November 08, 2017

Voltas announces consolidated financial results for Q2 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 six months period ended September 30, 2017. The company adopted 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 as per Ind-AS.

Consolidated Results for the six-month period ended September 30, 2017

The consolidated sales/income from operations for the six months ended September 30, 2017, was higher by 6 percent, at Rs2,994 crore compared to Rs2,817 crore in the corresponding period last year. Profit before tax was higher 13 percent, at Rs390 crore compared to Rs345 crore last year. Profit after tax was higher 19 percent, at Rs283 crore as compared to Rs238 crore last year. Earnings per share (face value per share of Re1) (not annualised) as at September 30, 2017, improved to Rs8.47 as compared to Rs7.20 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 six months was Rs374 crore as compared to Rs287 crore in the corresponding period last year.

Consolidated Results for the quarter ended September 30, 2017

The consolidated sales/income from operations for the quarter ended September 30, 2017, was higher by 6 percent, at Rs1,032 crore as compared to Rs972 crore in the corresponding quarter last year. Profit before tax was higher 8 percent, at Rs130 crore as compared to Rs120 crore in the corresponding quarter last year. Profit after tax was higher 22 percent, at Rs95 crore as compared to Rs78 crore in the corresponding quarter last year. Earnings per share (face value per share of Re1) (not annualised) for the quarter ended  September 30, 2017, improved to Rs2.86 as compared to Rs2.43 corresponding quarter last year. Total comprehensive income for the quarter was Rs140 crore as compared to Rs101 crore in the corresponding quarter last year.

Consolidated Segments Results for the quarter ended September 30, 2017

Electro-mechanical projects and services: Segment revenue for the quarter was higher at Rs557 crore as compared to Rs543 crore in the corresponding quarter last year. Segment result was also higher at Rs30 crore as compared to Rs1 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 Rs5,000 crore as at September 30, 2017, as compared to Rs4,252 crore in the corresponding quarter last year. The strategy to focus on Government Sector projects has the helped the domestic project business in garnering more orders. New orders booked during the current quarter was Rs670 crore.

Engineering products and services: Segment revenue and result for the quarter were lower at Rs67 crore and Rs28 crore as compared to Rs75 crore and Rs30 crore, respectively, in the corresponding quarter last year. The textile machinery business has been affected due to GST-related disruptions in the textile industry.

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 percent across the current quarter. Segment revenue was higher at Rs408 crore compared to Rs354 crore in the corresponding quarter last year. Segment result was higher by 24 percent, at Rs51 crore as compared to Rs41 crore in the corresponding quarter last year.