Q4 2024 Thermax Limited Earnings Call Transcript
Key Points
- Thermax Ltd (BOM:500411) has a strong pipeline for large orders, particularly in sectors like refining and petrochemicals.
- The company is seeing good traction in its new product lines such as Thermotron, FlexiSource, and MVR heat pumps.
- Thermax Ltd (BOM:500411) has made significant progress in its digital platform, EDGE Live, which is gaining traction across various products.
- The company has a robust order inquiry pipeline, especially in biofuel-related projects, which is expected to grow post-election and monsoon season.
- Thermax Ltd (BOM:500411) is optimistic about its chemicals business, expecting growth and expansion into new segments in the coming quarters.
- The order book for Thermax Ltd (BOM:500411) is softer than expected, missing internal targets, particularly in large orders.
- Bio-CNG projects have faced setbacks, particularly with rice-straw-based plants, leading to unexpected losses.
- Margins are being dragged down by low-margin FGD and sulfur recovery orders, which will continue to impact profitability.
- The company has faced challenges in its THVAC product line, particularly with truck applications, leading to slower-than-expected growth.
- Operational cash flow and free cash flow conversion were weak in FY24, partly due to investments in green energy projects.
Ladies and gentlemen, good day, and welcome to Q4 FY24 earnings conference call of Thermax Limited hosted by DAM Capital Advisors Limited. (Operator Instructions)
I now hand the conference over to Ms. Bhoomika Nair from DAM Capital Advisors. Thank you, and over to you, ma'am.
Thanks. Good morning, everyone, and a warm welcome to the Q4 FY24 earnings call of Thermax Limited. We have the management today being represented by Mr. Ashish Bhandari, Managing Director, and CEO; and Mr. Rajendran Arunachalam, Group CFO and Executive Vice President.
At this point, I'll hand over the floor to Mr. Bhandari for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir.
Thank you very much, and a very warm welcome to everyone on the call. Given the history with so many of you, I would say we jump straight to
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