Voltas tanks 10% on disappointing March quarter results

The EBITDA margin declined by 268 bps YoY to 9.8 per cent on account of higher raw material cost and delay in price hikes.

Shares of Voltas slipped 10 per cent to Rs 1,045 on the BSE in Friday’s intra-day trade after the company reported a weak set of numbers for March quarter (Q4FY22), with 24 per cent year-on-year (YoY) decline in consolidated net profit at Rs 183 crore mainly due to losses from joint ventures (JVs). The global air conditioning and engineering services provider of the Tata Group had regsitered a profit of Rs 239 crore in the year-ago quarter.

At 11:16 AM, the stock was down 7 per cent at Rs 1,073, as compared to 1.5 per cent decline in the