Thermax Limited, a leading player in the energy, environment, and chemical sectors, saw a 2 percent increase in its share price on the Bombay Stock Exchange, reaching an intraday high of Rs. 4,672.30 following a 43 percent rise in its net profit for the financial year 2023-24.
The company, with a market capitalisation of Rs. 54,878.63 crore, witnessed positive trading at Rs. 4,605.60, up by 0.54 percent. This uptrend came after Thermax revealed its financial results for the fourth quarter of FY23-24 and the full fiscal year, which showed a 15.2 percent year-on-year increase in consolidated revenue from operations to Rs. 9,323.5 crore for FY23-24.
Despite a 43 percent YoY growth in net profit to Rs. 643.2 crore for FY23-24, there was a 21 percent decline in profit after tax (PAT) on a quarter-on-quarter basis. The company also completed the acquisition of 51 percent equity shares of TSA Process Equipments Private Limited for Rs. 71.14 crore.
Thermax’s Board recommended a dividend of Rs. 12 per equity share for the financial year 2023-24, set to be paid on July 5, 2024. Additionally, the Board approved the establishment of a wholly owned subsidiary named “Thermax Chemical Holdings Private Limited” and proposed financial support of Rs. 13 crores to Thermax Bioenergy Solutions Private Limited, a subsidiary of Thermax.
The stock has shown significant positive returns of around 91.2 percent in the last year, 58.7 percent in the last six months, and 49.1 percent in 2024. DailyBubble sees Thermax Limited as a strong player in its sector, with a diverse portfolio of solutions catering to various industries. Investors should consider the company’s growth trajectory and strategic initiatives when making investment decisions.