Thermax Group Sees Strong Growth and Expansion in Decarbonization Solutions
Key Ideas
  • Thermax Group reported a significant 82% y-o-y growth in consolidated net profit, reaching `109 crore for the April-June quarter, with revenue up by 13% to `2,184 crore.
  • The company is focusing on becoming a comprehensive solution provider for decarbonization and green energy projects, introducing new energy transition products and services.
  • Thermax is venturing into green hydrogen by establishing a strategic unit for hydrogen projects and seeking partnerships, aiming to position itself in the growing market.
  • Despite setbacks in certain projects, Thermax remains optimistic about the future, with plans to finalize a new partnership within 90 days and expectations of improving order book positions.
Thermax Group, a prominent player in the industry, has shown commendable growth in its financial performance for the April-June quarter. The company's consolidated net profit surged by 82% year-on-year to `109 crore, accompanied by a 13% y-o-y increase in revenue, totaling `2,184 crore. Meher Pudumjee, the chairperson of Thermax, highlighted the widespread growth across all business segments and the company's strategic focus on providing decarbonization solutions. Thermax has diversified its offerings with a range of energy transition products, services, and green energy projects. Notably, the company has ventured into green hydrogen, establishing a dedicated unit for hydrogen projects and localizing electrolyzer manufacturing. While a proposed partnership with Fortescue Future Industries did not materialize, Thermax is now actively seeking alternative collaborations in the green hydrogen space. Ashish Bhandari, the CEO, emphasized Thermax's capabilities in executing projects and mentioned the company's recent acquisition and establishment of subsidiaries to bolster its presence in various sectors. Despite facing challenges in specific projects during the quarter, Thermax remains positive about its future prospects, anticipating an upturn in order book positions and exploring new opportunities in thermal projects. The company's continued focus on expansion and diversification reflects its commitment to sustainability and innovation.
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