Share price of this large-cap stock moved up by 2 percent on BSE to hit an intraday high at Rs. 4,672.30 in the morning trading session of Monday, after after reporting a rise in net profit of 43 percent for FY24.
With a market capitalisation of Rs. 54,878.63 crore, at 11:10 a.m., the shares of Thermax Limited were trading in the green at Rs. 4,605.60, up by 0.54 percent.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Friday post-market hours.
The consolidated revenue from operations increased by 15.2 percent YoY from Rs. 8,090 crore in FY22-23 to Rs. 9,323.5 crore in FY23-24 and grew by 20 percent QoQ from Rs. 2,324.4 crore in Q3 FY23-24 to Rs. 2,763.7 crore in Q4 FY23-24.
Thermax witnessed a rise in the net profit by 43 percent YoY from Rs. 450.7 crore in FY22-23 to Rs. 643.2 crore in FY23-24. However, on a quarter-on-quarter basis, PAT declined by nearly 21 percent from Rs. 237.06 crore in Q3 FY23-24 to Rs. 187.6 crore in Q4 FY23-24.
The company entered into a Share Purchase Agreement and a Shareholders Agreement on February 6th this year with TSA Process Equipments Private Limited and has completed the acquisition of 51 percent equity shares for a consideration of Rs. 71.14 crore.
Further, the company’s Board has recommended a dividend of Rs. 12 per equity share of Rs. 2 each for the financial year 2023-24, subject to the approval of the shareholders. The record date for payment of dividend is fixed as July 5, 2024.
In addition, the Board has approved the proposal for the formation of a wholly owned subsidiary of the company in the name of “Thermax Chemical Holdings Private Limited”, and has also approved support of Rs. 13 crores to Thermax Bioenergy Solutions Private Limited, a subsidiary of Thermax, either by way of loan or equity infusion.
The stock has delivered positive returns of about 91.2 percent in the last one year and nearly 58.7 percent in the last six months. So far in 2024, it has given around 49.1 percent of positive returns.
Thermax Limited provides energy, environment and chemical sectors solutions and its portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment or system, water and waste recycle plant, ion exchange resins and performance chemicals and related services.
Written by Shivani Singh
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