External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Strong order inflow indicates broad-based recovery: Thermax posted consolidated order inflow of Rs33.96bn, up 127% YoY, aided by a broad-based industrial recovery.</li></ul><div><div><div><div><ul><li>Other business updates: (1) Chemicals segment margins were affected due to the company’s inability to pass on elevated costs through sufficient price hikes and geopolitical tensions.</li></ul><div><div><div><div><ul><li>Outlook and valuation: We expect Thermax to report 34%/46.2% revenue/earnings CAGR over FY22- FY24E. The stock is currently trading at 46.5x FY23E EPS.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong order inflow indicates broad-based recovery: Thermax posted consolidated order inflow of Rs33.96bn, up 127% YoY, aided by a broad-based industrial recovery.Other business updates: (1) Chemicals segment margins were affected due to the company’s inability to pass on elevated costs through sufficient price hikes and geopolitical tensions.Outlook and valuation: We expect Thermax to report 34%/46.2% revenue/earnings CAGR over FY22- FY24E. The stock is currently trading at 46.5x FY23E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermax - Weak Profitability Offsets Strong Topline Growth; Strong Order Inflow