Indian industrial machine maker Thermax's first-quarter profit rises

BENGALURU - India's Thermax posted a 13.5% rise in first-quarter profit on Thursday, on steady demand for industrial products.

Its consolidated profit before tax and exceptional items rose to 1.61 billion rupees ($19.23 million) in the April-June quarter from 1.42 billion rupees a year ago.

The company had an exceptional charge of 510 million rupees in the year ago quarter, relating to litigation costs.

Analysts had previously said that capital goods companies would see revenue growth in the first quarter on the back of healthy industrial demand and execution.

Thermax, which caters to industries like aviation, cement and renewable energy, said its order book rose marginally in the quarter.

Revenue from the industrial products segment, which sells electric boilers, heat pumps and wastewater treatment plants, increased 15%.

Revenue from its industrial infrastructure segment, which makes large boilers and refinery process units, rose 1%.

The segments together contribute about 85% to the company's total revenue, which rose 13% to 21.84 billion rupees.

Peer Larsen and Toubro's quarterly profit beat estimates last month.

Thermax's shares closed 2.1% higher after the results.

($1 = 83.7080 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)