A 29% (YoY) drop in consolidated revenue from operations at Rs.1141 crore and exceptional item including VRS, impairment of certain assets of Boilerworks Properties ApS (Denmark) and provision for closure of German subsidiary claims, totaling to Rs. 25 crore impacted the net profit.

Net profit for the quarter came in at Rs.31 crore, up 19%. What really helped shore up the profit was a 27% drop in total operating expenses and an 86% drop in total tax outgo at Rs.13 crore.

As on September 30, 2020, Thermax Group had an order balance of Rs. 5,190 crore (Rs. 5,334 crore), down 3%. Order booking for the quarter was 35% lower at Rs. 1,114 crore (Rs. 1,723 crore).

The group's performance improved over QlFY21 due to partial resumption in industrial activities post COVID induced lockdown. However, muted capacity expansion in majority sectors continued to impact the company's revenue and order book.

M.S. Unnikrishnan retired as the MD & CEO of Thermax Group on August 31, 2020, and Ashish Bhandari took over as the new MD & CEO, effective September 1, 2020.

The stock opened weak, down 2% at Rs.740 but from there, rose to hit an intraday high at Rs,782.90, up almost 4%.