The Hindu Business Line : Voltas Q3 net up at Rs 7.6 cr

VOLTAS Ltd today reported a net profit of Rs 7.60 crore for the quarter ended December 31, 2004, as against the previous corresponding Rs 5.23 crore. The company's net sales/income from operations grew to Rs 298.60 crore (Rs 253.84 crore).

For the nine-month period, Voltas had a net profit of Rs 27.58 crore (Rs 19.72 crore) on net sales/income from operations of Rs 941.73 crore (Rs 922.54 crore).

"The company's performance was driven by strong growth in electromechanical project and services segment (24 per cent), which includes domestic air-conditioning and refrigeration business as well as international projects; textile machinery business (46 per cent) and the machine tool business (66 per cent), being part of the engineering agency and services segment.

"While cooling appliances business registered a growth of 35 per cent, the performance of Hyderabad unit business, under the unitary cooling products for comfort and commercial use segment, was adversely affected due to lower capacity utilisation," an official statement said.

According to it, the company has filed a retrenchment application covering 450 employees of the Hyderabad unit on November 26, 2004, in view of the low capacity utilisation.

When contacted a company spokesperson said that a retrenchment notice issued earlier was now under stay order and the unions were negotiating for VRS.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page