Thermax shares fall 18% on Friday after disappointing Q2 results
Business
Thermax saw its shares drop by 18% on Friday after posting second-quarter results that disappointed investors.
The stock hit ₹2,666.60 on the NSE before later paring some losses but was still trading around 18% lower.
Thermax profit falls to ₹113 cr
Thermax's net profit slipped 5% to ₹113 crore this quarter due to pricier materials, a less favorable product mix, and a ₹15 crore impairment provision for a hybrid renewable energy project.
On the bright side, revenue grew 11% to ₹2,756 crore.
The company's order backlog jumped 16% year-on-year to ₹14,250 crore, even though new orders for the quarter dipped by 8%, showing both challenges and some resilience ahead.