Thermax Jumps As Q3 Margins Expand, Beating Analyst Estimates

Stock Recommendations: Shares of Thermax Ltd. advanced 4.64% as of 10:00 am, to Rs 2,092.35 apiece in trade on Wednesday after the third-quarter Ebitda was in-line with analyst estimates and Ebitda margins were beat.

Thermax’s net profit rose 58.83% at Rs 126.19 crore as compared to the same quarter of the previous financial year. However, it missed the consensus analyst estimates pooled by Bloomberg, which pegged the net profit at Rs 119.15 crore for the given period.

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Similarly, Company’s revenue was 26.91% higher annually at Rs 2,049.25 crore in the said quarter of the ongoing fiscal, but it was lower than the Bloomberg estimate of Rs 2,114.2 crore.

Additionally, the company’s Ebitda margins expanded 7.86% in the third-quarter, beating analyst estimate of 7.6%.

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Thermax Q3 FY23 (Consolidated, YoY)

  • Revenue up 26.91% at Rs 2,049.25 crore (Bloomberg estimate: Rs 2,114.2 crore)
  • Ebitda up 42.42% at Rs 161.08 crore (Bloomberg estimate: Rs 161.19 crore)
  • Ebitda Margins at 7.86% vs 7% (Bloomberg estimate: 7.6%)
  • Net profit up 58.83% at Rs 126.19 crore (Bloomberg estimate: Rs 119.15 crore)

The stock rose as much as 4.92% intraday, rising the most in over 14 weeks since Oct. 31, 2022.

Total traded volume stood at 34.3 times its 30-day average. The relative strength index at 14 implies that the stock maybe oversold.

Out of the 25 analysts tracking the company, six maintain a ‘buy’ rating, 12 recommend a ‘hold’ and seven suggest to ‘sell’ the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 0.4% over the next 12 months.

Source: Exchange filing

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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