Thermax stock gains ~3% after net profit up 29% in Q1

Revenue was up 34% at Rs1,392cr as compared to Rs1,035cr in the corresponding quarter last year.

Aug 08, 2019 09:08 IST India Infoline News Service

For the first quarter of FY19-20, at the consolidated level, Thermax's profit after tax for the quarter was higher by 29% at Rs63cr vs. Rs49cr in Q1FY19. Revenue was up 34% at Rs1,392cr as compared to Rs1,035cr in the corresponding quarter last year.

As on June 30, 2019, Thermax Group's order balance was down 18%  at Rs5,250cr vs. Rs6,420cr in FY19. Order booking for the quarter was 26% lower at Rs1,217cr on account of slowdown in investment sentiment witnessed in both domestic and international markets.

Pursuant to acquisition of shares in Thermax Babcock & Wilcox Energy Solutions Pvt. Ltd (TBWES) and Thermax SPX Technologies Limited (TSPX), their financial results have been consolidated as wholly-owned subsidiaries as compared to 'Equity' basis consolidation during Q1 last year.

Thermax Ltd is currently trading at Rs1,081, up by Rs31.05 or 2.96% from its previous closing of Rs1,049.95 on the BSE.

The scrip opened at Rs1,050 and has touched a high and low of Rs1,139.90 and Rs1,043 respectively.

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