Shares of Thermax Ltd. advanced in trade on Wednesday after the third-quarter earnings met analyst expectations.
Thermax's net profit rose 58.83% over a year earlier to Rs 126.19 crore. That compares with the Rs 119.15 crore average of analyst estimates pooled by Bloomberg.
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Thermax Q3 (Consolidated, YoY)
Revenue was up 26.91% at Rs 2,049.3 crore (Bloomberg estimate: Rs 2,114.2 crore).
Ebitda was up 42.42% at Rs 161.1 crore (Bloomberg estimate: Rs 161.19 crore).
Ebitda Margins at 7.86% vs 7% (Bloomberg estimate: 7.6%)
Net profit was up 58.8% at Rs 126.19 crore (Bloomberg estimate: Rs 119.15 crore).
Shares advanced 7.37% as of 11:06 a.m. to Rs 2,147 apiece. The stock rose as much as 7.77% intraday, rising the most in over eight months since June 2, 2022.
Total traded volume stood at 40.4 times its 30-day average. The relative strength index at 72 implies that the stock may be overbought.
Out of the 25 analysts tracking the company, six maintain a 'buy' rating, 12 recommend a 'hold,' and seven suggest to 'sell' the stock.
The return potential, as calculated by the consensus of analyst estimates, stands at a downside of 2.3% over the next 12 months.
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