Thermax shares fell as much as 4 per cent on Monday after the capital goods company’s standalone profit fell 11 per cent annually to Rs 68 crore in the December quarter.
Thermax, which provides solutions for the energy and environment sector, said a delay in the core sector recovery impacted its business. Its revenue fell 8 per cent annually to Rs 1,039 crore against Rs 1,125 crore in the year-ago period.
Its order inflows also took a hit. Thermax received orders worth Rs 868 crore in the December quarter, down from Rs 1,228 crore in the same quarter of last year.
“There are not any large project orders in the market. The orders that are available are small conventional orders,” M S Unnikrishanan, managing director at Thermax, told NDTV Profit.
Thermax also witnessed a fall in its margins in the December quarter, with Ebitda margin or operating margin slipping to 9.5 per cent from 10.36 per cent year-on-year.
As of 1.56 p.m., Thermax shares traded 3.09 per cent lower at Rs 812.55 apiece compared to a flat Sensex.