Voltas, the popular air-conditioner manufacturer, saw its stock rise early on Wednesday after the company reported a net loss of ₹27.6 crore for the third quarter ending December 31, 2023, an improvement from last year’s ₹110 crore loss in the same period.
Voltas Q3 performance: The company’s revenue from operations saw a 30.9% increase to ₹2,625.7 crore, up from ₹2,005 crore in the corresponding quarter of the previous year. However, its operational profitability, measured by EBITDA decreased by 63% to ₹28.3 crore, significantly below the predicted ₹99 crore. The EBITDA margin also fell to 1.1% from the previous year’s 3.8%.
For the nine months ending December 31, 2023, Voltas’ consolidated total income rose by 27% to ₹8,477 crore, with profit before tax reaching ₹312 crore, compared to ₹93 crore in the same period last year.
See also: This New-Age Fintech Firm Shoots Up Over 9% After First-Ever Profit
The Unitary Cooling Products segment, mainly room air-conditioners, maintained its market leadership with a 19% market share. The segment’s revenue grew by 21% to ₹1,476 crore, and profits increased by 37% to ₹123 crore.
In contrast, the Electro-Mechanical Projects and Services segment had mixed results, with domestic projects growing by 83% but international projects facing losses due to delays in Qatar. The Engineering Products and Services segment showed growth, with quarterly revenue reaching ₹155 crore and profits at ₹50 crore.
Price action: Voltas Ltd. shares were trading 0.39% higher at ₹1,020.90 on Wednesday shortly after markets opened for trading.
Read Next: Reliance Industries Says ‘No Comment' On Disney Merger Speculations
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.