November 06, 2018

Voltas announces consolidated financial results for the quarter and six-month period ended September 30, 2018

Particulars Q2 FY
2018-19
Q2 FY
2017-18
% H1 FY
2018-19
H1 FY
2017-18
%
Rs crore Rs crore change Rs crore Rs crore change
Gross sales / Income from operations 1,415 1,032 37% 3,549 2,994 19%
Profit before tax 140 130 8% 403 390 3%
Profit after tax 107 95 12% 294 283 4%

Mumbai: The board of directors of Voltas, the global air conditioning and engineering services provider of the Tata group, today announced the consolidated financial results (including the consolidated segment report) for the quarter and six-month period ended September 30, 2018.

Consolidated results for the six-month period ended September 30, 2018

The consolidated gross sales / income from operations for the six-month period ended September 30, 2018, was higher by 19 percent at Rs3,549 crore as compared to Rs2,994 crore in the corresponding period last year. Profit before tax was higher by 3 percent at Rs403 crore as compared to Rs390 crore last year. Profit after tax was higher by 4 percent at Rs294 crore as compared to Rs283 crore last year. Earnings per share (face value per share of Re1) (not annualised) as at September 30, 2018, improved to Rs8.69 as compared to Rs8.47 last year. Total comprehensive income, including notional mark to market revaluation gains / losses on equity investments, foreign currency translations, etc, was Rs279 crore as compared to Rs374 crore in the corresponding period last year.

Consolidated results for the quarter ended September 30, 2018

The consolidated gross sales / income from operations for the quarter ended September 30, 2018, was higher by 37 percent at Rs1,415 crore as compared to Rs1,032 crore in the corresponding quarter last year. Profit before tax was higher by 8 percent at Rs140 crore as compared to Rs130 crore last year. Profit after tax was higher by 12 percent at Rs107 crore as compared to Rs95 crore last year. Earnings per share (face value per share of Re1) (not annualised) as at September 30, 2018, improved to Rs3.13 as compared to Rs2.86 last year. Total comprehensive income, including notional mark to market revaluation gains / losses on equity investments, foreign currency translations, etc, was Rs37 crore as compared to Rs140 crore in the corresponding quarter last year.

The group has aligned its policy of revenue recognition with Ind AS 115 ‘Revenue from Contracts with Customers’, which is effective from April 1, 2018. The application of Ind AS 115 did not have any significant impact on the financial results and EPS for the quarter ended June 30, 2018, and September 30, 2018, respectively, and six months ended September 30, 2018.

Consolidated segment results for the quarter ended September 30, 2018:

  • Unitary cooling products for comfort and commercial use: Voltas continues to sustain its No1 position in the room air-conditioner market and has further improved its market share to 25.6 percent in the current quarter as compared to 23.2 percent in the corresponding quarter last year (in multi-brand outlets). The company has ramped up its products, with right products in the energy efficiency inverter segment, which are well received in the market. Segment revenue for the quarter was higher at Rs441 crore as compared to Rs408 crore last year. The increase in input costs, along with depreciating currency, led to a drop in segment results to Rs28 crore as compared to Rs51 crore in the corresponding quarter last year.
  • Electro-mechanical projects and services: Segment revenue for the quarter was higher at Rs901 crore as compared to Rs557 crore in the corresponding quarter last year. Segment results were also higher at Rs76 crore as compared to Rs30 crore last year, reflecting better quality of orders, efficient execution both in domestic and international business, with a positive impact of foreign exchange. Carry forward order book of the segment stood at Rs4,883 crore.
  • Engineering products and services: Segment revenue and results for the quarter were at Rs73 crore and Rs29 crore as compared to Rs67 crore and Rs28 crore, respectively, in the corresponding quarter last year.