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Air conditioning manufacturer Voltas reported a quarterly profit on Friday that missed estimates by a wide margin as early monsoons dampened demand for residential cooling products.
Net profit fell nearly 58% to 1.4 billion rupees ($15.97 million) in the first quarter from 3.34 billion rupees a year ago.
Analysts on average were expecting a profit of 2.27 billion rupees, according to data compiled by LSEG.
Revenue from operations also fell 20% to 39.39 billion rupees, steeper than the roughly 10% drop that analysts were expecting.
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Early onset of monsoon hit summer portfolios of companies ranging from Dabur, which makes cold beverages, to AC and fan manufacturers such as Blue Star and V-Guard.
"The onset of summer was delayed and the season concluded abruptly due to early monsoon," Voltas said in a press release. The steeper impact was driven by a high base a year ago, Voltas added, when "a harsh and prolonged summer drove record sales."
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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