Mumbai, Jan. 20 -- Crisil Ratings said that the ratings continue to reflect the healthy position of Thermax in the energy, chemicals and environment space, diversified product portfolio and geographical presence (which lends stability to its revenue streams), and robust financial risk profile.

These strengths are partially offset by exposure to cyclicality in end-user industries and modest operating profitability owing to intense competition.

The rating agency further said that healthy double-digit growth in revenue and an improvement in operating profitability to over 12% on a sustained basis; increased diversity of revenue in terms of products, customers, and segments; and the sustenance of a strong financial risk profile, with a tota...