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Wednesday, Nov 10, 2004

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Corporate Results - Engineering

Thermax Q2 net down at Rs 10.8 cr

Our Bureau

Pune , Nov. 9

THERMAX Ltd has posted an increase in sales and a decrease in net profit during the second quarter of the current fiscal.

Even though sales were up at Rs 217 crore, net profit fell to Rs 10.83 crore (Rs 15.42 crore). EBIDT from operations has increased 18 per cent to touch Rs 16.40 crore, according to a company release.

During the quarter, the company continued to face repeated price increase of its raw materials such as steel, copper and styrene putting severe pressure on margins. Further, declining interest rates and softening of the debt market sharply reduced other income by Rs 5.87 crore.

Also, during this period the company spent Rs 3.17 crore to launch a business transformation exercise, which is expected to lead to significant improvement in the quality and quantity of its business.

During the half year, Thermax's consolidated results showed a topline increase of 59 per cent to Rs 483 crore; EBIDT from operations improved 61 per cent to Rs 34.62 crore and net profit by 5 per cent to Rs 24.02 crore from Rs 22.87 crore. Earnings per share rose to Rs 10.10 from Rs 9.40. Orders at hand on a consolidated basis at end September were Rs 956 crore compared to Rs 447 crore last year.

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