Last Updated on October 28, 2023 by BFSLTeam BFSLTeam
Voltas, a prominent company under the Tata group, specialises in cutting-edge engineering solutions for cooling and household appliances. Let’s have an overlook on their Q2 2023 results.
Table of Content
Key Highlights
Consolidated Results For Six Months Period
- Consolidated Total Income for the six months ending September 2023: Rs. 5794 crores, a 25% increase compared to Rs. 4627 crores in the same period last year.
- Profit before share of profit/loss of joint ventures/associates and tax: Rs. 352 crores, up from Rs. 340 crores in the corresponding period last year.
- Profit before tax: Rs. 288 crores, compared to Rs. 174 crores last year.
- Net Profit (after tax): Rs. 165 crores, an increase from Rs. 103 crores in the same period last year.
- Earnings per Share (Face Value per share of Re. 1) (not annualised) as of September 30, 2023: Rs. 4.96, up from Rs. 3.07 last year.
Additional Read: Q2 Results Dashboard
Consolidated Results For Quarter End
- Consolidated Total Income for the quarter ended September 2023: Rs. 2364 crores, a 29% increase compared to Rs. 1833 crores in the same quarter last year.
- Profit before share of profit/loss of joint ventures/associates and tax: Rs. 118 crores, down from Rs. 149 crores last year.
- Profit before tax (PBT): Rs. 85 crores, compared to Rs. 13 crores in the corresponding quarter last year.
- Net profit surged by an impressive 700% to reach ₹35.6 crore, marking a remarkable turnaround from the ₹6.04 crore loss reported in the same period last year.
- Earnings per Share (Face Value per share of Re. 1) (not annualised) as of September 30, 2023: Rs. 1.05, compared to a negative of Rs. 0.22 last year.
Additional Read: Voltas Share Price
Consolidated Segment Results For Quarter End
Unitary Cooling Products:
- Despite erratic monsoons and lower consumer sentiment, the Unitary Cooling Products business delivered a strong performance in a generally lean quarter.
- Volume growth was impressive, with a 20% increase over the corresponding quarter last year.
- Voltas remains the market leader in ACs, with a market share of 19.5% as of August 2023.
- Segment Revenue increased by 15% to Rs. 1209 crores, up from Rs. 1048 crores in the corresponding quarter last year.
- Segment Results showed a remarkable 21% growth, reaching Rs. 93 crores, compared to Rs. 76 crores in the corresponding quarter last year.
Electro-Mechanical Projects and Services:
- Segment Revenue for the quarter surged by 67% to Rs. 924 crores, a significant increase from Rs. 554 crores in the corresponding quarter last year.
- However, the Segment Result was negative at Rs. 49 crores due to a provision of Rs. 86 crores related to delayed collection in overseas projects.
- The Segment’s carry forward order book increased to Rs. 8677 crores, up from Rs. 5496 crores in the corresponding quarter last year.
- Domestic projects booked orders worth Rs. 673 crores during the quarter, compared to Rs. 475 crores in the corresponding quarter last year.
Engineering Products and Services:
- The segment maintained its improved performance.
- Segment Revenue for the quarter reached Rs. 134 crores.
- Segment Results showed growth, with a figure of Rs. 54 crores, compared to Rs. 137 crores and Rs. 48 crores in the corresponding quarter last year for revenue and results, respectively.
Key Highlights of Voltas’ Consolidated Financial Results
| Q2 2023-24 | Q22022-23 | H12023-24 | H12022-23 | |
| Rs. Crores | Rs. Crores | Rs. Crores | Rs. Crores | |
| Total Income | 2364 | 1833 | 5794 | 4627 |
| Profit before share of profit / (loss) of joint ventures and associates, exceptional items and tax | 118 | 149 | 352 | 340 |
| Profit before exceptional items and tax | 85 | 120 | 288 | 280 |
| Exceptional items | – | (106) | – | (106) |
| Profit before tax | 85 | 13 | 288 | 174 |
| Profit after tax | 36 | (6) | 165 | 103 |
Segment Revenue And Results of Voltas
| Segments | Revenue | Results (before exceptional items) | ||
| 2023-24 | 2022-23 | 2023-24 | 2022-23 | |
| Rs. Crores | Rs. Crores | Rs. Crores | Rs. Crores | |
| A – Unitary Cooling Products | 3723 | 3210 | 300 | 243 |
| B – Electro-mechanical Projects And Services | 1603 | 1009 | (101) | 2 |
| C – Engineering Products and Services | 277 | 262 | 108 | 99 |
About Voltas Limited
Voltas, a prominent company under the Tata group, specialises in cutting-edge engineering solutions for cooling and household appliances. Established in 1954 through a partnership between Tata Sons and Volkart Brothers, a Swiss trading company, Voltas has become India’s leading air conditioning company, dominating the room air conditioner market for over a decade. Their product range is extensive, encompassing air conditioners, air coolers, refrigerators, washing machines, dishwashers, microwaves, air purifiers, water dispensers, commercial refrigeration, and accessories. Beyond this, Voltas is a global leader in engineering solutions and project management services, spanning various sectors such as textile machinery, mining, construction equipment, water management, and electro-mechanical projects. With a presence in more than 54 countries across Asia, Africa, Europe, and the Middle East, Voltas boasts a network of over 25,000 customer touchpoints in India alone. Committed to making a positive impact on society, Voltas dedicates itself to corporate social responsibility initiatives, supporting causes like skill development, education, health, environmental conservation, and community welfare.
Source – https://www.bseindia.com/xml-data/corpfiling/AttachLive/762c9ea7-99ff-4074-8d64-683811289d21.pdf
