Shares of Thermax Ltd. gained on Thursday after its fourth-quarter profit beat analysts' estimates.
Net profit rose 52.34% year-on-year to Rs 156.21 crore in the quarter ended March, according to an exchange filing, beating Bloomberg estimate of Rs 139.81 crore. The board also recommended a dividend of Rs 10 per share for the year.
Thermax Q4 FY23 (Consolidated, YoY)
Revenue up 16.01% at Rs 2,310.82 crore (Bloomberg estimate: Rs 2,299.36 crore).
Ebitda up 47.83% at Rs 199.90 crore (Bloomberg estimate: Rs 191.94 crore).
Ebitda margin at 8.65% vs. 6.79% (Bloomberg estimate: 8.3%)
Net profit is up 52.34% at Rs 156.21 crore (Bloomberg estimate: Rs 139.81 crore).
The board recommended a dividend of Rs 10 per share for fiscal 2023, with the record date fixed as July 21.
Shares of Thermax rose 1.5% to Rs 2,497.4 apiece, compared to a 0.26% gain in the NSE Nifty 50 as of 10:01 a.m.
The stock rose 4.4% intraday, and the average traded volume so far in the day stood at 34.2 times its monthly average. The relative strength index was at 74, indicating the stock may be overbought.
Of the 25 analysts tracking the company, 10 maintain a 'buy' rating, nine suggest a 'hold' rating, and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 10.1%.
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