Voltas shares tumble nearly 10% after March quarter earnings

Net profit declined 23.46% decline to Rs 182.71 crore against net profit of Rs 238.72 cr in the January-March quarter last fiscal

AgenciesUpdated: Friday, May 06, 2022, 10:44 AM IST
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The stock tanked 9.77 percent to Rs 1,045 on the BSE /Representative image |

Shares of air conditioning and engineering services company Voltas Ltd tumbled nearly 10 percent in early trade on Friday after the firm reported a 23.46 per cent decline in its consolidated net profit in the fourth quarter ended March 2022.

The stock tanked 9.77 percent to Rs 1,045 on the BSE.

At the NSE, it tumbled 9.71 percent to Rs 1,045.

Voltas Ltd on Thursday reported a 23.46 percent decline in its consolidated net profit at Rs 182.71 crore in the fourth quarter ended March 2022.

The Tata group firm had posted a consolidated net profit of Rs 238.72 crore in the January-March quarter last fiscal, Voltas said in a regulatory filing.

Total income stood at Rs 2,703.78 crore during the period under review, marginally up 0.76 per cent against Rs 2,683.24 crore in the corresponding period of the preceding fiscal.

Its total expenses were at Rs 2,427.53 crore, up 3.73 per cent in the fourth quarter of FY22, as against Rs 2,340.22 crore in the year-ago period.

Voltas' revenue from ''unitary cooling products for comfort and commercial use'' rose 9.89 per cent to Rs 1,818.41 crore as against Rs 1,654.69 crore in the same quarter of FY21.

''The extended winter coupled with the spread of the third wave of mutant (Omicron) during January/February 2022 affected the trade and consumer sentiments, resulting in lower primary offtake of cooling products by channel partners. However, the hot weather turned the market outlook in March 2022 resulting in partial sales recovery for the quarter,'' said Voltas.

Voltas unitary products business group is into multiple product categories, including air conditioners, air coolers, air purifiers and commercial refrigerators.

However, the revenue from ''electro-mechanical projects and services'' was down 20.97 per cent to Rs 691.81 crore, as against Rs 875.47 crore, due to lower carry-forward order book.

Revenue from ''engineering products and services'' went up 26.43 per cent to Rs 123.50 crore as against Rs 97.68 crore.

For the fiscal ended March 2022, Voltas' consolidated net profit was down 4.30 per cent to Rs 506 crore. It had reported a net profit of Rs 528.79 crore for FY21.

Its total income was at Rs 8,123.64 crore in 2021-22. This is 4.89 per cent higher than Rs 7,744.64 crore in the year-ago period.

(With inputs from PTI)

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