Voltas Ltd Share Price – NSE  /  BSE

Consumer Durables, Small Cap

The Board of Voltas at its meeting held on 08 November 2023 has approved the proposal of availing of an unsecured Rupee Term Loan from a Bank up to an amount of Rs 500 crore instead of raising funds through NCDs.

The Rupee Term Loan would be utilised for capital expenditure of the Company for its new manufacturing plant at Chennai and Waghodia in Gujarat. Accordingly, the proposal for issue of NCDs is withdrawn for the time being.

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The consolidated total income for the quarter ended 30 September 2023, at Rs 2,364 crore, was higher by 29% as compared to Rs 1,833 crore in the corresponding quarter last year.

Profit before tax in Q2 FY24 stood at Rs 85 crore, which is significantly higher as compared with a PBT of Rs 13 crore registered in Q2 FY23.

Voltas said that the Unitary Cooling Products business has relatively performed better amid the erratic monsoon, lower consumer sentiment towards discretionary spend in a generally lean quarter. The overall volume growth was 20% over the corresponding quarter last year. The company continues to be the market leader and is at No.1 position in ACs with exit market sham of 19.5% as of August 2023. Segment Revenue increased by 15% and was at Rs 1,209 crore as compared to Rs 1,048 crore in the corresponding quarter last year.

In the Electro-Mechanical Projects and Services segment, revenue for the quarter was higher by 67%, at Rs 924 crore as compared to Rs.554 crores in the corresponding quarter last year. The carry forward order book of the segment was higher at Rs 8,677 crore as compared to Rs 5,496 crore in the corresponding quarter last year. Domestic projects booked orders worth Rs 673 crore during the quarter as compared to Rs 475 crore in the corresponding quarter last year.

The Engineering Products and Services segment revenue for the quarter was at Rs 134 crore as compared to Rs 137 crore in the corresponding quarter last year.

Voltas is a premier air conditioning and engineering solutions provider and a projects specialist. The company is part of the Tata Group. In addition to room air conditioners, it also has air coolers, air purifiers, water dispensers, water coolers, commercial refrigeration and commercial air conditioning products in its portfolio.

The scrip fell 1.84% to currently trade at Rs 823.85 on the BSE.

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Net profit of Voltas reported to Rs 36.68 crore in the quarter ended September 2023 as against net loss of Rs 7.41 crore during the previous quarter ended September 2022. Sales rose 30.38% to Rs 2267.43 crore in the quarter ended September 2023 as against Rs 1739.12 crore during the previous quarter ended September 2022.

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Voltas will hold a meeting of the Board of Directors of the Company on 19 October 2023.

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