Voltas Q1 net profit rises 18% to Rs188 crore
Voltas had reported a net profit of Rs159.67 crore during the same period previous fiscal
Mumbai: Air conditioner maker Voltas Ltd on Wednesday said fiscal-first quarter profit rose 18%, beating analyst estimates.
Net profit increased to Rs187.91 crore for the quarter ended 30 June from Rs159.67 crore in the year-ago quarter.
Total income rose 6.9% to Rs2,023.1 crore from Rs1,890.9 crore in the year-ago period.
A Bloomberg poll of 12 analysts had estimated quarterly profit at Rs166.40 crore and revenue of Rs2,003.30 crore.
Revenue from electro-mechanical projects and engineering products segments rose 13.9% and 30.7% from a year earlier, respectively, on the back of better quality of orders and efficient execution, the company said in a BSE filling.
Earnings before depreciation, interest, tax and amortization (EBDITA) rose 6.39% to Rs212.29 crore from Rs199.54 crore a year ago. Operating margin widened to 10.92% from 10.79% in the year-ago period.
ACs for commercial use saw muted growth towards the end of the quarter, with segment revenue rising only 1.3% year-on-year. Voltas continues to be the market leader with an increased market share of 22.2% at the end of the June quarter, the company said in the filling.
Shares of Voltas rose 1.4% to Rs540.15, while the exchange’s benchmark Sensex shed 0.3% to 32,476.74 points.
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