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Business News/ Companies / Company Results/  Voltas Q1 Results: Net profit jumps 18.7% on year to 129.29 crore
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Voltas Q1 Results: Net profit jumps 18.7% on year to ₹129.29 crore

Voltas Ltd reports 18.7% YoY rise in Q1 net profit to ₹129.29 crore, revenue up 21.4% to ₹3,359.86 crores.

Voltas share price today closed nearly 1% lower at ₹828.65 apiece on BSE.Premium
Voltas share price today closed nearly 1% lower at 828.65 apiece on BSE.

Voltas Ltd on Friday reported an 18.7% year-on-year rise in its consolidated net profit (attributable to owners of the company) for the fiscal's first quarter ended June (Q1FY24) to 129.29 crore. The company had reported a profit of 108.88 crore in the year-ago period. Sequentially, net profit was down 10.2% from 143.92 crore in Q4FY23. Voltas share price today closed nearly 1% lower at 828.65 apiece on BSE.

The company's consolidated revenue from operations rose 21.4% on year to 3,359.86 crores during the quarter ended June from 2,768 crore in Q1FY23. Total income to 3,429.83 crore in the first quarter. It stood at 2,794.75 crore in the year-ago period.

“Inclement weather in most parts of the country has impacted overall growth of the cooling products, albeit some recovery in the month of June 2023. Amid, disrupted weather, Unitary Cooling Products business achieved an overall volume growth of 15% over the corresponding quarter last year. Voltas continues to be the market leader and is at No.1 position in ACs with exit market share of 20.6% as of June 2023. 

Segment Revenue increased by 16% and was at 2514 crores as compared to 2162 crores in the corresponding quarter last year. Segment Results grew by 25% and was at 207 crores as compared to 166 crores in the corresponding quarter last year," the company said in an exchange filing. 

According to the company's filing, Electro-Mechanical Projects and Services business revenue for the quarter was higher by 49%, at 679 crores as compared to 455 crores in the corresponding quarter last year.

“Delayed certification and collections primarily in overseas projects resulted in a negative Result of Rs. 52 crores for the quarter ended June 23. Carry forward order book of the Segment was significantly higher at 8193 crores as compared to 5362 crores in the corresponding quarter last year," the company said.

On the technical front, as per trendlyne data, Voltas share price fell 16.3% and underperformed its sector by 70% in the past year.

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Published: 11 Aug 2023, 09:38 PM IST
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