Environment and energy major Thermax reported a loss of Rs 15 crore for the June quarter of FY21 against a profit of Rs 63 crore in the June quarter of FY20.
The company said it had reported a loss for the first time in two decades.
Thermax reported a 52% y-o-y drop in consolidated revenue to Rs 665 crore. Thermax Group’s order bookings were 50% lower at Rs 608 crore.
Thermax chairperson Meher Pudumjee said the company was seeing a recovery in August with a rise in enquiries and orders. Demand is returning from pharma, food processing and chemical segment, Pudumjee said. “The industry is turning green and seeing increasing interest in renewable and energy efficiency as well as waste water business,” she added.
There was a 2.5x growth in orders for the environment segment, Pudumjee further said. Similarly, the company’s chemical business had grown with an increase in demand from the US and Europe, she said. Slowdown in private capital expenditure, global uncertainties and drop in international orders remained a concern, she added.
Meanwhile, MD & CEO MS Unnikrishnan is set to retire from the company at the end of this month after a 13-year stint. Unnikrishnan had worked with Thermax for a total of 28 years. He had left the company to work in West Asia for a brief period and returned to India at Thermax on invitation from the Thermax promoter family.
Pudumjee said Unnikrishnan had taken the Thermax green products portfolio from 40% 10 years ago to 70% at present and the company was well-positioned to make the best of the shift to decarbonisation and energy efficiency.
Ashish Bhandari, who joined the company four months ago as joint MD, will succeed Unnikrishnan as MD and CEO.
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