Tata group’s air-conditioner (AC) maker Voltas Ltd on Friday reported a 12.64% year-on-year (YoY) rise in its consolidated net profit to Rs. 87.95 crore for the third quarter-ended December. The company’s net profit was at Rs. 78.08 crore in the same period last fiscal.
The company informed the stock exchanges that its revenue from operations during the reporting quarter was at Rs. 1,492.51 crore, as against Rs. 1,491.78 crore in the year-ago period.
Voltas said its revenue from unitary cooling products for comfort and commercial use segment increased 14% YoY to Rs. 601 crore, compared with Rs. 526 crore in the corresponding quarter last year. Air coolers and other products also saw higher traction and healthy growth.
“Voltas reported revenue lower than our estimates due to an 8% decline in electronic manufacturing products and services (EMPS) sales at Rs. 8.1 bn, while the unitary cooling segment grew by 14% YoY to Rs. 6 billion,” said Arafat Saiyed of Reliance Securities.
Owing to slow pace of execution of projects, the company’s electro-mechanical projects and services segment clocked a revenue of Rs. 808 crore, as against Rs. 875 crore in the year-ago quarter.
While demand for room ACs was strong in the third quarter, air coolers and other products also recorded a healthy growth.
Revenue from engineering products and services segment remained unchanged from a year-ago quarter at Rs. 83 crore, the company added.
The company continued to be the leader in the room AC segment with a year-to-date market share of 24.3%.―Livemint