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Thermax scouts for a new green hydrogen partner
Industry News- Aug 05,24
This is because a planned venture with Australian green energy firm Fortescue Future Industries (FFI) to develop green hydrogen projects in India did not materialise.
Thermax is advancing into the green hydrogen sector and has established a strategic unit focused on hydrogen EPC projects and the localisation of electrolyzer manufacturing. Meher Pudumjee, Chairperson noted that a planned venture with Australian green energy firm Fortescue Future Industries (FFI) to develop green hydrogen projects in India did not materialise. As a result, Thermax will pursue these initiatives independently and is actively seeking a new partner, with expectations to finalise a partnership within 90 days.
Ashish Bhandari , CEO and Managing Director revealed that the company and FFI were unable to agree on terms, but Thermax remains confident in its capabilities to manage EPC projects and Build-Own-Operate (BOO) projects in the green hydrogen sector. Bhandari also announced that Thermax has secured a fuel cell project for submarines from the Indian Navy.
Despite a flat order book for the June quarter, Bhandari noted challenges in the industrial infrastructure business, including a 12% decline in order bookings due to issues in Bio CNG projects, which led to a Rs 450 million impact, and a slowdown in ethanol projects. Additionally, there were setbacks in the sulfur recovery unit. However, he expressed optimism for improved order book performance in the latter part of the year, with a larger pipeline of opportunities compared to the previous year and potential participation in thermal projects, with several expected awards in Q3FY25.
During the quarter, Thermax inaugurated a new manufacturing facility in Pune for water and wastewater solutions and acquired a 51% stake in TSA Process Equipments to enhance its offerings for purified water, ultra-pure water, and water for injectables. The company also launched a wholly-owned subsidiary, Thermax Chemical Solutions, to expand its chemical business.
Thermax Group has also announced an impressive 82% year-on-year increase in consolidated net profit, reaching Rs 1.09 billion for the April-June quarter. Revenue also rose by 13% year-on-year to Rs 21.84 billion. The significant profit growth follows an exceptional charge of Rs 510 million related to litigation from the previous year. The company's order bookings for the June quarter totalled Rs 25.69 billion, with the order balance as of June 30, increasing by 2% to Rs 106.81 billion.
Pudumjee highlighted growth across all business segments for FY24, positioning Thermax as a comprehensive provider of decarbonization solutions. The company has introduced a suite of energy transition products, services, and green energy projects.
(Source: Financial Express)
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