Thermax's order inflows triple in Q1, but offer little comfort to investors
Thermax's order inflows were robust even after excluding a single large order of Rs250 crore. That said, the management was unable to affirm if the ordering environment has improved as most orders could be pent-up in nature
A key takeaway from the June quarter (Q1 FY22) earnings of Thermax Ltd was the improvement in its order inflows. Aided by a favourable base, order inflows almost tripled to Rs1,700 crore in Q1FY22 compared to the same quarter a year ago. On a sequential basis, the rise was 13% with robust orders from refinery, cement, and steel sectors. Consequently, at the end of the June quarter, its order book stood at Rs6,100 crore, up 17% y-o-y and the highest since December 2018. Its book-to-bill ratio was at 1.2 times.
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