Thermax Limited — PPTs, 04-02-2025: Investor Presentation

**Financial Highlights:** Thermax reported revenue of ₹2,508 crore for Q3 FY 2024-25, an increase of 8% year-over-year. The profit before tax (PBT) stood at ₹156 crore, reflecting a 50% decline due to last year's exceptional gain of ₹126 crore from asset sales. The profit after tax (PAT) was ₹114 crore, down 52% compared to ₹237 crore in the previous year.

**Strategic Initiatives and Growth Drivers:** The company secured a 19% increase in order bookings YoY, highlighting a healthy pipeline in construction chemicals and collaborations driving sustainable solutions. Notable projects include a significant biomass boiler deployment and a waste heat recovery unit for various industries.

**Business Developments:** Thermax announced its acquisition of Buildtech Products India Private Limited, expanding its construction chemicals portfolio. The incorporation of Thermax Chemical Europe A/S will enhance its presence in the European chemical market.

**Market Position and Competitive Advantage:** With installations in over 90 countries and a robust operational base, Thermax is well-positioned to leverage strong enquiries from sectors like metals, chemicals, and food & beverages, despite witnessing challenges in the pharma and paper segments.

**Investor Implications:** The solid revenue growth, strategic partnerships, and increased order book present a positive outlook for Thermax. However, investors should monitor the declining margins and reliance on exceptional gains for sustained profitability.