Thermax registers loss for first time in two decades

Thermax reported consolidated net loss of Rs 15.27 crore in Q1 June 2020 as compared to net profit of Rs 62.76 crore in Q1 June 2019.

Total income fell 51.5% to Rs 685.86 crore in Q1 June 2020 over Q1 June 2019.

Thermax said in a statement that the unprecedented slowdown in industrial activity globally during the quarter, mainly on account of the COVID-19 pandemic, has severely impacted the company's performance. The company registered a loss for the first time in two decades.

Pre-tax loss in Q1 June 2020 was at Rs 22 crore as compared to a pre-tax profit of Rs 90 crore in Q1 June 2019.

As on 30 June 2020, Thermax Group had an order balance of Rs. 5,212 crore as against Rs.5,250 crore as on 30 June 2019, down 1 % YoY. Order booking for the first quarter was lower by 50%, at Rs 608 crore as compared to Rs 1,217 crore worth of order booking recorded in the same period last year.

Separately, Thermax said that Ashish Bhandari will succeed M.S.Unnikrishnan, the current Managing Director (MD) and CEO, post his retirement and move into the role of MD and CEO on 1 September 2020.

Shares of Thermax are currently trading 0.55% higher at Rs 744.25 on the BSE. It traded in the range of Rs 730.30 and Rs 745 so far during the day.

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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