Voltas Q3 results: Profit falls 58% to Rs 23.85 crore as expenses rise
The company made a net loss of Rs 30.41 crore in the December-2023 quarter
Indian electrical appliances maker Voltas reported a fall in third-quarter profit on Tuesday, hurt by higher costs.
The Tata Group-owned company’s consolidated profit before exceptional items and tax fell 58% from last year to Rs 23.85 crore ($2.87 million) in the three months to Dec. 31.
Expenses related to raw materials, jobs, and services climbed 55.6%, driving total costs up by about 35%.
Revenue from operations rose 31% to Rs 2,626 crore as warmer-than-usual weather boosted demand for air conditioners.
Voltas’ key cooling products segment – which accounts for over half of the company’s revenue and makes appliances like purifiers – reported a more-than-21% rise in revenue.
Rivals Blue Star reported a jump in third-quarter profit while Havells India reported a marginal growth in quarterly profit.
In the December-2022 quarter, Voltas had set aside Rs 137 crore for cancellation of contracts and encashment of a bank guarantee, leading to a net loss of Rs 110 crore.
The company made a net loss of Rs 30.41 crore in the December-2023 quarter.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jan 30 2024 | 8:45 PM IST