Thermax reported a strong Q1 FY25, with net profit jumping 82% to Rs 109 crore driven by higher revenues. The company also saw a 13% increase in operating revenue and unveiled a new manufacturing facility in Pune.
New Delhi, Aug 1 (PTI) Energy and environment solutions provider Thermax on Thursday posted an 82 per cent jump in its consolidated net profit to Rs 109 crore as against Rs 60 crore in the same period last year mainly due to higher revenues.
The company reported consolidated operating revenue of Rs 2,184 crore in the first quarter of FY25, registering a 13 per cent increase compared to Rs 1,933 crore in the same quarter of the previous fiscal, according to a company statement.
The order booking for the quarter stood at Rs 2,569 crore as against Rs 2,567 crore in the corresponding period a year ago.
The board has approved an additional equity investment of USD 2.8 million in Thermax (Thailand) Limited, a step-down subsidiary of the company through Thermax Engineering Singapore Pte Ltd. (TESPL), a subsidiary of the company.
The board has approved the issuance of a guarantee for an amount not exceeding USD 4 million on behalf of Thermax (Thailand) Limited.
During the quarter, Thermax unveiled a manufacturing factory in Pune for water and wastewater solutions.
This is a significant move to serve its customers better by delivering superior engineered products to meet the growing demand for water.
Additionally, the company acquired a 51 per cent stake in TSA Process Equipments, enhancing its ability to offer end-to-end solutions for highly purified water, ultra-pure water, and water for injectables across fast-growing industries.
With a focus on advancing the chemicals business, the company recently announced the incorporation of a new wholly-owned subsidiary, Thermax Chemical Solutions Private Limited (TCSPL).
TCSPL entered into a shareholders agreement with Vebro Polymers Holdings Ltd, forming Thermax Vebro Polymers India Pvt. Ltd.
The partnership based on a 50.1 per cent TCSPL and 49.9 per cent Vebro Polymers ownership aims to meet the demands of the growing industrial and commercial flooring market and contribute to India's developing infrastructure landscape.
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