For the first quarter of FY2020-21, at the consolidated level, Thermax posted an operating revenue of Rs. 665 crore, down 52% as compared to Rs. 1,392 crore in the corresponding quarter, last year. Loss after tax for the quarter was Rs. 15 crore, against a profit of Rs. 63 crore in the corresponding quarter of FY2019-20.
As on June 30, 2020, Thermax Group had an order balance of Rs. 5,212 crore (Rs. 5,250 crore), down 1%. Order booking for the quarter was 50% lower at Rs. 608 crore (Rs.1,217 crore). The unprecedented slowdown in industrial activity globally during the quarter, mainly on account of the COVID-19 pandemic, has severely impacted the company's performance. The company registered a loss for the first time in two decades.
On a standalone basis, Thermax posted an operating revenue of Rs. 429 crore during the quarter, 46% lower as compared to Rs. 788 crore in the previous year. Loss after tax for the quarter was Rs. 2 crore, compared to last year's profit of Rs. 24 crore. Order balance on June 30, 2020, stood at Rs. 3,612 crore (Rs. 2,771 crore), up 30%. Order booking for the quarter, Rs. 477 crore (Rs. 787 crore) was 39% lower.
After serving as MD & CEO of the Thermax Group for 13 years, M S Unnikrishnan will retire on August 31, 2020, and Ashish Bhandari, who joined as Joint MD on April 7, 2020, will succeed him as the new MD & CEO. Speaking on the leadership change, Meher Pudumjee, Chairperson, Thermax said, "On behalf of the Board and the family, I thank Unny for his association with Thermax for 28 long years. His contribution in steering the company successfully throughout his tenure as MD & CEO while upholding its culture and values has been commendable. I wish Ashish success in furthering our vision and navigating Thermax through its next phase of growth."
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