Voltas' consolidated net profit dropped 24.9% to Rs 96.56 crore on a 10.1% fall in net sales to Rs 1,772.06 crore in Q3 FY22 over Q3 FY21.
Consolidated profit before tax (PBT) skid 16.1% to Rs 139.07 crore in Q3 FY22 from Rs 165.84 crore in Q3 FY21.
On a segmental basis, Unitary Cooling Products grew 9.06% to Rs 1,093.60 crore in Q3 FY22 as against Rs 1,002.68 crore in Q3 FY21. The Unitary Cooling Products business, despite being impacted by tepid demand post festive season, uncertainty amongst the channel partners due to rising cases under the third wave of COVID-19 pandemic and their past experience of lockdowns, has reported higher revenue.
The increase in commodity prices and supply chain disruption has not seen any sign of abatement in the current quarter. The time lag in passing the increase in the input costs, given resistance from the trade, amidst a seasonally lower offtake period and price disruptions, affected the results of the segment. The segment result was at Rs 102 crore as compared to Rs 123 crore in the corresponding quarter last year. However, Voltas continued to be the market leader in ACs with a YTO market share of 25.8% in November 2021.
Revenues from Electro-Mechanical Projects and Services skid 34.60% to Rs 553.78 crore in Q3 December 2021 as against Rs 846.81 crore in Q3 December 2020, owing to lower carry forward order book. However, due to project execution effidencies, the segment result was higher at Rs 36 crore as compared to Rs 14 crore last year. The carry forward order book of the segment was at Rs 5,600 crore over Rs 7,076 crore in the corresponding quarter last year.
Revenues from Engineering Products and Services business rose 3.11% to Rs 124.68 crore in Q3 FY22 as against Rs 120.91 crore in Q3 FY21, due to revival in capital equipment demand and higher after aales service revenue.
Shares of Voltas declined 3.77% to close at Rs 1,192.20 on Friday, 11 February 2022. Voltas is India's largest air conditioning company, and one of the world's premier engineering solutions providers and project specialists.
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