Thermax stock zooms 12% on multifold rise in Q2 profit

Thermax share rose 12% in early trade today after the energy and environment solutions provider reported a multifold jump in consolidated net profit for the September quarter.

The midcap stock opened with a gain of 7.03% at Rs 1,437 against previous close of Rs 1,341.85 on BSE. The share touched an intraday high of Rs 1,503.4, rising 11.9% on BSE.

Thermax share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Thermax stock has gained 91.67% in one year and risen 63.14% since the beginning of this year.

Total 0.31 lakh shares changed hands amounting to turnover of Rs 4.50 crore on BSE. Market cap of the firm rose to Rs 17,559 crore on BSE. At 10:15 am, the stock was trading 10.25% higher at Rs 1,479.40 on BSE

The company reported a 183% year-on-year (y-o-y) rise in profit after tax (PAT) at Rs 88 crore for the quarter ended September 30.

In the corresponding quarter of previous fiscal, the firm reported a profit of Rs 31.24 lakh. Sales rose 28.75% to Rs 1,469 crore in Q2 against Rs 1,141 crore sales in the second quarter of last fiscal.

The company said last year, exceptional items including a voluntary retirement scheme, impairment of certain assets of Boilerworks A/S and provision for closure of German subsidiary claims had impacted the results during the second quarter of FY21.