Tata Group company Voltas Ltd on Friday reported 46.26 per cent increase in consolidated net profit at ₹128.64 crore for December quarter 2020-21.
The company had posted a net profit of ₹87.95 crore in the same quarter last fiscal year, Voltas said in a regulatory filing.
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Total income during the period under review stood at ₹2,046.26 crore, up 32.29 per cent, as against ₹1,546.76 crore in the year-ago quarter, the company said.
Voltas, a leading air-conditioner manufacturer, said the cooling products business made a good recovery, post easing of the lockdown restrictions and achieved a record overall volume growth of 40 per cent.
Voltas' revenue from unitary cooling products for comfort and commercial use segment increased 40 per cent to ₹840 crore as compared to ₹601 crore in the corresponding quarter last year.
The company's electro-mechanical projects and services segment had a revenue of ₹1,017 crore as compared to ₹808 crore in the year-ago period.
In a separate filing, Voltas said the board has approved transfer of domestic projects business to its wholly-owned subsidiary Universal MEP Projects & Engineering Services by slump sale through a business transfer agreement.
The business being transferred pertains to mechanical electrical and plumbing (MEP)/heating, ventilation and air-conditioning (HVAC) and water projects, mining and construction equipment and textile machinery division at a cash consideration of ₹1,000-1,200 crore.
Voltas said the rationale for sale is to focus on B2C (business-to-consumer) businesses and B2B (business-to-business) businesses, independent of each other, and to expand their respective growths.
Shares of Voltas were trading 2.09 per cent lower at ₹1,078.05 apiece on BSE.
This story has been published from a wire agency feed without modifications to the text.
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