Voltas Limited reports earnings for Q2FY21, H1FY21

The Board of Directors of Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, today announced the Consolidated Financial Results (including the Consolidated Segment Report) for the quarter and six months ended 30th September, 2020. The above results take into account the effect of merger of a 100% subsidiary-Universal Comfort Products limited with effect from 1st April, 2019, which has been approved by the National Company Law Tribunal, Mumbai on 11th September, 2020.

Consolidated Results for the six months period ended 30th September, 2020:

Impacted by the COVID-19 lockdown, the Consolidated Total Income for the six months period ended 30th September, 2020 was at Rs. 3015 crores as compared to Rs. 4192 crores in the corresponding period last year. Profit before tax was at Rs. 223 crores as compared to Rs. 408 crores last year. Profit after tax was Rs. 161 crores as against Rs 274 crores in the corresponding period last year. Earnings per Share (Face Value per share of Re. 1) (not annualized) as at 30th September, 2020 was Rs. 4.82 as compared to Rs.8.21 last year.

Consolidated Results for the quarter ended 30th September, 2020:

The Consolidated Total Income for the quarter ended 30th September, 2020 was higher by 10%, at Rs. 1651 crores as compared to Rs. 1495 crores in the corresponding quarter last year. Profit before tax was at Rs. 115 crores and Profit after tax was Rs 80 crores as compared to Rs. 150 crores and Rs. 107 crores, respectively, in the corresponding quarter last year. Earnings per Share (Face Value per share of Re. 1) (not annualized) as at 30th September, 2020 was Rs. 2.37 as compared to Rs. 3.22 last year.

Consolidated Segment Results for the quarter ended 30th September, 2020:

Unitary Cooling Products for Comfort and Commercial use: The Business acted smartly and swiftly and took advantage of the opportunities arising from easing of lockdown and achieved overall volume growth of 14% contributed by growth of 11% in Room Air conditioners, 20% in Commercial Refrigeration Products and 28% in Air Coolers. Voltas continues to be the market leader and has sustained its No.1 position in Room Air conditioner business and further improved its market share to 26.8% in August 2020. Segment Revenue increased by 9% and was Rs. 572 crores as compared to Rs. 526 crores in the corresponding quarter last year. Segment Result was higher by 37% at Rs. 63 crores as compared to Rs. 46 crores in the corresponding quarter last year.

Electro-Mechanical Projects and Services: Segment Revenue for the quarter was higher at 15% at Rs. 928 crores as compared to Rs. 809 crores in the corresponding quarter last year. Segment Result was Rs. 23 crores as compared to Rs. 56 crores last year primarily due to conservative time based provisions, amidst liquidity constraints on some of the old legacy projects. Carry forward order book of the Segment was higher at Rs. 6852 crores as compared to Rs. 6567 crores in the corresponding quarter last year.

Engineering Products and Services: Segment Revenue and Result for the quarter were at Rs. 93 crores and Rs. 29 crores as compared to Rs. 80 crores and Rs. 25 crores, respectively in the corresponding quarter last year.

Shares of VOLTAS LTD. was last trading in BSE at Rs.753.35 as compared to the previous close of Rs. 740.55. The total number of shares traded during the day was 148524 in over 5315 trades.

The stock hit an intraday high of Rs. 768 and intraday low of 734. The net turnover during the day was Rs. 111577233.

Source : Equity Bulls

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