Thermax: Difficult times--Orders are flowing in but customers are going slow on projects and that's hurting the firm

摘要

It might not be the best of times for the industry but orders continue to flow in at the 3,204 crore rupees Thermax. The Pune-based firm saw oders increase 26 per cent y-o-y during the December 2008 quarter compared with an increase of just 3.5 per cent for Siemens and a fall of 37 per cent y-o-y for ABB. In fact, despite the challenging environment for makers of capital goods, Thermax was able to expand its operating profit margin(opm), adjusting for a notional foreign exchange loss of 10 crore rupees, by 100 basis points, to 13.3 per cent.