Thermax Q1 net beats f'cast; order book surges

MUMBAI: Capital goods maker Thermax posted an expectations busting jump in profit for the quarter ending June, on a strong growth in both energy and environment segments.

Pune-based Thermax posted 42 per cent jump in standalone net profit for the quarter to 661.7 million rupees, while a Reuters poll of brokerages had a forcast of Rs 596 million.

The firm's unexecuted orderbook surged 96 per cent on year in the quarter to 63.3 billion rupees, while the consolidated order book stood at Rs 69.84 billion, a 104 per cent rise, it said in statement. "The order inflow momentum is quiet strong...order book itself would drive stronger growth through the quarters this year," said Gopal Ritolia, analyst at brokerage IIFL. It reported a 49 per cent growth in net sales to Rs 7.79 billion, against a poll forecast of 7.13 billion rupees.

Revenues from the environment segment jumped 75 per cent to Rs 2.2 billion, while the larger energy segment rose 43 per cent to 6.06 billion rupees, it said. At 12:34 a.m., Thermax shares were up 2.05 per cent to 785.5 rupees in a Mumbai market that was up 0.55 per cent.

Thermax, with a market valuation of $1.95 billion, gained 26.5 per cent since January.