 "Voltas dips post Q2 earnings")
Voltas has dipped 9% to Rs 298 on BSE in intra-day trade after the company reported 7% year on year (YoY) rise in consolidated net profit at Rs 72 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower sales. The company had posted a profit of Rs 67 crore in the same quarter last fiscal.
Total income from operations declined 6% YoY to Rs 981 crore, partly owing to lower revenues in international projects.
The company’s engineering products and services business posted profit of Rs 30 crore during the quarter under review against Rs 34 crore in the previous year quarter.
The industrial environment in India for both, textile and mining businesses remains challenging for capital equipment sales, due to the weak investment cycle, Voltas said in a statement.
The company had posted consolidated net profit of Rs 158 crore on total revenues of Rs 1,855 crore in June 2016 quarter (Q1FY17).
At 10:09 am, the stock was down 8% at Rs 302 on BSE against a marginal 0.04% decline in S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 2.31 million shares changed hands on the BSE and NSE so far.
Total income from operations declined 6% YoY to Rs 981 crore, partly owing to lower revenues in international projects.
The company’s engineering products and services business posted profit of Rs 30 crore during the quarter under review against Rs 34 crore in the previous year quarter.
The industrial environment in India for both, textile and mining businesses remains challenging for capital equipment sales, due to the weak investment cycle, Voltas said in a statement.
The company had posted consolidated net profit of Rs 158 crore on total revenues of Rs 1,855 crore in June 2016 quarter (Q1FY17).
At 10:09 am, the stock was down 8% at Rs 302 on BSE against a marginal 0.04% decline in S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 2.31 million shares changed hands on the BSE and NSE so far.
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