Voltas consolidated Q4 net profit plunge 21.6% to ₹143 crore

The Tata group owned firm in FY 2021-22, had posted a consolidated net profit of ₹182.71 crore, the company said in a regulatory filing.

However, the revenue from operations surged 11.5 per cent to ₹2,936.76 crore during FY 2022-23 under review as against ₹2,633.72 crore a year ago.

“Profit before and after taxes was impacted during the current quarter due to provisions made on delayed collection in the international project business,” Voltas said in its earnings statement.

Voltas’ total income was up 11.08 per cent to ₹3,003.46 crore in Q4FY2022-23, while the total expenses were at ₹2,761.45 crore, up 13.75 per cent, in Q4FY23.

Adding more, the firm said that the revenue from “unitary cooling products for comfort and commercial use” in the fourth quarter of FY23 was at ₹2,048.62 crore, up 12.65 per cent, from ₹1,818.41 crore of the corresponding quarter.

“The Unitary Cooling Products business has relatively performed better amid the lower consumer sentiment towards discretionary spend and incessant rains in March 2023,” it said.

In the electro-mechanical projects and services, the revenue of the firm in the March quarter was up 7.8 per cent at ₹745.79 crore as against ₹691.81 crore.

Also, in the engineering products and services, Voltas’ revenue was 15.26 per cent higher at ₹142.35 crore in the January-March quarter, that ₹123.50 crore in the year-ago period.

Meanwhile, Voltas’ consolidated net profit was down 73.07 per cent to ₹136.22 crore for FY23 that ended in March 2023, compared to a net profit of ₹506 crore in FY22.

Its revenue from operation was up 19.87 per cent at ₹9,399.37 crore in FY 2022-23. It was ₹7,841.07 crore in FY22.

Voltas in a separate filing said that its board on Wednesday has recommended a dividend of ₹4.25 per share on face value of Re 1 per share for the year 2022-23. Shares of Voltas Ltd on Wednesday settled 1.36 per cent up at ₹855.05 apiece on the BSE.

With PTI inputs.