Thermax shares down over 5% as Q2 profit drops

Shares of engineering solutions provider Thermax Ltd were down over 5 per cent after the company reported 24.6 per cent plunge in standalone net profit for the quarter ended September 30.
The stock dipped 5.38 per cent to settle at Rs 845.15 on the BSE. During the day, it tumbled 6.62 per cent to Rs 834.
At NSE, shares of the company went down 4.99 per cent to close at Rs 846.65.
The company's market valuation fell by Rs 572.51 crore to Rs 10,070.49 crore.
Thermax yesterday reported 24.6 per cent drop in standalone net profit at Rs 64.83 crore for the quarter ended September 30.

The company's net profit in the year-ago period was Rs 86.01 crore, Thermax said in a regulatory filing.

Total income of the company during the period under review decreased to Rs 1,069.62 crore from Rs 1,180.31 crore in the year-ago period.
"As on September 30, Thermax has an order backlog of Rs 4,006 crore as against Rs 5,016 crore in September, 2014," the company said in a statement.
Thermax Ltd, a leading energy and environment solutions provider, has manufacturing facilities in India, China and Europe.