Thermax declines after weak Q2 outcome

Thermax lost 1.97% to Rs 615.60 at 09:25 IST on BSE after net profit dropped 66.87% to Rs 30.16 crore on 13.85% fall in total income to Rs 1050.81 crore in Q2 September 2013 over Q2 September 2012.

The result was announced after market hours on Wednesday, 6 November 2013.

Meanwhile, the S&P BSE Sensex was down 8.38 points or 0.04% at 20,886.56

On BSE, 3,295 shares were traded in the counter as against average daily volume of 8,352 shares in the past one quarter.

The stock hit a high of Rs 621.10 and low of Rs 614 so far during the day. The stock had hit a 52-week high of Rs 684 on 22 February 2013. The stock had hit a 52-week low of Rs 526 on 5 September 2013.

The stock had outperformed the market over the past one month till 6 November 2013, rising 6.13% compared with the Sensex's 4.92% jump. The scrip, however, underperformed the market in the past one quarter, gaining 11.43% as against Sensex's 11.54% rise.

The mid-cap company has equity capital of Rs 23.83 crore. Face value per share is Rs 2.

Thermax said that results for Q2 September 2013 were after making a one-time provision of Rs 29 crore on account of estimated tax liability expected due to likely inadmissibility of certain business expenses incurred in earlier years.

Thermax's order backlog was Rs 5308 crore as on 30 September 2013 as against Rs 4412 crore on 30 September 2012. The group's order backlog was Rs 6128 crore as on 30 September 2013 as against Rs 4984 crore on 30 September 2012. However, generally the market for capital goods continues to remain sluggish, Themax said.

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.

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