Energy and environment major Thermax Ltd has posted a net profit of Rs 30 crore for the quarter ended September 30, 2013 against Rs 91 crore in the same period of 2012, representing a decline of 67 per cent year-on-year.
It may be mentioned that the company’s Q2 (and H1) net profit reflects a one-time provision of Rs 29 crore on account of estimated tax liability expected due to likely inadmissibility of certain business expenses incurred in earlier years.
The Pune-based company has seen operating revenue in Q2 at Rs 1,043 crore versus Rs 1,192 crore last year, down 12.5 per cent.
The results for the first half of the current fiscal show a net profit of Rs 80 crore, which is 49.2 per cent lower than last year’s Rs 158 crore. The total operating revenue declined 12.4 per cent to stand at Rs 1,906 crore, against Rs 2,176 crore in H1 FY’13.
At the end of the second quarter, the order backlog for Thermax stood at Rs 5,308 crore against Rs 4,412 crore in September 2012. The backlog for the group was Rs 6,128 crore and Rs 4,984 crore, respectively. However, generally the market for capital goods continues to be sluggish, the company said.
In the morning trade today, the Thermax stock touched a low of Rs 611 per share before recovering to Rs 617, down 1.75 per cent against yesterday’s closing.