Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Thermax revenues 29% higher in Q3

Posted On: 2019-02-09 13:21:29

For the third quarter of current FY 2018-19, Thermax Group posted consolidated operating revenues of Rs. 1,437 crore, up 28.6% as compared toRs. 1,117 crore in the corresponding quarter, last year, riding on a strong order carry forward. Group profit after tax at Rs. 75 crore (Rs. 58 crore), up 29%.

The profit considers Rs. 88 crore of exceptional item, pertaining to the impairment of goodwill related to the stepdown subsidiary, Thermax Denmark ApS and recognition of deferred tax assets of Rs. 94 crore relating to brought forward losses of its subsidiary, Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES).

As on December 31, 2018, Thermax Group had an order balance ofRs. 6,475 crore (Rs. 5,556 crore) up 16.5%. Order booking for the quarter, at the consolidated level, was marginally up at Rs. 1 ,480 crore (Rs. 1,413 crore) due to ongoing sluggishness in new investments in several sectors of the economy.

Subsequent to the acquisition ofthe remaining shares in TBWES on July 19, 2018, the Board of Directors today have approved the transfer of Boiler & Heater (B&H) business of Thermax Limited to TBWES through slump sale, subject to the approval of shareholders. Consequently, the results of B&H business have been classified as discontinued operations in the standalone financial statements. However, this will not impact the consolidated group accounts.

For the continued operations, on a standalone basis, Thermax Limited posted an operating revenue of Rs. 847 crore for the quarter, compared toRs. 658 crore in the corresponding quarter of the previous year. Profit after tax for the quarter was Rs. 26 crore, down 43.5% from last year's Rs. 46 crore. The standalone revenue ofThermax Limited, including discontinued operations, stood at Rs. 1,248 crore as compared to 981 crore and net profit after tax stood at Rs. 48 crore as compared to 63 crore in the same quarter last year.

The standalone profit of Thermax Limited for the current year is after considering exceptional items comprising impairment of investment ofRs. 126 crore in Thermax Netherlands B.V., Rs. 13 crore in First Energy Private Limited (FEPL) and an impairment reversal of Rs. 112 Crore in TBWES, resulting in a net impact of Rs. 27 crore on profits for the current period.

Thermax's facility at Sri City for manufacturing absorption chillers was formally inaugurated on January 31, 2019 and has commenced commercial production.

Shares of THERMAX LTD. was last trading in BSE at Rs.1087.75 as compared to the previous close of Rs. 1086.35. The total number of shares traded during the day was 541 in over 153 trades.

The stock hit an intraday high of Rs. 1120 and intraday low of 1077.8. The net turnover during the day was Rs. 593244.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Mahindra Finance and Ideal Finance form NBFI Joint Venture in Sri Lanka

ICRA A1+ assigned to Transport Corporation of India Ltd's CPs

Goldiam International Ltd receives export orders of Rs. 100 crore

Dr. Reddy's Laboratories announces the launch of Vigabatrin Powder for Oral Solution, USP in the U.S. Market

TVS Srichakra Limited announces launch of its brand 'TVS Eurogrip'

Wipro collaborates with IISc for advanced research and innovation in autonomous systems, robotics and 5G

Maruti Suzuki offers 5-year, 1-lakh km warranty for a delightful car owning experience

Opto Circuits India Ltd consolidated Q1 PAT at Rs. 10.79 crores

Industrial Investment Trust Ltd reports net profit of Rs. 7.17 crores in Q1

Moody's downgrades Indiabulls Housing Finance ratings; change the outlook to negative

LT Foods Ltd updates on consolidation of International Business

K.P.I. Global Infrastructure Ltd shifts PPA from IPP to CPP category

Sastasundar Ventures Ltd announces resignation of Director

L&T Technology Services launches unique incentive-based waste management program in DUMAD village near Vadodara

BWR BBB rating assigned to Baid Leasing and Finance Co. Ltd.

Federal Bank Launches Quick Car Loan Services - 19th August 2019

Jupiter Infomedia launches India's first Listed SME Focused News Portal - JimSMEnews.com

Airtel appoints Rajesh Tapadia as CEO of Nxtra Data

Bajaj Finserv announces Fixed Deposits for NRI

INEOS Styrolution India Ltd appoints merchant banker to do due diligence for voluntary delisting

Modex International Securities Limited fixes Sep 7, 2019 as record date

Nestle India Ltd launches world's no. 1 cocoa-malt beverage - MILO in India

KEC International secures orders of Rs. 845 crore in the Railway Infrastructure sector

INOX Leisure Ltd discontinues operations at Poonam Mall, Nagpur

Mindtree Named U.K Market Leader in SAP HANA® and Leonardo Services by ISG

McDonald's inaugurates its First Restaurant in Nagpur

Dr. Reddy's Laboratories announces the launch of Versavo® (bevacizumab biosimilar) in India

L&T allots NCDs of Rs. 1400 crore

Earum Pharmaceuticals Ltd to launch new range in Dermacare Product

Pennar Industries bags orders worth INR 538 crore

Modex International Securities Ltd Board recommends Bonus Issue

Glenmark receives approval for combination of Remogliflozin Etabonate and Metformin Hydrochloride for adults with type 2 diabetes in India

Operations disrupted at Hitech Corporation Ltd's Baddi unit

Allen Solly launches its First Ever Jeans campaign

MoU signed between HCL and Maharashtra Airport Development Company for expansion of MIHAN campus

INOX Leisure Ltd opens 3 screens multiplex at Umrao Mall, Lucknow

Tech Mahindra Ltd divests 73.38% stake in FixStream Networks Ine., USA

Ajmera Realty and Infra India Ltd awarded Developer of the Year - Residential category award

CARE reaffirms ratings of Chaman Lal Setia Exports Ltd

Hon'ble NCLAT upholds the Resolution Plan of MBL Infra

Avana's Water Conservation Solution Becomes Best CSR Idea Of The Year

Coffee Day Enterprises Ltd update On Debt Position

Mahindra inaugurates its 1st automotive assembly plant in Sri Lanka, expands global footprint

TVS Motor Singapore invests US$ 3.2 Million in Predictronics Corporation

NACL Industries Ltd reports financial results for Q1 FY20

Precision Camshafts Limited - Q1 FY2020 results

SREI Equipment Finance Ltd's NCD issue opens on Aug 16, 2019

Transform Banking with Newgen at FIBAC 2019

Hero MotoCorp surpasses milestone of 1000 women employees

Sun Pharma and China Medical System Holdings Enter into Licensing Agreement for Generic Products in Mainland China







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019