For the third quarter of FY2020-21, Thermax Group posted an operating revenue of Rs. 1,411 crore at the consolidated level, same as in the corresponding quarter last year.

Profit after tax and exceptional items for the quarter was Rs. 83 crore, down 2% compared to Rs. 85 crore in the corresponding quarter of FY2019-20. Exceptional items impacted the results on account of impairment of goodwill in Thermax Netherlands B.V. and reversal of part of the provision created earlier for claims arising from closure of a German subsidiary, net Rs. 28 crores. Resumption of normalcy in the company's operations, improved performance of all business segments and cost control measures have improved the Profit Before Tax and Exceptional Items from Rs. 105 crore to Rs. 141 crore, 34% higher.

As on December 31, 2020, Thermax Group had an order balance of Rs. 5,208 crore (Rs. 5,439 crore), down 4%. Order booking for the quarter was 2.6% lower at Rs. 1,565 crore (Rs. 1,606 crore). This includes a major EPC order from a biorefinery in Assam for setting up a captive Combined Heat and Power plant mentioned in last quarter's press release. Thermax's order book witnessed broad based recovery with momentum in sectors ranging from food & beverage to cement and steel.

On a standalone basis, Thermax posted an operating revenue of Rs. 903 crore during the quarter, 6% higher as compared to Rs. 850 crore in the previous year. The company registered a loss of Rs. 3 crore, lower than last year's profit of Rs. 58 crore. Exceptional items impacted the results on account of impairment of goodwill in Thermax Netherlands B.V., impairment of our investment in Indonesia via Thermax Engineering Singapore Pte Ltd. and reversal of the provision for closure of a German subsidiary, totalling Rs. 90 crore. Excluding exceptional items, the PBT improved from Rs. 77 crores to Rs. 105 crore, up 38%.

Order balance on December 31, 2020, stood at Rs. 3,627 crore (Rs. 3,682 crore), down 1.5%. Order booking for the quarter, Rs. 1,020 crore (Rs. 1,316 crore) was 22.5% lower.

About Thermax Limited

Thermax Limited, a leading energy and environment solutions provider is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and South East Asia. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources.

Contact:

Swastika Mukherjee

Tel: +91 20 66051368

Email: swastika.mukherjee@thermaxglobal.com

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