Voltas net profit declines 22% YoY to ₹110.64 crore in Q4 FY24

Air conditioning and engineering services provider Voltas Ltd on Tuesday reported a 22.75 per cent decline in consolidated net profit to Rs 110.64 crore in the fourth quarter ended March 31, 2024, impacted by higher expenses. The company had posted a consolidated net profit of Rs 143.23 crore in the same period previous fiscal, Voltas said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 4,202.88 crore as against Rs 2,956.8 crore in the year-ago period, it added.

Total expenses in the fourth quarter were higher at Rs 4,044.90 crore compared to Rs 2,761.45 crore in the corresponding period a year ago.

In the fourth quarter the unitary cooling products business segment revenue grew by 44 per cent to Rs 2,955 crore as compared to Rs 2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach, the company said.

The engineering products and services division clocked revenue of Rs 156 crore as compared to Rs 142 crore in the year-ago period, it added.

Similarly, electro-mechanical projects and services segment comprising both domestic and international projects businesses grew by 38 per cent year-an-year due to a healthy carry forward order book position, it added.

Voltas said for the fiscal ended March 31, 2024, consolidated net profit was higher at Rs 248.11 crore as compared to Rs 136.22 crore in the previous year.

Consolidated revenue from operations in FY24 was at Rs 12,481.21 crore as against Rs 9,498.77 crore in FY23.

The company said it achieved the milestone of 20 lakh AC sales in 2023-24.

Voltas said its board of directors has recommended a dividend of Rs 5 per share of the face value of Re 1 per share for the year 2023-24 subject to the approval of shareholders of the company.

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