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Saturday, Aug 02, 2003

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Thermax net up at Rs 7.15 cr; to pay 70 pc

Our Bureau

Pune , Aug. 1

IT was a bonanza day for the shareholders of Thermax Ltd, a leading player in energy and environment management, at the AGM of the company here on Thursday.

Ms Anu Aga, Chairperson, announced that the company board had recommended a dividend of 70 per cent plus a special dividend of 50 per cent over and above of which a 2:1 bonus issue of redeemable preference shares.

The company, which has doubled its profit after tax to Rs 48.24 crore during 2002-03 from Rs 24.02 crore in the previous year, also announced monetary incentives to `performers' across the company, which will cost it Rs 4 crore. This amount was part of the profit and loss account for last year, she said.

Ms Aga, who will step down as Chairperson in September next year, to be succeeded by Vice-Chairperson and daughter, Ms Meher Pudumjee, said that during the first quarter of this year, the company had earned a net profit of Rs 7.15 crore on sales of Rs 82.49 crore. Last year during the same period, the profit was Rs 2.70 crore on sales of Rs 101.35 crore, the drop in sales being caused by lower revenues from the captive power business.

Ms Aga said the free cash flow position had further improved and Thermax was a debt-free company now. Earnings per share had nearly doubted to Rs 20.24 (Rs 10.32) and share price had moved up from an all-time low of Rs 36 in 2001 to Rs 240.55 as of July 30.

Remapping and training of dealer network in Maharashtra and Tamil Nadu had yielded increased sales of 21 per cent in these States and this exercise would cover the whole of the country by the September-end.

The international business of the company last year was Rs 198 crore in sales as against Rs 150.91 crore, a growth of 31.35 per cent.

Ms Meher Pudumjee has identified five key challenges that the company would have to look at. These include customer focus, cost leadership, quality, technology and organisational building.

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