With both the revenues and expenses having gone up by 10 per cent apiece, Voltas Limited, the Tata group company, has recorded a 7 per cent increase in net profits for financial year 2002. Total income for the year stood at Rs.954.76 crore against Rs.867.81crore during the previous corresponding period while its total spending stood at Rs.936.47crore against Rs.850.7crore last year. Income from operations was up 10 per cent at Rs.940.66 crore (Rs.853.72crore) while operational spending went up by 11 per cent to Rs.917.34 crore (Rs.826.20 crore) hurting the margins. Operating profits were down 15 per cent to Rs.23.32 crore against Rs.27.52 crore during the previous corresponding period while OPM slumped to 2 per cent from 3 per cent during the period under comparison. Other income was the same as that recorded last year standing at Rs.14.10, which enabled the company to push up its before tax profits to Rs.18.17 crore (Rs.17.19 crore) up 6 per cent over the previous corresponding period. Eventually net profit (excluding extraordinaries) was Rs.18.29 crore (Rs.17.05 crore) up 7 per cent over the previous corresponding period. There has been a net charge of Rs.1.46 crore on account of extraordinary items during the current year against Rs.11.47 crore during the previous corresponding period, which if considered, would have seen the profits zoom by more than 200 per cent over the previous corresponding period to Rs.16.83 crore (Rs.5.58 crore). The stock currently trades at Rs.47 discounting its full year EPS of Rs.5.53 by nine times. For now the stock seems to be fully valued.