Voltas FY11 net declines 6% to Rs 357 cr

Leading air conditioner manufacturer Voltas, a Tata Group enterprise, today said its consolidated profit after minority interest declined 6.23% to Rs 357.24 crore in the year ended March 31, 2011, over the previous year.

The group had a consolidated profit after minority interest of Rs 380.99 crore in the last fiscal, Voltas said in a filing to the Bombay Stock Exchange (BSE).

The group's consolidated total income climbed up to Rs 5,191.37 crore in the year under review from Rs 4,774.78 crore in the same period last year.

For the year ended March 31, 2011, standalone net profit from ordinary activites after tax increased to Rs 353.53 crore from Rs 344.22 crore in the previous year.

Standalone total income of the firm rose to Rs 5,148.39 crore in the year under review from Rs 4,508.15 crore in last year.

The electro-mechanical projects and services segment revenue was marginally lower at Rs 3,041 crore as compared to Rs 3,113 crore in the previous year due to drop in revenues of international projects by 13% over the previous year, it said.

Consequently, the profitability of this segment dropped to Rs 239 crore as against Rs 309 crore in the previous year, it added.

However, engineering products and services segment's revenue grew by 21% at Rs 564 crore as compared to Rs 468 crore last year.

The board, at its meeting held on Thursday, recommended a dividend of Rs 2 per share on face value of Re 1 each for the year 2010-11, it said.

Shares of the company closed at Rs 152.15, down 5.29% from the previous close on the BSE.