Motilal Oswal has maintained neutral rating on Thermax in the long term and revised target price to Rs 1,200 from Rs 1,170.
Shares of Thermax ended down 1.6% at Rs 1057.20 on Thursday while the BSE Sensex closed 163.37 points up (+0.40%) at 41,306.03.Company FinancialsFor the quarter ended 30-09-2019, the company has reported a Consolidated sales of Rs 1605.85 Crore, up 15.33 % from last quarter Sales of Rs 1392.45 Crore and up 12.48 % from last year same quarter Sales of Rs 1427.64 Crore Company has reported net profit after tax of Rs 25.70 Crore in latest quarter.
The companys top management includes Dr.Jairam Varadaraj, Dr.Valentin A H Von Massow, Mr.Harsh Mariwala, Mr.M S Unnikrishnan, Mr.Nawshir Mirza, Mr.Pheroz Pudumjee, Mr.S B Ravi Pandit, Mrs.Meher Pudumjee, Ms.Rajani Kesari.
Company has SRBC - Co LLP as its auditors.
As on 31-12-2019, the company has a total of 119,156,300 shares outstanding.
Investment RationaleThe brokerage raised targets as it has rolled forward estimates to September 2021.
The company's third quarter operating performance was in line with estimates, said Motilal Oswal.
Superior execution over the past 6-7 quarters has led to depletion of the order book, especially in the weak ordering environment, said Motilal Oswal.
Revenue growth momentum is likely to slow down, which is evident from the Q3 results as top line declined 2% after 6 quarters of strong growth.