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Our Bureau

Pune, July 21 Thermax Ltd’s net profit declined in the first quarter of the current fiscal to Rs 46.5 crore from Rs 63.7 crore in the corresponding period last year.

The total income dropped to Rs 547.9 crore (Rs 727.2 crore).

The subdued numbers reflect the tough market conditions and the time lag in the execution of the projects, Ms Meher Pudumjee, Chairperson, Thermax, and Mr M. S. Unnikrishnan, Managing Director, said here today.

Ms Pudumjee said the second quarter is also expected to be subdued while the third and the fourth quarters are likely to show better performance.

Mr Unnikrishnan said the order book stood at Rs 3,230 crore at the end of the quarter compared with Rs 2,649 crore as at June 2008.

The Group’s consolidated net profit declined to Rs 47.1 crore (Rs 58.4 crore) and the consolidated total income to Rs 579 crore (Rs 783 crore).

The Group’s order book was Rs 3,426 crore, he said. Ms Pudumjee said that for the current fiscal it would be focusing on selective participation in municipal corporation and public sector projects and expansion at Mundra.

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