Voltas posts net loss of Rs 110.49 cr in Q3 on overseas provisions

Air conditioning and engineering services provider Voltas Ltd reported a consolidated net loss of Rs 110.49 cr for the third quarter ended Dec 2022 on account of provisioning made on overseas projects

Air conditioning and engineering services provider Voltas Ltd on Thursday reported a consolidated net loss of Rs 110.49 crore for the third quarter ended December 2022 on account of provisioning made on overseas projects.

The Tata group firm had posted a consolidated net profit of Rs 96.56 crore in the October-December quarter last fiscal, Voltas said in a regulatory filing.

Its revenue from operations was up 11.82 per cent to Rs 2,005.61 crore during the quarter under review as against Rs 1,793.59 crore in the year-ago period.

Voltas had a profit before exceptional items and tax of Rs 56.93 crore in the third quarter of FY23. Its expenses on exceptional items were at Rs 137.39 crore.

"The profit was impacted due to provision of Rs 137 crore (exceptional item) made on overseas projects," Voltas said in its earning statement.

Its total expenses stood at Rs 1,946.72 crore, up 17.89 per cent from Rs 1,651.27 crore a year ago.

Voltas' revenue from "unitary cooling products for comfort and commercial use" was at Rs 1,215.97 crore, up 11.18 per cent, as against Rs 1,093.60 crore earlier.

"The revenue of Unitary Cooling Products business was better despite muted festival sales amidst inflation woes and subdued consumer sentiments," it said.

Revenue from "electro-mechanical projects and services" was at Rs 648.39 crore, up 17.08 per cent as against Rs 553.78 crore.

While its "engineering products and services" revenue was at Rs 117,91 crore, down 5.42 per cent, compared to Rs 124.68 crore earlier.

Shares of Voltas Ltd on Thursday settled 3.75 per cent up at Rs 908.95 on the BSE.