Thermax hit its new 52-week high of Rs 209.75 in morning trades today following a huge dividend declared by the company.

However,  the scrip of the Pune-based engineering company came slightly off that early high to Rs 204.95 (on BSE), still 9.63% above its yesterday's close. A total of 56,660 Thermax shares were registered as volumes by 10:50 IST. The Thermax scrip has now risen 50% from Rs 137 on 30 April 2003.

Towards close of trading Thursday, Thermax unveiled fourth quarter and full year results ended 31 March 2003.

For Q4, Thermax recorded a massive 91% rise in net profit to Rs 33.83 crore (Rs 17.72 crore) on a 6% increase in total income to Rs 201.82 crore (Rs 189.63 crore).

For FY 2002-03, it registered a 101% increase in net profit to Rs 48.24 crore (Rs 24.02 crore) on a 15.12% rise in total income to Rs 577.45 crore (Rs 501.57 crore). On a consolidated basis, the group registered a 102% rise in net profit to Rs 55.70 crore (Rs 27.62 crore) on an 18% increase in total income to Rs 771.25 crore (Rs 654.86 crore).

The Q4 as well as FY 2002-03 were in line with analysts' expectations -net profit of Rs 30-33 crore on net sales of Rs 190-195 crore. For the full year (FY 2002-03), the company was expected to turn out a net profit of Rs 45-50 crore on net sales of Rs 550-555 crore.

Other than the decent results, the scrip's buoyancy is attributed to the huge dividend of 120% (Rs 12 per share on a face value of Rs 10) recommended by the company for the year ended 31 March 2003. The dividend includes a 50% special dividend.

The board of directors has also recommended a bonus issue of 6% redeemable preference shares to the equity shareholders, in the ratio of two preference shares of face value of Rs 10 each for every equity share held.

The company expects modest growth in the current year. Most of its businesses, other than the captive power business, are expected to grow by 15%.

Thermax , a leading player in energy and environment management, is one of the few companies in the world that offers total integrated, innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.

The sustainable solutions Thermax develops for client companies are environmentally friendly and enable efficient deployment of energy resources. Headquartered in Pune, Thermax has eleven international located in South East Asia, Middle East, Africa, Russia, UK and the US.

To beat the sluggish conditions in the domestic market, Thermax is concentrating on the international markets. It is also looking at newer markets in Russia, South East Asia, Thailand and Malaysia.

As on 31 March 2003, the promoters held 61.98% stake in Thermax, while the public and institutions held 19.71% and 14.15%, respectively.