Voltas Q1 Results: Standalone net profit jumps 58% YoY to Rs 339.14 crore, revenue rises 45%
Voltas Ltd reported 58% year-on-year (yoy) jump in standalone net profit at Rs 339.14 crore for the first quarter ending June, on back of a 45% yoy growth in revenue from operations at Rs 3920.26 crore.
In the AC business which is the unitary cooling products business of the company, segment revenue shot up by 51% YoY to Rs 3,802.17 crore for the quarter under review. The segment profitability of this business improved by 58% YoY to Rs 327.02 crore last quarter. The country’s largest AC brand said it sold a record one million units of AC last quarter with overall volume growth of 67% YoY.
The company’s consolidated revenue from operations for the quarter was higher by 46% YoY at Rs 4921.02 crore while net profit went up by 159% at Rs 335 crore. It said this was the highest ever quarterly profit reported by the company.
Voltas said it is the market leader both in split and window AC with a share of 21.2% as of June.
The company’s electro-mechanical projects and services business which comprises both domestic and international projects reported 40% YoY growth in segment revenue for the quarter at Rs 949 crore while segment result was Rs 68 crore profit as compared to loss of Rs 52 crore a year back. The company said the business grew due to a healthy carry forward order book.
Voltas’ engineering products and services business too reported a steady performance on the back of a strong order backlog and disciplined execution efforts. Revenue for the quarter was higher by 3% YoY Rs 160.78 crore while segment result
