Voltas Reports Q1FY24 Net Profit Rise Amidst Challenges

14 Aug 2023 , 10:13 AM

Voltas Ltd reports an 18.7% YoY rise in consolidated net profit for Q1FY24, reaching Rs 129.29 crore. This is compared to Rs 108.88 crore in the corresponding period last year.

Sequentially, net profit sees a 10.2% decline from Q4FY23’s Rs 143.92 crore. Consolidated revenue from operations rises by 21.4% YoY to Rs 3,359.86 crores in Q1FY24, compared to Rs 2,768 crore in Q1FY23.

Total income for the quarter stands at Rs 3,429.83 crore, a growth from Rs 2,794.75 crore in the same period last year. The company’s Unitary Cooling Products business achieves a 15% volume growth despite challenges posed by inclement weather.

Voltas secures No.1 position in ACs with an exit market share of 20.6% as of June 2023. Electro-Mechanical Projects and Services business records a 49% revenue increase in Q1FY24, reaching Rs 679 crores compared to Rs 455 crores in the corresponding quarter last year.

Delayed certification and collections in overseas projects lead to a negative result of Rs. 52 crores for the quarter. Carry-forward order book for the segment rises significantly to Rs 8193 crores from Rs 5362 crores in the same period the prior year. Despite challenges, Voltas remains a key player, actively managing complexities and aiming to strengthen market presence.

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