Voltas net profit falls 10.5% to Rs 109 cr; revenue up 55% to Rs 2,768 cr

Air conditioning and engineering services provider Voltas Ltd on Tuesday reported a decline of 10.47 per cent in its consolidated net profit at Rs 109.62 crore in the first quarter ended June 30, 2022.

The Tata group firm had posted a consolidated net profit of Rs 122.44 crore in the April-June quarter last fiscal, Voltas said in a regulatory filing.

However, its revenue from operations increased 55.05 per cent to Rs 2,768 crore during the period under review as against Rs 1,785.20 crore in the corresponding period of the previous fiscal.

Its total expenses were at Rs 2,603.48 crore, up 56.69 per cent in first quarter of FY23, as against Rs 1,661.53 crore a year ago.

Voltas' revenue from "unitary cooling products for comfort and commercial use" was up two-fold to Rs 2,162.20 crore as against Rs 963.11 crore.

"On the back of the volume growth, gross segment revenue increased by 125 per cent," said Voltas, adding it "continues to be the market leader" in the segment with an existing market share of 24.1 per cent as of June 2022, said an earnings statement by the company.

However, "electro-mechanical projects and services" was down 33.95 per cent to Rs 454.69 crore as against Rs 688.42 crore.

This was owing to the lower carry-forward order position, Voltas added.

The "engineering products and services" was up 8.05 per cent to Rs 124.33 crore as against Rs 115.06 crore.

Shares of Voltas Ltd on Tuesday settled at Rs 999.60 on BSE, up 0.01 pc from previous close.