Thermax Limited
NSE:THERMAX

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Thermax Limited
NSE:THERMAX
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Price: 4 633.95 INR 3.11% Market Closed
Market Cap: 552.2B INR
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Income Statement

Earnings Waterfall
Thermax Limited

Revenue
95.7B INR
Cost of Revenue
-53.7B INR
Gross Profit
42B INR
Operating Expenses
-35.5B INR
Operating Income
6.5B INR
Other Expenses
505.8m INR
Net Income
7B INR

Income Statement
Thermax Limited

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Income Statement
Currency: INR
Dec-2007 Mar-2008 Jun-2008 Jun-2009 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024
Revenue
Revenue
33 638
N/A
35 254
+5%
35 287
+0%
5 479
-84%
12 307
+125%
25 206
+105%
37 401
+48%
52 656
+41%
50 370
-4%
48 428
-4%
45 961
-5%
45 897
0%
44 802
-2%
44 176
-1%
45 618
+3%
44 856
-2%
46 284
+3%
50 229
+9%
53 425
+6%
59 732
+12%
63 304
+6%
65 087
+3%
64 822
0%
57 313
-12%
50 039
-13%
45 392
-9%
45 397
+0%
47 913
+6%
51 787
+8%
55 068
+6%
57 109
+4%
61 283
+7%
67 305
+10%
73 364
+9%
77 709
+6%
80 898
+4%
83 683
+3%
85 955
+3%
88 706
+3%
93 235
+5%
95 749
+3%
Gross Profit
Cost of Revenue
(21 865)
(22 203)
(22 047)
(3 336)
(6 426)
(13 274)
(19 685)
(29 177)
(26 657)
(25 196)
(23 194)
(24 208)
(23 695)
(23 782)
(25 245)
(24 303)
(24 401)
(26 701)
(28 703)
(34 209)
(35 731)
(36 704)
(36 677)
(31 707)
(26 670)
(24 232)
(23 904)
(26 083)
(27 371)
(29 142)
(30 681)
(35 881)
(39 229)
(43 473)
(45 865)
(47 259)
(47 314)
(47 797)
(49 226)
(53 330)
(53 709)
Gross Profit
11 773
N/A
13 051
+11%
13 240
+1%
2 143
-84%
5 881
+174%
11 933
+103%
17 717
+48%
23 479
+33%
23 714
+1%
23 232
-2%
22 767
-2%
21 689
-5%
21 107
-3%
20 394
-3%
20 373
0%
20 553
+1%
21 883
+6%
23 529
+8%
24 723
+5%
25 523
+3%
27 574
+8%
28 383
+3%
28 145
-1%
25 606
-9%
23 369
-9%
21 160
-9%
21 493
+2%
21 829
+2%
24 416
+12%
25 926
+6%
26 429
+2%
25 403
-4%
28 075
+11%
29 891
+6%
31 844
+7%
33 640
+6%
36 369
+8%
38 158
+5%
39 480
+3%
39 905
+1%
42 040
+5%
Operating Income
Operating Expenses
(7 598)
(8 578)
(8 616)
(1 446)
(5 045)
(10 175)
(15 306)
(19 090)
(20 371)
(20 092)
(19 602)
(17 673)
(17 674)
(16 917)
(16 827)
(17 451)
(18 747)
(20 290)
(21 388)
(21 450)
(23 675)
(24 327)
(24 115)
(22 775)
(21 596)
(19 903)
(19 868)
(19 302)
(21 259)
(22 450)
(23 296)
(22 492)
(24 676)
(26 210)
(27 684)
(28 416)
(31 208)
(32 389)
(33 515)
(32 675)
(35 523)
Selling, General & Administrative
(2 650)
(2 671)
(2 688)
(522)
(1 635)
(3 219)
(4 898)
(8 405)
(6 724)
(6 831)
(6 787)
(8 370)
(6 814)
(6 844)
(6 929)
(8 751)
(7 123)
(7 539)
(7 817)
(9 601)
(7 753)
(7 688)
(7 689)
(10 426)
(7 867)
(7 685)
(7 587)
(8 944)
(7 676)
(7 742)
(7 907)
(9 892)
(8 367)
(8 778)
(9 082)
(11 782)
(9 950)
(10 426)
(10 975)
(13 741)
(11 822)
Depreciation & Amortization
(219)
(233)
(250)
(95)
(183)
(366)
(557)
(722)
(733)
(749)
(755)
(819)
(814)
(804)
(815)
(805)
(846)
(892)
(914)
(920)
(974)
(1 020)
(1 106)
(1 166)
(1 185)
(1 191)
(1 166)
(1 146)
(1 140)
(1 127)
(1 126)
(1 132)
(1 144)
(1 168)
(1 169)
(1 169)
(1 177)
(1 209)
(1 276)
(1 353)
(1 419)
Other Operating Expenses
(4 730)
(5 675)
(5 678)
(829)
(3 226)
(6 589)
(9 850)
(9 962)
(12 915)
(12 512)
(12 061)
(8 484)
(10 045)
(9 270)
(9 083)
(7 894)
(10 780)
(11 860)
(12 657)
(10 929)
(14 947)
(15 619)
(15 322)
(11 183)
(12 546)
(11 029)
(11 116)
(9 212)
(12 444)
(13 582)
(14 263)
(11 467)
(15 165)
(16 265)
(17 433)
(15 466)
(20 081)
(20 755)
(21 264)
(17 581)
(22 282)
Operating Income
4 174
N/A
4 473
+7%
4 623
+3%
697
-85%
836
+20%
1 757
+110%
2 410
+37%
4 389
+82%
3 342
-24%
3 141
-6%
3 166
+1%
4 016
+27%
3 434
-14%
3 477
+1%
3 546
+2%
3 103
-12%
3 137
+1%
3 240
+3%
3 336
+3%
4 073
+22%
3 899
-4%
4 056
+4%
4 029
-1%
2 831
-30%
1 773
-37%
1 257
-29%
1 626
+29%
2 528
+55%
3 157
+25%
3 476
+10%
3 132
-10%
2 911
-7%
3 400
+17%
3 681
+8%
4 160
+13%
5 223
+26%
5 160
-1%
5 769
+12%
5 965
+3%
7 230
+21%
6 516
-10%
Pre-Tax Income
Interest Income Expense
(14)
(16)
(15)
(5)
(28)
(66)
(96)
660
(126)
(112)
(99)
688
(82)
(109)
(117)
794
(143)
(134)
(152)
880
(168)
(164)
(140)
645
(146)
(155)
(193)
759
(215)
(218)
(214)
850
(269)
(301)
(342)
907
(449)
(568)
(744)
997
(1 026)
Non-Reccuring Items
(55)
21
0
0
0
0
0
(768)
0
0
0
(665)
(178)
(178)
(178)
116
0
0
(875)
(1 290)
(895)
(895)
(20)
20
0
(247)
(526)
(638)
(526)
(279)
0
94
0
0
0
(378)
(506)
(506)
(506)
(1 226)
0
Gain/Loss on Disposition of Assets
0
0
0
0
0
0
0
(40)
0
0
0
(7)
0
0
0
(14)
0
0
0
(6)
0
0
0
55
0
0
0
(8)
0
0
0
76
0
0
0
(38)
0
0
1 261
1 252
0
Total Other Income
0
0
0
0
245
498
758
430
1 210
1 318
1 310
344
1 151
1 026
1 012
221
1 234
1 354
1 429
446
1 405
1 269
1 214
194
994
1 002
1 026
110
1 122
1 262
1 271
169
1 222
1 252
1 384
316
1 927
2 187
2 348
436
3 897
Pre-Tax Income
4 105
N/A
4 478
+9%
4 608
+3%
692
-85%
1 054
+52%
2 191
+108%
3 074
+40%
4 671
+52%
4 427
-5%
4 347
-2%
4 377
+1%
4 376
0%
4 323
-1%
4 214
-3%
4 262
+1%
4 220
-1%
4 228
+0%
4 459
+5%
3 737
-16%
4 104
+10%
4 241
+3%
4 266
+1%
5 081
+19%
3 745
-26%
2 619
-30%
1 856
-29%
1 934
+4%
2 752
+42%
3 539
+29%
4 241
+20%
4 190
-1%
4 101
-2%
4 352
+6%
4 633
+6%
5 202
+12%
6 031
+16%
6 132
+2%
6 882
+12%
8 325
+21%
8 690
+4%
9 388
+8%
Net Income
Tax Provision
(1 413)
(1 570)
(1 619)
(227)
(331)
(725)
(997)
(1 439)
(1 386)
(1 342)
(1 405)
(1 560)
(1 567)
(1 587)
(1 630)
(1 658)
(1 648)
(1 712)
(822)
(849)
(848)
(1 361)
(2 078)
(1 000)
(655)
163
68
(686)
(898)
(1 033)
(1 019)
(978)
(1 064)
(1 132)
(1 232)
(1 524)
(1 615)
(1 871)
(2 206)
(2 258)
(2 461)
Income from Continuing Operations
2 691
2 907
2 988
465
723
1 466
2 077
3 232
3 041
3 006
2 973
2 816
2 758
2 628
2 633
2 563
2 580
2 747
2 914
3 254
3 392
2 904
3 004
2 746
1 965
2 020
2 003
2 066
2 643
3 210
3 171
3 123
3 289
3 501
3 970
4 507
4 517
5 012
6 118
6 432
6 927
Income to Minority Interest
0
0
0
0
0
0
0
0
0
3
15
69
75
76
64
10
4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(2)
(4)
(15)
(24)
(9)
21
96
Equity Earnings Affiliates
0
0
0
0
(176)
(328)
(397)
(409)
(275)
(48)
(21)
(655)
(685)
(770)
(725)
(252)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net Income (Common)
2 691
N/A
2 907
+8%
2 988
+3%
465
-84%
546
+17%
1 137
+108%
1 680
+48%
2 823
+68%
2 766
-2%
2 961
+7%
2 966
+0%
2 230
-25%
2 147
-4%
1 933
-10%
1 971
+2%
2 321
+18%
2 405
+4%
2 578
+7%
2 742
+6%
3 254
+19%
3 392
+4%
2 904
-14%
3 004
+3%
2 125
-29%
1 344
-37%
1 399
+4%
1 382
-1%
2 066
+49%
2 643
+28%
3 210
+21%
3 171
-1%
3 123
-2%
3 289
+5%
3 501
+6%
3 968
+13%
4 503
+13%
4 502
0%
4 988
+11%
6 109
+22%
6 453
+6%
7 022
+9%
EPS (Diluted)
22.61
N/A
24.42
+8%
25.1
+3%
3.9
-84%
4.85
+24%
9.97
+106%
14.86
+49%
24.98
+68%
24.47
-2%
26.2
+7%
26.24
+0%
19.73
-25%
19
-4%
17.1
-10%
17.44
+2%
20.53
+18%
21.28
+4%
22.81
+7%
24.26
+6%
28.79
+19%
30.01
+4%
25.92
-14%
26.58
+3%
18.8
-29%
12
-36%
12.49
+4%
12.23
-2%
18.34
+50%
23.48
+28%
28.47
+21%
28.17
-1%
27.73
-2%
29.19
+5%
31.09
+7%
35.23
+13%
39.98
+13%
39.98
N/A
44.28
+11%
54.25
+23%
57.28
+6%
62.32
+9%

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