Voltas Q2 results: Board approves NCD fundraising, company reports Rs 36 crore in net profit

20 Oct 2023 , 10:52 AM

Global engineering and air conditioning services company, Voltas, part of the Tata Group, recorded net profit of Rs 35.65 crore in Q2 FY24, up from a loss of Rs 6.04 crore in the same time the previous year. 

According to a regulatory statement by Voltas Ltd, the top air conditioner manufacturer, its overall income for the second quarter grew to Rs 2,364 crore from Rs 1,833 crore in the same time last year.

On the BSE, Voltas shares ended the day Thursday 0.68% higher at Rs 839.30 a share. The value of the company’s shares rose by 11.03% in a year and by 7.29% year over year.

A request to raise up to Rs 500 crore for capital expenditures was approved by the Voltas Board of Directors in addition to the announcement of the September quarter results. According to the company’s BSE statement on Thursday, the funds would be raised through the private placement issue of rated, listed, unsecured, redeemable non-convertible debentures (NCDs).

The money was intended to be used for the capital costs of its new production facilities in Chennai and Waghodia, Gujarat.

Voltas has experienced significant expansion in its services and electro-mechanical project portfolios. This segment’s revenue increased to Rs 924 crore from Rs 554 crore in the same period last year. Its engineering services and products saw a minor improvement. The growth of the segment was Rs 134 crores.

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