Voltas slips after Q3 net halves to Rs 54 cr

Net profit for December 2015 quarter nearly halved to Rs 54.2 crore compared with Rs 107.40 crore in December 2014 quarter

Shares of Voltas were down over 5% at Rs 229 after the company registered nearly 50% decline in its consolidated net profit at Rs 54.2 crore for the December 2015 quarter compared with Rs 107.4 crore in the same quarter last fiscal.

However, net sales during the December 2015 quarter was higher by 39% to Rs 1,301.1 crore compared with Rs 939 crore in the quarter ended December 2014.

Segment-wise, revenue from electro-mechanical projects and services for the quarter was higher at Rs 722 crore compared with Rs 461 crore in the same quarter last year, the company said in a release.

However, segment result was negative Rs 9 crore because of an adverse international projects environment, as compared to Rs 9 crore in the corresponding quarter last year, the release added.

The stock opened at Rs 235 and touched a low of Rs 226. At 11:10am, over 1.6 million shares were traded on both the stock exchanges.