Integrated Filing — IndAS

General information about company
Scrip Code	500411
NSE Symbol	THERMAX
MSEI Symbol	NOTLISTED
ISIN	INE152A01029
Name of company	THERMAX LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	09-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	17-Apr-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Consolidated
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Multi segment
Description of single segment
Start date and time of board meeting	09-May-2025   09:30:00
End date and time of board meeting	09-May-2025   17:00:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	30849300000	103886900000
	Other income	768500000	2522200000
	Total income	31617800000	106409100000
2	Expenses
(a)	Cost of materials consumed	16614400000	55536700000
(b)	Purchases of stock-in-trade	584100000	1931900000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	249600000	666400000
(d)	Employee benefit expense	3320200000	12689400000
(e)	Finance costs	312500000	1167800000
(f)	Depreciation, depletion and amortisation expense	453400000	1585100000
(f)	Other Expenses
1	Other Expenses	7084300000	23984700000
	Total other expenses	7084300000	23984700000
	Total expenses	28618500000	97562000000
3	Total profit before exceptional items and tax	2999300000	8847100000
4	Exceptional items	0	0
5	Total profit before tax	2999300000	8847100000
6	Tax expense
7	Current tax	1319900000	2996300000
8	Deferred tax	-369000000	-418600000
9	Total tax expenses	950900000	2577700000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	2048400000	6269400000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	7100000	-2400000
16	Total profit (loss) for period	2055500000	6267000000
17	Other comprehensive income net of taxes	185500000	-23300000
18	Total Comprehensive Income for the period	2241000000	6243700000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	2057300000	6344700000
	Total profit or loss, attributable to non-controlling interests	-1800000	-1800000
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	185500000	-23300000
	Total comprehensive income for the period attributable to owners of parent non-controlling interests	0	0
21	Details of equity share capital
	Paid-up equity share capital	225300000	225300000
	Face value of equity share capital	2	2
27	Details of debt securities
22	Reserves excluding revaluation reserve		49143600000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	18.27	56.33
	Diluted earnings (loss) per share from continuing operations	18.26	56.31
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	18.27	56.33
	Diluted earnings (loss) per share from continuing and discontinued operations	18.26	56.31
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	26151900000
	Capital work-in-progress	5608400000
	Investment property
	Goodwill	801900000
	Other intangible assets	1105100000
	Intangible assets under development	17400000
	Biological assets other than bearer plants
	Investments accounted for using equity method	97100000
	Non-current financial assets
	Non-current investments	1210100000
	Trade receivables, non-current	1478500000
	Loans, non-current	45500000
	Other non-current financial assets	5440900000
	Total non-current financial assets	8175000000
	Deferred tax assets (net)	1543800000
	Other non-current assets	3659800000
	Total non-current assets	47160400000
2	Current assets
	Inventories	7203000000
	Current financial asset
	Current investments	15679200000
	Trade receivables, current	24175000000
	Cash and cash equivalents	4176800000
	Bank balance other than cash and cash equivalents	7368600000
	Loans, current	12700000
	Other current financial assets	8128700000
	Total current financial assets	59541000000
	Current tax assets (net)	20900000
	Other current assets	6363900000
	Total current assets	73128800000
3	Non-current assets classified as held for sale	91000000
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	120380200000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	225300000
	Other equity	49143600000
	Total equity attributable to owners of parent	49368900000
	Non controlling interest	56900000
	Total equity	49425800000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	11615500000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	543700000
	Total Trade payable	543700000
	Other non-current financial liabilities	1375100000
	Total non-current financial liabilities	13534300000
	Provisions, non-current	403800000
	Deferred tax liabilities (net)	300400000
	Deferred government grants, Non-current
	Other non-current liabilities	365000000
	Total non-current liabilities	14603500000
	Current liabilities
	Current financial liabilities
	Borrowings, current	5317900000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	7497800000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	9468500000
	Total Trade payable	16966300000
	Other current financial liabilities	2307600000
	Total current financial liabilities	24591800000
	Other current liabilities	27106100000
	Provisions, current	3740900000
	Current tax liabilities (Net)	912100000
	Deferred government grants, Current	0
	Total current liabilities	56350900000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	70954400000
	Total equity and liabilites	120380200000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	a. Industrial Products	14304100000	45289900000
2	b. Industrial Infra	14151900000	47145600000
3	c. Green Solutions	1518700000	6898800000
4	d. Chemical	2101000000	7628300000
	Total Segment Revenue	32075700000	106962600000
	Less: Inter segment revenue	1226400000	1226400000
	Revenue from operations	30849300000	103886900000
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	a. Industrial Products	2062700000	5290300000
2	b. Industrial Infra	389300000	1100800000
3	c. Green Solutions	-80900000	-8600000
4	d. Chemical	349100000	1222600000
	Total Profit before tax	2720200000	7605100000
	i. Finance cost	83400000	83400000
	ii. Other Unallocable Expenditure net off Unallocable income	-369600000	-369600000
	Profit before tax	3006400000	8844700000
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	a. Industrial Products	22400700000	22400700000
2	b. Industrial Infra	29617900000	29617900000
3	c. Green Solutions	23165200000	23165200000
4	d. Chemical	8826600000	8826600000
	Total Segment Asset	84010400000	84010400000
	Un-allocable Assets	36369800000	36369800000
	Net Segment Asset	120380200000	120380200000
4	Segment Liabilities
	Segment Liabilities
1	a. Industrial Products	20705100000	20705100000
2	b. Industrial Infra	28292100000	28292100000
3	c. Green Solutions	17890100000	17890100000
4	d. Chemical	1100900000	1100900000
	Total Segment Liabilities	67988200000	67988200000
	Un-allocable Liabilities	2966200000	2966200000
	Net Segment Liabilities	70954400000	70954400000
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Re-measurement gain on defined benefit plan	65200000	-92400000
	Total Amount of items that will not be reclassified to profit and loss	65200000	-92400000
2	Income tax relating to items that will not be reclassified to profit or loss	15900000	-23300000
3	Amount of items that will be reclassified to profit and loss
1	Exchange differences on translating of foreign operations	23600000	100800000
2	Net gain/(loss) on cash flow hedges	146700000	-73500000
	Total Amount of items that will be reclassified to profit and loss	170300000	27300000
4	Income tax relating to items that will be reclassified to profit or loss	34100000	-18500000
5	Total Other comprehensive income	185500000	-23300000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Consolidated
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			8847100000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			1540100000
	Adjustments for decrease (increase) in inventories			775900000
	Adjustments for decrease (increase) in trade receivables, current			-3293500000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			195100000
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			-3602800000
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			1547500000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			5200800000
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			1585100000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			805300000
	Adjustments for provisions, current			430000000
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			36400000
	Adjustments for other financial liabilities, non-current			122500000
	Adjustments for unrealised foreign exchange losses gains			41300000
	Adjustments for dividend income			0
	Adjustments for interest income			675800000
	Adjustments for share-based payments			58400000
	Adjustments for fair value losses (gains)			-1179000000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			0
	Other adjustments to reconcile profit (loss)			-145200000
	Other adjustments for non-cash items			0
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			3442100000
	Net cash flows from (used in) operations			12289200000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			1861300000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			10427900000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			0
	Other cash payments to acquire equity or debt instruments of other entities			1381200000
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			0
	Purchase of property, plant and equipment			9026700000
	Proceeds from sales of investment property			24500000
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			0
	Interest received			638400000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-2660500000
	Net cash flows from (used in) investing activities	-12405500000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			0
	Proceeds from issuing other equity instruments			100000
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			12948100000
	Repayments of borrowings			8612000000
	Payments of lease liabilities			60800000
	Dividends paid			1352300000
	Interest paid			1757600000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			70000000
	Net cash flows from (used in) financing activities			1235500000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			-742100000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			0
	Net increase (decrease) in cash and cash equivalents			-742100000
	Cash and cash equivalents cash flow statement at beginning of period			4871800000
	Cash and cash equivalents cash flow statement at end of period			4129700000