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    Lushanthan Mahendrarajah

    Vice President and Research Analyst at JPMorgan Chase & Co.

    Lushanthan Mahendrarajah is a Vice President and Research Analyst at J.P. Morgan Securities, specializing in European capital goods equity research with specific coverage of companies such as Spirax-Sarco and Alstom. He has contributed to research reports and participated in earnings calls, applying fundamental and quantitative analysis to provide insights on firms including IMI and others in the European industrials sector. Mahendrarajah has been with J.P. Morgan since at least 2023, holding the Chartered Financial Analyst (CFA) designation and operating under J.P. Morgan Securities’ registration, while prior firm experience is not prominently listed in public records. His professional credentials include the CFA charter and association with a fully regulated securities entity, supporting his authoritative position in capital goods research.

    Lushanthan Mahendrarajah's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership

    Lushanthan Mahendrarajah's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023

    Question

    Lushanthan Mahendrarajah from JPMorgan Chase & Co. requested details on the sales decline and margin profile of the semiconductor-exposed portion of the ETS business, and asked for more color on the nature of deferred projects.

    Answer

    CFO Nimesh Patel explained that while specific sector growth rates are not disclosed, the semiconductor weakness impacts ETS's highest-margin businesses, Thermocoax and Durex (>20% margins), causing an adverse mix effect. He clarified that project deferrals are linked to macroeconomic uncertainty and are primarily seen in larger CapEx and smaller, discretionary efficiency projects, rather than in the resilient MRO business.

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    Lushanthan Mahendrarajah's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023

    Question

    Lushanthan Mahendrarajah of JPMorgan Chase & Co. asked for a breakdown of the ETS division's performance, specifically the impact of the Semicon downturn, and whether Durex's margins were a good proxy for the entire Semi-exposed business. He also requested more color on project deferrals.

    Answer

    CFO Nimesh Patel explained that while specific growth rates are not disclosed, the Semicon weakness affects the highest-margin parts of ETS (Thermocoax and Durex), impacting the overall divisional mix. He clarified that project deferrals are mainly seen in larger CapEx and discretionary efficiency projects due to macroeconomic uncertainty, whereas critical MRO spending remains resilient.

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