Latest News | Voltas Q1 Net Profit Rises 18.2 Pc to Rs 129.4 Crore

New Delhi, Aug 11 (PTI) Air conditioning maker and engineering services provider Voltas Ltd on Friday reported an 18.17 per cent increase in its consolidated net profit to Rs 129.42 crore in the June quarter, led by growth across the segment.

The Tata Group firm had posted a consolidated net profit of Rs 109.52 crore in the April-June period a year ago, the company said in a regulatory filing.

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Revenue from operations of Voltas grew 21.67 per cent to Rs 3,335.34 crore during the period under review as against Rs 2,741.22 crore a year ago.

Total expenses stood at Rs 3,195.88 crore, up 22.75 per cent in the first quarter of FY2023-24.

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Its total income in the June quarter was 22.72 per cent higher at Rs 3,429.83 crore.

Voltas' revenue from "unitary cooling products for comfort and commercial use" in the first quarter of FY24 increased 16.26 per cent to Rs 2,513.97 crore from Rs 2,162.20 crore in the corresponding quarter.

"Amid disrupted weather, Unitary Cooling Products business achieved an overall volume growth of 15 per cent over the corresponding quarter last year," Voltas said in an earnings statement.

Voltas continues to be the market leader in the residential AC segment with exit market share of 20.6 per cent as of June 2023, it said.

Revenue from "electro-mechanical projects and services" in the June quarter rose 49.34 per cent to Rs 679.06 crore as against Rs 454.69 crore.

"Delayed certification and collections primarily in overseas projects resulted in a negative Result of Rs. 52 crores for the quarter ended June 23. Carry forward order book of the Segment was significantly higher at Rs 8,193 crore as compared to Rs 5,362 crore in the corresponding quarter last year," it said.

Similarly, its "engineering products and services" revenue was 14.46 per cent higher at Rs 142.31 crore in the April-June quarter. The same stood at Rs 124.33 crore in the year-ago period.

Shares of Voltas Ltd on Friday settled 0.93 per cent down at Rs 828.65 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)