Voltas Q4 Results: Profit Falls 23%, Misses Estimates
The air conditioner maker's net profit fell 22.8% year-on-year to Rs 110.6 crore in the quarter-ended March 2024.
Voltas Ltd.'s net profit declined in the fourth quarter of fiscal 2024, missing analysts' estimates.
The air conditioner maker's net profit fell 22.8% year-on-year to Rs 110.6 crore in the quarter-ended March 2024, according to an exchange filing issued on Tuesday. This compares with the Rs 208-crore consensus estimate of analysts polled by Bloomberg.
Revenue from operations, on the other hand, beat estimates. It rose 42.1% to Rs 4,203 crore during the period.
The company has also announced a dividend of Rs 5.5 per share.
Voltas Q4 Results Highlights (Consolidated, YoY)
Revenue up 42.1% to Rs 4,203 crore (Bloomberg estimate: Rs 3,828 crore).
Ebitda declined 12.6% to Rs 190.6 crore (Bloomberg estimate: Rs 261 crore).
Ebitda margin down 284 basis points at 4.5% (Bloomberg estimate: 6.8%).
Net profit down 22.8% at Rs 110.6 crore (Bloomberg estimate: Rs 208 crore).
Key Highlights
Voltas recorded 2 million AC sales in fiscal 2024, becoming the first-ever AC brand in India to achieve this milestone, with volume growth of 72% in Q4.
Segmental Highlights
Unitary cooling products segment continued to outperform the market, on account of a better product mix enhancement approach.
Under the electro-mechanical projects and services segment, domestic projects business grew by 38% year-on-year, mainly due to a healthy carry forward order book position.
On the other hand, the international project business continues to face headwinds. The company had earlier reported on the challenges it was facing in Qatar, due to unreasonable delays in release of due receivables and prolongation of execution timelines.
Engineering products and services segment showed improved performance on the back of order backlog.
Shares of Voltas closed 4.46% lower, as compared with a 0.62% fall in the NSE Nifty 50.
