Shares of Thermax rose about 4% on May 18, reacting to a string of strong quarterly numbers, but the stock retreated from intraday highs.

Shares were trading at Rs 2,484.05 at 10:19 am, up 0.85%. The stock traded 12,368 shares today, compared with its five-day average of 3,234 shares, an increase of 282%.

Consolidated revenue rose 16% year-on-year to Rs 2,310.82 crore, while net profit surged 52% to Rs 156.21 crore. EBITDA grew 48% YoY to Rs 199.90 crore.

Low commodity costs led to an increase in operating margin to 8.65% from 6.79%.

In its investor presentation, Thermax said the better results were due to higher revenue and normalized commodity costs after the second quarter.

Consolidated order inflow for the quarter was at Rs 2,254 crore as against Rs 3,396 crore in Q4FY22. In Q4FY22, order inflow was higher as a significant order of Rs 1,176 crore was booked for sulphur recovery blocks and an order of Rs 546 crore for flue gas desulphurisation systems was received. In FY23, order inflow rose to Rs 8,788 crore from Rs 9,410 crore in the previous fiscal.