Thermax Limited has informed the Exchange about Investor Presentation
February 4, 2025
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 (LODR) Regulations, 2015 – Investor Presentation
Dear Sir/Madam,
In terms of Regulation 30 of the SEBI (LODR) Regulations, 2015, please find enclosed the Investor Presentation for Q3 FY 2024-25.
You are requested to kindly take note of the above.
Thanking you,
Yours faithfully, For THERMAX LIMITED
Janhavi Khele Company Secretary Membership No: A20601 Encl: As above
Thermax Limited: Investor Presentation Q3 FY 2024 - 2025
Conserving Resources, Preserving the Future.
To be a globally respected high performance organisation offering sustainable solutions in energy and the environment
2
Conserving Resources, Preserving the Future.
Disclaimer
This presentation includes forward-looking information and statements, including those 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, encompassing 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
Conserving Resources, Preserving the Future
3
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Thermax at a Glance
5,225 Employees Globally*
Installations in 90+ Countries
Sales and Service presence in 30+ Countries
Revenue Rs. 9,323 crore
4
Confidential and Internal Purpose only
14 Manufacturing Locations (10 in India, 4 abroad)
Conserving Resources, Preserving the Future
*Permanent employees excluding workmen
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Business Highlights – Industrial Products
Helping recover waste heat generated during potato chips frying
Recently commissioned a 350 TR Ultra low pressure VAM in Africa to help leading snack manufacturer recover waste heat from potato chips frying.
Raw pond water treatment plant in leading fertiliser company Commissioned a 500 m3/hr WTP along with algae treatment and removal of organics with submerged ultrafiltration.
Energy plant for a leading particle board manufacturer
The first 36 MW energy plant has been established for a particle board manufacturing facility in the south of India.
Delivering advanced flue gas cleaning system for a waste-to-energy facility Offered a tailored FGCS for a 600 TPD MSW-fired boiler, designed to tackle the specific challenges of its emissions.
Conserving Resources, Preserving the Future
5
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Business Highlights – Industrial Infra
Breakthrough order from a textile major in south India
TBWES secured a breakthrough order for 2 x 80 TPH multi-biomass fired reciprocating grate boilers for a textile major in central India, marking the first instance of 100% paddy straw firing in a grate boiler.
An exemplary image showing similar reciprocating grate boiler.
Consistent gas yield achieved
June’24 gas yield performance recorded at Dhuri plant observed repeating with oxygenation in Jan’25.
Waste Heat Recovery Boiler (WHRB) for a captive power plant
TBWES commissioned a 2 x 85 TPH WHRB for a 45 MW captive power plant in East India. This in-house designed, three-pass, water-tube boiler efficiently cools flue gas from 2 x 600 TPD sponge iron kilns.
Cogeneration plant for a grain based distillery in Tamil Nadu
Synchronised 5.3 MW rice husk and coal based captive cogeneration plant on an EPC basis.
Conserving Resources, Preserving the Future
6
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Business Highlights – Green Solutions
Partnering with European confectionery major across India for energy transition Having partnered towards sustainability for 2 plants, TOESL deployed a biomass boiler in the 3rd plant of the European MNC, enabling the customer to achieve CO2e reduction of nearly 22,000 tonnes/year against oil & coal across all the plants in India.
Maharashtra cluster – II intra state solar project
FEPL commissioned 2 MWp solar project in Maharashtra for TBWES.
TOESL enters new geography with 5th project with a food major key account Underscoring our commitment to deliver sustainable utility solutions globally, TOESL deployed a biomass boiler, enabling the client to reduce their carbon emissions by ~15,000 tCO2e annually against heavy oil.
Greening the power requirement of Tamil Nadu
FEPL has commissioned 7 out of 13 WTG (21 MW) as of 13th Jan 2025.
Conserving Resources, Preserving the Future
7
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Business Highlights – Chemicals
Profit Improvement in water treatment chemicals market A leading Indian firm placed cooling water treatment orders for three years, contributing to a 50% increase in order booking over last year’s Q3, while the solid chemistry business development is gaining momentum
Healthy order pipeline for construction chemicals
Order booking increased by 19% over last year Q3. Acquired Buildtech Products India Private Limited.
Good traction for resins seen across markets
A leading Indian oil company achieved a breakthrough in oil coalescer resin, with order booking up 10% over last year’s Q3 despite forex and currency challenges.
Conserving Resources, Preserving the Future
8
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Thermax Q3 FY 2024-25 Results
2,296 cr.
11,383 cr.
2,508 cr.
156 cr.
114 cr.
2,782 cr.
-8%
6%
8%
-50%
-52%
8 %
• No large order booked during the current quarter resulted into lower order book.
• The last year’s profit after tax included an exceptional gain of Rs. 126 crore from the sale of a vacant plot of land.
Conserving Resources, Preserving the Future
9
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Q3 – Order Book Status
Others, 18%
Textile 6%
Refinery and petrochemicals 5%
Food and Beverages 8%
Fertilizer & Agro 7%
Cement 2%
Pharma 2%
• Continues to build on stable
base orders
• Enquiry inflow from steel,
chemical, and F&B continues to remains strong
• Upward trend in enquiry
inflow from the biofuel segment
• Some good competitive wins
across the company
Power 10%
Chemical 9%
Engineering 6%
Paper and pulp 4%
Sugar/Distillery 8%
Metals/Steel 13%
Conserving Resources, Preserving the Future
10
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Consolidated Performance Indicators
Q2 2025 Performance Indicator
Q3, 2025 Q3, 2024
3,353 Order Booking
11,593 Order Balance
2,612 Revenue
266
Profit Before Exceptional Item and Tax
10.2% PBT before Exceptional Item and Tax %
- 266
Exceptional Gain Profit Before Tax (PBT)
10.2% PBT %
198
Profit After Tax (PAT)
7.6% PAT %
2,296
2,506
11,383
10,717
2,508
2,324
156
6.2%
- 156
6.2%
114
4.5%
183
7.9%
126 309
13.3%
237
10.2%
• The current quarter’s results are affected by lower margins in certain projects in the Industrial Infra
Conserving Resources, Preserving the Future
segment and the impact of product mix changes in the Chemicals segment.
Note - Values are in Rs. crore
11
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Consolidated Performance Summary by Segment
Segment
Industrial Products
Industrial Infra
Green Solutions
Chemical
Total
Order Booking
Order Balance
Q3, Dec. 2024
YOY% Change YTD Dec. 2024 YOY% Change
1,389
669
47
191 2,296
40%
-46%
-51%
10% -8%
4,479
5,756
894
254 11,383
28%
-8%
7%
98%
6%
• Order booking is lower in Industrial Infra and Green Solutions as no larger order booked in current quarter.
12
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
Business Performance Summary
For Q3, FY 2024-25
For Q3, FY 2023-24
YTD Dec 24
YTD Dec 23
Segments
Sales PBIT PBIT % Sales PBIT PBIT %
Sales
PBIT
PBIT %
Sales
PBIT
PBIT %
Industrial Products Industrial Infra Green Solutions
Chemical
1,080 122 11.3%
1,023 101
9.9%
3,099
323
10.4%
2,848
256
9.0%
1,132
1
0.1%
1,097
39
3.6%
3,299
71
2.2%
3,099
126
4.1%
189
18
9.5%
123
13
10.6%
192
26
13.5%
161
33
20.5%
538
553
63
87
11.7%
15.7%
361
509
31
94
8.6%
18.5%
Total
2,593
167
6.4%
2,404
187
7.8%
7,489
544
7.3%
6.817
508
7.5%
Green Solutions PBT/(loss) for Q3, Rs. (2) (LY Q3, Rs. (3)) and YTD Rs. 7, LY YTD ((Rs.3)).
•
•
Improved performance in Industrial Products and on account of increased revenue and better margins.
Industrial Infra profitability is impacted due to lower margins in certain projects due to cost overruns.
• Green Solutions YTD PBIT is better due to increased revenue. PBT after interest cost is given above in comment.
• Chemical segment profitability is lower due to product mix changes.
Conserving Resources, Preserving the Future
13
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Note - PBIT - Segment PBIT before exceptional and unallocated overheads Revenue is in Rs. crore
Business Segment Wise - Quarterly Trend
Industrial Products
Industrial Infra
1,600 1,400 1,200 1,000 800 600 400 200 -
’
s e r o r C
. s R n
i
l
e u a V
OB RR PBIT
Q4 FY 23 1,190 981 104
Q1
Q2
Q3
Q4
Q1
FY 24
1,198 836 56
1,080 989 99
990 1,023 101
1,061 1,207 141
1,265 961 87
Q2 FY 25 1,350 1,058 115
Q3
1,389 1,080 122
Green Solutions
160 140 120 100 80 60 40 20 -
I
T B P
’
s e r o r C
. s R n
i
l
e u a V
2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 -
OB RR PBIT
100 80 60 40 20 - (20) (40)
I
T B P
Q4 FY 23 857 1,160 72
Q1
Q2
Q3
Q4
Q1
FY 24
1,127 916 30
655 1,085 57
1,246 1,097 39
1,072 1,356 82
991 925 (18)
Q2 FY 25 1,748 1,243 88
Q3
669 668 1,132 1
’
s e r o r c
. s R n
i
l
e u a V
200 180 160 140 120 100 80 60 40 20 -
OB RR PBIT
Q4 FY 23 45 85 2
*PBT
(3)
Q1
84 113 10
4
Q2
FY 24
58 125 8
(4)
Q3
96 123 13
(3)
Q4
3 146 14
(4)
Q1
100 174 23
6
Q2 FY 25 57 175 22
3
Q3
47 189 18
(2)
25
20
15
10
5
-
I
T B P
’
s e r o r C
. s R n
i
l
e u a V
250
200
150
100
50
-
OB RR PBIT
Q4 FY 23 161 168 32
Q1
158 161 27
Chemical
OB
RR
PBIT
40 35 30 25 20 15 10 5 -
I
T B P
Q3
Q2
Q3
Q4
Q1
FY 24
179 188 35
174 161 33
173 154 30
213 171 30
Q2 FY 25 199 190 31
191 192 26
Conserving Resources, Preserving the Future
OB: Order Booking
RR: Revenue Recognition
PBT: Profit Before Tax
PBIT: Segment PBIT before exceptional and unallocated overheads
14
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Domestic – Export Business Performance
FY 2023-24
YTD Dec. 24
Q3 FY 2024-25
Order Book
Chemical
Green Solutions
Industrial Infra
Industrial Products
201
483
-
241
3,667
432
3,309
1,020 2,000 4,000 6,000
-
206
397
-
204
1,783
Chemical
Green Solutions
Industrial Infra
Industrial Products
1,624
2,712
1,292
Chemical
54
138
-
Green Solutions
47
Industrial Infra
Industrial Products
592
76
848
541
-
2,000 4,000 6,000
-
500 1,000 1,500
Chemical
210
453
Revenue
Revenue
Green Solutions
Industrial Infra
Industrial Products
-
507
3,843
612 2,855
1,201
Chemical
174
379
-
Green Solutions
538
2,980
Industrial Infra
Industrial Products
319 2,257
841
Chemical
67
Green Solutions
Industrial Infra
Industrial Products
124
-
189
1,010
122
783
297
-
2,000
4,000
-
1,000 2,000 3,000 4,000
-
500
1,000
1,500
Order Balance
Chemical
62
Green Solutions
Industrial Infra
Industrial Products
76
791
Chemical
82
-
4,990
Green Solutions
496
602
2,898
Industrial Infra
Industrial Products
172
878 16
4,066
1,689
3,479
1,000
-
2,000
4,000
6,000
-
2,000 4,000 6,000 8,000
Domestic
Conserving Resources, Preserving the Future
Export
All values are in Rs. crore
15
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Industry Outlook
Input Cost
Market Sentiments
Demand
• Increase in input cost in
Chemical Segment.
• Globally, the Manufacturing
PMI stood at 48.8 in September 2024, indicating a contraction in manufacturing activity, while the PMI for new export orders dropped to 47.5, signaling challenges in international trade.
•
•
•
•
Enquiry inflows from distillery, metals, chemical and F&B remain strong Power enquiry inflow has increased tremendously Slight decline in the pharma and paper enquiry inflow Some good competitive wins across the company
16
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future. Conserving Resources, Preserving the Future.
Conserving Resources, Preserving the Future
Highlights at Thermax
• Grade 1 ESCO Recognition by BEE – Thermax has been empanelled as a Grade 1 Energy Service Company
(ESCO) by the Bureau of Energy Efficiency (BEE).
• Manufacturing Today Award – Thermax has been recognised with the ‘Excellence in Sustainability and Circular
Economy Award’ by Manufacturing Today.
• Best Governance Award – Thermax has been honoured with the ‘Best Governance Award’ in the GIGA category at the third edition of the Indian Family Business Awards 2023, presented by moneycontrol.com and co-created with Waterfield Advisors, with PwC India as the process partner.
• Gulfood Manufacturing Expo – We recently concluded the Gulfood Manufacturing Expo in Dubai, which saw strong participation from the industry leaders. The event attracted a high volume of customer footfalls and generated a substantial number of leads.
17
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.
Conserving Resources, Preserving the Future
New Partnerships & Incorporations
• Buildtech Products India Pvt. Ltd. Partnership – Thermax boosts its
construction chemicals portfolio with the acquisition of Buildtech Products India Private Limited.
• On December 06, 2024, Thermax Chemical Europe A/S, has been incorporated as a wholly owned subsidiary of the Thermax Denmark ApS (step-down subsidiary of the Company). The Company is incorporated to carry on trade and other activities pertaining to Chemical Business. Thermax Denmark ApS is in process of infusing capital in to Thermax Chemical Europe A/S.
18
Confidential and Internal Purpose only
Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future. Conserving Resources, Preserving the Future.
Conserving Resources, Preserving the Future
Conserving Resources, Preserving the Future.
For more information about Thermax:
Contact Us
Thermax Limited Thermax House 14, Mumbai - Pune Road, Wakdewadi, Pune - 411 003, India
www.thermaxglobal.com