India's Thermax Ltd an energy and environment solutions provider expects revenues to decline in the first few quarters of the next fiscal year hurt by sluggish growth in orders in key segments, its managing director said.

M S Unnikrishnan told analysts in a conference call that the company, however, expects order bookings in steel, cement and oil & gas sectors to pick up in the second half of 2012/13, but does not expect any traction from the battered power sector.

He said that revenues for the full fiscal year that begins April 1 will not be substantially lower than what will be clocked in the current fiscal. Revenues for April to December rose 16% to INR 36.17 billion.

Mr Unnikrishnan said that "Next year is going to be challenging for not only Thermax, but for entire capital goods industry.”

Thermax, which depends on orders from capacity expansion in core industrial sectors for its revenue, had seen a sluggish trend in the finalization of orders during the September and December quarters.

(Sourced from ET)