India’s Thermax posts 45% rise in Q2 profit on strong industrial demand

BENGALURU (Reuters) – Indian engineering company Thermax reported a roughly 45% jump in second-quarter profit on Friday, helped by higher demand for its industrial products and infrastructure.

Consolidated net profit rose to 1.58 billion rupees ($19 million) in the three months ended Sept. 30, from 1.09 billion rupees a year ago.

The Pune, Maharashtra-based company’s revenue rose 11% to 23.02 billion rupees.

Sales of industrial products — including for heating, cooling, water and waste management increased 18%.

Its infrastructure business, which includes building large boilers, turnkey power plants and wastewater treatment plants, posted a 13% increase in revenue.

Thermax’s order balance was 102.64 billion rupees at the end of September, compared to 94.85 billion rupees at the end of June.

It also said it has approved an investment up to $2 million in its Singapore unit.

Peer KEC International reported a muted 1.1% year-on-year rise in profit earlier this week, while Cummins India will post its result next week.

Thermax’s shares closed up just under 1% ahead of the results and have gained more than 36% during the Sept. quarter. ($1 = 83.2463 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Savio D’Souza)