Voltas Ltd., a prominent consumer durables company, announced an 18.7% year-over-year profit increase for the first quarter of the fiscal year ending in June (Q1FY24), reaching ₹129.29 crore. This is compared to a profit of ₹108.88 crore in the same period last year. However, the net profit decreased by 10.2% sequentially from ₹143.92 crore in the fourth quarter of FY23. The company’s consolidated operational revenue surged by 21.4% year-over-year, totaling ₹3,359.86 crores in the Q1FY24, compared to ₹2,768 crore in Q1FY23. The total income for the first quarter was ₹3,429.83 crore, up from ₹2,794.75 crore in the same period last year.
Challenging weather conditions across the country affected the growth of cooling products, with some recovery seen in June 2023. Despite the weather disruptions, the Unitary Cooling Products business achieved a 15% overall volume growth compared to the corresponding quarter of the previous year. Voltas maintains its market leadership, holding the No.1 position in ACs with an exit market share of 20.6% as of June 2023. The company reported that segment revenue increased by 16% to ₹2514 crores, compared to ₹2162 crores in the same quarter last year. Segment results grew by 25% to ₹207 crores, up from ₹166 crores in the corresponding quarter last year, as per an exchange filing by the company.
According to the company’s filing, the revenue from the Electro-Mechanical Projects and Services business for the quarter was up by 49%, reaching ₹679 crores compared to ₹455 crores in the corresponding quarter last year.
On Friday, Voltas’ shares closed at Rs. 828.55 on the NSE, reflecting a decrease of 0.98%.