Thermax's Q1 profit jumps 39% on ₹56 crore Maharashtra incentive
Thermax just posted a ₹151 crore net profit for April-June 2024—a solid 39% boost over last year—even though revenue dipped slightly to ₹2,150 crore, thanks to delayed customer clearances and execution challenges.
Backlog hits ₹11,376 crore
A ₹56 crore incentive from the Maharashtra government gave Thermax's operating income a real lift, pushing its profit margins up.
Even with lower revenue, new orders grew by 7% and the company's backlog hit ₹11,376 crore.
Chairperson Pudumjee upbeat about India-UK trade deal
Big wins in metal, power, mining, and food & beverage helped drive order growth.
While standalone profits fell sharply due to slower projects, fresh orders on that front actually jumped 20%.
CEO Ashish Bhandari admitted monsoon rains slowed things down but said projects are still moving.
Chairperson Meher Pudumjee sounded upbeat about the India-UK trade deal possibly bringing more business soon—especially in textiles and pharma.
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