Voltas Profit Rises 47% To Rs 129 Crore In December Quarter

Air conditioner maker Voltas on Friday said that its net profit in December quarter rose 47 per cent to Rs 129 crore as against Rs 88 crore in the same period last year. Its revenue annually rose 32 per cent to Rs 2,046 crore.

The profit before tax moved up by 39 per cent to Rs 166 crore from Rs 119 crore and total income by 32 per cent from Rs 1,547 crore to Rs 2,046 crore in the same period.

"The Cooling Products business made good recovery, post easing of the lockdown situation and achieved a record overall volume growth of 40 per cent, contributed by 43 per cent increase in the sales volume of Room Air conditioners (ACs), 100 per cent in Commercial Refrigeration Products and 11 per cent in air coolers," Voltas said in a press release.

"Voltas continues to be the market leader and is at No.1 position in ACs with a YTD market share of 26 per cent in December 2020. Segment Revenue increased by 40 per cent and was at Rs. 840 crores as compared to Rs. 601 crores in the corresponding quarter last year. Segment Result was significantly higher by 72 per cent at Rs.105 crores as compared to Rs 61 crores in the corresponding quarter last year," Voltas added.

Voltas said the results take into account the merger of Universal Comfort Products Ltd from April 1, 2019 which was approved by the National Company Law Tribunal, Mumbai on September 11, 2020.

The revenue from unitary cooling products for comfort and commercial use segment increased by 40 per cent to Rs 840 crore as compared to Rs 601 crore in Q3 FY20.

The company's electro-mechanical projects and services segment registered a revenue of Rs 1,017 crore in Q3 FY21 as compared to Rs 808 crore in the year-ago period.

Voltas said the businesses made a good recovery after easing of Covid-19 lockdown restrictions.