Thermax’s innovative and energy-efficient ‘Hybrid Heat Pump’ wins the prestigious ‘Most Innovative Energy Saving Product’ award from CII at the 20th National Award for Excellence in Energy Management 2019. Through this award, CII recognises organisations’ outstanding contributions to energy management. We achieved this feat against competition from more than 100 participants in this award category. Congratulations to our Absorption Cooling and Heating team for living up to Thermax’s vision of sustainability!
Thermax’s Absorption Cooling and Heating division’s state-of-the-art manufacturing facility in Sri City, Andhra Pradesh continued its journey of accolades, this time for its best-in-class operations and processes. The team bagged a ‘5S Gold’ award from the Quality Circle Forum of India (QCFI) – Chennai Chapter for its consistent efforts towards adopting 5S practices in optimising and utilising resources efficiently. This initiative has also helped us in optimising workspace, reducing retrieval time and overall costs. QCFI is an organisation that recognises excellence in Total Quality Management (TQM) and has successfully implemented quality concepts under the TQM umbrella across several industry verticals. Congratulations to our team on winning this covered award!
Thermax successfully installed and commissioned three steam-driven absorption chillers of 994 TR each and two hot water driven absorption chillers of 815 TR each at Chambal Fertilizers and Chemical Limited (CFCL), India. This order was received from TOYO Engineering, a Japanese EPC company. Thermax chillers are catering to the process cooling needs at their urea and di-ammonium phosphate (DAP) plant. The chilled water at 7oC is used to cool the compressor inlet air supplied to gas turbine resulting in increasing the efficiency and output of the turbines.
For the first quarter of FY 2019-20, at the consolidated level, Thermax posted an operating revenue of Rs. 1,392 crore, up 34% as compared to Rs. 1,035 crore in the corresponding quarter, last year. Profit after tax for the quarter was 29% higher at Rs. 63 crore (Rs. 49 crore).
As on June 30, 2019, Thermax Group had an order balance of Rs. 5,250 crore (Rs.6,420 crore), down 18%. Order booking for the quarter was 26% lower at Rs. 1,217 (Rs.1,652 crore) on account of slowdown in investment sentiment witnessed in both domestic and international markets.
Pursuant to acquisition of shares in Thermax Babcock & Wilcox Energy Solutions Pvt. Ltd. (TBWES) and Thermax SPX Technologies Limited (TSPX), their financial results have been consolidated as wholly owned subsidiaries as compared to ‘Equity’ basis consolidation during Q1, last year. Hence, the results of the Group are not comparable.
On a standalone basis, including discontinued operations, Thermax posted an operating revenue of Rs. 1,168 crore during the quarter, 38% higher as compared to Rs. 849 crore in the previous year. Profit after tax for the quarter was Rs. 50 crore, up 11% from last year’s Rs. 45 crore. Order balance on June 30, 2019 stood at Rs. 4,672 crore (Rs. 5,873 crore), down 20%. Order booking for the quarter, Rs. 1,062 crore (Rs. 1,430 crore) was 26% lower.
In July, Thermax concluded an order of Rs. 471 crore from an Indian government power company to set up two flue gas desulphurisation (FGD) systems at their thermal power plant in the state of Jharkhand.
About Thermax Limited: Thermax Limited, a leading energy and environment solutions provider is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, China, Europe and South East Asia. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources.