Voltas Limited announces Q3FY21 results

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 nine months ended 31st December, 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 quarter ended 31st December, 2020:

Consolidated Total Income for the quarter ended 31st December, 2020 was higher by 32%, at Rs. 2046 crores as compared to Rs. 1547 crores in the corresponding quarter last year. Profit before Tax was also higher by 39%, at Rs. 166 crores as compared to Rs. 119 crores in the corresponding quarter last year. Net Profit (after tax) was higher by 47% at Rs. 129 crores as compared to Rs. 88 crores in the corresponding quarter last year. Earnings per Share (Face Value per share of Re. 1) (not annualized) as at 31st December, 2020 was Rs. 3.87 as compared to Rs. 2.63 last year.

Consolidated Segment Results for the quarter ended 31st December, 2020:

Unitary Cooling Products for Comfort and Commercial use: The Cooling Products business made good recovery, post easing of the lockdown situation and achieved a record overall volume growth of 40%, contributed by 43% increase in the sales volume of Room Air conditioners (ACs), 100% in Commercial Refrigeration Products and 11% in Air Coolers. Voltas continues to be the market leader and is at No.1 position in ACs with a YTD market share of 26% in December 2020. Segment Revenue increased by 40% and was at Rs. 840 crores as compared to Rs. 601 crores in the corresponding quarter last year. Segment Result was significantly higher by 72% at Rs.105 crores as compared to Rs. 61 crores in the corresponding quarter last year.

Electro-Mechanical Projects and Services: Segment Revenue for the quarter was higher by 26% at Rs. 1017 crores as compared to Rs. 808 crores in the corresponding quarter last year. Segment Result was at Rs. 32 crores as compared to Rs.37 crores last year primarily due to conservative time based provisions, amidst liquidity constraints on some of the legacy projects. Carry forward order book of the Segment was higher at Rs. 7275 crores as compared to Rs. 7024 crores in the corresponding quarter last year.

Engineering Products and Services: Segment Revenue and Result for the quarter were at Rs. 121 crores and Rs. 32 crores as compared to Rs. 83 crores and Rs. 23 crores, respectively in the corresponding quarter last year.

Consolidated Results for the nine months period ended 31st December, 2020:

Due to the COVID-19 pandemic coupled with lockdown in the first few months of the current year, which is also the peak season for the Room Air-conditioner business, the overall performance of the Company has been impacted. Consolidated Total Income for the nine months period ended 31st December, 2020 was at Rs. 5061 crores as compared to Rs. 5739 crores in the corresponding period last year. Profit before tax and Net Profit (after tax) was at Rs. 388 crores and Rs 290 crores as compared to Rs. 528 crores and Rs 362 crores, respectively in the corresponding period last year. Earnings per Share (Face Value per share of Re. 1) (not annualized) as at 31st December, 2020 was Rs. 8.69 as compared to Rs. 10.84 last year.

Shares of VOLTAS LTD. was last trading in BSE at Rs.1101.05 as compared to the previous close of Rs. 1090.15. The total number of shares traded during the day was 60589 in over 1946 trades.

The stock hit an intraday high of Rs. 1110.05 and intraday low of 1080.15. The net turnover during the day was Rs. 66394274.

Source : Equity Bulls

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