Q2 2025 Thermax Limited Earnings Call Transcript
Key Points
- Thermax Ltd (BOM:500411) secured a large order from a mining client in Botswana, indicating strong international business growth.
- The company is seeing a developing pipeline in the refining and petrochemical sectors, suggesting future growth opportunities.
- Thermax Ltd (BOM:500411) is experiencing steady growth in its Industrial Products segment, particularly in water and environment solutions.
- The Chemicals business is showing signs of growth, with expectations of continued order inflow and potential small M&A activities.
- The company plans to expand its green assets business to 1 gigawatt, with a significant investment in renewable energy projects.
- Thermax Ltd (BOM:500411) faces challenges in executing large government projects, leading to a decision not to bid for certain supercritical projects.
- The BioCNG segment is experiencing execution challenges, impacting performance and future order intake.
- Margins in the Industrial Infra segment are under pressure due to past orders and execution issues.
- The company is cautious about future orders in the BioCNG sector due to unresolved performance issues.
- Thermax Ltd (BOM:500411) has faced delays and profitability issues in its FGD projects, impacting overall margins.
Ladies and gentlemen, good day, and welcome to the Thermax Limited Q2 FY25 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 Limited. Thank you, and over to you, ma'am.
Yeah. Thanks. A warm welcome to everyone to the Q2 FY25 earnings call of Thermax Limited. We have the management today being represented by Mr. Ashish Bhandari, Managing Director and CEO; and Mr. Rajendran Arunachalam, Group CFO and Executive Vice President.
Without any further delay, I'll hand over the floor to Mr. Bhandari for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir.
Very good morning to everyone that's on the call. I'll keep my initial message extremely brief
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