Shares of Thermax Ltd. rose over 4% on Wednesday, even as its first-quarter profit rose but missed analysts' estimates.
The energy and environmental solutions company's net profit rose 1.69% year-on-year to Rs 59.95 crore in the quarter ended June, according to an exchange filing. That compares with Bloomberg's estimate of Rs 111.90 crore.
Thermax Q1FY24 (Consolidated, YoY)
Revenues are up 16.8% at Rs 1,932.96 crore. (Bloomberg estimate: Rs 1,983.30 crore)
Ebitda is up 37.6% at Rs 132.2 crore. (Bloomberg estimate: Rs 148.82 crore)
Margins at 6.84% vs. 5.80% (Bloomberg estimate: 7.5%)
Net profit is up 1.69% at Rs 59.95 crore. (Bloomberg estimate: Rs 111.90 crore)
Shares of Thermax were trading 2.91% higher at Rs 2,589.60 apiece as of 9:58 a.m., compared to a 0.51% decline in the benchmark NSE Nifty 50. The stock hit an intraday high of 4.83%.
The stock has risen nearly 31.64% year-to-date. The total traded volume so far in the day stood at 17.5 times its 30-day average. The relative strength index at 68.04.
Of the 25 analysts tracking the company, 11 maintain a 'buy', eight suggest a 'hold', and six recommend a 'sell', according to Bloomberg. The average of 12-month price target given by analysts implies a downside of 9.2%.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.