Thermax Ltd has posted net profit of Rs 126.5 crore during Q4 FY11, against a loss of Rs 15.7 crore in the same quarter of the previous fiscal on account of a one-time settlement of a lawsuit. Income from operations in the two comparable quarters rose 46 per cent to Rs 1,771 crore (Rs 1,219 crore).

During the fiscal, the energy and environment solutions company crossed a billion dollars in revenue, notching a rise of 54 per cent over FY10.

Earnings stood at Rs 4,883 crore, its highest ever, against Rs 3,185 crore for fiscal 2009-10, while PAT was at Rs 382 crore (Rs 141 crore) after paying out Rs 174 crore for settlement of business dispute with Purolite International, US.

The Board recommended a dividend of 450 per cent for 2010-11. The group's consolidated revenues stood at Rs 5,337 crore for FY11, compared with Rs 3,370 crore the previous year.

Export income during the financial year, including deemed exports, increased 62 per cent to Rs 1,066 crore (Rs 656 crore).

Acquisitions

The year marked the acquisition of the European boiler manufacturer, Danstoker A/S and its German subsidiary, Omnical Kessel. In its power business, the company bagged an order for a combined cycle 72 MW captive power plant from a petrochemical company.

During the fiscal, Thermax Babcock & Wilcox Energy Solutions Pvt Ltd, the joint venture company formed for manufacturing supercritical boilers, commenced work on its plant in Shirwal.

Involving an investment of Rs 825 crore, the facility, expected to be completed by September 2012, will be India's third manufacturing facility for supercritical boilers.

Nawshir Mirza joins Board

Thermax has inducted Mr Nawshir Mirza, a chartered accountant, on to its board. He spent most of his career with Ernst & Young and its Indian member firm, S. R. Batliboi & Co., Chartered Accountants, and its predecessor firm, Arthur Young, being a partner from 1974 to 2003.

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