Voltas Q1 profit drops 51% to Rs 81.7 cr; income dips 49.4% to Rs 1,364 cr

Tata Group's air conditioning and engineering services provider Voltas on Friday reported a 50.83 per cent drop consolidated net profit to Rs 81.77 crore for the first quarter ended June 30, impacted by Covid-19 pandemic.

The company had posted consolidated net profit of Rs 166.32 crore in the same quarter last fiscal.

Total income of the company during the quarter under review stood at Rs 1,364.34 crore, down 49.41 per cent from Rs 2,697.27 crore in the year-ago period, Voltas said in a regulatory filing.

"The group's operations and financial results for the quarter ended June 30, 2020, have been impacted due to outbreak of Covid-19 pandemic and consequent lockdown, Voltas said.

Nevertheless, the business activities were resumed gradually based on the relaxations and directives issued by various government as well as local authorities in India, it said, adding that the results of the current quarter are not strictly comparable to the respective previous quarter.

Shares of Voltas were trading 0.84 per cent at Rs 613.50 apiece on BSE.