Thermax net profit rises nearly 25% to Rs 198 crore in Q2

Thermax on Wednesday posted a nearly 25 per cent rise in its consolidated net profit to Rs 198 crore in the September 2024 quarter compared to a year ago, mainly on the back of higher revenues.

Its consolidated net profit stood at Rs 159 crore in the quarter ended on September 30, 2023, according to a regulatory filing.

Total income rose to Rs 2,671.36 crore in the quarter from Rs 2,368.32 crore in the same quarter of the preceding fiscal.

The current quarter's revenue and profit are favourably impacted by an accrual of Rs 66 crore as income towards the incentive receivable under the Packaged Incentive Scheme (PSI), 2007 from the Maharashtra government, the company said in a statement.

As of September 30, 2024, the order balance in the reported quarter was Rs 11,593 crore, up 13 per cent from Rs 10,264 crore a year ago on a consolidated basis.

The order booking for the quarter jumped 70 per cent to Rs 3,353 crore.

During the quarter, Thermax Babcock & Wilcox Energy Solutions Ltd (TBWES), a wholly-owned subsidiary of Thermax, received orders worth Rs 1,029 crore for setting up energy projects from an industrial conglomerate in Botswana, Southern Africa.

On a standalone basis, Thermax Ltd posted an operating revenue of Rs 1,519 crore during the quarter, a 5 per cent growth compared to Rs 1,444 crore in the year-ago period.
The profit after tax during the quarter stood at Rs 108 crore, a growth of 69 per cent.

Last year, profit was negatively impacted by an exceptional item of Rs 73 crore due to the impairment of investment in a subsidiary in Indonesia.

The order booking during the period under review was higher by 22 per cent at Rs 1,638 crore compared to Rs 1,347 crore in the preceding year.

The order balance stood at Rs 6,424 crore on September 30, 2024, over Rs 6,636 crore a year ago, it stated.

The board has approved support by way of loan/equity of Rs 350 crore in one or more tranches to First Energy Pvt Ltd (FEPL), a wholly-owned subsidiary of the company.
Thermax Ltd is a leading conglomerate in the energy and environment space.