The company’s consolidated profit after tax (PAT) surged to ₹109 crore, an impressive 82 per cent increase from ₹60 crore in Q1 FY 24.
This significant rise in profit is notable given that last year’s profit was adversely affected by an exceptional litigation charge of ₹51 crore. Profit before tax (PBT) and exceptional items stood at ₹161 crore, up 13 per cent from ₹142 crore in the previous year.
As of June 30, 2024, Thermax’s order balance for the quarter was ₹10,681 crore, a slight increase of two per cent from ₹10,505 crore in the corresponding quarter of the previous year. The order booking for the quarter was ₹10,569 crore, nearly unchanged from ₹2,567 crore.
On a standalone basis, Thermax Limited posted an operating revenue of ₹1,311 crore, reflecting a 13 per cent growth compared to ₹1,161 crore in the same quarter last year.
The profit after tax for the quarter nearly doubled, reaching ₹86 crore, a 95 per cent increase from ₹44 crore, again noting the impact of last year’s litigation charge. The order balance as of June 30, 2024, stood at ₹6,333 crore, down six per cent from ₹6,746 crore in the previous year.
During this quarter, Thermax made significant strides in expanding its manufacturing capabilities and market reach.
The company inaugurated a new manufacturing factory in Pune dedicated to water and wastewater solutions, aiming to better serve its customers by delivering superior engineered products to meet the growing demand for water solutions.
Additionally, Thermax acquired a 51 per cent stake in TSA Process Equipments, enhancing its ability to offer comprehensive solutions for highly purified water, ultra-pure water, and water for injectables across fast-growing industries.
To further advance its Chemicals business, Thermax announced the incorporation of a new wholly-owned subsidiary, Thermax Chemical Solutions Private Limited (TCSPL).
TCSPL entered into a shareholders agreement with Vebro Polymers Holdings Ltd., forming Thermax Vebro Polymers India Pvt. Ltd. This partnership, with a 50.1per cent ownership by TCSPL and 49.9per cent by Vebro Polymers, aims to meet the demands of the growing industrial and commercial flooring market and contribute to India’s developing infrastructure landscape.