Q1 2025 Thermax Limited Earnings Call Transcript
Key Points
- Thermax Ltd (BOM:500411) has a strong pipeline of large projects in sectors like refining, petrochemicals, and power, indicating potential future growth.
- The company's chemicals business is showing signs of recovery with a significant increase in the order book and plans for long-term growth.
- Thermax Ltd (BOM:500411) is expanding its product portfolio with new launches in electric boilers, electric heaters, and hybrid heat pumps, which are gaining traction.
- The international business pipeline is recovering, contributing positively to the overall order book.
- The company is focusing on high-margin segments and has shown improvement in profitability in industrial products over the past few years.
- Thermax Ltd (BOM:500411) faced significant operational challenges in Q1 FY25, particularly in the BioCNG and FGD projects, resulting in substantial financial hits.
- The BioCNG business has been problematic, with the company taking a hit of over INR 100 crores due to engineering and execution issues.
- The FGD projects continue to be low-profitability and have faced delays and cost overruns, impacting overall margins.
- The industrial infra segment experienced a tough quarter with unexpected losses, affecting the overall financial performance.
- The FEPL (First Energy Pvt Ltd) business is expected to be loss-making for the year due to project delays and lower-than-expected production from wind and solar projects.
Ladies and gentlemen, good day and welcome to the Thermax Limited Q1 FY25 earnings conference call, hosted by DAM Capital Advisors Limited.
(Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Ms. Bhoomika Nair from DAM Capital Advisors. Please go ahead.
Thanks. Good morning, everyone, and a warm welcome to the Q1 FY24 (sic - FY25) Earnings Call of Thermax Limited. We have the management being represented by Mr. Ashish Bhandari, Managing Director and CEO; and Mr. Rajendran Arunachalam, Group CFO and Execute 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. Over to you, sir.
Good morning, everyone, and thank you so much for being part of Thermax's briefing today. It's been a busy quarter. There are lot
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