Shares of Thermax Ltd. rose nearly 10% in intraday trade, the most in over seven months, to Rs 1,499 apiece after the company reported sequential growth in net profit and revenue in the second quarter, post market hours Wednesday.
September Quarter Results (Consolidated, QoQ)
- Revenue up 39.62% at Rs 1,469.32 crore Vs Rs 1,052.36 crore
- Net profit up 81.4% at Rs 87.92 crore Vs Rs 48.47 crore
- Total costs at Rs 1,391.78 crore vs Rs 1,021.49 crore
- Other income at Rs 36.75 crore vs Rs 25.39 crore
Of the 28 analysts tracking the company, four maintained ‘buy’, eight maintained ‘hold’ and 16 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 9.6%.
Trading volume on the stock was 129.4 times the 30-day average volume, for this time of the day.
- Maintains ‘neutral’ with the target price kept unchanged at Rs 1,385; an implied return of -2.38%.
- Revenue was in-line with the estimate while gross margin remained stable.
- Order inflows remained strong and order book was robust at Rs 6,520 crore.
Dolat Capital
- Maintains ‘sell’ with the target price kept unchanged at Rs 1,205; an implied return of -11.45%
- Robust revenue growth aided by performance in energy, environment and chemical segments.
- Growth in net profit driven by higher-than-estimated other income.
