Mumbai: Voltas Limited, the air conditioning and engineering services Company of the Tata Group, has posted a substantial growth in net profit in Q1 ended June 2004.

The Company's net profit rose by 41.51% to Rs.14.42 crores in Q1 to June 2004 against Rs.10.19 crores in corresponding quarter last year. 

The Company's turnover was lower by 9% at Rs.345.80 crores in the current quarter as compared to Rs.380.01 crores in the corresponding quarter last year. This was due to lower revenue in Electro-Mechanical Projects and Services segment. Some of the Electro Mechanical contracts recently secured are in the preliminary stage of execution, resulting in lower revenue in the current quarter as compared to the revenue in the corresponding quarter. 

The Company's Operating Profit (Profit before Tax and Extraordinary/Exceptional Items) rose by 28% at Rs.13.90 crores for the current quarter as compared to Rs.10.85 crores in the corresponding quarter last year.