The net profit of Thermax declined for the first quarter of the current financial year owing to the fall in the orders of the company. Announcing the results on Thursday,Thermax said the net profit of Rs 67 crore for the first quarter of 2012-13 was 16.5 per cent lower than the corresponding quarters Rs 80 crore last year.
The total income for the first quarter at Rs 983 crore was marginally lower compared to Rs 1,044 crore last year.
Exports of the company grew 10 per cent to Rs 222 crore. During the period,the company bagged Rs 1,258 crore fresh orders and its order balance improved to Rs 4,474 crore at quarter-end from Rs 4,230 at the beginning of the year. However,it was lower than the corresponding figure for June 2011.
Power related businesses of Thermax was affected by the tough market conditions. The company is promoting its product businesses in sectors insulated from slowdown while focusing on cost optimisation. It is also striving to grow its select export markets, the company said in a statement.
At the consolidated level,total income of the company was Rs 1,170 crore . The net profit of the group for the first quarter was Rs 52 crore. Order balance of the group improved to Rs 5,042 crore over Rs 4,828 crore at the opening of the year,though it was lower than Rs 6,804 crore at the end of the corresponding quarter last year.
During the quarter,Thermax bagged its first African EPC captive power plant order of 30 MW in Zambia. The company successfully commissioned a large heat recovery steam generator for an oil company in the Netherlands,enhancing its credentials for sophisticated engineering projects in Europe.