Thermax Share Price Falls 2% After Q3 FY25 Profit Dips to ₹116 crore

India’s industrial equipment maker, Thermax Ltd, reported a consolidated net profit plunged 51% to ₹116 crore ($13.33 million) in Q3 FY24, compared to ₹238 crore in the same period last year. However, the previous year’s figure included a one-time gain of ₹126 crore from the sale of a plot of land, making the decline in core profitability more pronounced.

Weak Order Book and Rising Costs

Thermax’s order booking fell 8% year-on-year to ₹2,296 crore, as the company failed to secure any large orders during the quarter. Meanwhile, total expenses surged to ₹2,383 crore, driven primarily by a 4% increase in raw material costs.

Revenue Growth Below Expectations

Despite challenges, Thermax’s total revenue grew to ₹2,508 crore, falling short of analysts’ expectations of ₹2,695 crore. Revenue from its industrial products segment rose 5.6%, while the segment that handles bio-CNG and power plant projects grew 3%. These two divisions together account for over 88% of the company’s total revenue.

Stocks Performance

On February 05, 2025, Thermax’s share price traded 1.95% lower at ₹3476.50 at 9:32 AM (IST). Thermax’s share price reached a 52-week high of ₹5,835 on July 08, 2024, and a 52-week low of ₹3,086.30 on February 06, 2024. As per BSE, the total traded volume for the stock stood at 2795 shares with a turnover of ₹95.75 lakh.

At the current price, Thermax shares are trading at a price-to-earnings (P/E) ratio of 97.42x, based on its trailing 12-month earnings per share (EPS) of ₹35.72, and a price-to-book (P/B) ratio of 11.57, according to exchange data.

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