On consolidated basis, Thermax's net profit surged 39% to Rs 58.95 crore on 57.2% jump in revenue from operations to Rs 1,654.48 crore in Q1 FY23 over Q1 FY22.
The company's profit before tax stood at Rs 81.38 crore in Q1 FY23, registering a growth of 44.6% from Rs 56.26 crore in recorded the same period a year ago.
As on 30 June 2022, the order balance for the quarter stood at Rs 9,554 crore, rising 56% from Rs 6,109 crore posted in the same period last year. Order booking for the quarter was 36% higher at Rs 2,310 crore as against Rs 1,696 crore recorded in corresponding quarter previous year.
Thermax said that the performance was driven by strong order inflow from diverse sectors, including refineries, steel, power, and chemicals. In addition, the company witnessed an upward trend in demand from sugar/distilleries and paper & pulp industries for green offerings.
The company' revenue from energy business stood at Rs 1,227.37 crore (up 60.93% YoY), environment business revenue came at Rs 292.26 crore (up 62.02% YoY) and chemical business revenue was at Rs 150.11 crore (up 22.34% YoY) in the first quarter of financial year 2023.
On a standalone basis, the heavy electrical equipment company's net profit tumbled 19.8% to 24.49 crore on 33.4% surge in revenue from operations to Rs 947 crore in Q1 FY23 over Q1 FY22. The profitability was impacted due to the increased commodity and freight costs in the Chemical segment.
During the quarter, Thermax concluded a major order of Rs 522 crore for utility boilers and associated systems for a petrochemical complex in Rajasthan.
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Thermax is an energy and environment solutions provider. Its business portfolio includes products for heating, cooling, water and waste management, and specialty chemicals. The company also designs, builds and commissions large boilers for steam and power generation, turnkey power plants, industrial and municipal wastewater treatment plants, waste heat recovery systems and air pollution control projects.
Shares of Thermax were down 4.84% to Rs 1,990 on the BSE.
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