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Voltas Q4 Results | Air conditioner major declares dividend of ₹5.50 as revenue tops forecast
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
However, Voltas reported a 22.8% year-on-year (YoY) drop in net profit for the fourth quarter that ended March 31, 2024. Shares of Voltas Ltd ended at ₹1,388.45, down by ₹58.75, or 4.06%, on the BSE.
Leading residential air conditioner maker Voltas Ltd on Tuesday (May 7) reported a 22.8% year-on-year (YoY) drop in net profit at ₹110.6 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Voltas posted a net profit of ₹143.2 crore, the company said in a regulatory filing.
The company’s revenue from operations jumped 42.1% to ₹4,202.9 crore against ₹2,957 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹3,827 crore for the quarter under review.
At the operating level, EBITDA fell 12.6% to ₹190.6 crore in the fourth quarter of this fiscal over ₹218 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹287 crore for the quarter under review.
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The EBITDA margin stood at 4.5% in the reporting quarter compared to 7.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 7.5% for the quarter under review.
In the fourth quarter the unitary cooling products business segment revenue grew by 44% to ₹2,955 crore as compared to ₹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 ₹156 crore as compared to ₹142 crore in the year-ago period, it added. Similarly, the electro-mechanical projects and services segment comprising both domestic and international projects businesses grew by 38% year-on-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 ₹248.11 crore as compared to ₹136.22 crore in the previous year. Total expenses in the fourth quarter were higher at ₹4,044.90 crore compared to ₹2,761.45 crore in the corresponding period a year ago.
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Consolidated revenue from operations in FY24 was at ₹12,481.21 crore as against ₹9,498.77 crore in FY23. The company said it achieved the milestone of 20 lakh AC sales in 2023-24.
The directors have recommended a dividend of ₹5.50 per share on a face value of ₹1 per share (550%) for the year 2023-24 which will be paid on or after the fifth day from the AGM if passed.
The results came after the close of the market hours. Shares of Voltas Ltd ended at ₹1,388.45, down by ₹58.75, or 4.06%, on the BSE.
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