Voltas FY 06-07 Net Profit up by 164 % Net Sales up by 29%

Mumbai: The Board of Directors of Voltas Limited, a Tate enterprise, today announced, the Audited Financial Results, including the Consolidated Financial Results and Segment Report, for the year ended March 31, 2007.

The Directors have recommended a dividend of 100% for the year ended March 31, 2007 (previous year 60%) on the equity shares of Re.1/- each of the Company.

Year Ended March 31,2007

• Profit after Tax at Rs.186 crores, up by l64% year on year
• Operating Profit at RS.155 crores, up by 32% year on year
• Net Sales/Income from Operations at Rs.2451 crores, up by 29% year on year.
• EPS at Rs.5.62 as against Rs.2.13
• Total order-book at Rs. 2418 crores up by 19%, year on year
• Consolidated Revenues at Rs.2598 crores up by 28%, year on year
• Consolidated Net profit at Rs.202 crores up by 174%year on year

Quarter Ended March 31,2007

• Profit after Tax at Rs.120 crores, up by 405%, quarter on quarter
• Operating Profit at Rs.60 crores, up by 62%, quarter on quarter
• Net Sales/Income from Operations atRs.730 crores, up by 38%, quarter on quarter
• Electro mechanical Segment Revenue Rs.443 crores up by 50%, quarter on quarter
• Engineering Products & Projects Segment Revenue Rs.127 crores up by 52%, quarter on quarter
• Unitary Products Business Segment Revenue Rs.156 crores up by 11%,. quarter on quarter

Year ended March 31, 2007
The Company’s Profit after Tax rose by 164% to Rs.186 crores (including exceptional income of Rs.68 crores) as against Rs.70 crores in the previous year. Operating profit (Profit before Tax & Exceptional Items) rose by 32% to Rs.155 crores as compared to Rs.118 crores in the previous year. Net Sales/Income from Operations rose by 29% to Rs.2451 crores in the year under review, as compared to Rs.1904 crores in the previous year. Earnings Per Share works out to Rs.5.62.

The Company’s Electro-mechanical projects and Services segment grew by 21%. In the International business, the Company secured some large and prestigious international projects, including the, Bahrain City Centre, one of the largest mall-cum-entertainment facilities in the region; the Etihad Towers township, a mixed development of offices, hotel, residences and service apartments in Abu Dhabi Movenpick Hotel and Service Apartments, Dubai; and Interim Doha Convention Center, Qatar.

The segment’s order book as on March 31, 2007 stands in excess of Rs.2190 crores, 18% increase over last year.

The Engineering Products and Services segment registered growth of 71%. Textite Machinery business notched 52% growth in equipment sales, while Materials Handling business showed 62% growth in sales volume. Mining & Construction Equipment business sustained its upward trend.

The Unitary Cooling Products business continued its aggressive market push, with 30% growth in air conditioner sales over the previous year, including 51% growth in the split AC segment. The company continued to leverage the rising pride of consumers in ‘Indian-ness’ through its highly acclaimed advertising campaign ‘India ka dil, India ka AC’, which effectively stimulated the market and increased market share. Water coolers and dispenser’s sales grew by 34% and remained at the no.1 market position. The growth was largely in water dispensers, which grew by 52%, while Commercial Refrigeration sales increased by 32%.

Quarter ended March 31, 2007:
The Company’s Profit after Tax rose by 405% to Rs.120 crores (including Rs.65 crores From exceptional income) as against Rs.24 crores in the same period last year. Operating Profit (Profit before Tax & Exceptional Items) rose by 62% to Rs.60 crores as against Rs.37 crores in the same period last year. Net sales/Income from Operations rose by 38%, to Rs.730 crores for the quarter ended March 31, 2007, as compared to Rs.530 crores in the same period last year.

Source : Equity Bulls

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