Voltas net loss shrinks to Rs 27.60 crore in Q3, sales rise 32%

Total expenses increased 34.77% to Rs 2,623.67 crore in the December quarter of FY24

New Delhi: Air-conditioner maker and engineering services provider Voltas Ltd on Tuesday reported a narrowing of its consolidated net loss to Rs 27.60 crore in the third quarter of the current fiscal, boosted by festive season sales.

The Tata Group firm had witnessed a consolidated net loss of Rs 110.49 crore in the October-December period a year ago, the company said in a regulatory filing.

Voltas sales grew 31.78% to Rs 2,612.29 crore during the period under review. It was Rs 1,982.27 crore a year ago.

Total expenses increased 34.77% to Rs 2,623.67 crore in the December quarter of FY24. Voltas’ total income in the December quarter went up 31.8% to Rs 2,683.61 crore.

Revenue from “unitary cooling products for comfort and commercial use” was up 21.35% to Rs 1,475.61 crore during the period.

“The Unitary Cooling Products business continued to outperform the market and maintain its growth momentum in a relatively lean quarter,” the company said in an earnings statement.

While its overall volumes grew by 22%, the year-on-year growth for room air-conditioners was even higher at 27%, it said.

Revenue from “electro-mechanical projects and services”, which comprises domestic and international projects businesses, rose 51.43% in the December quarter to Rs 981.88 crore.

“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 its order pad and retain a positive outlook, given the increased infrastructure spending in the country,” it said.

Similarly, its “engineering products and services” revenue was 31.28% higher at Rs 154.80 crore in the reporting quarter.

“The segment continued to show improved performance on the back of a strong order backlog and disciplined execution efforts,” it said.

Shares of Voltas Ltd on Tuesday settled 2.50% down at Rs 1,014.80 apiece on the BSE.

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