Mumbai: The board of directors of Voltas, the global air conditioning and engineering
services provider of the Tata group, today announced the unaudited consolidated
financial results (including the consolidated segment report) for the quarter
ended June 30, 2012.
The consolidated sales / income from operations for the quarter ended June 30, 2012 was at Rs1,612 crore, as compared to Rs1,346 crore in the corresponding quarter last year. Despite increase in input costs, including interest cost, the operating profit (profit before exceptional items and tax) was maintained at the same level as in the corresponding quarter of last year, at Rs109 crore. However, in Q1 of the previous year, the company had transferred its materials handling business to a joint venture, resulting in a one time exceptional income of Rs79 crore. Due to this, the profit before tax was Rs190 crore in the corresponding quarter last year, as compared to Rs111 crore this year. Net profit after tax and minority interest was at Rs79 crore, as compared to Rs132 crore in the corresponding quarter last year. Earnings per share (not annualised) was at Rs2.39, as compared to Rs3.98 in the corresponding quarter last year (face value per share of Rs1).
Electro-mechanical projects and services: Segment revenue was higher at Rs741 crore, as compared to Rs677 crore in the corresponding quarter last year. Segment result was also higher at Rs33 crore in the corresponding quarter last year.
During the previous year, there had been a significant upward revision in the estimated costs of a major project under execution in Qatar – Sidra Medical and Research Centre, which has been accounted for in accordance with the requirements of accounting standard (AS-7). This project is approximately US $2.5 billion large and complex design and build, state-of-the-art hospital with world-class facilities and has been in execution since 2008. The company's share of work is valued at over Rs1000 crore. This prestigious one of a kind project involves extensive coordination with multiple agencies / intermediaries and is being closely monitored. However, uncertainties in regard to variations and claims and further upward revision in costs continue to exist due to the complex nature of the design and build project, changes in design still being made by the client and delay in completion of the project.
The order book of the segment stood at Rs4,574 crore as compared to Rs4,553 crore in the corresponding quarter last year.
Engineering products and services: Segment revenue and result was higher at Rs107 crore and Rs19 crore, as compared to Rs97 crore and Rs17 crore respectively in the corresponding quarter last year.
Unitary cooling products for comfort and commercial use: Segment revenue was significantly higher atRs754 crore, as compared to Rs563 crore in the corresponding quarter last year. Segment result was at Rs63 crore as compared to Rs64 crore in the corresponding quarter last year. The company has attained market leadership in room air conditioners and is No 1 at multi-brand outlets, based in GFK Nielsen retail audit findings.