Thermax Q1 net beats forecast, order book surges

Thermax Q1 net beats forecast, 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% jump in standalone net profit for the quarter to Rs66.17 crore, while a Reuters poll of brokerages had a forecast of Rs59.6 crore.

The firm’s unexecuted orderbook surged 96% on year in the quarter to Rs6,330 crore, while the consolidated order book stood at Rs6,984 crore -- a 104% 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% growth in net sales to Rs779 crore, against a poll forecast of Rs713 crore.

Revenues from the environment segment jumped 75% to Rs220 crore, while the larger energy segment rose 43% to Rs606 crore, it said.

At 12:34 am, Thermax shares were up 2.05% to Rs785.5 on the Bombay Stock Exchange. Thermax, with a market valuation of $1.95 billion, gained 26.5% since January.