Thermax announced that Ashish Bhandari has taken over as the MD & CEO of the Company w.e.f. 01 September 2020.

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Thermax announced that M.S. Unnikrishnan has stepped down as the Managing Director (MD) & Chief Executive Officer (CEO) of the Company from the close of business hours w.e.f. 31 August 2020.

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Total income fell 51.5% to Rs 685.86 crore in Q1 June 2020 over Q1 June 2019.

Thermax said in a statement that the unprecedented slowdown in industrial activity globally during the quarter, mainly on account of the COVID-19 pandemic, has severely impacted the company's performance. The company registered a loss for the first time in two decades.

Pre-tax loss in Q1 June 2020 was at Rs 22 crore as compared to a pre-tax profit of Rs 90 crore in Q1 June 2019.

As on 30 June 2020, Thermax Group had an order balance of Rs. 5,212 crore as against Rs.5,250 crore as on 30 June 2019, down 1 % YoY. Order booking for the first quarter was lower by 50%, at Rs 608 crore as compared to Rs 1,217 crore worth of order booking recorded in the same period last year.

Separately, Thermax said that Ashish Bhandari will succeed M.S.Unnikrishnan, the current Managing Director (MD) and CEO, post his retirement and move into the role of MD and CEO on 1 September 2020.

Shares of Thermax are currently trading 0.55% higher at Rs 744.25 on the BSE. It traded in the range of Rs 730.30 and Rs 745 so far during the day.

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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Net loss of Thermax reported to Rs 15.27 crore in the quarter ended June 2020 as against net profit of Rs 62.76 crore during the previous quarter ended June 2019. Sales declined 52.25% to Rs 664.94 crore in the quarter ended June 2020 as against Rs 1392.45 crore during the previous quarter ended June 2019.

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