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Voltas Ltd. — Earnings Release 2024
Jan 30, 2024
60718_rns_2024-01-30_53d2f08e-54e9-4939-adcb-54ef3bf56620.pdf
Earnings Release
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30[th] January, 2024
BSE Limited National Stock Exchange of India Limited Department of Corporate Services Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051
Dear Sir,
Sub: Press Release -----------------
Further to our letter dated 30[th] January, 2024, we are enclosing herewith Press Release titled “Key Highlights of Voltas’ Consolidated Financial Results”.
- The above Press Release would be uploaded on Company’s website www.voltas.com.
Thanking you,
Yours faithfully, VOLTAS LIMITED
VARUN Digitally signed by VARUN PRAKASH PRAKASH MALHOTRA Date: 2024.01.30 MALHOTRA 20:15:53 +05'30'
V. P. Malhotra Head – Taxation,
Legal & Company Secretary
Enc.
Key Highlights of Voltas’ Consolidated Financial Results
30[th] January, 2024, Mumbai : The Board of Directors of Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, announced the Consolidated Financial Results (including the Consolidated Segment Report) of the company for the quarter and nine months period ended 31[st] December, 2023.
| Q3 | Q3 | 9 months | 9 months | |
|---|---|---|---|---|
| 2023-24 | 2022-23 | 2023-24 | 2022-23 | |
| Rs. Crores | Rs. Crores | Rs. Crores | Rs. Crores | |
| Total Income | 2684 | 2036 | 8477 | 6664 |
| Profit before tax | 24 | (80) | 312 | 93 |
| Profit after tax | (28) | (110) | 137 | (7) |
Consolidated Results for the nine months period ended 31[st] December, 2023:
The Consolidated Total Income for the nine months period ended 31[st] December, 2023 was higher by 27% at Rs.8,477 crores as compared to Rs.6,664 crores in the corresponding period last year. Profit before tax was at Rs.312 crores as compared to Rs.93 crores last year. Net Profit (after tax) was at Rs.137 crores as against loss of Rs.7 crs in the corresponding period last year.
Segment Revenue and Results for the quarter and nine months period ended 31[st] December, 2023:
| Segments | Revenue | Revenue | Results (After Exceptional items) | Results (After Exceptional items) |
|---|---|---|---|---|
| Q32023-24 | 9 months2022-23 | Q32023-24 | 9 months2022-23 | |
| Rs. Crores | Rs. Crores | Rs. Crores | Rs. Crores | |
| A - UnitaryCoolingProducts | 1476 | 5198 | 123 | 423 |
| B - Electro-Mechanical Projects and Services | **982 ** | 2585 | (120) | (221) |
| C- EngineeringProducts and Services | 155 | 432 | 50 | 158 |
Consolidated Results for the quarter ended 31[st] December, 2023:
The Consolidated Total Income for the quarter ended 31[st] December, 2023 was higher by 32% at Rs.2684 crores as compared to Rs. 2036 crores in the corresponding quarter last year. Profit before tax (PBT) was at Rs.24 crores as compared to loss of Rs.80 crores in the corresponding quarter last year. Net Loss (after tax) was at Rs.28 crores as compared to loss of Rs.110 crores in the corresponding quarter last year.
Consolidated Segment Results for the quarter ended 31st December, 2023:
-
A - Unitary Cooling Products : The Unitary Cooling Products business continued to outperform the market and maintain its growth momentum in a relatively lean quarter. While the overall volumes grew by 22%, the year on year growth for Room Air-conditioners was even higher at 27%. Voltas continues to be a market leader both in Split and Window Air-conditioners with a YTD market share of 19% as of December 2023. The overall Segment Revenue grew by 21% to Rs.1,476 crores as compared to Rs.1,216 crores in the corresponding quarter of the previous financial year. On account of a better product mix and a focused margin enhancement approach, Segment Result during the quarter grew by 37% to Rs.123 crores as compared to Rs.89 crores in the same quarter previous year.
-
B - Electro-Mechanical Projects and Services : This Segment comprises both Domestic and International Projects businesses. The Domestic Projects business with a presence in MEP, Water and Electrical infrastructure has grown by 83% year on year on the back of a healthy order pad. Timely execution, focus on certification and other related project management initiatives have resulted in a robust bottom-line growth over the previous year. The Domestic Projects continues to grow its order pad and retain a positive outlook, given the increased infrastructure spending in the country.
On the other hand, the International project business continues to face headwinds. A few projects (especially in Qatar), are under stress due to unreasonable delays in release of due receivables, and prolongation of execution timelines. These delays have resulted in cost overruns, which have impacted the overall performance of the International project business, resulting in a loss of Rs. 143 crores in the current quarter. The Company continues to engage with all concerned stakeholders in these projects, to pursue its rightful claims and ensure recovery of due receivables.
- C - Engineering Products and Services : The segment continued to show improved performance on the back of a strong order backlog and disciplined execution efforts. The Revenue for the quarter was at Rs.155 crores compared to Rs. 118 Crores in the previous year, while Results were higher at Rs.50 crores as compared to Rs.46 crores in the corresponding quarter of the previous fiscal.
Issued by:
Ms. Vaishali Desai
Head - Corporate Communications Voltas Limited [email protected]
Ms. Richa Seth (Mobile: 9930143531) Group Head Adfactors PR [email protected]