Voltas slides after flat Q2 outcome

Shares of Voltas were down 1.52% at Rs 662.50. The stock traded in a range of Rs 681.20 and Rs 662.50 so far.

On a consolidated basis, the company's year-on-year profit after tax was flat at Rs 107 crore in Q2 September 2019. Total income inched up 1.91% at Rs 1495 crore in Q2 September 2019 over Q2 September 2018.

Profit before tax rose 7.14% to Rs 150 crore in Q2 September 2019 over Q2 September 2018. Employees expense declined 8.53% to Rs 157.60 crore during the period under review. The result was announced after market hours yesterday, 7 November 2019.

Voltas said it continues to be the leader with No.1 position in room air-conditioner business with a YTD market share of 24.4% at multi-brand outlets. Segment revenue increased by 19% and was Rs 526 crore as compared to Rs 441 crore in the corresponding quarter last year. Air coolers and other products witnessed increased traction and healthy growth. Segment result was higher by 64% at Rs 46 crore as compared to Rs 28 crore in the corresponding quarter last year.

Electro-mechanical projects and services segment revenue for the quarter was Rs 809 crore as compared to Rs 901 crore in the corresponding quarter last year. Segment result was Rs 56 crore as compared to Rs 76 crore last year. Carry forward order book of the segment was higher at Rs 6567 crore as compared to Rs 4883 crore in the corresponding quarter last year.

Engineering products and services segment revenue and result for the quarter were at Rs 80 crores and Rs 25 crore as compared to Rs 73 crore and Rs 29 crore, respectively in the corresponding quarter last year.

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