Thermax slips after Q3 net drops 13%

The company registered drop of 13% in its net profit at Rs 67 crore for the third quarter

Shares of Thermax were trading 2% lower at Rs 653 after the Pune based industrial energy solutions company reported a decline in net profit for the third quarter ended December 2013.

The company recorded a drop of 13% in its net profit at Rs 67 crore as compared to Rs 76.36 crore, last year due to fall in revenue and other income.

It has also witnessed drop of 3.2% in the total income at Rs 1014 crore as compared to Rs 1047 crore last year.

However, Thermax has improved its order intake at Rs 1365 crore as against Rs. 1284 crore for the same quarter in 2012-13.

The company has to suspend the operations, which are not significant, at its Mundra SEZ plant pursuant to the order of the Gujarat High Court for closure of 12 units there. The company has approached the Supreme Court with special leave petition against the High Court’s order,  Thermax said in a statement.