Thermax shares spike 12% on strong Q2 earnings

Stocks

The energy and environment solutions company on November 10 reported a 183 percent YoY spike in profit after tax (PAT) to Rs 88 crore for the quarter ended September 30.

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Thermax share price jumped 12 percent intraday on November 11, a day after the company declared its Q2 earnings.

The energy and environment solutions company on November 10 reported a 183 percent YoY spike in profit after tax (PAT) to Rs 88 crore for the quarter ended September 30. It had reported a profit of Rs 31 crore in the corresponding quarter of FY21.

The company posted a 29 percent YoY rise in consolidated operating revenue to Rs 1,469 crore during the September quarter.

It said last year, exceptional items including a voluntary retirement scheme, impairment of certain assets of Boilerworks A/S and provision for closure of German subsidiary claims had impacted the results during the second quarter of FY21.

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The firm had booked orders worth Rs 1,856 crore, a jump of 67 percent YoY growth over orders booking during the Covid-hit Q2 of FY21.

The stock was trading at Rs 1,501.45, up Rs 159.60, or 11.89 percent at 12:41 hours. It has touched an intraday high of Rs 1,530.00 and an intraday low of Rs 1,417.20.

The scrip was trading with volumes of 54,222 shares, compared to its five day average of 1,311 shares, an increase of 4,037.19 percent.