THERMAXNSE8 February 2023

Thermax Limited has informed the Exchange about Investor Presentation

Thermax Limited

February 8, 2023

To The Secretary BSE Limited PJ Towers, Dalal Street Mumbai: 400 001 Company Scrip Code: 500411

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 the SEBI (Listing Obligations & Disclosure Requirements)

Regulations, 2015- Investor Presentation

Dear Sir/Madam,

In terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, please find enclosed copy of Investor Presentation for Q3 FY 2022-23.

We request you to take this information on Record.

Thanking you,

Yours faithfully, For THERMAX LIMITED,

Janhavi Khele

Company Secretary Membership No: A20601

Encl: As above

Thermax Limited: Investor Presentation Q3 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

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

Confidential and Internal Purpose only

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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)

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Note: employees excluding workmen

Confidential and Internal Purpose only

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Business Highlights - Energy

Meeting Power Needs of a Steel Major in India

Generating Steam for a Paper Mill in Dubai

Cooling Solutions for a Fertiliser Major

TOESL Sets-up Backward Integration of Biomass Fuel Supply Chain

Arial (Body) 14pt

Commissioned largest package of 545 TPH boiler and 175 MWe steam turbine at one of the leading steel industry in India.

Commissioned 35 TPH boiler for a paper mill in Dubai.

Commissioned two units of 300 TR vapour absorption chiller for a major fertiliser industry in western part of India.

TOESL inaugurated two dedicated Conserving Resources, Preserving the Future briquetting facilities in Gujarat of cumulative capacity 1,400 tonnes/month for fuel security and encouraging sustainability.

Confidential and Internal Purpose only

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

Business Highlights - Environment

Cleaning SO2 for a F&B Major in India

Helping a Cement Co. Adhere to Emission Norms

Beverage Giant Installs Thermax’s ZLD Solution

Sewage Treatment Plant for Township at Fertiliser Industry

Commissioned FGD for SO2 removal with allowable emission value of 50 PPM.

Upgradation of an existing coal mill bag filter with emission guarantee of 8 mg/Nm3.

Commissioned a 50 KLD ZLD plant with an ETP modification.

Thermax installed a 25 m3/hr STP with Conserving Resources, Preserving the Future online monitoring on Ganga river route, meeting the CPCB/NGT guidelines.

Confidential and Internal Purpose only

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

Business Highlights - Chemical

Growth in IoT Solutions for Cooling Water Applications

Growth in Oil Field Chemicals

Healthy Order Pipeline for Construction Chemicals

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

Oil field chemicals have seen a remarkable 93% y-o-y growth with similar prospects in the near future.

Construction chemicals have good orders for repair and rehabilitation projects, in addition to admixtures and waterproofing.

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

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New Product Launched For after water treatment/sewage recycling

A compact, modular, efficient and automated UF system for the urban markets

Completely automated and remote monitoring enabled system

Low maintenance cost

Benefit of membranes highly hydrophilic polymer

Inherent antifouling properties 1st in introducing polynorbit hollow fiber membrane

SDI and TSS reduction SDI<3 and TSS<1 PPM

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Log six reduction of bacteria and virus

Confidential and Internal Purpose only

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

Thermax Q3 FY 2022-23 Results

Order book

Order balance

2,204 cr.

9,859 cr.

Operating revenue 2,049 cr.

PBT*

165 cr.

PAT

126 cr.

Cash and Investments

2,595 cr.

10 %

33 %

27 %

53 %

59 %

12 %

• An increase in revenue and stabilisation of input commodity costs led to a better Q3 performance compared

to last year's Q3.

• The order book in last year's Q3 was higher due to an order of flue gas desulphurisation (FGD) systems

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worth Rs. 830 crore in the environment segment.

Confidential and Internal Purpose only

* - Profit Before Tax and exceptional item

Note - % growth is with respect to Q3 FY 2021-22

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Q3 – Order Book Status

Others 12 %

Cement 19%

• Received orders for waste heat recovery boilers from a leading cement manufacturer in India

Automobile 5%

Paper and Pulp 7%

Food and Beverages 7%

Transportation 8%

• Received multiple orders to set up Bio CNG

plants

• Major order received from agro-chemical

company for setting-up power plant on EPC basis

• Steady flow of enquiries was seen from key sectors like cement, steel and chemical

Fertiliser 15%

Sugar/Distillery 12%

Refinery and Petrochemicals 10%

Metals/Steel 10%

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Confidential and Internal Purpose only

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Consolidated Performance Indicators

Q2, 2023 Performance Indicator

Q3, 2023 Q3, 2022

2,015 Order Booking

9,485 Order Balance

2,075 Revenue

142

Profit Before Tax and Exceptional (PBT)

6.9% PBT before Exceptional %

Exceptional Item

142

Profit Before Tax (PBT)

6.9% PBT %

109

Profit After Tax (PAT)

5.3% PAT %

2,204

9,859

2,049

165

8.0%

165

8.0%

126

6.2%

2,462

7,389

1,615

108

6.7%

108

6.7%

4.9%

Due to a better performance in the energy segment, profitability is higher than the previous quarter.

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Confidential and Internal Purpose only

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Note - Values are in Rs. crore

Consolidated Performance Summary by Segment

Segment

Energy

Environment

Chemical

Total

Order Booking

Order Balance

Q3, 2023

YOY% Change YTD Dec 2022 YOY% Change

1,558

501

145

2,204

34 %

-56 %

-12 %

-10 %

6,884

2,862

113

9,859

40%

22%

-8%

33%

The order book in last year's Q3 was higher due to an order of flue gas desulphurisation

(FGD) systems worth Rs. 830 crore in the environment segment.

Confidential and Internal Purpose only

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

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Note - Values are in Rs. crore

Business Performance Summary

For Q3, FY2022-23

For Q3, FY2021-22

YTD Dec FY2022-23

YTD Dec FY2021-22

Segments Revenue PBIT PBIT % Revenue PBIT PBIT % Revenue PBIT PBIT % Revenue

PBIT

PBIT %

Energy

1,480

113

7.6%

1,163

6.3%

4,173

268

6.4%

2,983

185

6.2%

Environment

438

Chemical

164

6.0%

339

3.2%

1,179

5.1%

14.1%

155

11.0%

505

10.7%

832

407

2.4%

14.4%

The performance of all three segments has improved due to an increase in revenue and stabilisation of commodity

and freight costs compared to last year which was impacted by higher costs.

Confidential and Internal Purpose only

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PBIT - Segment PBIT before exceptional and unallocated overheads

Business Segment Wise - Quarterly Trend

Energy

PBIT

Environment

PBIT

3,000

2,500

2,000

1,500

1,000

500

e r o r c

. s R n

e u a V

FY2022

OB RR PBIT

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

1,758 1,227 75

120

100

T B P

e r o r c

. s R n

e u a V

1,200

1,000

800

600

400

200

FY2021

OB RR PBIT

104 84 -10

155 155 10

172 253 18

204 302 20

300 180 3

FY2022

285 312 6

1,135 339 11

884 462 23

404 292 5

35 30 25 20 15 10 5 - -5 -10 -15

T B P

Q2 FY2023 331 449 29

501 438 26

Q2 FY2023 1,495 1,465 81

1,558 1,480 113

Chemical

e r o r c

. s R n

e u a V

200 180 160 140 120 100 80 60 40 20 -

OB RR PBIT

92 84 17

FY2021

111 115 35

102 111 29

120 119 22

139 123 22

FY2022

139 129 20

163 155 17

127 132 4

147 150 6

Q2 FY2023 190 190 25

145 164 23

PBIT 40 35 30 25 20 15 10 5 -

T B P

Order Booking

Conserving Resources, Preserving the Future PBIT

Revenue Recognition

Segment PBIT before exceptional and unallocated overheads

Confidential and Internal Purpose only

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Domestic – Export Business Performance

Order Book

Revenue

Revenue Revenue

Order Balance

Chemical

Environment

Energy

Chemical

Environment

Energy

Chemical

Environment

Energy

FY 2021-22

YTD, FY 2022-23

Q3, FY 2022-23

268 300

2,517

4,747

1,490

287 195

1,044 193

Chemical

Environment

Energy

3,640 1,171

Chemical

Environment

Energy

72 73

410

1,123

435

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

2,000

4,000

6,000

500 1,000 1,500 2,000

264 275

1,204 90

3,177

1,256

Chemical

Environment

Energy

215 290

1,119 60

3,019 1,154

Chemical

Environment

Energy

71 94

416 22

1,085 394

2,000

4,000

6,000

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

Chemical

Environment

Energy

39 74

2,674

188

5,554 1,330

Domestic

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Export

2,000

4,000

6,000

8,000

2,000

4,000

6,000

8,000

All values are in Rs. crore

Confidential and Internal Purpose only

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Industry Outlook

Input Cost

• Steel, chemical and other commodity prices

were stable in the quarter.

Market Sentiments

• The manufacturing PMI of Q3, FY22-23 showed a robust

growth to 57.8, highest since Oct, 2022.

• The IMF projects India's GDP to reach 6.1%, down from the previously declared 6.8%, as a consequence of the gloomy global economic situation.

Demand

•

India's steel and cement sector will experience good growth due to significant increases in government capital expenditures on infrastructure and transportation.

• Government capex push in Budget and support to green technologies,

which will spur the clean energy portfolio of Thermax.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future

Sources: MOSPI, WHO, IMF

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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.

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

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