The stock of energy and environment solutions company Thermax dropped nearly 10 per cent on the bourses after the Pune-based company posted a 17.7 per cent decline in its net profit during Q1 FY15.

The standalone net profit stood at Rs 41.4 crore in the quarter under review versus Rs 50.3 crore in the same quarter of last year. The operating revenue also declined to Rs 839.4 crore from Rs 862.8 crore in Q1 14, lower by 2.7 per cent.

On the BSE, Thermax shares took a pounding, dropping by over 10 per cent during intraday trade, and at 2.30 pm was trading at Rs 856 a piece, or 10.12 per cent lower.

At the consolidated level, Thermax Q1 profit took a greater hit with net down by 67% to stand at Rs 17.3 crore versus Rs 52.9 crore in the same quarter of 2013. The main reason was the Rs 30 crore loss posted by joint venture firm Thermax Babcock Wilcox Energy Solutions in which Thermax has 51 per cent stake.

The Group’s revenue stood at Rs 1,010 crore against Rs 1,052 crore, while the order balance declined to Rs 5,948 crore versus Rs 6,322 crore in the corresponding period of last year.