Voltas shares decline about 3% after March quarter earnings announcement

shares Voltas Ltd Thursday’s trading fell about 3 percent after the air-conditioning maker reported a 21.6 percent drop in its consolidated net profit in the first quarter of March 2023.

The stock fell 2.85 percent to INR 830.60 on BSE.

On NSE, it decreased by 2.82 percent to INR 830.50.

Voltas Ltd, on Wednesday, recorded a decline of 21.6 per cent in its consolidated net profit at ₹143.23 crore in the March quarter 2023, due to provisions made for late collection in international project work.

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The Tata Group company posted consolidated net profit of INR 182.71 crore in the same period last year, the company said in a regulatory filing.

Revenue from Voltas’ operations increased by 11.5 per cent to ₹2,936.76 crore during the period under review.

“Before and after tax earnings were impacted during the current quarter due to provisions made for late collection on international project work,” Voltas said in its earnings statement.