Indian industrial machine maker Thermax's Q4 profit rises on strong demand

KEC International

10/05/2024 13:48

BENGALURU, May 10 - India's Thermax  THMX.NS  reported a
higher fourth-profit on Friday, helped by strong demand for its
products.
    The industrial machines maker reported a consolidated net
profit of 1.88 billion rupees ($22.5 million) in the quarter
ended March 31, up 20.5% from last year and in line with
analysts' estimates of 1.87 billion rupees, as per LSEG data.
    Capital goods companies in India have benefitted from the
government's push on infrastructure and clean energy through
increased capital expenditure and production-linked incentive
schemes.
    Rival KEC International  KECL.NS  reported a more than
doubling of profit earlier this week, while Larsen and Toubro's
 LART.NS  profit beat analysts' estimates.
    Thermax, which caters to industries like aviation, cement
and renewable energy, said its order book rose 2% from last
year.
    Sales of industrial products such electric boilers, heat
pumps and wastewater treatment plants increased 23% to 12.07
billion rupees during the quarter.
    Revenue from its industrial infrastructure business, which
includes large boilers, power plants and refinery process units,
increased by 17%.
    A 22% rise in raw material's costs pushed Thermax's expenses
up 19% to 25.68 billion rupees.
    Shares of the company closed 2.2% higher ahead of results.
    

($1 = 83.4950 Indian rupees)

 (Reporting by Aleef Jahan and Kashish Tandon in Bengaluru;
Editing by Varun H K and Mrigank Dhaniwala)
 ((aleefjahan.cs@thomsonreuters.com;))