Key Financial Highlights of FY 2022-23

Recorded consolidated revenue of

Rs. 8,090 crore

in FY 2022-23, up 32% as compared to Rs. 6,128 crore in FY 2021-22

Profit After Tax (PAT) stood at

Rs. 451 crore,

up 45% as compared to Rs. 312 crore in the previous year

Order booking for the year at a consolidated level stood at

Rs. 8,788 crore

as compared to Rs. 9,410 crore in
FY 2021-22, down 7%

Concluded an order of

Rs. 522 crore

for two units of 260 TPH high pressure utility boilers and associated systems for a grassroot refinery and petrochemical complex in Rajasthan, India

Received an order for

Rs. 251.7 crore

from an Indian public sector power company for the renovation and modernisation of the ESP package of its 3 x 210 MW thermal power station in West Bengal, India

PERFORMANCE SNAPSHOT FY 2022-23

  • 8% of energy consumption is contributed by renewable energy
  • Installed rooftop solar plants with a combined capacity of
    2.17 MWp at Savli, Jhagadia, Sri City and at Pune offices
  • Harvested 25,490 m3 of rainwater during the year
  • Achieved 5,665 tCO2e of carbon emission reduction
  • Saved 19,424 GJ of energy
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  • Resolved 98.8% of customer complaints
  • Held over 150 customer engagement programmes on energy & water conservation and minimising pollution
  • Built capabilities for sustainability of 146 suppliers through training sessions
  • 4,108 students benefitted from The School Project and Alumni Project
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  • Zero cases under Prevention of Sexual Harassment
    (POSH) Act
  • Compliance is followed with processes and tools in place, and the reporting under the same is done to the Board
  • Restructuring of reporting segments for better transparency
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MESSAGE FROM THE CHAIRPERSON

Thermax Foundation collaborated with NGOs such as Lokbharati and Manavlok, as well as like-minded corporates, to provide skill development programmes for youth and capacity-building initiatives for farmers respectively. I want to express my heartfelt appreciation and commend our NGO partners, CSR team and local support from our employees, for their unwavering efforts in making a significant positive impact on people’s lives.

Meher Pudumjee

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MESSAGE FROM THE
MANAGING DIRECTOR & CEO

As India and the world move to decarbonise and clean up their energy systems, companies such as Thermax will have a valuable role to play in this journey. This means a sense of urgency in everything we do, fostering numerous partnerships within our ecosystem, and shifting capabilities from large specification-driven projects to projects that are bespoke, technology-driven, often smaller in scale but distributed in breadth.

Ashish Bhandari

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Our Core Business Segments

Heating

Steam Engineering Solutions

Cooling

Air Pollution Control

Water and Waste Solutions

Specialised Services

Projects and Energy Solutions

Boilers and Fired Heaters (Higher Capacity)

Specialised Services

Renewable Energy

Build-Own-Operate

Chemical

Agriculture & Allied Industries

Automobiles & Auto Components

Aviation

Engineering & Capital Goods

Food & Beverages

Business Responsibility & Sustainability Report

MANAGEMENT DISCUSSION AND ANALYSIS (MDA)

Overview

Real global gross domestic product (GDP) grew by 3.4% in 2022, as estimated by the International Monetary Fund (IMF).

Performance Snapshot

The consolidated order booking for the year stood at Rs. 8,788 crore, compared with Rs. 9,410 crore in the last fiscal year of FY 2021-22.

Business Segments of the Company

From FY 2022-23, the new reporting segments will be Industrial Products, Industrial Infra, Green Solutions and Chemical.

Financial Performance

During FY 2022-23, the Group recorded an operating revenue of Rs. 8,090 crore as compared to Rs. 6,128 crore in the previous year.

Key Opportunities and Threats

Quick overview of opportunities and threats.