How has been the historical performance of Thermax?

Answer:The historical performance of Thermax shows a consistent growth trend in net sales and profits over the years, with some fluctuations in specific metrics.

Breakdown:
Thermax's net sales have steadily increased from INR 4,791.25 crore in March 2021 to INR 10,388.69 crore in March 2025, reflecting a strong upward trajectory. The total operating income has followed a similar pattern, rising from INR 4,791.25 crore in March 2021 to INR 10,388.69 crore in March 2025. The operating profit (PBDIT) has also improved significantly, reaching INR 1,160.00 crore in March 2025, up from INR 462.93 crore in March 2021. However, the profit after tax saw a peak in March 2024 at INR 644.01 crore before slightly declining to INR 626.94 crore in March 2025. The company's total liabilities increased from INR 5,800.53 crore in March 2020 to INR 11,883.64 crore in March 2025, indicating a rise in debt levels, which reached INR 1,693.34 crore in March 2025. On the asset side, total assets grew from INR 5,800.53 crore in March 2020 to INR 11,883.64 crore in March 2025, with current assets also increasing significantly. The cash flow from operating activities improved to INR 1,042.00 crore in March 2025, compared to INR 247.00 crore in March 2024, although the net cash flow showed an outflow of INR 53.00 crore in March 2025. Overall, Thermax has demonstrated robust growth in sales and profitability, alongside increasing liabilities and assets over the years.