Shares of Thermax were trading in the green and 2% higher on 12 December after the company announced securing an order worth Rs 500 crore from a top energy conglomerate for setting up five bio-CNG plants across India.

In its filing, the company said that these five plants would be located in Maharashtra, Rajasthan, Madhya Pradesh, and Uttar Pradesh, with each having the capacity to produce 110 tonnes per day (TPD) of bio-CNG.

The plants will use local feedstock exceeding 1,000 TPD, including Napier grass, rice straw, soya trash, and cane trash. The bio-CNG generated through the plant will be used for commercial and captive use by the customers.

The company is also set to install 1 gigawatt of hybrid renewable energy solutions by fiscal year 2027, including inter-state and intra-state projects that will support industries with a range of services, including 24-hour clean electricity requirements.

In its quarterly report for July-September, the company reported a 45% year-on-year (YoY) increase in its net profit to Rs 159 crore during the quarter from Rs 109 crore reported in the same quarter last year.

The revenue for the company grew by 10.9% YoY to Rs 2,302 crore during the quarter from Rs 2,075 crore reported in the same quarter during the previous fiscal year.

At 3:30 pm, the shares of Thermax closed 2.02% higher at Rs 2,734 on NSE.