- After serving 13 years M S Unnikrishnan to retire as Managing Director & CEO of Thermax
- A significant drop in Thermax Group Q1’21 overall performance due to COVID-19
- Thermax posts a working income of Rs. 429 Crore comparing to Rs.788 Crore of last year
After serving as Managing Director & CEO of the Thermax Group for thirteen years, M S Unnikrishnan will retire on August 31, 2020, and Ashish Bhandari, who joined as Joint Managing Director on April 7, 2020, will be taking over as the new Managing Director & CEO leading the Indian multinational, at a crucial time when the market is looking very volatile.
For the first quarter of FY2020-21, at the consolidated level, Thermax posted operating revenue of Rs. 665 crore, down 52% as in contrast to Rs. 1,392 crore in the corresponding quarter, closing year. Loss after tax for the quarter was once Rs. 15 crore, in opposition to an earning of Rs. sixty-three crore in the corresponding quarter of FY2019-20.
As of 30th June’20, the Thermax Group had an order of Rs. 5212 crore (Rs. 5250 crores)which went down by 1%. Order reserving for the quarter was once a 50% decrease at Rs. 608 crores (Rs.1217crore).
The exceptional slowdown in industrial endeavor globally in the course of the quarter, mostly on account of the COVID-19 pandemic, has severely impacted the company’s performance, registered a loss for the first time in two decades. On a standalone basis, Thermax posted a working income of Rs. 429 crore at some point of the quarter, a 46% decrease as in contrast to Rs. 788 crore in the preceding year. Loss after tax for the quarter used to be Rupees two crores, in contrast to the remaining year’s earnings of Rs. 24 crore. Order stability on June 30, 2020, stood at Rs. 3,612 crore (Rs. 2,771 crore), up 30%. Order reserving for the quarter, Rs. 477 crore (Rs. 787 crore) was once 39% lower.
