Thermax gains 3% on Q2FY24 results, profit up 45.3%

Shares of Thermax opened at Rs 3,021.05 , around 2.7 percent higher, on November 6 after the energy and environment solutions provider reported its Q2FY24 results on November 3. For the quarter ending September 2023, net profit grew by 45.3 percent to Rs 158.6 crore backed by strong operating numbers across all segments. The results were announced post market close. On November 3, at close, the stock was trading at Rs 2,927.15, around 0.34 percent higher.

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Thermax reported a revenue from operations of Rs 2,302.5 crore for the September quarter, a 11 percent year-on-year increase from the previous fiscal. The earnings before interest, taxes, depreciation and amortisation (EBITDA) for the same period was Rs 270.48 crore, 50 percent higher compared to September 2022 quarter. The EBITDA margin for the same period also rose by 289 basis points to 11.4 percent from the previous 8.5 percent.

Also read: Bullish on India: Is Thermax an underappreciated stock with long-term potential?

According to an investor presentation, order booking for the quarter grew by 19 percent to Rs. 1,347 crore compared to the previous fiscal, while the order balance as on September 30, 2023, stood at Rs 6,636 crore, around 1 percent less than the previous year.

Pune-based Thermax manufactures products for heating, cooling, water and waste management, and specialty chemicals.

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