Thermax Ltd. — Interim / Quarterly Report 2022

Nov 10, 2021

THERMAX LIMITED THERMAX HOUSE, 14 MUMBAI - PUNE ROAD, WAKDEWADI, PUNE 411 003, INDIA D TEL.: +91 20 25542122, 25542263 D FAX: +91 20 25541226 Website : www.thermaxglobal.com D IT PAN - AAACT 391 OD Customer Care: 18002090115 (India Toll Free)

Date: November 10, 2021

To The Secretary BSE Limited PJ Towers, Dalal Street Mumbai: 400 001 Company Scrip Code: 500411

National Stock Exchange oflndia Limited Exchange Plaza C-1, Block G, Bandra Koria Complex, Bandra (E) Mumbai - 400 051 Company Scrip Code: THERMAX EQ

Sub: Outcome of the Board Meeting

Ref: Regulation 30 and 33 of SEBT (LODR) Regulations, 2015

Dear Sir,

1. We are enclosing for your reference and record, standalone and consolidated Unaudited financial results for the quarter and half year ended September 30, 2021 as approved in the Board Meeting held today i.e. November IO, 2021.

With respect to the aforesaid financial results, we are also enclosing a copy of the-

• a) 'Limited Review' Report of the Statutory Auditors of the Company; and
• b) Press Release giving highlights of the results.
• 1. Mr. Ravi Gopinath has been appointed as an Additional and Independent Director of the Company for a term of Five years with effect from November 10, 2021 up to November 9, 2026. Brief profile of Mr. Gopinath is appended herewith.
• 1. Approved "Thermax Limited Employees Stock Option Plan 2021" ("ESOP 2021 ")and proposal of issuance of stock options to employees of the Company as per the SEBI (Share Based Employee Benefits) Regulations, 2015 not exceeding 2.44% of the Company's share capital, subject to approval of the shareholders through postal ballot.

The Board Meeting commenced at 12.30 p.m. (IST) and concluded at 5:00 p.m.

You are requested to kindly acknowledge receipt of the above.

Thanking you,

Yours faithfully,

For THERMAX LIMITED

(/

~ fa':havi Kbele Com paoy Secretary Membership No: A20601 Encl: As above

THERMAX LIMITED
Regd. Office: D-13, M.I.D.C. Industrial Area, R.D.Aga Road, Chinchwad, Pune - 411 019
Corporate Identity Number- L29299PN1980PLC022787
Statement of unaudited financial results for the quarter and half year ended September 30, 2021

				R~. inron.~)
Sr.	Particulars	Consolidated
!"lo.		Quarter endedSept30,2021	Quarter ended Sept30,2020	Half Year endedSept30,2021
		(Unaudited)	(Unaudited)	(Unaudited)
I	Revenue from operations	1,469.32	1.141.20	2,521.68
2	Profit before exceptional items, non controlling interest and tax *	114.29	68.74	170.55
3	Exceptional Expenses		24.65
4	Profit before non controlling interest and tax •	114.29	44.09	170 55
5	Net Profit for the period*	87.92	31.24	130.32
6	Total Comprehensive Income	82.02	31.06	130.49
7	Equity Share Capital	22.52	22.52	22.52
8	Earnings Per Share (of Rs. 2/-each)Basic and Diluted (Rs )	7.80	2.78	11.57

* There are no extraordinary items in any of the period disclosed above.

Notes:

1 The above is an extract of the detailed format of unaudited Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended. The full format of the unaudited financial results is available on the Stock Exchange websites (URL:www.nseindia.com,www.bseindia.com) and also on the Company's website (URL: www.Thermaxglobal.com)

	2. Key financial ti_gures for Thermax Limited (Standalone) are as follows			(Rs. inron~)
Sr.	Particulars	Quarter endedSept 30, 2021	Quarter ended Sept Half Year ended30,2020	Sept30,2021
No.		fUnaudited)	(Unaudited)	(Unaudited)
	Revenue from operations	1.007.38	714.72	1,717.03
"·l-	Profit before exceptional items	80.28	56,88	118,81
3	Exceptional Expenses		12.54
4	Profit before tax	80.28	44.34	118.81
5	Net Profit for the period	59.90	33.61	90.42
	"· ~ Total comprehensive income for the period	58.78	35.51	89.77
7	Equity Share Capital	23.83	23.83	23.83
8	Earnings Per Share (of Rs. 2/- each)Basic and Diluted (Rs.)	5.03	2.82	7 59

3. Exceptional Items:

			(Rs. in Crorc)
Particulars	Standalone
	Quarter endedSept 30, 2021	Quarter ended Sept Half Year ended30,2020	Sept30,2021
	(Unaudited)	(Unaudited)	(Unaudited)
A.Voluntary Retirement Scheme		5.86
B. Provision for closure ofOmnical Kessel & Apparatebau GmbH, Germany		6.68
Total		12.54

Particulars	Cons()lidated
	Quarter endedSept 30, 2021	Quarter ended Sept Half Year ended30,2020	Sept 30, 2021
	(Unaudited)	(Unaudited)	(Unaudited)
A.Voluntary Retirement Scheme		9.15
B. Impairment of certain assets of Boilerworks A/S		8.82
C. Provision for closure of Omnical Kessel & Apparatebau GmbH, Germany		6.68
Total		24.65

For T mu Limited

Mrii. ,\ ud 1jee - Chairperson

Place: Pune Date: November 10, 2021

Sustainable Solutions in Energy & Environment

THERMA.X LIMITED Regd. Office: D-13, M.l.D.C. Industrial Area, R.D. Aga Road, Chinchwad, Pune-411 019 . Co1·porate Identity Numbe1· - L29299PN 1980PLC022787 - Statement of unaudited financial results for the quarter and half year ended September 30, 2021

						I Rs. in Crorr}
			Consolidated
		Quarter ended		Half Year ended		Year ended
Pa11iculars	Seot30. 2021	June 30. 2021	Sept 30. 2020	Sept 30. 2021	Sept 30, 2020	Madi. 2021
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
I Income:
(a) Revenue from operations	1,469 32	1,052 36	1,141 20	2,521 68	1,806 14	4,791 25
(b) Other income	36 75	25 39	22 77	62 14	43 69	107 74
Total Income	1,506.07	1.077.75	1.163.97	2.583.82	1,849.83	4.898.99
2 Expenses:
(a) Cost of raw malenals and componenls consumed	803 07	555 19	613 82	1,358 26	917 OJ	2,467 43
(b) Purchase of traded goods	27 75	22 55	21 48	50 30	31 65	83 36
(c) Changes m inventories of finished goods, work-in-progress and traded goods	(22 841	(44 98)	(4 36)	(67 82)	16 52	(12 16)
(d) Employee benefits expense	195 58	191 20	188 97	386 78	371 38	758 76
(e) Finance cost	5 05	4 78	4 69	9 83	8 69	20 64
(f) Depreciation and amortisation expense	27 42	27 39	28 68	54 81	56,70	114 57
(g) Other expenses	355 75	265 36	241 95	621 11	401 61	1. 138 67
Total Expenses	1.391.78	1,021.49	1.095.23	2.413.27	1,803.58	4,.571.27
3 Profit before exceplional items, non controlling interest and tax	114.29	56.26	68.74	170.55	46.25	327.72
4 Exceptional Items (loss) (Refer note no 7)			(24 65)	-	(24 65)	(52 53)
5 Prolit befo1·e non controlling interest and tax	114.29	56.26	44.09	170.SS	21.60	275.19
6 Tax expense
(a.) Current tax (including write back of lax balance for earlier years)	2644	13 30	21 31	39 74	32 61	74 85
(b) Deferred tax e,.,.pense I (credit)	(0.07)	0.56	(8 46)	049	(26 98 )	(6 241
Total tJx ex;oense	26 37	13 86	12 85	40 23	5 63	68 61
7 NelProlit for the period	87.92	42.40	31.24	130.32	15.97	206.58
8 Other Comprehensive Income, net or tax
(a ) Items that will be reclassified Lo profit or loss in subsequent periods	(0 55)	4 72	(3 26)	4 17	9 79	12,69
(b) Items lhat will not be reclassified to profit or loss in subsequenl periods	15 35)	I 35	3 08	(4 00)	0,33	4 22
Total Other comprehensive income for lhe period	15.90)	6.07	I0.18)	0.17	I0.12	16.91
9 Total Comprehensive Income for the neriod lincludinP non-controlline interest)	82.02	48.47	31.06	130.49	26.09	223.49
10 Net profit attributable to :
-Equity holders	87 92	42 40	31 24	130 32	15 97	206 58
-Non controlling interest	-
I I Other Comprehensive Income, net or tax att1;butable to:
-Equity holders	(5 90)	6 07	(0 18)	0 17	10 12	16 91
-Non controllmg interest				-	-	-
12 Total Comprehensive Income att1ibutable to:
-Equity holders	82 02	48 47	31 06	130 49	26 09	223 49
-Non controlling interest				-		-
IJ Paid-up Equity Share Capital (Face Value of Rs 2/- each)	22 52	22 52	22 52	22 52	22 52	22 52
1-1 Other equity						3,228.87
IS Earnings Per Share (in Rupees) (not annualised)
Basic and Diluted	7 80	3 77	2 78	11 57	I 42	18 34
See accompanvmg, notes to the financial results

							(Rs. in C1·urol
		StandaloneHalf Year ended
	Pa11icula1'S	Sem JO, 2021	Q u.1r1u rndc:-dJune JO. 2021	Sont lO, 2020	Sent 30. 2021	Srot JO. 2020	YeBrm ~dM•r31. 20?1
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
I	Income:
	(ct) ~ve.i 1u ~ from operationstb} Other income	1,007 3830 92	709 6522 76	714 7226 29	1,717 03H .68	1, 143 2650 10	3,131 48140,40
	ToUll Income	L,038.30	732AI	741.01	1;770.71	l ,l9336	3.271.88
	2 E:cpC'.nns:
	ttil Co:Sl of raw materials and components consumed	573 17	396 88	380 27	970 05	556 27	1,632 07
	(hl PurcJin,sc of traded goods	26 78	21 91	20 60	48 69	30 31	80 20
	(c ) Chaf1£f.:S in inventories of finished goods, work-jn-progress and traded goods	0 12	(34 79)	(0 40)	(34 67)	37 30	8 18
	(d) E.mpluyc: benefits expense	120 55	112 25	11769	232 80	217 92	453 79
	{c) Finance cost	2 39	212	I 86	4 51	3 62	8 57
	(I) Depreciation and amortisation expense	16 08	16 25	15 48	32 33	30 67	63 99
	(g.) Other expenses	218 93	179 26	148.63	398 19	264 00	739 13
	Total Expenses	JlSS.02	6113,88	684.13	l.i;Sl.90	1~0.09	l,!185:93
3	Profit before exceptional items and tax	80,28	38.53	56.88	118,81	53.27	285.95
	4 Exceptional items (net) (Joss) (Refer note no 7)			(1 2:5-1)		112.54 )	(103 03 1
	5 Prolit before lax	80.28	38.53	44.34	118.81	40.73	182.92
	6 Tax expense
	(a) Current tax (including write back of tax balance for earlier years)	22 51	914	13 81	31 65	22 54	55 11
	(b) Deferred tax expense I (credit)	['.!.Ill	I I !Ji	[) ,08 1	(J.'.!61	113.50)	(13.211
	Tato.J tax exi:i.e nse	20 38	8 01	10 73	28 39	9,04	41 90
7	Net prof11 fo1• the pt'i'iod	59.90	30.52	33.61	90.42	31.69	141.02
	8 Other Comprehensive Income, net of tax
	(a) Items that will be reclassified to profit or loss in subsequent periods	0.03	0 02	(0 37)227	005(0.70)	DOI	(0.04)
	(b) Items that will not be reclassified to profit or loss in subsequent periodsTotal 01he1· compr't'hensive income for the pr-riod	[1.15)(1.12)	0.450.47	1.90	(0.6>)	ID)I0. 13)	0910.87
	9 Total coml'.lrt-htmi\1t" income for the D("lioLI	SS.'18	30.99	lS!SI	89:77	3 1.56	14U9
	10 Paid-up Equity Share Capital (Face Value of Rs 2(- 'each)	23 83	23 83	23 83	23 83	23 83	23 83
	I I Other equity						2,855 55
	12 Earnings Per Share (m Rupees) (not annualised)
	Basic and DiluLed	5 03	2 56	2 82	7 59	2 66	11 83
	INITIAL FOR IDENTIFIC rumSc accornll!l "i~ ll g tq1~11ll results
	. /,,__"';, '4.iRY
	U'S¥--Y:>C .\ Cl>LJP)#co LLPSRBC & "uNc-

~ "uNc-# SRBC & co LLP

. THERMAX LIMITED Regd. Office: D-13, M.I.D.C. Industrial Area, R.D. Aga Road, Chinchwad, Pune- 411 019 - Corporate Identity Number- L29299PNl980PLC022787 . Statement of unaudited financial results for the quarter and half year ended September 30, 202 l

Statement of Asset and LiabilitiesStandaloneConsolidatedMar 31, 2021Sept 30, 2021Sept30.2021Particulars(Audited)(Unaudited)(Unaudited)A AssetsNon-current assetsI.1,042.69660 661,010.55Property, plant and equipment21.0628,1428.59Capital work-in-progress167.4077.26167 05Right-of-use assets3.033.03Goodwill28.9219 1729.90Other intangible assets--3.10Intangible assets under development--638.47Investments in subsidiariesFinancial assets:1 l9.2I539.70473.58(a) Investments147.05100.87147.05(b) Trade receivables3.176.926.43(c) Loans-61.0271.67(d) Finance lease receivables9.0770.0384.61(e} Other assets161.0456.76158.09Deferred tax assets (net)136.14I75 ,27163.09Income tax assets (net)76.4086.3692.52Other assets2.040.412.391.992.442.67Sub-total - Non-current assetsII. Current assets404.74298.43575 20InventoriesFinancial assets:538.61115.25703.93(a) Investments696.721,237.101,011.98(b) Trade receivables129,97284.41461.31( c) Cash and cash equivalents512.551 ,477.89	Mar 31, 2021(Audited)675.9220.2677.96-16 803. 10604 94183 23100,873 05
	-
	8.61
	53.28
	124.78
	75.30
	1,948.IO
	245 94
	114.94
	823.52
	181.93
817.71(d) Bank balances other than (c) above	1,204.85
I 131.621.70(e) Loans	76 80
-I l.4213.53(f) Finance lease receivables
374.04137 50366, 18(g) Other assets	146.85
-2.972.60Income tax assets (net)	0.68
380.41291 39424.09Other assets	288.86
4,466.462,606.304,201.62Sub-total - Current assets	3,084.37
4.998.296.644.296.506.87Tota I Assets	5,032.47
B Equity and Liabilities
I.Equity
23.8322.5222.52Equity share capital	23.83
2.861.913.280.283.228.87Other equity	7.855.55
2.885.743.302.803.251.39Equity attributable to equity share holders of parent Company	2.879.38
II. Non-current liabilities
Financial liabilities:-
18,7722.16(a) Borrowings
4.946.615, lO(b) Lease I iabi I ities	5 30
63 ,5252 9332 94( c) Trade payables	44 32
3,0918.3018.07(d) Other liabilities	3.95
12.3524.8525 86Provisions	11.79
-3.627.01Deferred tax liabilities (net)	-
33.3754.2572.18Other liabilities	50.87
117.43177.66184.83Sub total - Non-current liabilities	116.23
III. Current liabilities
Financial liabilities:
155.00280 16295.26(a) Borrowings	140.75
1 392 693.86(b) Lease liabilities	1.61
(c) Trade payables
178.49284.54252.65Total outstanding dues of micro and small enterprises	169.56
Total outstanding dues of creditors other than micro and small enterprises885.36582.90779.46	671.70
78.04l 12 52107.09(d) Other liabilities	68 25
864.371,478 071,306.18Other liabilities
113 32202.34195.14Provisions	856.05
ry5.1 I2L6124.05Income tax liabilities (net)	105 84
1.995.123,163.833.070.65Sub total - current liabilitiesr	23 10
4,998.296,644.296,506.87Total Equity and LiabilitiesI	2,036.865,032.47

• 0 INJTIAL FOR IOENTIFICATI~ .:r:: ({\ I- 0BY *

UNC.-~ "~- ~~tl-~W u..t

BC & CO LL

THERMAX LIMITED Regd. Office: D-13, M.l.D.C. Industrial Area, R.D. Aga Road, Chinchwad, Pune-411 019 Corporate Identity Number - L29299PN1980PLC022787 Statement of unaudited financial results for the quarter and half year ended September 30, 2021

Notes to the financial results:

1 These results have been reviewed by the Audit Committee and approved by lhe Board of Directors at its meeting held on November I 0, 2021 .

	2. Statement or Cash flow for the lrnlfyear ended as at Se.ptcmbcr JO, 2021	Consolidated		Standalone	(Rs. in Crore)
		Sept 30, 2021	Sept 30, 2020	Sent 30, 2021	Sept 30, 2020
	Particulars	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	Cash flows from operating activities
A)	Profit before tax (after exceptional item)	170.55	21 60	118 81	40.73
	Adjustments to reconcile profit before tax to net cash flows
	Depreciation/Amortization on Property, plant and equipment (PPE) and right-of-use assets	53,37	52.73	31.55	28.53
	Amortization of intangible assets	1.44	3.97	0 78	2. 14
	Provision for impainnent allowance of financial assets (net)	6.87	(10.91)	7.22	8.40
			15.50		5.86
	Provision on accounl of impainnent of certain assets	5.53	5.75	2.26	1.97
	Interest expense	4.30	2.94	2.25	1.65
	Unwinding of discount on provisions	(3.78)	10.73	( 1.17)	( 1.81)
	Unrealized foreign exchange (gain)/loss			(27.58)
	Interest income	(31.85)	(27 .95)	(3.35)	(34.36)
	Liabilities no longer required written back	(4 52)	( 1.50)		(I 23)
	Fair value gain on financial instrument at fair value through profit and Joss (net)	(19.81)	(7.78)	( 18.4 I)	(6.56)
	(Profit)ILoss on sale I discard of assets (net)	(0 37)	0.41	(0 28)	0 05
	Working capital adjustments
	(Increase)/ Decrease in trade receivables	186.86	268.03	85 54	96 24
	(Increase)/ Decrease in inventories	(I 70.46)	59.38	(52.49)	45.47
		(13 40)	40.34	(I 03)	(22 12)
	(Increase)/ Decrease in other financial assets	(35.38)	52.16	(2 12)	(29 36)
	(Increase)/ Decrease in other assets	(49.70)	(51.99)	(57.79)	34.84
	Increase/ (Decrease) in trade payables		17.83	(9 18)	51.52
	Increase/ (Decrease) in other liabilities	153.96		5,79	3.55
	lncrease/ (Decrease) in provisions	(3.46)	2.38
	lncrease/ (Decrease) in other financial liabilities	(0.09)	( 14.&J)	4 32	2.77
	Cash generated from operations	250.06	438.79	85.12	228.28
	Direct taxes paid (net ofrefunds received)	(49.03)201.03	(32.90)405.89	(39.48)45.6<1	(37 57)190.71
	Net cash inflow from I (used in) operating activities
B)	Cash flows (used in) I from investing activities
	Purchase of PPE, right-of-use assets and intanb~ble assets (net of disposal)	(30.64)	(37.18)	(27.66)	(25.0l)
	Repayment of loan given to subsidiaries (net)		-	76.00	40 00
	Investment in subsidiaries		-	(34.60)	(25.1 I)
	(Inveshnent) I proceeds in fixed deposits and other investments (net)	(296.57)	(218.69)	(84.95)	(200 77)
	Interest received	46.0I	11 31	38.91	19,06
	Net cash flows (used in) I from investing activities	(281.20)	(244.56)	(32.30)	(191.83)
C)	Cash flows (used in) I from financing activities
	(Repayment) I proceeds of borrowings (net)	8 16	11.96	14.25	13.85
		(5 47)	(5.76)	(2 26)	(1.97)
	Interest paid	(79 08)		(83.41)	-
	Dividend paid	(2.84)	(-1.73)	(0.42)	(0.75)
	Payment oflease liability	(79.23)	J.47	(71.84)	11.13
	Net cash flows from/(used in) financing activities
	Net increase I (decrease) in cash and cash equivalents	(159.40)	162.80	(58.50)	10.01
	Cash and cash equivalents at the beginning of the period	418 81	199.00	180 20	83.43
	Exchange differences on translation of foreign operations	2.63	6.03
	Cash and cash equivalents at the end of the period	262.04	367.83	121.70	93.44
	Reconciliation or cash and cash equivalents as per the cash now statement:
	Cash and cash equivalents	284.41	434.66	129 97	99 83
		(14 IO)	(60.44)		-
	Bank overdraft
	Book overdraft	(8.27)	t6.39)	(8,27)	(6.39)

INITIAL FOR IDENTIFICATION BY SRBC&

		THERMAX LIMITED
		Regd. Office: D-13, M.I.D.C. Industrial Area, R.D. Aga Road, Chinchwad, Pune - 411 019
		Corporate Identity Number - L29299PN1980PLC022787
	Statement of unaudited financial results for the quarter and half year ended September 30, 2021
3	Segment information as per Ind AS 108 'Operating segments' for consolidated financial results				Half Year ended		(Rs. in Crore)
			Ouarter ended				Year ended
	Particulars	Sept 30, 2021	June 30, 2021	Sept 30, 2020	Sept 30, 2021	Sept 30, 2020	Mar 31, 2021
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Segment Revenue
	a. Energy	1,057 22	762.68	88578	1,819.90	1.386.14	3.627.29
	b . Environment	31191	180.38	155.03	492.29	238.89	794 13
	c. Chemical	128.67	12270	$11 + 50$	251.37	198.75	$429 + 5$
	Total	1,497.80	1,065.76	1,155.31	2,563,56	1,823.78	4,850.87
	Less: Inter segment revenue	28.48	13.40	14.11	41.88	17.64	59.62
	Income from operations	1,469.32	1,052.36	1,141.20	2,521.68	1,806.14	4.791.25
	Segment Results(Excluding exceptional items)
	Profit/(Loss) before tax and interest from each segment
	a Energy	$8 + 12$	27 86	38.79	111.98	1235	21771
	b Environment	636	275	10.33	9.11	(0.20)	37.59
	c Chemical	19.90	2162	34.97	41.52	52 25	103.38
	Total	110.38	52,23	84.09	162.61	64,40	358.68
	Less : i) Interest	5.05	478	469	983	8.69	20.64
	ii) Other unallocable expenditure net of unallocable (income)	(896)	(881)	10.66	(1777)	$9 + 6$	1032
	(iii) Exceptional items (relating to Energy segment)			24 65		24.65	52 53
	Total profit before tax	114.29	56.26	44.09	170.55	21.60	275.19
ш	Segment Assets
	a Energy	2.740.76	2.64149	2,822.04	2,740.76	2,822.04	2.759.84
	b Environment	560.49	525.39	398.53	560.49	398.53	521 21
	c Chemical	443.30	439.57	38871	443 30	388.71	415.06
	d. Unallocated	2,899 74	2,893.62	2.357.59	2,899.74	2,357.59	2.810.76
	Total Assets	6,644.29	6,500.07	5,966.87	6,644.29	5,966,87	6,506.87
w	Segment Liabilities
	a Energy	2.489.33	2.378.70	2.227 32	2.489.33	2,227.32	2.445 37
	b . Environment	573 26	51533	400.94	573 26	400.94	$516 + 1$
	c Chemical	72.90	69.75	65.61	7290	65.61	61.90
	d. Unallocated	206.00	$236 + 2$	219.01	206.00	219.01	231 80
	Total Liabilities	3.341.49	3,200.20	2,912.88	3,341.49	2.912.88	3.255.48

During earlier ears. the Group had recei' ed demand notices from the Excise department co\ ering period from July 2000 till June 2017 ror Rs l,385 47 crores (including penal!~ but excluding mlerest not presenLI~ quantified) These demands a.re of e"Xc1se duL~ pa~ able on inclusion of Lhe cost of bought out items in Lhe assessable 'alue of certain products manufactured_ though such dut) paid bought out items are direct!~ dispatched b~ 1he manufoclurers lhereor Lo the ultimate customer, \ilhout being recei\ed in the foctories The Holding Company has filed an appeal againsl lhe said orders recei\ed berore CESTAT. Mumbai Based on an independent legal ad\ ice_ Lhe Holding Com pan) is con!idenl of Lhe issue being ultimatel) decided in its fin our and according!~_ no prO\ ision has been considered necessal')

~The Group has considered lhe possible efTects Lhal ma) resull from COVlD-19 in the preparation of these financial results including the reco\erabilit) ofcarl)ing amounts of financial and non-financial assets In de\ eloping lhe assumptions relating lo lhe possible fu1ure uncertainties in the economic conditions because of COVlD-19. the Group has_ al the d<ile of appro' al of the financial results. used internal and external sources of information and expects Lhal Lhe C<ln) ing amount of the assets "ill be reco\ ered The impact of COVID-19 on Lhe Group's financial results ma) differ from Lhal es Li ma Led as <il lhe dale of appro\ al of the same

r. The Code on Socia.I Securil). 2020 ("Code") relating Lo emplo~ee benefits recei,~d Presidential assent in September 2020 The Code has been published in Lhe Gazelte of India.. ho\e\er_ Lhe dale on "hich the Code" ill come into efTect has nol been notified and the final rules/inlerprelalion ha\ e nol et been issued b Lhe GO\ emment of India The Group \ill assess lhe impact of the Code "hen it comes into eITect and \ill record arl) related impact in the period lhe Code becomes eIT ecti' e

7 Exceptional Items:

			Standalone			(Rs. in Crore)
Particulars		Quarter ended			Half Year ended
	Sept 30, 2021	June 30, 2021	Sept 30, 2020	Sept 30, 2021	Sept 30, 2020	Mar 31, 2021
A Voluntary Retirement Scheme			5.86	œ.	5.86	5.86
B. Provision for closure of Omnical Kessel & Apparatebau GmbH, Germany			6.68	COL	6.68
. Impairment of investments in subsidiaries/ other recoverables*ĸ
Thermax Netherlands B.V.						74.68
II. Thermax Engineering Singapore Pte Ltd.	$\overline{\phantom{a}}$	$\frac{1}{2}$	œ.	$\omega$	演	22.49
Total			12.54	S.	12.54	103.03

(Rs. in C1·ore)

Particulars	Consolidated
		Ouarter ended			Half Year ended
	Sept 30, 2021	June 30, 2021	Sept 30, 2020	Sept 30, 2021	Sept 30, 2020	Mar 31, 2021
A Voluntary Retirement Scheme			915	$\left( \frac{1}{2} \right)$	915	915
B Impairment of certain assets of Boilerworks A/S			8.82		882	8.82
C. Provision for closure of Omnical Kessel & Apparatebau GmbH, Germany	$\sim$		6.68		6.68	1.68
D Impairment of goodwill in subsidiary - Thermax Netherlands B.V. *				电	÷	32.88
Total			24.65		24.65	52.53

•considering Lhe current market scen<irio and performance of subsidiaries_ the Group had accounled for pro\ 1s1on for impairment of certain 1m eslmenls/good\ ill in subsidiaries

/" ~"""' t Ll f t1SUtl11 n.ble Sol.ution.J In Encrn'' & Em.i ronmtn«

_UJ; f.;)_ S~&C ~ l-Ot,Lf> q, - SRBC & co LLP ~ HJ:_ ""

K The MCA \ide notification dated March 24. 2021 has amended Schedule Ill to the Companies Acl. 2013 in respect of certain disclosures Amendments are applicable from April L 2021 The Group has incorpornled the changes as per the said amendment in Lhe results including !igures for pre\ ious ~ear/ periods. \ here\ er necessm

rnr Thr.nn.-u Limited Place: Pune h:~jee Date: No' ember Io_ 2021 - INITIAL FOR IDENTIFICATUJN Chai1·person

~Cl"l "'-

Grou nd Floor Panchsh il Tech Parl1, Ye rwada <Near Don Bosco School) Pune - 41 1 006, India Tel : +9 1 20 6603 6000

Independent Auditor's Review Report on the Quarterly and Year to Date Una udited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Thermax Limited

• I. We have reviewed the accompanying Statement of unaudited consolidated financial results of Thermax Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the qua11er ended September 30, 2021 and year to date from April I, 2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Rep011ing" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chattered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD 1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the following entities:
  • a. Danstoker A/S, Denmark
  • b. Danstoker Poland Sp. Z.o.o., Poland
  • c. Ejendomsanpa11sselskabet lndustrivej Nord 13, Denmark
  • d. Boilerworks A/S, Denmark
  • e. First Energy Private Limited, India
  • f. Rifox-1-Ians Richter Gmbl-I Spezialarmaturen, Germany
  • g. Boilerworks Prope11ies ApS, Denmark
  • h. Enernxt Private Limited, India
  • 1. PT Thennax International, Indonesia
  • J. Thermax Babcock & Wilcox Energy Solutions Private Limited, India

SR BC & CO LLP

Cha;tered Accountants

Page 2of3 Thermax Limited

• k. Thermax Cooling Solutions Limited, India
• I. Thermax Denmark ApS, Denmark
• m. Thermax do Brasil Energia Equipamentos Ltda., Brazil
• n. Thermax Employees ESOP and Welfare Trusts (73 nos.)
• o. Thermax Energy and Environment Philippines Corporation, Philippines
• p. Thermax Energy & Environment Lanka (Private) Limited, Sri Lanka
• q. Thermax Engineering Construction Company Limited, India
• r. Thermax Engineering Construction FZE, Nigeria
• s. Thermax Engineering Singapore Pte. Ltd., Singapore
• t. Thermax Europe Limited, United Kingdom
• u. Thermax Inc., United States of America
• v. Thermax Instrumentation Limited, India (including 3 branches)
• w. Thermax International Limited, Mauritius
• x. Thermax International Tanzania Limited, Tanzania
• y. Thennax (Thailand) Limited, Thailand
• z. Thermax Netherlands B.V., Netherlands
• aa. Thermax Nigeria Limited, Nigeria
• bb. Thermax Onsite Energy Solutions Limited, India
• cc. Thermax Sdn. Bhd, Malaysia
• dd. Thermax Senegal S.A.R.L, Senegal
• ee. Thermax Sustainable Energy Solutions Limited, India
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to note 4 of the Statement relating to the demand orders on the Group for Rs. 1,385.47 crores (including penalty of Rs. 331.88 crores and excluding interest not presently quantified) by the Commissioner of Central Excise, Pune. The Holding Company has filed an appeal against the said orders. Our conclusion is not modified in respect of this matter.
• 1. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of I 0 subsidiaries, 2 branches of a subsidimy and 73 trusts, whose unaudited interim financial results include total assets of Rs. 612.11 crores as at September 30, 2021, total revenues of Rs 136.69 crores and Rs 253. 78 crores, total net profit after tax of Rs. 14.59 crores and Rs. 16.91 crores, total comprehensive income of Rs. 14.14 crores and Rs. 17.26 crores, for the qua11er ended September 30, 2021 and the six months period ended on that date respectively, and net cash outflows of Rs. 3 .18 crores for the period from Apri I I, 2021 to September 30, 2021 , as considered in the Statement which have been reviewed by their respective independent auditors.

The independent auditor's repo11s on interim financial results and other financial information of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, branches of a subsidiary and trusts are based solely on the repo11s of such auditors and procedures performed by us as stated in paragraph 3 above.

SR BC & CO LLP

Page 3of3 Thermax Limited

Chartered Account ants

1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of 15 subsidiaries, whose interim financial results and other financial information reflect total assets of Rs 93 .52 crores as at September 30, 2021, and total revenues of Rs 9. 11 crores and Rs 19.12 crores, total net loss after tax of Rs. 0.29 crores and Rs. 0.44 crores, total comprehensive loss of Rs. 0.29 crores and Rs. 0.44 crores, for the qua1ier ended September 30, 2021 and the six months period ended on that date respectively and net cash outflows of Rs. 4.89 crores for the period from April I, 2021 to September 30, 2021.

The unaudited interim financial results and other unaudited financial information of these subsidiaries have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management.

For S RB C & CO LLP Chartered Accountants ICAI Firm istration number: 324982E/E300003

pw.vlal K handelwal

Pa1iner Membership No.: 501160 UDIN: "2-\ S 011 bO l\IHtA l>M c; "1bK

Place: Pune Date: November I 0, 2021

Ground Floor Panchsl11I Tech Pa rl1, Yerwada (Nea r Don Bosco Sc hool) Pune - 4 11 006, India Tel : +91 20 6603 6000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Thermax Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Thermax Limited (the "Company" ) for the quaiter ended September 30, 2021 and year to date from April I, 2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Repo1ting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS ') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S RB C & CO LLP Chartered 'ccountants ICAI \ ;s"at;on umbc" 324982E/E300003

~',

pe r· evlal Khandelwal Partner Membership No.: 501160 UDIN: 2..1 SOl l {,OAAf:1~ DL'i9<6i

Place: Pune Date: November I 0, 2021

Press Release

Thermax Q2 order booking up by 67°/o and profit after tax, before exceptional items is higher by 58°/o

Pone: November 10, 2021

For the second quarter of FY 2021-22, Thermax posted a consolidated operating revenue of Rs. 1,469 crore, up 29% as compared to Rs. 1, 141 crore in the corresponding quarter, last year. Profit after tax (PAT) stood at Rs. 88 crore, up 183% as compared to Rs. 31 crore in the corresponding quarter of FY 2020-21. Last year, exceptional items impacted the results on account of Voluntary Retirement Scheme, impairment of certain assets of Boilerworks A/S and provision for closure of German subsidiary claims, totalling to Rs. 24.65 crore. Profit after tax, before exceptional items of last year was higher by 58%.

As on September 30, 2021, order booking for the quarter was 67 % higher at Rs. 1,856 crore (Rs. 1, 114 crore) in the corresponding quarter, last year which was impacted due to the covid-19 pandemic. Thermax Group had an order balance of Rs. 6,516 crore (Rs. 5, 190 crore ), up 26 %.

On a standalone basis, Thermax posted an operating revenue of Rs. 1,007 crore during the quarter, 41 % higher as compared to Rs. 715 crore in the previous year. Profit after tax for the quarter was Rs. 60 crore, up 76% compared to Rs. 34 crore in the corresponding quarter, last year. Last year, exceptional items impacted the results, totalling to Rs. 12.54 crore. Profit after tax, before exceptional items of last year was higher by 29%. Order booking for the quarter, Rs. 1,204 crore (Rs. 626 crore) was 92% higher. Order balance on September 30, 2021, stood at Rs. 3, 798 crore (Rs. 3,543 crore ), up 7%.

In this quarter, Thermax Babcock and Wilcox Energy Solutions (TBWES), a wholly owned subsidiary of Thermax, has concluded a Rs. 293 crore order for a boiler package comprising three Oil & Gas fired boilers on an EPC basis for a refinery and petrochemical complex in western India.

About Thermax Limited: Thermax Limited, a leading energy and environment solutions provider is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, China, Europe and South East Asia. The sustainable solutions

Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources.

For more information visit www.thermaxglobal.com

Brief profile of Mr. Ravi Gopi:natb

Mr. Ravi Gopinath is currently Chief Strategy Officer at A VEV A pie, a FTSE listed Software Company. He joined AVEY A in 2018 through the merger of Schneider Electric Software with AVEY A. Prior to the merger he was the Executive Vice President of Schneider Electric Software. He joined Schneider Electric in 2014 following the acquisition oflnvensys pie by Schneider Electric, where he was President oflnvensys Software. He started his career as a research scientist in Tata Consultancy Services in 1994 and eventually led the global Engineering Business and the Manufacturing Practice for the company. He left TCS in 2006 and joined Geometric Ltd as MD and CEO. He held that role from 2006 to 2009, when he joined Invensys.

Mr. Gopinath holds a Ph.D. in Chemical Engineering from Rensselaer Polytechnic Institute NY and a M. Tech (5 Year Integrated Program) in Chemical Engineering from the Indian Institute of Technology Bombay. He is a Singapore national and lives in Singapore.

Mr. Gopinath is not debarred/restrained from holding the office of Director by virtue of any Securities and Exchange Board of India (SEBI) Order or any other authority.