Thermax hit by lack of orders,slowdown in power sector

With the power sector going through a tough time world over,companies associated with the sector are facing the music. City-based power major Thermax recorded a Rs 611-crore dip in its sales figures for the last fiscal,with chairperson Meher Pudumjee expressing concern over the less orders before the company.

In its annual report released on Thursday,the company said the total sales figure of the company for the financial year 2012-13 was Rs 4,532 crore as compared to Rs 5,244 crore for 2011-12. The net profit after tax for 2012-13 was Rs 350 crore,a sharp dip of Rs 407 crore as compared to 2011-12. The order balance for 2012-13 was Rs 4,357 crore,a tad bit better than the order balance of Rs 4,230 crore for 2011-12. The company announced a dividend of Rs 7(350%) per equity share.

Talking about the international presence of the company,MS Unnikrishnan,managing director and CEO of the company,said the company has presence in China and some Scandanaivian countries. He said the investment in China was necessary as it is going to be the biggest market of the world.

The company intends to increase its international presence by 40 per cent and is eying countries in South East Asia and Middle East and Africa. Speaking about the to be inaugurated Shirwal plant,Pudumjee said the plant will create more than 5,000 jobs.