Thermax's consolidated net profit tanked 69.02% to Rs 39.03 crore on 36.2% drop in net sales to Rs 1,322.96 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) slumped 69.5% to Rs 58.60 crore in Q4 March 2020 as against Rs 192.18 crore in Q4 March 2019. Current tax expenses declined 78.4% to Rs 15.08 crore in Q4 March 2020 as against Rs 69.93 crore in Q4 March 2019. The Q4 result was declared post trading hours yesterday, 18 June 2020.
The consolidated order booking for the year fell 2.4% to Rs 5,498 crore as against Rs. 5,633 crore in FY19. The overall slowdown in investment globally further disrupted by the onset of the COVID-19 pandemic towards the end of the fiscal year and had an impact on the group's financial performance on all the parameters. Thermax Group had an order balance of Rs 5,238 crore in FY20 over Rs 5,370 crore in FY19, registering a 2.5% YoY decline.
The company said that its revenue and profitability was impacted by the nationwide lockdown in March. The company's international facilities continued operations, albeit at a scaled down pace. Chemical facilities, classified as essential services, resumed production in early April 2020, followed by the progressive reopening of all the other facilities by the end of May 2020 in adherence to Government guidelines.
Meanwhile, as a successor to M.S. Unnikrishnan, MD & CEO, Ashish Bhandari joined the Thermax Group on 7 April 2020 as its joint MD.
Thermax is an engineering company involved in energy and environment. 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 advanced 2.31% to Rs 745 on BSE. The scrip hovered in the range of Rs 710 to Rs 745 so far.
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