Voltas‘ share price was tanking at the bourses on Wednesday morning. The stock went down around 6% to hit an intraday low of ₹1,657.25.

What Happened: Voltas reported its earnings for the quarter ended September, logging a net profit of ₹134 crore, marking a 265% increase from ₹36.7 crore in the same quarter last year.

Revenue from operations rose 14.3% year-on-year to ₹2,619 crore, up from ₹2,292 crore in the corresponding quarter last year. EBITDA for the quarter stood at ₹152 crore with an EBITDA margin of 5.8%.

The company’s revenue aligned with estimates, while profit exceeded expectations, as analysts had projected revenue of ₹2,619 crore and net profit of ₹121 crore, with EBITDA expected at ₹149 crore. However, the numbers were below Bloomberg’s estimates. Bloomberg’s estimate put the company’s revenue at ₹2,664 crore with a net profit of ₹137 crore.

See Also: RVNL Faces Fresh Delay On Kolkata’s Orange Line As Light Post Obstructs Construction

The unitary cooling products (UCP) segment posted revenue of ₹1,582.19 crore in the September quarter, a 31% increase from ₹1,208.80 crore in the same period last year. Voltas remains the market leader in both split and window air conditioners, with an exit market share of 21% as of September 2024, according to the company's press release.

Analyst Views: Motilal Oswal noted that Voltas' revenue exceeded its estimates by 5%, driven by strong growth of 31% in the UCP segment and 9% in the professional electronics and industrial systems (PES) segment, while the electro-mechanical projects and services (EMPS) segment saw a decline of around 5%.

EBITDA was 11% higher than expected, supported by robust profits in the UCP and EMPS segments. Adjusted profit grew around 265% year-on-year to ₹1.3 billion, compared to the forecast of ₹1.2 billion.

Price Action: Voltas’ share price was down 4.72% to trade at ₹1,687 as the markets opened on Wednesday.

Read Next: NHPC’s Unit Commissions 88 MW Omkareshwar Floating Solar Power Plant

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.