Thermax Ltd

Despite an increase in equity, the earnings per share have improved from Rs 6.69 to Rs 8.57.

The company has constantly diversified into related areas which has resulted in a good product mix, leading to a large client base. This has insulated the company from downturns in any one segment.

It has now entered into areas such as waste heat recovery, air-conditioning, co-generation and effluent treatment. It also plans to intoduce point-of-entry water treatment systems for housing colonies, offices and other mass residential areas, under collaboration with Culligan of the US.

For the future, a continued emphasis on exports and a strong order book position of Rs 300 crore could well help it to outperform the projections once again for the year ended March 1997.