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Voltas net profit falls 10.5 pc to Rs 109.6 crore

(PTI) Air conditioning and engineering services provider Voltas Ltd on Tuesday reported a decline of 10.47 per cent in its consolidated net profit at ₹109.62 crore in the first quarter ended June 30, 2022.

The Tata group firm had posted a consolidated net profit of ₹122.44 crore in the April-June quarter last fiscal, Voltas said in a regulatory filing.

However, its revenue from operations increased 55.05 per cent to ₹2,768 crore during the period under review as against ₹1,785.20 crore in the corresponding period of the previous fiscal.

Its total expenses were at ₹2,603.48 crore, up 56.69 per cent in first quarter of FY23, as against ₹1,661.53 crore a year ago.

Voltas’ revenue from “unitary cooling products for comfort and commercial use” was up two-fold to ₹2,162.20 crore as against ₹963.11 crore.

“On the back of the volume growth, gross segment revenue increased by 125 per cent,” said Voltas, adding it “continues to be the market leader” in the segment with an existing market share of 24.1 per cent as of June 2022, said an earnings statement by the company.

However, “electro-mechanical projects and services” was down 33.95 per cent to ₹454.69 crore as against ₹688.42 crore.

This was owing to the lower carry-forward order position, Voltas added.

The “engineering products and services” was up 8.05 per cent to ₹124.33 crore as against ₹115.06 crore.

Shares of Voltas Ltd on Tuesday settled at ₹999.60 on BSE, up 0.01 pc from previous close. MintGenie

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