Thermax Sept-qtr net down 27 pc at Rs 57 cr

Energy and environment solutions provider Thermax today posted a 27 per cent decline in its consolidated net profit at Rs 56.83 crore for the quarter ended September 30, 2017.
The company's consolidated net profit for the corresponding quarter of the previous fiscal was Rs 78.28 crore, Thermax Ltd said in a statement.
Total income of the company also declined to Rs 1,056.65 crore in the quarter under review from Rs 1,131.85 crore a year ago.
"For the second quarter of fiscal 2017-18, on a consolidated basis, Thermax posted an operating revenue of Rs 1,033 crore, compared to Rs 1,096 crore for the previous years corresponding quarter" the statement said.

Total operating revenue for the first half of the year (April - September) stood at Rs 1,926 crore, compared to Rs 2,098 crore earlier.
Net profit for the half-year period was down 24 per cent at Rs 97 crore from Rs 127 crore a year ago.

The current figures of revenue, at the Group and standalone basis, are exclusive of Goods and Service Tax (GST) while last year's figures include excise duty, and hence they are not comparable, it said.
As on September 30, 2017, Thermax has an order backlog of Rs 4,819 crore, against Rs 3,917 crore in September 2016. Compared to previous years Rs 4,257 crore, the Group order backlog stands at Rs 5,261 crore, it said.

The company and its partner B&W have begun scaling down operations at the JVs manufacturing facility in Shirwal. Only essential personnel are retained to complete pending jobs. There is no visibility of new business, it said.
Thermax has already recognised impairment in the carrying value of its investment in the JV in Q4 of 2016-17.