By - MECHFINS Mentor

Prof. Amar Patil

Sustainable Solutions in
Energy and Environment

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 Vision
To be a globally respected high performance
organization offering sustainable solutions in energy and
environment.
To be a leader in utility delivery services, commitment to
long term sustainability.

Mission
 Deliver innovative, reliable and cost effective solutions in
advanced thermal power generation.
 Develop strategic relationships with customers, suppliers and
partners.
 Provide a challenging, rewarding and safe working environment
.
 Build a reputable enterprise and create value for our
stakeholders.
 Ensure customer satisfaction through assured quality and after
sales service.

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Integrity Transparent

Trusted
Respect
Customer focused
Fairness
Entrepreneurial
Excellence
Innovative

Commitment Socially responsible

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•Rs. 4704 crores company with subsidiaries and
sales & service network in Asia, Middle East,
Africa, Europe and the Americas.
•Headquartered in Pune, India and operate
globally through 19 International offices, 12 Sales
& Service offices and 13 manufacturing facilities -
7 of which are in India and 6 overseas.
•Supports customers in over 75 countries with
solutions to conserve energy and preserve the
environment.
•A partner in the global initiative for sustainable
development.

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•Established in 1966 as Wanson (India)
•Thermax Private Limited formed in 1980 and Wanson (India) merged with Thermax.
•Becomes a public limited company in 1996.
•Features in the Forbes Asia list of “Best under a Billion” companies in 2008.
•Thermax – signed joint venture with US firm SPX Corporation to provide equipment
and services for Indian power sector.
•Thermax – US based Babcock & Wilcox Joint Venture for Supercritical Boilers in 2010
for higher efficiency of power generation.
•Acquires European boiler maker, Danstoker to reinforces its initiatives in renewable
energy.
•Acquires Rifox, German steam products company in 2012 for its steam engineering
business .
•Acquires Polish boiler manufacturer ,Weiss sp in 2017.

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 A. S. Bhathena Rohinton D. Aga
Founder Chairman-Managing Director Founder Chairman
Wanson (India)

Anu Aga Meher Pudumjee Pheroz Pudumjee

Director & Former Chairperson Chairperson Director
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Board of Directors

Meher Pudumjee M. S. Unnikrishnan

Anu Aga Dr. Jairam Varadaraj Nawshir Mirza

Pheroz Pudumjee Dr. Raghunath Mashelkar Dr. Valentin A. H. von Massow Harsh Mariwala
 Thermax Limited
Subsidiaries
Joint Ventures
• Thermax Sustainable Energy Solutions Ltd.
• Thermax Onsite Energy Solutions Ltd.
• Thermax Babcock & Wilcox Energy
• Thermax Engineering Construction Co. Ltd. Solutions Pvt. Ltd.
• Thermax Instrumentation Ltd. • Thermax SPX Energy Technologies Ltd.
• Thermax International Ltd. (Mauritius)
• Thermax Europe Ltd. (U.K.)
• Thermax do Brasil-Energiae Equipamentos Ltd (Brazil)
• Thermax Inc. (U.S.A.)
• Thermax (Zhejiang) Cooling & Heating Engineering Co. Ltd. (China)
• Thermax Netherlands B.V.
• Thermax Denmark ApS (Denmark)
• Danstoker A/S, Denmark
• Ejendomsanpartsselskabet Industrivej Nord 13, Denmark
• Rifox –Hans Richter GmbH, Germany
• Thermax Sdn, Bhd., Malaysia
• Boilerworks A/S, Denmark
• Boilerworks Properties ApS, Denmark
• Thermax Engineering Singapore Pte. Limited
• Thermax Senegal S.A.R.L., Senegal
• PT Thermax International, Indonesia
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• Thermax Nigeria Limited, Nigeria
 Our Global Network
Thermax operates globally through 23 international offices, 12 sales & service
offices.
Our Domestic and Distribution Network

Delhi

Ahmedabad Kolkata

Vadodara

Mumbai
Pune
Our network
Headquarters
Hyderabad
Manufacturing facilities
Engineering Bangalore

Sales & Service

Chennai
118 Associates

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More than 40 technology partnerships / licensing agreements over
the years

• Babcock & Wilcox

• SPX Corporation
• Georgia Pacific
• Wehrle
• General Electric
• Amonix Inc.
• Lambion Technologies

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• Bechtel • Black & Veatch
• UHDE • Kellog Brown
• KPG • Sumitomo
• Jacobs H&G • Mitsubishi
• Lurgi • Hitachi
• Snamprogetti • Mitsui
• JGC • Hyundai
• MHI • Daelim
• Technip • EIL
• Toyo • TCS

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 Pune (MH)
Paudh (MH) Solapur (MH)

Savli (GJ)
Mundra (GJ) Jagadia (GJ)

TBWES Shirwal (MH) Jiaxing, China Danstoker, Denmark

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Efficiency Improvement Creating a Green Portfolio

•Introduction of supercritical and •Waste to energy

emission control technologies to •Renewable Energy
improve efficiency and reduce carbon •Focus on Environmental Businesses
emissions of upcoming power plants.
•Combined Cycle offerings
•Capitalize on fossil growth
 An irrepressible urge to grow
 Enter product lines which serve a wide cross section of industry.
 Quality management
 Method of diversification
 Balance of the markets between indigenous market & the export
market.
 Parity between standard products and custom build products and
projects.
 • Steels and chemicals are major raw material
• Due to demand rise, steel price are fluctuating
Raw material costs • Direct affect on profit margins

• Equipment supplied to Indian power project

Chinese • Better product pricing and delivery time
competition • Assists the Indian power companies to facilitate
loans from at lower interest rates

Declining order • Domestic coal shortage, delay in environmental

growth due to delay
clearances, acquisition problem and policy
inactions are slowing power sectors expansions
in power projects • Resulted in slowdown power project executions

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Particulars Standalone Consolidated
2016-17 2015-16 2016-17 2015-16

Total revenue 3972.94 4572.94 4703.77 5388.01

Profit before finance cost, depreciation and tax 476.44 488.18 547.04 551.53

Finance cost & depreciation 69.02 65.49 91.61 84.43

Profit before tax & Exceptional Items 407.42 422.69 455.43 467.10

Exceptional Items (132.84) – (17.84) –

Profit before tax but after Exceptional Items 274.58 422.69 437.59 467.10

Provision for taxation (incl. deferred tax) 129.75 125.20 155.99 143.94

Profit after tax 144.83 297.49 281.60 323.16

Share of loss on joint venture NA NA 65.46 40.89

Other Comprehensive Income 8.82 (2.10) (19.15) 22.08

Total Comprehensive Income 153.65 295.39 196.99 304.35

Total equity 2409.76 2342.15 2539.01 2416.16

Earning Per Share (EPS) 12.15 24.97 19.80 25.07

Face Value Per Share Rs. 2
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 For Thermax limited

Year Revenue Profit After tax

(in crores) (in crores)
2013 4295 253

2014 4719 336

2015 4462 306

2016 4453 297

2017 3973 145

Source:- Thermax Annual Report 2016-17

 Erection / installation of different type of boilers, heaters and ESP
Bag filters and Associated auxiliaries.
 Fabrication and erection of structural steel ducting, piping and pipe
rack works.
 Refractory, painting and insulation works.
 Electrical (HT & Lt switchgear panels,transformers, bus duct,
illumination, field electrical works) and instrumentation work.
 Installation of BTG (boiler and turbine generator) packages.
 Installation of BOP (balance of plants) packages (ash handling, coal
handling, cooling water system, air cooled condensers)
 Retrofit and revival jobs of boiler, heaters and ESPs (such as
automation, fuel conversion, upgradation and customized solutions)
 Assistance in testing and commissioning.
 Project construction management.

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A Research, Technology &
Innovation Centre with Centers
of Excellence to add value to
customer in the areas of:

• Combustion & Heat Transfer

• Biotechnology

• Material Science

• Solar Thermal

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 • High
Industry Rivalry • Domestic big once like BHEL

Threats of • Medium
• Threat of technologically improved
Substitutes equipment

Supplier’s • Medium
Bargaining Power • Procurement of raw material in market price

Buyer’s Bargaining • Very high

• Domestic companies like BHEL, Suzlon
Power • Chinese Imports create pressure on price

Threat of new • Low

entrants • Not an attractive sector
Strengths Weaknesses
Global presence Comparatively high cost
Technological Alliance Less influence in domestic market
Wide range of products
Quality management
Strong balance sheet

Opportunities Threats
New foreign acquisitions Fluctuating price of raw material
Huge potential environmental sector Poor infrastructure in India
Rapidly growing power sector
 Develop technical education and training
facilities
 Improving output and the productivity of the
cooling products
Thermax sets aside 2% of its net
profit to support community work
In association with Pune and Pimpri
Chinchwad Municipal Corporations,
Thermax runs 6 schools for children
from underprivileged backgrounds
Thermax also supports schools run
by NGOs Akanksha and Teach for
India

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 Giving Back to Society – Other Initiatives
Improving quality of education
Leadership Institute for Teachers (LIFT)

53 of the PMC LIFT teachers were certified as “Teacher innovators” by

STIR Education and University of Roehampton, London.

Teach for India Pune City Connect

 Opporunites for participation

Volunteering

Encouraging
TFI - Encouraging to register Employee
Blood Donation
for TFI fellowship Participation

Mentoring Adolescent Standard Chartered

Children Mumbai Marathon
Payroll Giving
raised over Rs.97 Lakh
“Profit is not only a set of
figures, but of values.”

Rohinton D. Aga
1935 - 1996
Founder Chairman, Thermax

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Asia Innovator Award for Thermax MD and CEO,
M.S. Unnikrishnan at the 2012 CNBC Asia
Business Leaders Awards at Bangkok..
CII National HR Excellence Award 2009 for
recognition of Thermax's leadership in HR
excellence.
Business Standard ‘CEO of the Year’ (2007-08)
award for Chairperson, Meher Pudumjee.
Listed among the top 100 of India’s most valuable
500 companies (Business Today ’07).
National Award for the R&D team at ACREX, 2006
for the design of Trigenie, the chiller that works on
exhaust gas and other sources of heat.

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  www.thermaxglobal.com

 Wikipedia

 Annual reports by Thermax

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