Voltas Q4 Results: Net profit drops 19% to ₹116 crore, revenue rises 42% YoY; dividend declared
Voltas Q4 Results: Voltas announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Tuesday, May 7, reporting a drop of 19 per cent in consolidated net profit at ₹116.44 crore, compared to 143.92 crore in the corresponding period last year. The air conditioning and engineering services provider's revenue from operations in the fourth quarter of FY24 rose 42 per cent to ₹4,203 crore, compared to ₹2,957 crore in the year-ago period. Voltas said its board of directors has recommended a dividend of ₹5 per share of the face value of Re 1 per share for the year 2023-24 subject to the approval of shareholders of the company.
The drop in net profit in the quarter-under-review was the impact due to higher expenses. The total expenses in the fourth quarter were higher at ₹4,044.90 crore compared to ₹2,761.45 crore in the corresponding period a year ago. The unitary cooling products business segment revenue grew by 44 per cent to ₹2,955 crore in the March quarter, compared to ₹2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach.
The engineering products and services division clocked a revenue of ₹156 crore, compared to ₹142 crore in the year-ago period. Similarly, electro-mechanical projects and services segment comprising both domestic and international projects businesses grew by 38 per cent year-an-year due to a healthy carry forward order book position. Voltas said it achieved the milestone of 20 lakh AC sales in 2023-24.
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