Thermax reports Rs 15.27 crore consolidated loss for June quarter

Thermax Ltd on Wednesday reported a consolidated net loss of Rs 15.27 crore for the quarter ended June 30.

It had posted a Rs 62.76 crore net profit during the corresponding quarter of the previous financial year, Thermax Ltd said in a BSE filing.

The company during April-June 2020 reported a total income of Rs 685.86 crore. It had posted a total income of Rs 1,414.01 crore in the year-ago quarter.

Its total expenses during the June 2020 quarter stood at Rs 708.35 crore. It had stood at Rs 1,323.96 crore a year ago.

In a statement, it said Thermax Group Managing Director and Chief Executive Officer M S Unnikrishnan will retire on August 31, 2020, after serving the company for 13 years in the capacity.

Ashish Bhandari, who joined as the firm's joint MD on April 7, 2020, will succeed him as the new MD & CEO.

"The group's operations and financial results for the quarter were adversely impacted by the lockdown imposed to contain the spread of COVID-19. The operations gradually resumed with requisite precautions during the quarter with limited availability of workforce and disrupted supply chain," according to the filing.

It added that the results for the June 2020 quarter are therefore not comparable with those for the previous quarter. "The group continues to monitor the economic effects of the pandemic while taking steps to improve its execution efficiencies and the financial outcome."

Thermax Chairperson Meher Pudumjee said, "On behalf of the board and the family, I thank Unnikrishnan for his association with Thermax for 28 long years."

She added that his contribution in steering the company successfully throughout his tenure as MD & CEO while upholding its culture and values is commendable. "I wish Ashish success in furthering our vision and navigating Thermax through its next phase of growth."

Thermax is an energy and environment solutions provider. It has manufacturing facilities in India, China, Europe and South East Asia.