India's Thermax misses profit estimates on weak demand for industrial machines
May 9 (Reuters) - India's Thermax (THMX.NS), opens new tab reported fourth-quarter profit below expectations on Friday, hurt by weak demand for its industrial machines and higher raw material costs.
Capital goods companies, which depend heavily on government orders, have seen a slowdown in such inflows in recent quarters. Analysts say government capex remained subdued across most segments in the reporting quarter as well.
Thermax's order booking dropped 8% to 21.19 billion rupees and a spike in raw materials costs pushed up the company's expenses by 11%.
The industrial machine maker's consolidated net profit rose 8% to 2.06 billion rupees ($24 million)in the quarter ended March 31, from 1.9 billion rupees a year ago.
Analysts had expected a profit of 2.08 billion rupees, as per data compiled by LSEG.
Thermax's revenue grew about 12% to 30.85 billion rupees for the March-quarter, below analysts' expectation of 31.22 billion rupees.
Revenue from Thermax's industrial products segment grew 18.5%, while that from division that sets up bio-CNG and power plants rose 4%.
The quarterly results were affected by 660 million rupees cost related to the company's bio-CNG projects, it said in a statement.
Peer ABB India (ABB.NS), opens new tab reported higher first-quarter profit on Friday on steady demand for its electrification products.
($1 = 85.3070 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Live
31 minutes ago
- North Wales Live
Wales tipped to get £445m for rail projects in Spending Review this week
UK Government is set to announce £445m for rail projects in Wales. Chancellor Rachel Reeves is expected to make the announcement at the Spending Review on Wednesday. This comes after a week in which the UK Labour Government has been under attack from Plaid Cymru and other opponents over its decision to classify a new rail line between Oxford and Cambridge as a England and Wales project. This means that any money spent on it will trigger extra payments to Scotland and Northern Ireland so they can spend it on their transport systems, but not Wales. But North Wales Live understands that there will be a boost for rail in Wales at the review - aimed at driving growth. At least £445 million is set to be spent on rail projects in north and south Wales to enhance connectivity between cities, towns, and centres of advanced manufacturing. The money will be spent on fixing level crossings, building new stations, and upgrading existing lines, and is understood to be a combination of direct funding and money for the Welsh Government. Last month the Welsh Government announced a 15 point plan to improve rail services in North Wales but there were questions over how it would be funded. A Treasury source said: 'With this Government Wales will thrive, and the Chancellor has prioritised bringing forward a package that has the potential to be truly transformative.' A source said the strategic rail investment forms the cornerstone of a UK Government plan to address decades of underinvestment in critical infrastructure that has held back the Welsh economy. But a Plaid Cymru spokesperson on Transport attacked the UK Government for its decision to reclassify the £6.6bn East West Rail as an England and Wales project. Peredur Owen Griffiths MS said: 'The UK Labour Government's decision to reclassify the Oxford to Cambridge rail link as an England and Wales project is one of the most egregious examples of the Westminster government working against the best interests of the people of Wales. 'Despite the project being previously classified as an England project in the 2020, 2021, 2023 and 2024 editions of the UK Government's Statement of Funding Policies, meaning Wales received a consequential – Labour have moved the goal posts and is now choosing to deny Wales much needed investment. 'For all we know, this decision could result in Welsh rail projects losing out or not happen at all because of Wales being denied its share of funding."
ITV News
34 minutes ago
- ITV News
Rachel Reeves is set to announce at least £445 million for Welsh transport in spending review
Chancellor Rachel Reeves is expected to announce major Welsh transport upgrades in her Spending Review. At least £445 million is set to be spent on rail projects in north and south Wales to enhance connectivity between cities, towns, and centres. The money will be used to fix level crossings, build new stations and upgrade existing lines. It is understood to be a combination of direct funding and money for the Welsh Government. The Treasury said: 'With this Government Wales will thrive, and the Chancellor has prioritised bringing forward a package that has the potential to be truly transformative.' An unnamed Labour Party source has said that the "historic investment is down to the tireless work of the Welsh Secretary, Jo Stevens, who has delivered Labour's promise to right the chronic underfunding of Welsh rail by the Tories."The source added: "This investment is more than Wales would have had so far had HS2 been Barnettised. It will make a massive difference economically and politically." Talking on ITV Wales' Sharp End about the announcement, Peter Fox, a Welsh Conservative MS said: 'Its not enough, its no where near enough.' 'We are suppose to be grateful that we are getting the funding, this is not good news for Wales. We should be angry.'
BreakingNews.ie
44 minutes ago
- BreakingNews.ie
New rental rules: 45% of tenancies are with 'small landlords'
Approximately 45 per cent of renters are in a tenancy arrangement with what the Government deems to be a 'small landlord'. Rental reforms announced by Minister James Browne on Tuesday draw a distinction between 'large' and 'small' landlords. Advertisement Large landlords, defined as having four or more tenancies, will be banned from carrying out no-fault evictions for tenancies beginning from March 1st, 2026. A small landlord can end tenancies via a 'no fault eviction' in limited circumstances, such as economic hardship or to move a family member in, but if they do that, they cannot reset the rent. All landlords can end a tenancy where there is a breach of tenant obligations or where the dwelling is no longer suited to the tenants. The cut-off point between a small and large decision is understood to have been a political decision around distinguishing 'accidental' landlords with one or two properties from those engaged in 'business activity'. Advertisement The Department also said that all landlords will have the right to reset rent where the rent is below market at the end of each six-year tenancy, unless a 'no-fault eviction' occurs. The new measures are designed to see a reduction in no-fault evictions. Figures released by the Department of Housing show that 25.09 per cent of rental arrangements are with a landlord who has one tenancy alone. Some 12.19 per cent of arrangements are with two-tenancy landlords, while 7.78 per cent are with three-tenancy landlords. Advertisement The data, which is from a point of time in the first quarter of the year, shows just over 45 per cent of tenancies are with so-called 'small landlords'. The figures are approximate as there are instances where a property is registered to more than one landlord. For example, there are 69,036 one-tenancy landlords associated with 60,368 tenancies in that category. There are 16,176 two-tenancy landlords for 29,330 homes, and 6,775 three-tenancy landlords associated with 18,719 properties. Advertisement In the range of 'large landlords', there are 3,544 in the category of having four tenancies – but this accounts for 13,161 tenancies, meaning some have been double counted. There are 2,235 five-tenancy landlords associated with 10,370 arrangements or 4.31 per cent of the total. There are 4,199 landlords with between 6 and 10 tenancies – accounting for 29,017 rental agreements (12.06 per cent). There are 1,597 landlords with between 11 and 20 tenancies, associated with 8.54 per cent of the total or 20,548 of the overall number of tenancies. Advertisement There are 662 landlords with between 21 and 50 tenancies, associated with 18,334 rental arrangements (7.62 per cent). There are 125 with between 51 and 100 tenancies, covering 8,132 homes or 3.38 per cent of the total. Finally, 121 landlords have more than 101 tenancies – making up 13.56 per cent of the total (32,626 homes).
