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Business News/ Markets / Stock Markets/  Voltas Q4 Results: Net profit drops 19% to 116 crore, revenue rises 42% YoY; dividend declared
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Voltas Q4 Results: Net profit drops 19% to ₹116 crore, revenue rises 42% YoY; dividend declared

Voltas Q4 Results: The air conditioning and engineering services provider's revenue from operations in the fourth quarter of FY24 rose 42 per cent to ₹4,203 crore.

Voltas Q4 Results: Net profit dropped 19 per cent YoY to ₹116 crore in the March quarterPremium
Voltas Q4 Results: Net profit dropped 19 per cent YoY to 116 crore in the March quarter

Voltas Q4 Results: Voltas announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Tuesday, May 7, reporting a drop of 19 per cent in consolidated net profit at 116.44 crore, compared to 143.92 crore in the corresponding period last year. The air conditioning and engineering services provider's revenue from operations in the fourth quarter of FY24 rose 42 per cent to 4,203 crore, compared to 2,957 crore in the year-ago period.

Also Read: Voltas AC sales are cool, but other challenges could chill growth momentum

Voltas said its board of directors has recommended a dividend of 550 per cent at 5 per share of the face value of Re 1 per share for FY24 upon the approval of shareholders. ‘’The directors have recommended dividend of Rs. 5 per share on face value of Re 1 per share (550 per cent) for the year 2023-24 which shall be paid on or after fifth day from conclusion of 70th Annual General Meeting, subject to approval of shareholders of the company,'' said Voltas in a regulatory filing to the stock exchanges.

Voltas Q4 Results -Key Metrics

The drop in net profit in the quarter-under-review was the impact due to higher expenses. The total expenses in the fourth quarter were higher at 4,044.90 crore compared to 2,761.45 crore in the corresponding period a year ago.

The unitary cooling products business segment revenue grew by 44 per cent to 2,955 crore in the March quarter, compared to 2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach. The engineering products and services division clocked a revenue of 156 crore, compared to 142 crore in the year-ago period.

Also Read: Voltas share price scale record highs on achieving record 2 million units AC sales during FY24

Similarly, electro-mechanical projects and services segment comprising both domestic and international projects businesses grew by 38 per cent year-an-year (YoY) due to a healthy carry forward order book position. Voltas said it achieved the milestone of 20 lakh AC sales in 2023-24. 

For the fiscal ended March 31, 2024, the consolidated net profit was higher at 248.11 crore, compared to 136.22 crore in the previous year. The consolidated revenue from operations in FY24 was at 12,481.21 crore, compared to 9,498.77 crore in FY23. Ahead of the announcement of Q4FY24 results, shares of Voltas settled 4.06 per cent lower at 1,388.45 apiece on the BSE.

 

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 07 May 2024, 06:48 PM IST
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