Thermax Ltd. shares came under heavy selling pressure on Friday, falling as much as 16.08% to an intraday low of Rs 3,566.90 after the company reported a sharp decline in its June-quarter earnings.
At around 9:40 am, the stock was trading near the day's low at Rs 3,680, down 13.43%. In comparison, the BSE Sensex was trading largely flat with a negative bias at 77,817.
The sharp decline followed a weak first-quarter performance. Thermax's consolidated net profit plunged 83.4% year-on-year to Rs 25.2 crore from Rs 152.4 crore. Revenue, however, rose 6.7% to Rs 2,303 crore from Rs 2,158 crore a year earlier.
Operating performance also weakened consideraly, with earnings before interest, tax, depreciation and amortisation (EBITDA) falling 69.5% year-on-year to Rs 68.6 crore from Rs 225 crore. EBITDA margin contracted sharply to 3% from 10.4% in the corresponding quarter last year.
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