Thermax's Green Hydrogen Expansion in Pune
Key Ideas
- Thermax in Pune is focusing on developing green hydrogen technology through a layered approach involving improving internal capabilities and collaborating with existing players.
- The company aims to manufacture electrolysers in India and enhance technology capabilities around them, including providing fuel cells to the Indian Navy.
- Thermax reported a significant increase in consolidated net profit in Q1FY25, reaching Rs 109 crore, up by 82% compared to the same period last year, despite facing exceptional charges related to litigation in the previous year.
- The company's consolidated operating revenue also saw a growth of 13% to Rs 2,184 crore, with an order book standing at Rs 2,569 crore for the quarter, highlighting a positive growth trajectory.
Thermax, an engineering firm based in Pune, is strategically expanding its green hydrogen business by adopting a layered approach. The Managing Director and CEO, Ashish Bhandari, emphasized the company's plan to enhance its capabilities and collaborate with existing industry players. They are working towards manufacturing electrolysers in India and bolstering technology capabilities around them. Additionally, Thermax is focusing on providing fuel cells to the Indian Navy, transitioning from research to operational deliveries.
Despite facing an exceptional charge related to litigation last year, Thermax reported a consolidated net profit of Rs 109 crore in Q1FY25, marking an impressive 82% increase from the previous year. The company's consolidated operating revenue also displayed a positive trend, growing by 13% to Rs 2,184 crore. Moreover, Thermax's order book for the quarter stood at Rs 2,569 crore, indicating a promising outlook for future growth and innovation in the green technology sector.