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Thursday, September 24, 2020

Pune: Thermax Group reports drop in revenue for last fiscal

At the consolidated level, order booking for 2019-20 was Rs 5,498 crore, down by 2.4 per cent from the previous year when the company had reported order bookings of Rs 5,633 crore.

By: Express News Service | Pune | June 19, 2020 4:13:57 am
Thermax Group, Thermax Group Headquarters, Thermax Group revenue, Thermax Group revenue fall, indian express news The global slowdown and the Covid-19 pandemic has impacted the financial performance of the company, it added. (Source: thermaxglobal.com)

The Pune-headquartered Thermax Group reported a 4 per cent year-on-year dip in consolidated revenue at the end of 2019-20 financial year, said a press statement issued by the company on Thursday. The statement pegged the consolidated revenue at Rs 5,731 crore compared to Rs 5,973 crore in the previous year.

The global slowdown and the Covid-19 pandemic has impacted the financial performance of the company, it added.

At the consolidated level, order booking for 2019-20 was Rs 5,498 crore, down by 2.4 per cent from the previous year when the company had reported order bookings of Rs 5,633 crore. Profit after tax for the year was Rs 212 crore (Rs 325 crore). Consolidated earnings per Rs 2 per share were Rs 18.87 compared to Rs. 28.90 in 2018-19. The group had an order balance of Rs 5,238 crore (Rs 5,370 crore), down 2.5 per cent.

“On a standalone basis, from continuing operations, Thermax posted an operating revenue of Rs 3,215 crore as compared to Rs 3,541 crore in the previous fiscal, down 9 per cent. Profit after tax for the year was the same as last year’s at Rs 161 crore,” the release stated.

For 2019-20, Thermax Limited registered an order intake of Rs 4,058 crore (Rs 3,325 crore) and an order backlog of Rs 3,569 crore (Rs 2,741 crore).

For the fourth quarter of 2019-20, Thermax posted consolidated operating revenue of Rs 1,323 crore, down 36.2 per cent as compared to Rs 2,074 crore in the corresponding quarter, last year. Profit after tax stood at Rs 39 crore as compared to Rs 127 crore. “After the nationwide lockdown beginning March-end…the company shut down all its manufacturing facilities in India…The company’s international facilities continued operations, albeit at a scaled down pace. Chemical facilities, classified as essential services, resumed production in early April, followed by the progressive reopening of all other facilities by end of May…” it said.

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