Thermax announced that Thermax Onsite Energy Solutions, a wholly owned subsidiary of the Company has incorporated its subsidiary by the name of Enernxt (CIN: U40107PN2021PTC197447) on 05 January 2021.

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Thermax has acquired remaining 24% stake in First Energy (FEPL) effective 21 December 2020. Accordingly, the equity shareholding of the Company in FEPL stands increased from 76% to 100%. Now, FEPL is a wholly owned subsidiary of the Company.

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Thermax Ltd rose 1.63% today to trade at Rs 934.35. The S&P BSE Capital Goods index is up 0.43% to quote at 18687.64. The index is up 10 % over last one month. Among the other constituents of the index, Larsen & Toubro Ltd increased 1.26% and Carborundum Universal Ltd added 1.08% on the day. The S&P BSE Capital Goods index went up 9.54 % over last one year compared to the 12.19% surge in benchmark SENSEX.

Thermax Ltd has added 11.06% over last one month compared to 10% gain in S&P BSE Capital Goods index and 6.56% rise in the SENSEX. On the BSE, 539 shares were traded in the counter so far compared with average daily volumes of 3607 shares in the past one month. The stock hit a record high of Rs 1119 on 01 Jan 2020. The stock hit a 52-week low of Rs 644 on 24 Mar 2020.

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On the segmental front, revenue of the energy business was at Rs 886 crore (down 33.9% YoY), revenue of the environment business was at Rs 155 crore (down 13.4% YoY) and revenue of the chemical business was at Rs 115 crore (up 3.6% YoY) in the second quarter.

Profit before tax in Q2 September 2020 stood at Rs 44.09 crore, down 63.4% from Rs 120.44 crore in Q2 September 2019. Current tax expense declined by 21.7% year-on-year (YoY) to Rs 21.31 crore during the quarter.

Thermax said that exceptional items impacted the results on account of a voluntary retirement scheme, impairment of certain assets of Boilerworks Properties ApS (Denmark) and provision for closure of German subsidiary claims, totalling to Rs 24.65 crore.

As on 30 September 2020, Thermax Group had an order balance of Rs 5,190 crore as against Rs. 5,334 crore in the same period last year, declining 3% YoY0. Order booking for the quarter was 35% lower at Rs. 1,114 crore as compared to Rs. 1,723 crore in Q2 FY20.

The group's performance improved over Q1 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.

In November, Thermax Group concluded a major order to set up a captive Combined Heat and Power (CHP) plant on an EPC basis for Assam Bio Refinery (ABRPL), a public private joint venture company. ARR PT, will develop India's first biorefinery to produce cellulosic ethanol from bamboo biomass.

Thermax, 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.

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