Energy and environment solutions provider Thermax Ltd reported a net profit of Rs 237.06 crore in the December quarter due to higher revenues, as against a profit of Rs 126.4 crore in the corresponding quarter last year.
Revenue increased 13.9 percent to Rs 2,382.76 crore in Q3 from Rs 2,091.57 crore a year earlier. The company posted an operating revenue of Rs 2,324.36 crore in the quarter compared to Rs 2,049.25 crore in the same period a year ago - a jump of 13.4 percent.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at Rs 245.82 crore, which was 20.9 percent higher compared to Rs 203.4 crore during the same period last year. The EBITDA margin rose to 10.3 percent from 9.7 percent.
"Increased revenue has resulted into an increased profit before tax. Also, there was an exceptional gain on account of transfer of leasehold rights of vacant plot amounting to Rs 126 crore," the company said in an investor presentation.
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The Board on February 8 also approved the setting up an ion exchange resin manufacturing plant at Jhagadia in Gujarat at a cost of Rs 45 crore.
On February 6, Thermax Group said in an exchange filing that it has signed an agreement to acquire 51 percent stake in TSA Process Equipments for a cash consideration of Rs 71.14 crore.
Meanwhile, Thermax's sales of industrial products -- such as for heating, cooling, water and waste management -- increased 19.5 percent in the quarter. "Improved performance in industrial products is on account of increased revenue," the company said.
Revenue from its industrial infrastructure business, which includes building large boilers, turnkey power plants, and wastewater treatment plants increased by 9.7 percent. "Industrial infrastructure profitability is lower due to lower margins in projects," it said.
These two businesses accounted for more than 90 percent of the company's total revenue.
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