Voltas Q2 result: Tata-owned firm reports net profit of ₹36 crore, board approves fundraising via NCDs
Voltas Q2 result: Tata Group subsidiary in the ac and engineering service segment reported a 700% rise in its net profit to ₹35.6 crore against a loss of ₹6.04 crore in a year ago period
Tata Group's global air conditioning and engineering service provider, Voltas reported net profit to ₹35.65 crore in Q2 FY24 against a loss of ₹6.04 crore in a year ago period.
The leading air conditioner maker's total income increased to ₹2,364 crore for the second quarter against ₹1,833 crore in the year-ago period, Voltas Ltd said in a regulatory filing.
Voltas shares closed 0.68% higher at ₹839.30 per share on BSE on Thursday. Company's share value increased by 7.29% YTD and by 11.03% in one year.
Other than the announcement September quarter result, Voltas Board of Directors approved a proposal to raise up to ₹500 crore for capital expenditure. The funds would be raised through the issuance of rated, listed, unsecured, redeemable non-convertible debentures (NCDs) on a private placement basis, said the company in its BSE filing on Thursday.
The funds would be utilised for the capital expenditure for its new manufacturing plants at Chennai and Waghodia in Gujarat.
Growth in different segments
Despite erratic monsoon and weak consumer sentiment, Voltas witnessed a decent growth in its unitary cooling segment. The overall volume growth of the unitary cooling products stood at 20% over the corresponding quarter last year. Segment revenue increased by 15% to ₹1209 crore against ₹1048 crore.
Voltas witnessed an impressive growth in is electro-mechanical projects and services segments. Revenue of this segment was higher at ₹924 crore against ₹554 crore in the year ago period. There was a slight improvement in its engineering products and services. Segment growth stood at ₹134 crores.
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