Thermax reported a 52% year-on-year decline in net profit to Rs 114 crore for the December quarter. The company noted that the previous year’s Q3 profits included an exceptional gain of Rs 126 crore from the sale of land. Revenues during the quarter grew by 8%, totaling Rs 2,508 crore. However, order bookings decreased by 8% to Rs 2,286 crore, as no large orders were secured during the quarter for the industrial products and green solutions segments, the company said.
Profit before tax and excluding exceptional items fell by 50% to Rs 156 crore. The company explained that the current quarter’s results were impacted by lower margins on certain orders within the industrial infrastructure segment and changes in the product mix in the chemicals segment.
As of the end of December, the order balance for the quarter amounted to Rs 11,383 crore, a 6% increase year-on-year. During this quarter, Thermax also completed the acquisition of 100% of Buildtech Products India, a company that manufactures admixtures, accelerators, and capsules used in tunnels, infrastructure, and railway projects. This acquisition enhances Thermax’s presence in the construction chemicals sector.
» Read More
