04 Feb, 2009
Reduce Thermax, target of Rs 145: Emkay Global
Emkay Global Financial Services has downgraded its raing on Thermax from accumulate to reduce with a target of Rs 145. Standalone Q3FY09 operational performance was below expectations with (1) revenues declined by 6% yoy to Rs 7,951 mn, (2) no change in operating profit at Rs 1,074 mn and (3) net profit drop of 3.6% yoy to Rs 723 mn.
Source: Moneycontrol.com