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India's Thermax reported a higher fourth-profit on Friday, helped by strong demand for its products.
The industrial machines maker reported a consolidated net profit of 1.88 billion rupees ($22.5 million) in the quarter ended March 31, up 20.5% from last year and in line with analysts' estimates of 1.87 billion rupees, as per LSEG data.
Capital goods companies in India have benefitted from the government's push on infrastructure and clean energy through increased capital expenditure and production-linked incentive schemes.
Rival KEC International reported a more than doubling of profit earlier this week, while Larsen and Toubro's profit beat analysts' estimates.
Thermax, which caters to industries like aviation, cement and renewable energy, said its order book rose 2% from last year.
Sales of industrial products such electric boilers, heat pumps and wastewater treatment plants increased 23% to 12.07 billion rupees during the quarter.
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Revenue from its industrial infrastructure business, which includes large boilers, power plants and refinery process units, increased by 17%.
A 22% rise in raw material's costs pushed Thermax's expenses up 19% to 25.68 billion rupees.
Shares of the company closed 2.2% higher ahead of results.
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