Mumbai: Thermax India Ltd has announced results for the first quarter of the financial year 2002-03. It has posted a net profit of Rs 27 million as compared to a net loss of Rs 16.50 million in the corresponding period last fiscal.

This is the first time in the last five years that the company has posted profits in Q1, usually considered to be a dull period for its target markets. Sales in the quarter ended 30 June 2002 stood at Rs 1013.50 million up 21 per cent from Rs 836.30 million in the corresponding period last fiscal.

There is a 36-per cent increase in the order booking for the quarter as compared to the corresponding figure last year. The order backlog on 30 June 2002 stood at Rs 2,060 million 83 per cent higher than the order backlog in Q1 2001-02. Based on the current trends and the order book position, the management expects that sales for the financial year 2002-03 will see a growth of 15-20 per cent.

Thermax had approved allotment of 5,81,250 equity shares of Rs 10 each out of the equity share capital of the company to Thermax ESOP Trust for implementing the employee stock option plan. The 5,81,250 equity shares allotted are equivalent to 2.5 per cent of the issued share capital of the company as on 31 March 2001.

The said 5,81,250 equity shares of Rs 10 each have been allotted at a premium of Rs 66.25 per share. Thermax had earlier sought shareholders approval for the proposed amalgamation of Thermax Water Technologies Ltd, a wholly owned subsidiary of the company.