February 07, 2018

Voltas consolidated financial results for Q3 (2017-18)

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 nine months period ended December 31, 2017. The company adopted the Indian Accounting Standards (Ind-AS) from April 1, 2016, and accordingly the financial results for current period and corresponding period last year have been prepared.

Consolidated results for the nine months period ended December 31, 2017
The consolidated sales/income from operations for the nine months period ended December 31, 2017, was higher by 9 percent, at Rs4,359 crore as compared to Rs4,011 crore in the corresponding period last year. Profit before tax (including other income of Rs123 crore) was higher by 11 percent, at Rs521 crore as compared to Rs470 crore (including other income of Rs161 crore) last year. Profit after tax was higher by 20 percent, at Rs384 crore as compared to Rs319 crore last year. Earnings per share (face value per share of Rs1) (not annualised) as at December 31, 2017, improved to Rs11.48 as compared to Rs9.62 last year. Other comprehensive income recognised as per Ind-AS mainly includes notional mark to market revaluation gains / losses on various long term investments. Total comprehensive income for the nine months period was Rs485 crore as compared to Rs355 crore in the corresponding period last year.

Consolidated results for the quarter ended December 31, 2017
The consolidated sales/income from operations for the quarter ended December 31, 2017, was higher by 14 percent, at Rs1,365 crore as compared to Rs1,194 crore in the corresponding quarter last year, aided by stronger performance across businesses. Profit before tax (including other income of Rs17 crore) was higher by 4 percent, at Rs131 crore as compared to Rs125 crore (including other income of Rs60 crore) in the corresponding quarter last year. Profit after tax was higher by 23 percent, at Rs100 crore as compared to Rs82 crore in the corresponding quarter last year. Earnings per share (face value per share of Rs1) (not annualised) for the quarter ended December 31, 2017, improved to Rs3.01 as compared to Rs2.42 corresponding quarter last year. Total comprehensive income for the quarter was Rs111 crore as compared to Rs68 crore in the corresponding quarter last year.

Consolidated segments results for the quarter ended December 31, 2017
Electro-mechanical projects and services: Segment revenue for the quarter was higher at Rs753 crore as compared to Rs703 crore in the corresponding quarter last year. Segment result was also higher at Rs53 crore as compared to Rs27 crore last year, reflecting better quality of orders and efficient execution both in domestic and international business. Order book of the segment stood higher at Rs4,844 crore as at December 31, 2017, as compared to Rs4,196 crore in the corresponding quarter last year. New orders booked during the current quarter was Rs225 crore under domestic and Rs333 crore under international business.

Engineering products and services: Segment revenue and result for the quarter were at Rs70 crore and Rs21 crore as compared to Rs81 crore and Rs20 crore, respectively in the corresponding quarter last year.

Unitary cooling products for comfort and commercial use: Voltas continues to be the market leader in room air-conditioners with a market share over 23.7 percent across the current quarter. Segment revenue for the quarter was higher at Rs542 crore as compared to Rs411 crore in the corresponding quarter last year. Similarly, segment result for the quarter was also higher at Rs70 crore as compared to Rs43 crore in the corresponding quarter last year.