Thermax consolidated Q1 net jumps 241% to Rs 58 cr

Engineering firm Thermax Ltd today posted a 241 per cent jump in its consolidated net profit at Rs 58 crore for the first quarter ended June 30.
The company had posted a consolidated net profit of Rs 17 crore in the corresponding quarter last year, the company said in a BSE filing.
The company's revenue for the first quarter stood at Rs 1,252 crore compared with Rs 1,010 crore year-ago.
On standalone basis, Thermax posted a net profit of Rs 61.67 crore for April-June period as against Rs 41.40 crore last year.
The company's order balance as on June 30 stood at Rs 4,275 crore, down 18 per cent from Rs 5,206 crore year ago.

"Even as subdued market conditions continued, the company improved order booking for the quarter to Rs 877 crore, higher by 32 per cent compared to Rs 662 crore last year," the filing said.

On July 15, Thermax has signed an agreement to acquire 33 per cent stake in First Energy Private Limited, an alternative energy solutions company.
The agreement envisages stagewise acquisition of First Energy over the next four to six years. Oorja, the popular brand of First Energy, substitutes fossil fuels by combining a 'micro-gasification' stove and biomassbased pellet fuel. The acquisition is expected to offer Thermax new opportunities in the commercial segment.

Thermax has also decided to set up a new manufacturing facility on the east coast of the country.
It has also acquired land at Dahej, Gujarat for setting up a manufacturing facility for Chemical business. To widen its manufacturing base globally, the company, through its wholly owned subsidiary, has acquired land in Indonesia and is in the process of setting up a manufacturing facility there.
Thermax is an energy and environment solutions provider. It offers integrated, innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.
Shares of the company were trading at a price of Rs 1,061.05 down 0.23 per cent at BSE.