The shares of this leading energy and environment solutions company gained up to 2.2 percent after the company secured orders worth more than Rs. 500 crore from a leading energy conglomerate for setting up five bio-CNG plants across India.
With a market capitalization of Rs 32,411.71 Crores. Thermax Ltd, On Tuesday, The shares were trading at Rs 2,720.10 a share, an increase of 1.77 percent from the previous closing price.
A major energy conglomerate placed orders worth over Rs. 500 crore with Thermax Ltd. through one of its subsidiaries to establish five bio-CNG plants across India, according to the company filing. The states of Rajasthan, Madhya Pradesh, Maharashtra (2), and Uttar Pradesh will host these plants.
In addition to the paragraph above, these plants will use local feedstock exceeding 1,000 TPD, such as rice straw, Napier grass, cane trash, and soya trash, in order to produce 110 tonnes per day (TPD) of bio-CNG. The bio-CNG produced by these plants will be used by the client for both captive and commercial purposes. This is a component of Thermax’s larger plan to offer biochemical and bioenergy-related solutions.
Furthermore, installing 1 GW of hybrid renewable energy solutions by FY 2027 is another initiative that is in line with clean energy. These projects, which are both intrastate and interstate in nature, will support industries with a range of services, including 24-hour clean electricity requirements.
The company’s most recent cutting-edge wind and solar bundled captive power project, which consists of 100 MW of wind and 90 MWp of solar, is one of the 290 MWp (commissioned and under construction) projects.
The company oversees 140 MWp of operating portfolio at the moment, with 145 MWp more under construction, over 300 MW in development, and 400 MW planned. Thermax also wants to build gasification plants that can process coal at rates between 100 and 500 TPD and have the capacity to capture carbon.
Looking into the company’s performance, Thermax Ltd’s revenue increased by 10.9 percent from Rs 2,075 Crore in FY2021-22 to Rs 2,302 Crore in FY2022-23. During the same period, net profit increased by 45 percent from Rs 109 crore to Rs 159 Crore.
Thermax Limited provides solutions for the chemical, energy, and environmental sectors. Boilers and heaters, absorption chillers and heat pumps, power plants, and solar equipment are among the products in the company’s portfolio.
Written by:- Abhishek Singh
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