Thermax advanced 2.51% to Rs 2050 after the company reported 59% YoY rise in consolidated net profit to Rs 126 crore on a 27% YoY increase in consolidated operating revenue to Rs 2,049 crore for the third quarter of FY 2022-23.
The company said that the PAT was driven by good performance in all three segments - Energy, Environment and Chemical; last year's margins were affected by higher commodity and freight costs, which have now stabilised.
As on 31 December 2022, Thermax Group had an order balance of Rs 9,859 crore, up 33% YoY. Order booking for the quarter was 10% lower at Rs 2,204 crore. The order book last year was higher due to an order worth Rs 830 crore for flue gas desulphurisation (FGD) systems.
On a standalone basis, Thermax posted an operating revenue of Rs 1,331 crore during the quarter, 31% higher as compared to Rs. 1,017 crore in the corresponding quarter, last year. Profit after tax for the quarter was Rs 90 crore as against Rs 39 crore in the same period last year, up 131%.
Last year, exceptional expenses of Rs 14 crore impacted the results due to the diminution of assets in subsidiaries. Order balance on 31 December 2022 stood at Rs 6,358 crore as compared with Rs 4,645 crore in the corresponding quarter last fiscal, up 37%.
Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia.
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