Companies

Voltas Q3 profit jumps 46 per cent at Rs 129 cr

PTI New Delhi | Updated on February 12, 2021

Tata Group company Voltas Ltd on Friday reported a 46.26 per cent increase in consolidated net profit at Rs 128.64 crore for the December quarter 2020-21.

The company had posted a net profit of Rs 87.95 crore in the same quarter last fiscal year, Voltas said in a regulatory filing.

Total income during the period under review stood at Rs 2,046.26 crore, up 32.29 per cent, as against Rs 1,546.76 crore in the year-ago quarter, the company said.

Voltas said the cooling products business had made a good recovery post easing of the lockdown restrictions and achieved a record overall volume growth of 40 per cent.

Voltas' revenue from unitary cooling products for the comfort and commercial use segment increased 40 per cent to Rs 840 crore as compared to Rs 601 crore in the corresponding quarter last year. The company's electro-mechanical projects and services segment had a revenue of Rs 1,017 crore as compared to Rs 808 crore in the year-ago period.

In a separate filing, Voltas said the board has approved transfer of its domestic projects business to its wholly-owned subsidiary Universal MEP Projects & Engineering Services by slump sale through a business transfer agreement.

The business being transferred pertains to mechanical, electrical and plumbing (MEP)/heating, ventilation and air-conditioning (HVAC) and water projects, mining and construction equipment and the textile machinery division at a cash consideration of Rs 1,000-1,200 crore.

Voltas said the rationale for sale is to focus on B2C (business-to-consumer) and B2B (business-to-business) businesses, independent of each other, and to expand their respective growths.

Shares of Voltas were trading 2.09 per cent lower at Rs 1,078.05 apiece on BSE.

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Published on February 12, 2021
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