Leading domestic air-conditioner maker Voltas Ltd on Tuesday (January 30) reported a net loss of ₹27.6 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year,
Voltas posted a net loss of ₹110 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹69 crore for the quarter under review.
The company's revenue from operations increased 30.9% to ₹2,625.7 crore as against ₹2,005 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹2,436 crore for the quarter under review.
At the operating level, EBITDA fell 63% to ₹28.3 crore in the third quarter of this fiscal over ₹76.4 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹99 crore for the quarter under review.
The EBITDA margin stood at 1.1% in the reporting quarter compared to 3.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 4.1% for the quarter under review.
The consolidated total income for the nine months ended December 31, 2023, was higher by 27% at ₹8,477 crore as compared to ₹6,664 crore in the corresponding period last year. Profit before tax was at ₹312 crore as compared to ₹93 crore last year.
Unitary Cooling Products:
The segment 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 (Year to Date) market share of 19% as of December 2023.
The overall segment revenue grew by 21% to ₹1,476 crore as compared to ₹1,216 crore in the corresponding quarter of the previous financial year. On account of a better product mix and a focused margin enhancement approach, segment results during the quarter grew by 37% to ₹123 crore as compared to ₹89 crore in the same quarter the previous year.
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 continue to grow their 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 the release of due receivables, and the 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 ₹143 crore in the current quarter.
Engineering Products and Services: This 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 ₹155 crore compared to ₹118 crore in the previous year, while results were higher at ₹50 crore as compared to ₹46 crore in the corresponding quarter of the previous fiscal.
The results came after the close of the market hours. Shares of
Voltas Ltd ended at ₹1,020, down by ₹20.80, or 2%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Jan 30, 2024 8:27 PM IST
