"Thermax's focus on sustainability and energy efficiency has helped the company capitalize on growing demand for clean energy solutions."

Dinesh Badgandi

HEAD OF INTERNATIONAL BUSINESS GROUP, INDUSTRIAL PRODUCT GROUP, THERMAX LIMITED

June 09, 2023

Could you introduce Thermax to our audience?

Thermax is one-stop utility partner to both industrial and commercial segments, helping customers achieve better resource productivity and bottom lines while maintaining a better environment. Our purpose is to ensure clean air, clean water, and clean energy. The chemicals business acts as a bridge that spans our clean air, energy, and water businesses. The other common thread connecting our businesses is digitalisation. Offering real-time visibility on the performance of the asset purchased from Thermax, our Thermax Edge Live portal empowers customers to make better decisions and take proactive measures to optimise the asset’s efficiency and reliability.

What have been the most notable/recent milestones and developments in the company’s evolution?

Thermax’s range of technologies facilitates the use of over 130 different types of biomass, helping customers reduce their carbon footprint and utilize local agricultural waste to produce energy in the form of steam, hot water, or power. One unique technology is using waste heat to generate cooling/chilled water through a vapor absorption system. Additionally, Thermax has developed solutions for controlling air pollution through Electrostatic Precipitators (ESPs), bag filters, and other critical systems. As water resources become increasingly scarce, Thermax offers a variety of product lines for raw water treatment and wastewater treatment, including Zero Liquid Discharge (ZLD) systems to optimize this precious natural resource.

Could you describe some of the growth drivers, but also market challenges, the business is experiencing?

Thermax's focus on sustainability and energy efficiency has helped the company capitalize on growing demand for clean energy solutions. Its products and services cater to a range of industries, including power, chemicals, pharmaceuticals, and food and beverage. While benefiting from a strong market position in India and global reach, Thermax faces challenges in a highly competitive, fragmented engineering solutions market, and raw material price volatility that can impact profitability and operational efficiency.

How has Thermax’s diversified business model helped the company mitigate economic volatility?

Thermax's diversified business model has enabled the company to reduce its dependence on any one particular market or sector, minimising the impact of economic volatility on its financial performance. The company's broad range of products and services allows it to offset declines in one area with growth in another. Additionally, Thermax's diverse portfolio enables the company to leverage its technological expertise across different industries to develop and deliver innovative solutions that meet specific customer needs. As a result, Thermax can navigate economic volatility and maintain a stable revenue stream by spreading its risk across multiple industries.

Can you walk us through your internationalization strategy?

Thermax's internationalization strategy involves expanding its presence in key markets worldwide through organic growth and strategic acquisitions. The company has established a presence in 90 + countries with 14 manufacturing facilities across the globe, allowing it to understand local market dynamics and tailor products and services accordingly. Thermax also focuses on strategic acquisitions to expand its product portfolio and gain access to new markets. Thermax has a manufacturing plant in Indonesia specifically catering to the Southeast Asian market.

What is your vision for the company moving forward?

Thermax's vision moving forward is to become a leading global energy and environment solutions provider, delivering solutions that help customers achieve their sustainability goals. The company aims to leverage its strong foundation in engineering and technology to develop innovative solutions that address the world's pressing energy and environmental challenges. Thermax is committed to investing in research and development, expanding its product and service offerings, and enhancing its customer focus to drive growth and create value for all stakeholders. The company's vision is aligned with its commitment to sustainability and to making a positive impact on society and the environment.

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