Tata Group's Voltas Sees Profit Slump 23% To ₹111 Cr Missing Estimates

Voltas posted its earnings for the quarter ended March after market close on Tuesday.

What Happened: The AC manufacturer’s net profit for the quarter was at ₹110.6 crore, down around 23% from the ₹143 crore posted in the same quarter last year. The number was also below street estimates of around ₹190 crore.

Revenue from operations for the Tata Group company was at ₹4202.88 crore, up around 42% from the ₹2,936 crore posted in the same quarter last year. The number was above analyst estimates of around ₹3,800 crore.

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The company said that its Unitary Cooling Products business continued to outperform the market and maintained its growth momentum. As per the press release, the overall volumes grew by 27% year-on-year. Air-conditioner volumes for the quarter were up 35% YoY. “Voltas continues to be a market leader both in Split and Window Air-conditioners with a market share of 18.7% as of March 2024,” the company added.

The overall Segment Revenue grew by 44% to ₹2,955 crore as compared to ₹2,049 crore in the corresponding quarter of
the last year on account of a better product mix.

Price Action: Voltas’ share price was down 4.06% to close at ₹1,388.45 on Tuesday.

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Posted In: EarningsEquitiesNewsMarketsTata GroupVoltas