New Delhi: Voltas Ltd, a company that manufactures air conditioning units and provides engineering services, announced a consolidated net profit of Rs 335 crore for the first quarter ending June 30, 2024, which doubled compared to the previous period. This growth was driven by a substantial increase in sales in their room air conditioning segment. Additionally, the Tata Group company also reached the "milestone" of selling one million air conditioning units in Q1 FY25, and its total revenue exceeded Rs 5,000 crore in the June quarter.
In a regulatory filing, the company announced that it had reported a consolidated net profit of Rs 129.42 crore in the April-June period last year. In the June quarter, Voltas saw a 46.46 per cent increase in revenue from operations. It stood at Rs 3,359.86 crore in the same quarter last year. Voltas' overall costs rose by 41.44 percent to Rs 4,520.40 crore during the first quarter of FY25. Voltas' revenue in the June quarter increased by 45.81 percent to reach Rs 5,001.27 crore.
During the initial three months of this fiscal year, Voltas' earnings from "unitary cooling products for comfort and commercial use", including the room AC segment, rose by 51.24 per cent to Rs 3,802.17 crore. In the same period last fiscal, it stood at Rs 2,513.97 crore. The total size increased by 67 pc specifically in the AC sector from April to June.
According to the statement, the Unitary Cooling Products division remained strong compared to the market and sustained its growth pace. Voltas remains a top player in Split and Window Air-conditioners, holding a market share of 21.2 pc as of June 2024. Income generated from "electro-mechanical projects and services", which includes both local and global projects, increased by 39.77 per cent to Rs 949.13 crore in the June quarter.
"The Domestic Projects business with a presence in MEP (Mechanical, Electrical and Plumbing), Water, Electrical & Solar has grown due to a healthy carry forward order book. Timely execution, focus on completion certification and other related project management initiatives have resulted in a robust bottom-line growth," it said.
For International Projects Business, projects in UAE and Saudi continue to deliver good performance and drive revenue growth for the business. "Strong project execution, timely assessment of cost and profitability have ensured a better bottom-line performance after facing challenges for the last few quarters," it said. Similarly, its "engineering products and services" revenue was 13 per cent higher at Rs 160.78 crore in the June quarter. Shares of Voltas Ltd on Monday morning were trading at Rs 1,549.30 on BSE, up 8.32 per cent from the previous close.
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