Voltas Limited, the global air conditioning and engineering services provider of the Tata Group has reported profit before tax (PBT) of Rs 709 crore in FY 2021 as compared to Rs 744 crore last year, a dip of 4.70 per cent. However, net profit after tax (PAT) was higher by 2 per cent at Rs 529 crore in FY 2021 as compared to Rs 521 crore last year.
The consolidated total income for the quarter ended March 31, 2021 was substantially higher by 25 per cent at Rs 2,683 crore as compared to Rs 2,150 crore in the corresponding quarter last year. Meanwhile, the profit before tax (PBT) was also higher by 48 per cent, at Rs 321 crore as compared to Rs 217 crore in the corresponding quarter last year. The net profit (after tax) of the company was also higher by 49 per cent, at Rs 239 crore as compared to Rs 160 crore in the corresponding quarter last year.
The board has recommended a dividend of Rs 5 per share on face value of Re. 1 per share (500%) for the year 2020-21 which shall be subject to the approval of shareholders at the ensuing 67th Annual General Meeting of the Company.
The consolidated total income for the year ended March 31, 2021 was at Rs 7,745 crore as compared to Rs 7,889 crore last year, a decline of 1.82 per cent. “COVID-19 induced lockdown in the first few months of the current year unfortunately coincided with the peak season for the Room Air-conditioner business. Thus, the overall performance of the Company has been impacted and is not strictly comparable with the previous year,” stated the company.
The results take into account the effect of merger of a 100 per cent subsidiary-Universal Comfort Products limited with effect from April 1, 2019, which has been approved by the National Company Law Tribunal, Mumbai on September 11, 2020.
Voltas continues to be the market leader and is at number position in ACs with a market share of 25.6 per cent in February 2021 YTD. The brand has further strengthened its position in the Air Cooler business and attained a market share of 10.6 per cent as per an analysis report.