Thermax
Along with the numbers of L&T, this was another capital goods company whose numbers were widely awaited. And the numbers for Q4FY13, on a YoY do not look good with net revenue at Rs.1449 crore, down 13% and net profit came in at Rs.115 crore, down 12%. But sequentially, the numbers look much better – topline has risen 41% and net profit is up 51%. The most noteworthy feature about the numbers, be it YoY or QoQ, is the major fall in its interest cost – for Q4FY13, it stood at Rs.47 lakh compared to Rs.3.38 crore from Q4FY12 and Rs.1.98 crore for Q3FY13. Its debt (short term borrowings + long term borrowings) as at 31st March 2013 stood at Rs.12.34 crore, down from Rs.166.44 crore at end of FY12.
For FY13, the performance was disappointing - operating revenue of Rs. 4691 crore which was a dip of 12% and net profit at Rs.350 crore was down 14%. Export income including deemed exports during the fiscal constituted 21% of revenue at Rs. 984 crore. The company improved its order booking by 21% to Rs. 4859 crore (Rs. 4032 crore, previous year) for FY13 and for Q4FY13, it stood at Rs.1155 crore (Rs. 809 crore). The order backlog on a consolidated basis, as on March 31, 2013, was at Rs. 4878 crore, a marginal improvement from last year’s Rs.4828 crore. the numbers have been largely disappointing, much below what many analysts had expected. But this is a reflection of the slow down in the infra and power sector. Till that gets addressed, Thermax will continue to reamin sluggish.