBIT %

Energy

1,227

6.1%

Environment

Chemical

292

150

1.7%

3.7%

763

180

123

3.7%

1.5%

17.6%

Chemical segment profitability is impacted due to higher commodity and freight costs.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Conserving Resources, Preserving the Future

PBIT - Segment PBIT before exceptional & unallocated overheads

Business Segment Wise - Quarterly Trend

Energy

PBIT

Environment

PBIT

e r o r c

. s R n

e u a V

3,000

2,500

2,000

1,500

1,000

500

FY1920

FY2021

FY2022

Q1 FY2023

120 100 80 60 40 20 - -20 -40

T B P

e r o r c

. s R n

e u a V

1,200

1,000

800

600

400

200

FY1920

FY2021

FY2022

815

980

799

686

1,051 1,341 1,121 1,051

PBIT

412

500

-26

848

886

1,291 1,173 1,256 1,432 1,163 2,385 1,758

1,066 1,175

763

1,057 1,163 1,451 1,227

109

101

286

199

PBIT

633

179

691

197

167

199

104

-10

155

172

253

204

302

300

180

285

312

1,135

339

884

462

Chemical

PBIT

25 20 15 10 5 - -5 -10 -15

T B P

Q1 FY2023 404

292

180 160 140 120 100 80 60 40 20 -

e r o r c

. s R n

e u a V

FY1920

FY2021

FY2022

PBIT

116

109

110

116

117

100

111

115

102

111

120

119

139

123

139

129

163

155

127

132

Q1 FY2023 147

150

40 35 30 25 20 15 10 5 -

T B P

Order Booking

Conserving Resources, Preserving the Future

Revenue Recognition

PBIT

Segment PBIT before exceptional & Unallocated Overheads

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

Domestic – Export Business Performance

FY 2021-22

YTD, FY 2022-23

Order Book

Chemical

Environment

Energy

268 300

2,517

4,747

1,490

69 78

348 57

Chemical

Environment

Energy

1,433

325

2,000

4,000

6,000

8,000

500

1,000

1,500

2,000

Revenue Revenue

Revenue

Order Balance

Chemical

Environment

Energy

Chemical

Environment

Energy

264 275

1,204 90

3,177 1,256

1,000 2,000 3,000 4,000 5,000

54 74

2,728 61

4,608

1,287

Chemical

Environment

Energy

Chemical

Environment

Energy

72 78

282 10

500

61 68

848 379

1,000

1,500

2,816

103

5,204 1,302

Conserving Resources, Preserving the Future

Domestic

Export

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

2,000 4,000 6,000 8,000

2,000

4,000

6,000

8,000

All values are in Rs. crore

Industry Outlook

Input Cost

• Steel price have seen correction; government

increased tax to 15% on export to ensure more availability in the domestic market. Bringing price stability.

• Raw material costs volatility has reduced as

compared to last quarter, and expect to remain stable in coming quarter.

• Weakening of Rupee against USD has put pressures

on input cost.

Market Sentiments

•

Inspite seeing growth, India's PMI for manufacturing reduced slightly to 53.9; amid concerns over inflationary pressures.

• PMI for other South East Asian countries seen under

pressure, but managed to be in expansion zone.

• The GDP forecast for FY 2022-23 was cut to 7.4% from

previously declared 8.2% due to policy tightening and less favourable economic conditions.

Demand

•

Industrial sectors such as steel, power, sugar, F&B and chemicals have shown growth.

Improved prospects of orders from steel, chemical and refinery and petrochemical sector.

Conserving Resources, Preserving the Future

Sources: MOSPI, WHO, IMF

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future

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.

Conserving Resources, Preserving the Future

Conserving Resources, Preserving the Future.

For more information about Thermax:

Thermax Limited Thermax House 14, Mumbai - Pune Road, Wakdewadi, Pune - 411 003, India

www.thermaxglobal.com

← All Transcripts THERMAX Stock Page →

Thermax Limited has informed the Exchange about Investor Presentation

Market Movers