Thermax Q2 net profit up 31.6 pc, revenue rises 38.2 pc

Energy solutions provider Thermax posted a 31.6 per cent rise in its net profit at Rs 75 crore for the quarter to September 2018.

"For the second quarter of 2018-19, Thermax posted a consolidated operating revenue of Rs 1,428 crore, up 38.2 per cent as compared to Rs 1,033 crore in the corresponding quarter last year. Profit after tax and the company's share of profit/loss in joint venture stood at Rs 75 crore (Rs 57 crore), up 31.6 per cent," a company statement said.

As on September 30, 2018, Thermax Group had an order balance of Rs 6,411 crore. It was Rs 5,261 crore as on September 30, 2017. Order booking for the quarter, at the consolidated level, was almost flat at Rs 1,344 crore due to delayed investments witnessed in several sectors.

On a standalone basis, the Thermax posted an operating revenue of Rs 1,188 crore for the quarter, compared to Rs 864 crore in corresponding quarter of the previous year. The profit after tax for the quarter was Rs 69 crore, up 21.1 per cent from last year's Rs 57 crore.

Thermax's facility at Sri City for manufacturing absorption chillers has begun trial production and is expected to announce the commencement of commercial operations shortly.

The Company has completed the acquisition of equity shares held by Babcock and Wilcox India Holding Inc. (B&W) in Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES) on July 19, 2018. Accordingly, the TBWES has become a wholly owned subsidiary of the Company.