Engineering firm Thermax to develop technology for green hydrogen business
Engineering firm Thermax is advancing its green hydrogen technology through a multi-faceted strategy that includes boosting internal capabilities and forming industry partnerships. MD & CEO Ashish Bhandari highlighted plans to manufacture electrolysers domestically and develop related technology. The company is also working on supplying fuel cells to the Indian Navy. For Q1FY25, Thermax reported a consolidated net profit of Rs 109 crore, an 82% increase from the previous year, with a 13% rise in operating revenue to Rs 2,184 crore. The order book remained stable at Rs 2,569 crore.
Engineering firm Thermax is adopting a multi-faceted strategy to advance its technology for green hydrogen business. This approach includes enhancing its internal capabilities and forming partnerships with established industry players, according to MD & CEO Ashish Bhandari, reported The Times of India.
In a post-earnings call on Thursday, Bhandari mentioned, “We have assembled a team with the goal of eventually manufacturing electrolysers in India and developing technology capabilities for these electrolysers domestically.”
The strategy also encompasses developing in-house capabilities to supply fuel cells to the Indian Navy, a program that has progressed from research to operational deliveries.
For Q1FY25, Thermax reported a consolidated net profit of Rs 109 crore, marking an 82% increase from the same period last year. Its net profit last year was adversely impacted due to an exceptional charge related to litigation of Rs 51 crore. The company saw a consolidated operating revenue of Rs 2,184 crore, higher by 13% as against Rs 1,933 crore. The order book for the quarter stood at Rs 2,569 crore compared to Rs 2,567 crore last year.
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