The overall capacity utilisation of the company is hovering around 60-65 percent.
Thermax is expecting a lower order intake in FY15 compared to FY14. Speaking to CNBC-TV18, MD MS Unnikrishnan said the overall order intake for FY15 has remained sluggish. He does not see the order inflow cycle turning around significantly over the next two years.
The overall capacity utilisation of the company is hovering close to 60-65 percent. According to Unnikrishnan, plug and play model may improve bidding prospects for the Ultra mega power projects (UMPPs). He believes UMPPs should be pushed through via a pure public-private partnership (PPP) model.
Below is verbatim transcript of the interview:
Q: Last time you said that it is going to take 12-18 months and in that any sort of meaningful recovery will only be seen in FY17. Despite that how has the ordering activity been in FY15, what are you going to wrapping your order book with considering that Q4 you didn't announce any large orders?
A: I am not allowed to give any numbers specifically. If there was a large order it would have certainly be announced. Just give me some more time to declare it to the board first, then shareholders and then the media.
Overall, over intake for the year had been lower in comparison to the previous year. I have not seen any substantial improvement in the larger project ordering even in the last quarter nor is it expected to be turning around in the next one or two quarters.
We will have to depend a lot more on domestic ordering for the smaller projects and wait for sectors that are very important for us like steel and cement to turnaround or start ordering which I don't think is going to be happen immediately because capacity utilisation for them are not at a level where they need to reorder for capacity creation.
Thermax stock price
On April 08, 2015, at 14:30 hrs Thermax was quoting at Rs 1123.00, up Rs 18.00, or 1.63 percent. The 52-week high of the share was Rs 1315.00 and the 52-week low was Rs 712.00.
The company's trailing 12-month (TTM) EPS was at Rs 25.98 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 43.23. The latest book value of the company is Rs 169.94 per share. At current value, the price-to-book value of the company is 6.61.
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