Voltas Ltd today reported a 52.89 per cent rise in net profit at Rs 11.36 crore for the third quarter ended December compared with Rs 7.43 crore in the same period last year.

Net income from operations grew 50 per cent at Rs 447.09 crore against Rs 298.60 crore in the year-ago period. Operating profits rose 255 per cent at Rs 26.39 crore against Rs 7.43 crore, the company said.

Voltas is setting up three new plants at Pantnagar at an investment of Rs 406 crore. One of these plans will work as a replacement for the Hyderabad unit, which is now closed. The second and third plants will add capacity to the air-conditioner unit, chief financial officer M.M. Miyajiwala told reporters.

Net income from operations for the nine-month ended December stood at Rs 1,378.71 crore, up 46 per cent from Rs 941.73 crore in the same period last year.

Operating profit surged 165 per cent to Rs 81.16 crore against Rs 30.65 crore a year ago.

Net profit increased 70 per cent to Rs 46.76 crore compared with Rs 27.58 crore last year.

The company has shelled out Rs 48.60 crore towards the voluntary retirement scheme at the Hyderabad plant, which was manufacturing refrigerators.

The company's electro mechanical projects and services business have contributed close to 55 per cent to its topline. Voltas has a 45 per cent market share in the domestic air-conditioner market.