Thermax Q4FY11 Result Update; Going strong; Maintain BUY; Target: Rs 735 ::Emkay

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Thermax Q4FY11 Result Update; Going strong; Maintain BUY; Target: Rs 735

n    Strong performance – (1) Revenues up 45% yoy to Rs10.9 bn - led by Energy (+58%) (2) EBITDA margins down 100 bps yoy to 11.0% (3) APAT up 27% yoy to Rs1.3 bn – above estimate

n    Secures orders worth Rs12.5 bn – exceeds expectations, contrary to industry trend. Group order book at Rs64.5 bn

n    Thermax provides encouraging outlook on order inflows for FY12E – Expects order inflow momentum to sustain

n    Maintain FY12E earnings of Rs38.7 (assign low probability of negative surprise) and introduce FY13E earnings of Rs43.3. Retain BUY with revised target price of Rs735 (19.0X FY12E)