Voltas has registered a 52 per cent increase in net profit at Rs 25.58 crore for the year ended March 31, 2003 as against Rs 16.83 crore during the previous year. The company has posted a turnover of Rs 1,230.41 crore against Rs 940.66 crore, a 31 per cent increase over last year. The board of directors of Voltas have also recommended an increased dividend of Rs 2.5 per share as against Rs 1.8 per share last year. Despite an additional one-time retirement benefit provision of Rs 6.34 crore, the company has shown the highest ever operating profit of Rs 24.06 crore as against Rs 18.17 crore last year, an increase of 32 per cent.

The interest cost has also reduced sharply from Rs 5.51 crore to Rs 2.55 crore, a reduction of 54 per cent. The company has turned EVA positive after many year. Voltas has registered a 9 per cent increase in net profit at Rs 12.44 crore for the fourth quarter ended March 31, 2003 as against Rs 11.46 crore in the corresponding period of the previous fiscal. Net sales of the company rose from Rs 281.5 9 crore to Rs 378.49 crore in the quarter.

The company said that the figures for the year are not comparable with that of the previous year, since staff cost for the year ended March 31, 2003, includes additional one time charge for gratuity, leave encashment and pension for past period aggregating Rs 6.34 crore consequent upon reduction in interest rates. Pursuant to the order of the Bombay High Court dated September 27, 2002, the balance in the deferred revenue expenditure (towards past VRS) upto September 27, 2002, aggregating Rs 55.61 lakh has been adjusted against share premium account. Consequently, the charge to profit and loss account towards amortisation of past VRS is lower by
Rs 28.07 crore.