Results     03-Aug-22
Analysis
Voltas
Sales up 55% but net down 11% hit largely by lower OI and higher tax
 

Consolidated net sales (including other operating income) of Voltas for the quarter ended Jun 2022 has increased 55.05% to Rs 2768 crore.  Sales of Electro - Mechanical Projects and services segment has gone down 33.95% to Rs 454.69 crore (accounting for 16.59% of total sales).  Sales of Engineering Products and services segment has gone up 8.06% to Rs 124.33 crore (accounting for 4.54% of total sales).  Sales of Unitary Cooling Products for comfort and commercial use segment rose 124.50% to Rs 2,162.20 crore (accounting for 78.88% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 9.72% to Rs 204.62 crore.  PBIT of Electro - Mechanical Projects and services reported loss of Rs 12.47 crore compared to profit of Rs 30.58 crore.  PBIT of Engineering Products and services segment rose 34.24% to Rs 50.85 crore (accounting for 24.85% of total PBIT).  PBIT of Unitary Cooling Products for comfort and commercial use segment rose 40.85% to Rs 166.24 crore (accounting for 81.24% of total PBIT).  

PBIT margin of Electro - Mechanical Projects and services segment fell from 4.44% to 2.74%.  PBIT margin of Engineering Products and services segment rose from 32.92% to 40.90%.  PBIT margin of Unitary Cooling Products for comfort and commercial use segment fell from 12.26% to 7.69%.  Overall PBIT margin fell from 10.56% to 7.46%.  

Operating profit margin has declined from 7.61% to 6.32%, leading to 28.88% rise in operating profit to Rs 174.99 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.53% to 46.44%.   Purchase of finished goods cost rose from 20.88% to 30.81%.   Employee cost decreased from 8.47% to 6.04%.   Other expenses fell from 12.32% to 9.68%.   

Other income fell 64.32% to Rs 26.75 crore.  PBIDT fell 4.28% to Rs 201.74 crore.  Provision for interest rose 13.71% to Rs 3.98 crore.  

PBDT fell 4.58% to Rs 197.76 crore.  Provision for depreciation fell 24.62% to Rs 6.49 crore.  

Profit before tax down 3.71% to Rs 191.27 crore.  Share of profit/loss was 1.24% lower at Rs -30.95 crore.  Provision for tax was expense of Rs 50.8 crore, compared to Rs 45.63 crore.  Effective tax rate was 31.69% compared to 27.15%.

Net profit attributable to owners of the company decreased 10.61% to Rs 108.88 crore.  

Promoters’ stake was 30.30% as of 30 June 2022 ,compared to 30.30% as of 30 June 2021 .  

 



Voltas : Consolidated Results
 Quarter endedYear ended
Particulars202206202106Var.(%)202203202103Var.(%)
Net Sales (including other operating income)2,768.001,785.2055.057,934.457,555.785.01
OPM (%)6.327.61-128 bps8.598.4910 bps
OP174.99135.7828.88681.55641.366.27
Other Inc.26.7574.97-64.32189.19188.860.17
PBIDT201.74210.75-4.28870.74830.224.88
Interest3.983.5013.7125.8726.15-1.07
PBDT197.76207.25-4.58844.87804.075.07
Depreciation6.498.61-24.6237.2633.899.94
PBT191.27198.64-3.71807.61770.184.86
Share of Profit/(Loss) from Associates-30.95-30.57-1.24-110.31-60.97-80.93
PBT before EO160.32168.07-4.61697.3709.21-1.68
EO Income00-00-
PBT after EO160.32168.07-4.61697.3709.21-1.68
Taxation50.845.6311.33191.3180.426.03
PAT109.52122.44-10.55506528.79-4.31
Minority Interest (MI)0.640.6401.913.65-47.67
Net profit108.88121.8-10.61504.09525.14-4.01
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations108.88121.8-10.61504.09525.14-4.01
EPS (Rs)*3.293.68-10.6115.2315.87-4.01
* EPS is on current equity of Rs 33.09 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


Voltas : Consolidated Segment Results
 Quarter endedYear ended
% of (Total)202206202106Var.(%)% of (Total)202203202103Var.(%)
Sales
Electro - Mechanical Projects and services16.59454.69688.42-33.9531.512,470.492,878.60-14.18
Engineering Products and services4.54124.33115.068.066.23488.66359.4935.93
Unitary Cooling Products for comfort and commercial use78.882,162.20963.11124.5062.264,881.924,218.4615.73
Total Reported Sales100.002,741.221,766.5955.17100.007,841.077,456.555.16
Less: Inter segment revenues 0.000.00- 0.000.00-
Net Sales100.002,741.221,766.5955.17100.007,841.077,456.555.16
PBIT
Electro - Mechanical Projects and services-6.09-12.4730.58PL15.78125.7727.01365.64
Engineering Products and services24.8550.8537.8834.2419.81157.90114.3138.13
Unitary Cooling Products for comfort and commercial use81.24166.24118.0340.8564.41513.40583.70-12.04
Total PBIT100.00204.62186.499.72100.00797.07725.029.94
Less : Interest3.983.5013.7125.8726.15-1.07
Add: Other un-allcoable-40.32-14.92-170.24-73.9010.34PL
PBIT Margin(%)
Electro - Mechanical Projects and services -2.744.44-718.46 5.090.94415.26
Engineering Products and services 40.9032.92797.73 32.3131.8051.50
Unitary Cooling Products for comfort and commercial use 7.6912.26-456.66 10.5213.84-332.04
PBT100.00160.32168.07-4.61100.00697.30709.21-1.68
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