India's Thermax beats profit estimates on strong orders, lower costs
Consolidated net profit rose 32% year-on-year to 1.52 billion rupees ($17.4 million) for the quarter ended June 30, beating analysts' expectation of 1.34 billion rupees, according to data compiled by LSEG.
Total revenue declined 1.6% to 21.5 billion rupees, partly due to delayed customer approvals and execution challenges.
However, expenses fell 4.9% to 20.04 billion rupees, helped by a 11.4% decline in the cost of raw materials consumed, which boosted profitability.
The company, which provides boilers, chillers and water treatment and pollution control infrastructure, also benefited from a stronger order book, with bookings rising 7% to 27.48 billion rupees.
Sector bellwether and larger rival Larsen & Toubro (LART.NS), opens new tab on Tuesday posted a 30% rise in consolidated profit after tax.
India's industrial engineering and clean energy sector is benefitting from rising government capex, an infrastructure push, and demand for green technology.
Firms such as Thermax, L&T, and BHEL (BHEL.NS), opens new tab are riding this momentum, although input cost volatility, supply snags, and global execution risks remain key hurdles, analysts said.
Thermax shares closed 2.7% higher on Thursday ahead of the results, although the stock is down 2.5% year-to-date.
($1 = 87.5930 Indian rupees)
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