New Delhi, May 29 (PTI) Voltas Ltd, a Tata Group company and leading air-conditioner manufacturer, on Friday reported a 12.52 per cent increase in its consolidated net profit at Rs 159.50 crore in the March 2020 quarter.
Its consolidated net profit was Rs 141.74 crore in the January-March quarter of the last fiscal, Voltas said in a regulatory filing.
“In spite of substantial loss of business in the crucial month of March 2020 due to a sudden nationwide lockdown on account of COVID-19, consolidated total income for the quarter ended March 31, 2020 was higher at Rs 2,150 crore as compared to Rs 2,120 crore in the corresponding quarter last year,” said Voltas in a post earning statement.
It further said “profit before exceptional items and tax was significantly higher by 32 per cent, at Rs 219 crore as compared to Rs 166 crore in the corresponding quarter last year.”
Its total expenses were at Rs 1,911.86 crore in Q4 FY2019-20 as against Rs 1,935.09 crore, down 1.2 per cent.
Voltas’ revenue from ‘unitary cooling products for comfort and commercial use’ was up 20.17 per cent at Rs 1,198.86 crore as against Rs 997.57 crore of Q4 FY2018-19.
However, ‘electro-mechanical projects and services’ segment revenue was down 17.56 per cent to Rs 804.56 crore as against Rs 976 crore.
While, ‘engineering products and services’ were up 20.81 per cent at Rs 94.80 crore as against Rs 78.47 crore.
For the fiscal year 2019-20, Voltas net profit was up 1.39 per cent at Rs 521.05 crore against Rs 513.88 crore in the previous year.
Its total income for the fiscal was Rs 7,888.68 crore, up 7.91 per cent. It was Rs 7,310.32 crore in 2018-19.
Shares of Voltas Ltd on Friday settled at Rs 480 apiece on the BSE, down 1.36 per cent from their previous close.
Meanwhile, Voltas board at its meeting held on Friday recommended 400 per cent dividend, which is Rs 4 per share on face value of Re 1 per share for the year 2019-20.