Voltas profit up over two-fold to Rs 133 cr in Q2 revenue up 14 pc

     New Delhi, Oct 29 (PTI) Voltas Ltd on Tuesday reported a more than two-fold jump in consolidated net profit to Rs 132.83 crore in the September quarter, helped by high volume growth from its residential air condition business.
     It posted a consolidated net profit of Rs 35.65 crore in the July-September period a year ago, according to a regulatory filing from the Tata Group firm.
     Voltas' revenue from operations rose 14.23 per cent to Rs 2,619.11 crore during the quarter under review from Rs 2,292.75 crore in the year-ago period.
     Total expenses of Voltas, an air-conditioning maker and engineering services provider, increased 10.74 per cent to Rs 2,486.89 crore in the September quarter.
     Voltas' total income, which includes other income, grew 16.53 per cent to Rs 2,754.58 crore during the period under review.
     In the September quarter, its revenue from "unitary cooling products for comfort and commercial use", which has room AC business, climbed 30.88 per cent to Rs 1,582.19 crore. It stood at Rs 1,208.80 crore in the corresponding period last fiscal.
     In the first half, this division of Voltas had a 56 per cent volume growth from its room AC business, where the Tata group firm sold more than 1.3 million units, according to an earnings statement.
     "The Unitary Cooling Products business continued to outperform the market, maintaining its impressive growth momentum. Overall volumes surged by 56 per cent. Voltas remains the market leader in both split and window air-conditioners, boasting an exit market share of 21 per cent as of September 2024," it said.
     In the first half, which comprises the summer season, when sales of cooling products are high, its revenue from this segment increased 44.63 per cent to Rs 5,384.36 crore.
     "These results underscore the company’s strong market position and its ability to drive significant growth across its product lines," it said.
     On its JV Voltas Beko, Voltas said, it saw a volume growth of 54 per cent in the first half of the year. This was accompanied by a significant increase in market share in the refrigerator and washing machine categories, it added.
     Voltas Beko is a joint venture between Tata Group firm and Beko, a part of Turkey-based Arçelik Group, a leading global manufacturer of home appliances.
     However, Voltas' revenue from "electro-mechanical projects and services", which comprises domestic and international projects businesses, slipped 4.8 per cent in the September quarter to Rs 879.91 crore.
     Its "engineering products and services" revenue was 9.12 per cent higher at Rs 146.71 crore in the September quarter.
     Shares of Voltas Ltd on Tuesday settled at Rs 1,770.50 on the BSE, up 0.47 per cent from the previous close.

(This story has not been edited by THE WEEK and is auto-generated from PTI)