Thermax Q2 Results: Net Profit Up 45%, Revenue Rises

Thermax Ltd. recorded an increase in profit and revenue in the second quarter of fiscal 2024.

The company's consolidated profit after tax reported an increase of 45% at Rs 159 crore, as against Rs 109 crore over the same period last year. The growth was due to improved operational performance across segments, according to its exchange filing issued on Friday.

Revenue was 11% higher at Rs 2,302 crore in Q2 as compared with Rs 2,075 crore last year.

The order balance for the company as of Sept. 30, was at Rs 10,264 crore, an 8% rise from the corresponding quarter last year. The order book was 2% lower at Rs 1,973 crore, the filing said.

Thermax Q2 FY24 (Consolidated, YoY)

• Revenue up 10.9% at Rs 2,302 crore vs Rs 2,075 crore.

• Ebitda up 45.4% at Rs 205 crore vs Rs 141 crore.

• Margin at 8.88% vs 6.78%.

• Reported profit up 45.3% at Rs 159 crore vs Rs 109 crore.

Thermax will issue a corporate guarantee to Citi Bank Europe Plc. on behalf of its subsidiary, Danstoker A/S, to set up a non-fund based credit facility up to $6 million, in addition to the earlier facility, the statement said.

It will also invest an addition of $2 million in share capital of subsidiary Thermax Engineering Singapore Pte. to invest in PT Thermax International, Indonesia, a wholly owned subsidiary of TESPL, it said.

Thermax will also avail a loan up to Rs 400 crore from Thermax Babcock and Wilcox Energy Solutions, the filing said.

Shares of Thermax closed 1.71% higher at Rs 2,948.15 apiece, as compared with a 0.44% rise in the benchmark BSE Sensex.