Thermax Q1 net down 25% at Rs 50.25 cr

The company had reported a net profit of Rs 67.21 crore during the corresponding quarter of the previous fiscal

Energy and environment solutions provider Thermax Ltd today reported a decline of over 25% in net profit to Rs 50.25 crore due to fall in revenue and other income.

 

The Pune-based company had reported a net profit of Rs 67.21 crore during the corresponding quarter of the previous fiscal.

 

Net sales declined 12.54% to Rs 851 crore during the quarter from Rs 973 crore in Q1 of 2012-13, it said in a filing to the BSE.

 

Thermax' revenues were impacted by an over 17% fall in the energy business segment, its mainstay, at Rs 633.66 crore and nearly 1.5% fall in the environment business at 239.71 crore during the quarter.

 

Other income, primarily interest earned on deposits, fell by over 56% to Rs 8.14 crore compared with Rs 18.70 crore in Q1, FY'13.

 

In a separate statement, the company said that it won orders worth Rs 2,123 crore during the quarter, registering a growth of 68%. As on June 30, its total order book stood at Rs 5,530 crore.

 

This includes a Rs 1,700 crore order, which the company had bagged last month from a leading petrochemical company for the design, manufacture and commissioning of nine CFBC (circulating fluidised bed combustion) high pressure boilers.

 

The boilers, to be commissioned at client sites within a time frame of 25-29 months, will generate steam for process and power generation.

 

Thermax offers integrated solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. It has manufacturing facilities in India, China and Europe.

 

Shares of the company were trading at Rs 588.90 a piece on the BSE at 1410 hours, down 0.25% from their previous close in an overall weak market.