Financial Daily from THE HINDU group of publications
Thursday, May 27, 2004
Financial Daily from THE HINDU group of publications Thursday, May 27, 2004 |
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Corporate
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Mergers & Acquisitions Thermax to buy out minority stake in Babcock joint venture — Sales up at Rs 603.81 cr Our Bureau
Pune , May 26 THERMAX Ltd on Wednesday said it is in the process of buying out a 40 per cent minority stake from Babcock & Wilcox International Investments (BWII) in its joint venture company, Thermax Babcock & Wilcox Ltd (TBW). Consequently, the venture will become a wholly owned subsidiary of Thermax. However, according to an official release, Thermax Babcock will continue to operate under its present name. BWII will continue to support technology transfer, revamp and retrofit in the utility market and help in augmenting business in the international market. Thermax, which held its board meeting here on Wednesday, announced that sales and other income for 2003-04 stood at Rs 603.81 crore, up from Rs 552.53 crore in the previous year. Profit after tax went up to Rs 54.09 crore from Rs 48.24 crore last year. Earnings per share was Rs 21.99 compared with Rs 20.24 in the previous year. The consolidated revenue of the Thermax Group has gone up by 11.9 per cent to Rs 829.35 crore. Profit before tax increased 13.6 per cent to Rs 89.40 crore. Profit after tax and minority interest increased 12.8 per cent to Rs 62.86 crore. Thermax's consolidated earnings per share has gone up to Rs 26.32 compared (Rs 23.37). The company's board of directors has recommended a dividend of 120 per cent (Rs 12 per equity share of Rs 10 each). During the year 2003-04, Thermax recorded 86 per cent growth in order intake to register Rs 867 crore. The order intake for the Thermax Group stood at Rs 1,214 crore, the highest ever. The order backlog as on April 1, 2004, was worth Rs 429 crore for Thermax Ltd as against Rs 134 crore in the previous year. The order backlog on a consolidated basis was Rs 683 crore (Rs 256 crore).The company is currently engaged in capability building to offer significantly improved end-to-end solutions in energy and environment to its customers.
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