Thermax Q4 PAT down 69 pc at Rs 39 cr

"The enforcement of lockdown to contain the spread of COVID-19 disrupted business activities, both for Thermax and its customers, leading to an impact on the revenue and profitability," it added. To prevent health risks to its employees, the company also had to shut down all its manufacturing facilities in India and implement work from home.

Energy solutions provider Thermax Ltd on Thursday reported a 69 per cent decline in consolidated profit after tax (PAT) at Rs 39 crore for the quarter ended March 31, 2020, mainly on account of lower income. The company had posted a PAT of Rs 127 crore during the same period a year ago, Thermax Ltd said in a statement.

Total income fell to Rs 1,353.66 crore during the quarter under review from Rs 2,125.62 crore in January-March quarter of 2018-19 fiscal. The company's total expenses stood at Rs 1,295.06 crore as against Rs 1,931.06 crore in year-ago quarter.

"The overall slowdown in investment globally, further disrupted by the onset of the COVID-19 pandemic towards the end of the fiscal, had an impact on the group's financial performance on all the parameters," the company said. "The enforcement of lockdown to contain the spread of COVID-19 disrupted business activities, both for Thermax and its customers, leading to an impact on the revenue and profitability," it added.

To prevent health risks to its employees, the company also had to shut down all its manufacturing facilities in India and implement work from home. Operations at international facilities were also scaled down. For fiscal year 2019-20, the company said its order booking was at Rs 5,498 crore, down 2.4 per cent from Rs 5,633 crore in the year ago.

Thermax offers integrated solutions in areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Besides India, it has manufacturing facilities in Europe and South East Asia.