Thermax Q3 PAT slips 2% to Rs 83 cr

Thermax's consolidated net profit fell 2% to Rs 83.26 crore while net sales remained almost flat at Rs 1,410.59 crore in Q3 December 2020 over Q3 December 2019.

Consolidated profit before tax (PBT) rose 7.4% to Rs 113.21 crore in Q3 December 2020 as against Rs 105.44 crore in Q3 December 2019. Current tax expense for the quarter jumped 15% to Rs 22.06 crore as against Rs 19.18 crore in Q3 December 2019. The Q3 result was declared after trading hours yesterday, 3 February 2021.

Exceptional items impacted the results on account of impairment of goodwill in Thermax Netherlands B.V. and reversal of part of the provision created earlier for claims arising from closure of a German subsidiary, net Rs 28 crore. Resumption of normalcy in the company's operations, improved performance of all business segments and cost control measures have improved the profit before tax and exceptional items.

As on 31 December 2020, Thermax Group had an order balance of Rs 5,208 crore, falling 4% Y-o-Y (year-on-year) from Rs 5,439 crore as on 31 December 2019. Order booking for the quarter was 2.6% lower at Rs 1,565 crore in Q3 FY21 as against Rs 1,606 crore in Q3 FY20. This includes a major EPC order from a biorefinery in Assam for setting up captive a Combined Heat and Power plant. Thermax's order book witnessed broad based recovery with momentum in sectors ranging from food & beverage to cement and steel.

Shares of Thermax advanced 4.80% to Rs 1,064.20. 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. Thermax has manufacturing facilities in India, Europe and South East Asia.

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