Thermax Group Achieved End-to-End FX Risk Control with IBSFINtech TMS

Thermax Group is a $1.25 billion (INR 10,389 Cr.) global energy and environment conglomerate headquartered in Pune, India. With a presence in 88 countries, Thermax provides mission-critical solutions in heating, cooling, water treatment and specialty chemicals. The Group specializes in large-scale turnkey projects-including power plants, industrial wastewater systems and air pollution control-supported by an expansive sales and service network across five continents.

Challenges

• Excessive use of excel spreadsheets to manually maintain banking activities related to FX management.

• Team was finding it difficult to capture 100% exposure.

• Keeping track of open exposures & taking timely forwards was a major pain area.

• Month-end MTM calculations was done manually

• Daily FX activity tracker was maintained manually

• Auto tagging of various underlying exposures against hedges was a major challenge

• Difficult to manage trail of daily disposal instructions with banks as well internal stakeholders.

Benefits

• Integrated workflows reduced manual effort by 40-50%, enabled 100% exposure capture, faster forward booking and lowered FX risk.

• Error free monitoring & reporting on a real-time basis by back office.

• Centralized dashboards and reports provide top management with timely, accurate insights for informed Forex hedging decisions.

• Established a Single source of truth with strong governance and compliance across finance and treasury.

• Enabled real-time visibility and 360-degree insights through dashboards, analytics and reporting to support better decisions.

• Implemented end-to-end risk management, including FX hedge capture, monitoring and lifecycle control.

• Improved value-driven decision support using real-time financial and banking data impacting the top line.

• Achieved audit-ready controls with audit trails, alerts and notifications.

• Ensured seamless integration with ERPs and banks for automated, efficient operations.

Client Feedback:

Sandeep Mandke, Former Head treasury & ERM, Thermax Group

"We selected IBSFINtech Treasury management platform after a thorough evaluation and market feedback, and we are glad to have chosen this versatile TMS. Overall, IBSFINtech's solution played a crucial role in allowing us to monitor and manage our exposures and hedge positions in real-time. This was especially important due to the substantial volume of our daily transactions, complex organizational structure with various business units, the associated risks, and the possibility of losses.

The implementation of the solution was both fast and tailored to our initiatives like Rollover Templates and other new templates for uploading data, Hedge Deal linking, keeping track of order current status, customized alerts etc. As a result, we now get a unified view and transparency into all transactions and consolidated positions."