Voltas third quarter consolidated net profit down 25% to Rs 97 crore

Voltas Ltd on Friday reported 24.93 per cent decline in The Tata group firm had posted a consolidated net profit of Rs 128.64 crore for the year-ago period, Voltas said in a regulatory filing

Voltas Ltd on Friday reported 24.93 per cent decline in consolidated net profit at Rs 96.56 crore for December quarter 2021-22 on account of muted demand and impact of the third wave of the pandemic on trade and consumer sentiments.

The Tata group firm had posted a consolidated net profit of Rs 128.64 crore for the year-ago period, Voltas said in a regulatory filing.

Revenue from operations was down at Rs 1,793.59 crore during the period under review as against Rs 1,994.64 crore.

"While muted demand post season and early signs of 3rd wave (Omicron) has impacted the trade and consumer sentiments for the Cooling Products segment, better execution efficiencies in some of the ongoing projects improved the results (profitability) of Electro-Mechanical Projects and Services segment over the corresponding quarter last year," said Voltas in its earning statement.

Total expenses were at Rs 1,651.27 crore as against Rs 1,860.36 crore.

Voltas' revenue from 'Unitary Cooling Products for Comfort and Commercial Use' was up at Rs 1,093.60 crore as against Rs 1,002.68 crore in December quarter 2020-21.

However, 'Electro-Mechanical Projects and Services' segment was down at Rs 553.78 crore as against Rs 846.81 crore.

'Engineering Products and Services' was up at Rs 124.68 crore as against Rs 120.91 crore.

Shares of Voltas Ltd on Friday settled at Rs 1,192.20 apiece on BSE, down 3.77 per cent from the previous close.