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)
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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%.
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