Thermax gains on three-fold increase in net profit

The stock has gained more than 4% on BSE after its net profit recorded almost three fold jump

Industrial energy solutions provider Thermax has gained more than 4% at Rs 952 on BSE after its net profit  recorded almost three fold jump at Rs 86 crore as compared to Rs 30 crore last year for the second quarter ended September 30, 2014.

The revenue also posted an increase of 14 per cent at Rs 1,191 crore from Rs 1,043 crore last quarter, Thermax said in a filing to the Bombay Stock Exchange.

This is mainly due to the the demand for its standard products in the domestic market, order bookings and also project orders from the international market. During the quarter, the company had an order inflow of Rs 1,089 crore, registering a growth of 42 per cent.

Its joint venture company, Thermax Babcock & Wilcox Energy Solutions (TBWES) has also received an order of a Rs 339 crore export order from B&W PGG for detailed engineering, manufacturing and supply of selective items for two boilers for an international project.

The stock opened at Rs 980 and has hit a high of Rs 988 till 10:20 AM and around 1,23,000 shares have changed hands on BSE and NSE combined.