Thermax up 5%

Thermax is attracting a lot of attention today morning; the stock opened 2% higher at Rs.2565 and rose to an intraday high at Rs.2636, a rise of 5%. Its 52-week high stands at Rs.2727.

The market is pretty enthused with its performance for Q1FY24. On a 17% (YoY) rise in operating revenue at Rs.1933 crore, the company posted a PAT of Rs.60 crore, up 2%. This was impacted due to exceptional item of provision related to litigation of Rs. 51 crore.

PBT, on the other hand, showed a big 75% jump at Rs.142 crore mainly due to lower base effect – previous Q1, PBT was lower due to the impact of input commodity costs in the Industrial Products and Chemical segments.

The company’s order book also remained healthy at Rs 2,567 crore, with trends of enquiry inflows being positive across the waste to energy segments. The company said that enquiry inflow from food, chemical and distillery verticals remains strong, there are also signs of improvement in the cement segment.