Thermax Q1 net jumps 49% at Rs 62 crore

Company has decided to set up a new manufacturing facility on the east coast of the country

Pune based industrial energy solutions provider Thermax today reported increase of 49% in its net profit at Rs 62 crore as compared to Rs 41 crore last year for the first quarter ended on June 30, 2015. The revenue also posted an increase of 19% at Rs 1,001 crore from Rs 839 crore last quarter, Thermax said in a filing to the Bombay Stock Exchange.

Its order book during the quarter stood at Rs 877 crore which is 32% higher than that in the same quarter of last year.

Thermax has decided to set up a new manufacturing facility on the east coast of the country. It has also acquired land at Dahej, Gujarat for setting up a manufacturing facility for Chemical business. It will invest around Rs 150 crore for this set up. The plant will get operational in the next 18 to 24 months.

To widen its manufacturing base globally, the company, through its wholly owned subsidiary, the company has acquired land in Indonesia and is in the process of setting up a boiler manufacturing facility to cater Association of Southeast Asian Nations (ASEAN) market.

Recently, Thermax has acquired 33% stake in alternative energy solutions company First Energy and the agreement envisages stage-wise acquisition of First Energy by Thermax over the next four to six years.