Thermax Records Significant Profit Hike Amid Strong Revenue Growth

Thermax Ltd saw a nearly 25% increase in net profit in the September 2024 quarter, reaching Rs 198 crore, driven by increased revenues. The company reported a total income of Rs 2,671.36 crore and significant order bookings, bolstered by incentives from the Maharashtra government and new energy projects.

Thermax Ltd reported a robust 25 percent rise in its consolidated net profit for the September 2024 quarter, amounting to Rs 198 crore, as per a filing on Wednesday. This increase was primarily propelled by higher revenues and an incentive income accrual under Maharashtra's Packaged Incentive Scheme (PSI), 2007, which contributed Rs 66 crore.

The company's total income surged to Rs 2,671.36 crore from Rs 2,368.32 crore in the corresponding quarter of the previous fiscal year. Thermax's order backlog also witnessed a 13 percent uplift, reaching Rs 11,593 crore as of September 2024. Order bookings for the quarter were impressive, marking a 70 percent increase to Rs 3,353 crore.

In a notable development, Thermax's subsidiary, Thermax Babcock & Wilcox Energy Solutions Ltd (TBWES), secured orders worth Rs 1,029 crore for energy projects in Botswana, Southern Africa. The board greenlit financial backing of Rs 350 crore for First Energy Pvt Ltd, reinforcing its growth strategy in the energy sector.

(With inputs from agencies.)