Tata Group's air conditioning and engineering services provider Voltas Ltd on Friday reported a 17.6 percent year-on-year (YoY) increase in consolidated net profit at Rs 129.4 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, Voltas posted a net profit of Rs 110 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 163 crore for the quarter under review.
The consolidated total revenue stood at Rs 3,359.9 crore during the period under review, up 21.4 percent against Rs 2,768 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 2,977.6 crore for the quarter under review.
At the operating level, EBITDA increased 4.7 percent to Rs 185.4 crore in the first quarter of this fiscal over Rs 177 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 5.5 percent in the reporting quarter as compared to 6.4 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The company's profit before tax (PBT) was higher by 27 percent at Rs 203 crore as compared to Rs 160 crore in the corresponding quarter last year. Earnings per Share (not annualised) as of June 30, 2023, was Rs 3.91 (Face value per share of Re 1).
Voltas said inclement weather in most parts of the country has impacted the overall growth of the cooling products, albeit with some recovery in June 2023. Amid, disrupted weather, the unitary cooling products business achieved an overall volume growth of 15 percent over the corresponding quarter last year.
The company continues to be the market leader and is at the No.1 position in ACs with an exit market share of 20.6 percent as of June 2023. Segment revenue increased by 16 percent and was at Rs 2,514 crore as compared to Rs 2,162 crore in the corresponding quarter last year.
Electro-mechanical projects and services revenue for the quarter was higher by 49 percent, at Rs 679 crore as compared to Rs 455 crore in the corresponding quarter last year. Delayed certification and collections primarily in overseas projects resulted in a negative Result of Rs 52 crore for the quarter that ended June 23.
The carry-forward order book of the segment was significantly higher at Rs 8,193 crore as compared to Rs 5,362 crore in the corresponding quarter last year, it added.
The results came after the close of the market hours. Shares of TCS ended at Rs 828.65, down by Rs 7.75, or 0.93 percent on the BSE.
