May 25, 2021

To The Secretary BSE Limited PJ Towers, Dalal Street Mumbai: 400 001

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051

Company Scrip Code: 500411

Company Scrip Code: THERMAX EQ

Sub: Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015- Investor Presentation

Dear Sir,

In terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, please find enclosed the Investor Presentation for Q4 FY 20-21.

You are requested to take note of the same.

Thanking you,

Yours faithfully, For THERMAX LIMITED

Kedar P. Phadke Company Secretary Membership No: F3349

Encl: As above

Thermax Limited – Analyst Call Q4 FY20-21

Energy | Environment | Chemical

Our Vision

To be a globally respected high performance organisation offering sustainable solutions in energy and the environment

Disclaimer

This presentation includes forward-looking information and statements including statements concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and the economic conditions of the regions and industries that are major markets for Thermax. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates", "targets", "plans", "outlook" or similar expressions.

There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this presentation and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others:

business risks associated with the volatile global economic environment and political conditions
costs associated with compliance activities
market acceptance of new products and services
changes in governmental regulations and currency exchange rates, and
such other factors as may be discussed from time to time in Thermax Ltd.'s filings with the Securities and Exchange Board of India (SEBI), including its Annual Report

Managing resurgence of COVID crisis

More than 600 vaccinated in a two vaccination camp in Pune for 45+ year old employees, workmen, contractors, and families
Supported MCCIA's 'Mission Vayu' to airlift 250 ventilators and 4,000 oxygen concentrators from Singapore for donating to hospitals in the Maharashtra's worst affected areas
Supporting contractors and migrant workers employed at Thermax factories and project sites in numerous ways
All Thermax facilities operational in strict adherence with COVID guidelines, albeit at reduced efficiencies

Better performance in Q4 FY21 relative to COVID impacted Q4 FY20

Summary of group's financial performance

Thermax Q4 FY2020-21 Results

Q4 - Order Book Status

Strong order book in Q4 at Rs. 1,497 crore (Rs. 952 crore) aided by broad based industrial recovery
Energy segment saw improved order booking at Rs 1,173 crore with increased thrust on sustainability
Improved performance of the product businesses and channel business

Business Highlights

Energy Segment

15 MW waste heat recovery power plant for a steel major in eastern India

Green steam supply to a tyre major under the Build-Own-Operate model using 18 TPH boiler

4 gas driven absorption chiller heaters (2 x 410 TR & 2 X 610 TR) for a wiring systems company in Tunisia

Two Closed Loop Cooling Towers (CLCT) for a global major in specialty films manufacturing

Large boilers and heater business (TBWES) booked 100% green order for the second consecutive quarter
Strong quarter for the packaged boiler business
- First boiler order from Turkey
- Order for a 31 MW energy plant from a MDF manufacturer
Highest quarterly output across manufacturing plants in the year

Business Highlights Environment Segment

Pre-treatment Demineralisation plant for a steel major

First-of-a-kind order from a leading refinery in India for a specialised resin-based unit for improving the performance of existing cycle-water treatment units in mono-ethylene glycol (MEG) plant
Focus on desalination, installed a 2 MLD seawater desalination plant at a distillery in a water scarce region in south India, making the industry water independent
Introduced differentiated services programmes for focused customer offerings in urban and industrial segments from the Water and Waste Solutions business
Received first order for Flue Gas Desulphurisation system from a leading sugar refinery in Saudi Arabia
First-of-its-kind air pollution control equipment orders for fuels such as lignin and biofuel from oil & gas sector in India

Business Highlights

Chemical Segment

Maxshield®Swellbar - a hydrophilic construction joint water bar and sealant for creating an impenetrable barrier to prevent water ingress in old and new structures

Chemical segment continued its strong performance with a 22% growth in PBIT vis-à-vis Q4 FY20
Specialty resins saw a growth of 25.4% in Q4 and 62.8% annually, owing to strong demand from USA and Europe markets.
Bagged new and repeat orders from Indian metal, steel and refinery majors for performance chemicals
Construction Chemicals business received brand approval to supply chemicals for a government infrastructure project in Gujarat

Technology Update

Waste to Energy

Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES), a wholly-owned subsidiary of Thermax, signed a know-how transfer and license agreement with German-based Steinmüller Babcock Environment GmbH (SBE) for Waste to Energy technology
As a part of the agreement, TBWES will design, engineer, manufacture and sell Municipal Solid Waste (MSW) fired waste-to-energy solutions by incorporating SBE's well-established grate and boiler technology
The tie-up will help enhance Thermax's involvement in the waste to energy application for solving the dual challenge of urbanisation and deteriorating environment Representative image

Technology Update Solar

Thermax has announced an agreement with Power Roll, a developer of unique, low-cost and lightweight flexible solar film, to develop the market for solar films in India
Both the companies to jointly assess the market potential for scale manufacturing and its deployment in the country

Flexible Solar PV manufacturing Image Courtesy – Power Roll

Technology Updates Fuel Cell

Thermax partnered with Defence Research & Development Organisation (DRDO) in developing homegrown Air Independent Propulsion (AIP) system for the Indian Navy's Scorpene class submarines
A crucial milestone of the programme was the demonstration of a land-based prototype to the Indian Navy on 8th March, 2021, which was successfully completed

3D model of a fuel cell

Awards & Accolades

Thermax was recognised with the 'Special Jury Citation' award at the 7th edition of The India Risk Management Awards, conducted by CNBC-TV18. Thermax bagged the award for demonstrating exemplary execution capabilities for its largest export order from the African Oil Refinery

Thermax received two national level awards from the Confederation of Indian Industry (CII) for showcasing best practices in maintenance management at the National Maintenance Circle Competition organised by them

Consolidated Performance Summary by Segment

	Order Booking		Order Balance
Segment	Q4, 2021	YOY%Change		YOY%Change
Energy	1,173	71%	3,717	5%
Environment	204	22%	1,431	-11%
Chemical	120	20%	79	-1%
Total	1,497	57%	5,227	-0.2%

The order booking across segments have exceeded pre-COVID levels. However, the outlook seems clouded due to the second COVID wave

Note: Values are in Rs. crore

Consolidated Performance Indicators

Q3, 2021	Performance Indicator	Q4, 2021	Q4, 2020	YTD MAR 21	YTD MAR 20
1,565	Order Booking	1,497	952	4,783	5,498
5,208	Order Balance	5,227	5,238	5,227	5,238
1,411	Revenue	1,575	1,323	4,791	5,731
141	Profit Before Tax and Exceptional ( PBT)	140	59328		375
10.0%	PBT before Exceptional %	8.9%	4.4%	6.8%	6.5%
(28)	Exceptional Item	-	-	(53)	-
113	Profit Before Tax (PBT)	140	59	275	375
8.0%	PBT %	8.9%	4.4%	5.7%	6.5%
83	Profit After Tax (PAT)	107	39	207	212
5.9%	PAT %	6.8%	3.0%	4.3%	3.7%

Note: Values are in Rs. crore and ratios are in %

Consolidated Segment Performance*

	For Q4, 2021		For Q4, 2020		YTD MAR 21			YTD MAR 20
Segments	Revenue	PBIT	PBIT%	Revenue	PBIT	PBIT%	Revenue	PBIT	PBIT%	Revenue	PBIT	PBIT%
Energy	1,175	109	9.3%	1,051	32	3.1%	3,627	218	6.0%	4,677	249	5.3%
Environment	302	20	6.6%	199	16	8.2%	794	38	4.7%	722	38	5.3%
Chemical	119	22	18.5%	96	18	18.6%	429	103	24.1%	421	78	18.5%

*PBIT Before exceptional items & unallocated overheads

Note: Values are in Rs. crore and ratios are in %

Quarterly Trend - Consolidated

OB	Order Booking
RR	Revenue Recognition
PBT	Segment PBIT before exceptional& Unallocated Overheads

Environment and Industry Outlook

Relapse of COVID-19 cases in India and South-East Asia is posing risks
Post the impact of the pandemic, US, UK and Europe markets are expected to grow in the coming quarters
India's PMI for manufacturing dropped in March to 55.5 from 57.5, which is still considered good; COVID-19 is a key risk
GDP forecasts is being relooked at due to the second wave of COVID

Commodity costs are on increasing trend
Steel price increase continues unabated
Inputs raw material costs to chemical has witnessed a surge – styrene and methanol prices on rise
Select industrial sector such as steel, cement continue to perform, some sectors were impacted with the recurrence of COVID-19
Project completions to be delayed due the lockdown in some regions and may impact new investments
Indian Government Union Budget announcement for infrastructure & development and PLI package will support demand in coming quarters

Source: RBI, MOSPI, HIS Markit

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Thermax Ltd. Investor Presentation 2021