Voltas : Key Highlights of Voltas' Consolidated Financial Results
August 09, 2021 at 08:40 pm IST
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The Board of Directors of Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, announced the Consolidated Financial Results (including the Consolidated Segment Report) for the quarter ended 30th June, 2021.
The Group's operations and financial results for the quarter ended 30th June, 2021 have been impacted due to outbreak of second wave of COVID-19 pandemic during the peak season because of lockdowns and restricted operational hours even after easing of state-wide lockdowns. Nevertheless, the business activities were resumed gradually following the relaxations and directives issued by various State Governments as well as Local Authorities in India and other countries where the Group has business operations, albeit with constraints of workforce and free accessibility to the project sites.
The Group has considered the possible impact of COVID-19 pandemic on its operations, liquidity position and recoverability of its asset balances as at 30th June, 2021 based on the internal and external information up to the date of approval of these financial results. The impact of COVID-19 may be different from that estimated as at the date of approval of these financial results and management will continue to monitor any material changes arising due to the impact of this pandemic on financial and operational performance of the Group and take necessary measures to address the situation.
Consolidated Results for the quarter ended 30th June, 2021: The Consolidated Total Income for the quarter ended 30th June, 2021 was higher by 36% at Rs. 1860 crores as compared to Rs. 1364 crores in the corresponding quarter last year. Profit before tax (PBT) was higher by 56%, at Rs. 168 crores as compared to Rs. 108 crores in the corresponding quarter last year. Net Profit (after tax) has increased by 49%, at Rs. 122 crores as compared to Rs. 82 crores in the corresponding quarter last year. Earnings per Share (Face Value per share of Re. 1) (not annualized) as at June 30, 2021 was Rs. 3.68 compared to Rs. 2.45 last year.
Consolidated Segment Results for the quarter ended 30th June, 2021: Unitary Cooling Products for Comfort and Commercial use: Given the smaller window available during the quarter, upon easing of the lockdowns, the Unitary Cooling Products business made good recovery and achieved overall volume growth of 10%. Voltas continues to be the market leader and is at No.1 position in ACs with exit market share of 26.7% as of June 2021. On back of the volume growth, Gross Segment Revenue increased by 19% and was at Rs. 963 crores as compared to Rs. 811 crores in the corresponding quarter last year. Segment Result was at Rs. 118 crores as compared to Rs. 114 crores in the corresponding quarter last year, given the customer centric sales promotional expenses incurred during the current quarter.
Electro-Mechanical Projects and Services: The Segment has reported higher revenue of Rs. 688 crores as compared to Rs. 412 crores in the corresponding quarter last year, an increase of 67%. Segment profit was Rs. 31 crores as compared to loss of Rs. 44 crores last year, a positive swing of Rs 75 crores. Improvement in Revenue and Result was due to good progress made on execution of certain on-going projects.
Engineering Products and Services: Segment Revenue and Result for the quarter almost doubled and was higher at Rs. 115 crores and Rs. 38 crores as compared to Rs. 48 crores and Rs. 20 crores, respectively in the corresponding quarter last year.
Voltas Limited is an India-based air conditioning and engineering solutions provider and a projects specialist. The Company's segments include Unitary Cooling Products, Electro - Mechanical Projects and Services, and Engineering Products and Services. Unitary Cooling Products segment includes manufacturing, selling and after sales services of cooling appliances and cold storage products, and facilities maintenance and hard services, such as operations and maintenance contracts in various sectors, retrofits and energy management, among others. Electro - Mechanical Projects and Services segment includes electro-mechanical projects, such as electricals, heating, ventilation and air conditioning, plumbing, extra low voltage and specialized services, and water solutions, such as comprises water treatment solutions for industrial, oil and gas and domestic sewage segments, among others. Engineering Products and Services segment includes textile machinery and mining and construction equipment.
VOLTAS LIMITED 
