Voltas records over 48% YoY rise in Q1 PAT

Voltas reported 48.8% rise in consolidated net profit to Rs 122 crore on a 36.4% increase in total income to Rs 1860 crore in Q1 FY22 over Q1 FY21.

Profit before tax (PBT) was higher by 56%, at Rs 168 crore as compared to Rs 108 crore in the corresponding quarter last year.

Voltas said that given the smaller window available during the quarter, upon easing of the lockdowns, the Unitary Cooling Products business made good recovery and achieved overall volume growth of 10%. Voltas continues to be the market leader and is at No.1 position in ACs with exit market share of 26.7% as of June 2021. Gross segment revenue increased by 19% YoY to Rs 963 crore and segment profit rose by 3.5% YoY to Rs 118 crore in Q1 FY22, given the customer centric sales promotional expenses incurred during the current quarter.

The Electro-Mechanical Projects and Services segment reported higher revenue of Rs 688 crore as compared to Rs 412 crore in the corresponding quarter last year, an increase of 67%. Segment profit was Rs 31 crore as compared to loss of Rs 44 crore last year, a positive swing of Rs 75 crore. Improvement in revenue and result was due to good progress made on execution of certain on-going projects.

Engineering Products and Services segment revenue and result for the quarter almost doubled and was higher at Rs 115 crore and Rs 38 crore as compared to Rs 48 crore and Rs 20 crore, respectively in the corresponding quarter last year.

Voltas said that the Group's operations and financial results for the quarter ended 30th June, 2021 have been impacted due to outbreak of second wave of COVID-19 pandemic during the peak season because of lockdowns and restricted operational hours even after easing of state-wide lockdowns.

Nevertheless, the business activities were resumed gradually following the relaxations and directives issued by various State Governments as well as local authorities in India and other countries where the Group has business operations, albeit with constraints of workforce and free accessibility to the project sites.

Voltas is India's largest air conditioning company, and one of the world's premier engineering solutions providers and project specialists.

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