Hot Pursuit     10-Feb-23
Voltas records loss of Rs 110 crore in Q3 on exceptional charge
Voltas reported a consolidated net loss of Rs 110 crore in Q3 FY23 as against a net profit of Rs 97 crore in Q3 FY22.

Total income during the quarter increased by 12% YoY to Rs 2,036 crore.

The Revenue of Unitary Cooling Products business was better despite muted festival sale amidst inflation woes and subdued consumer sentiments. Segment Revenue increased by 11% and was at Rs 1216 crore as compared to Rs 1094 crore in the corresponding quarter last year.

The Electro-Mechanical Projects and Services segment revenue for the quarter was higher by 17%, at Rs 648 crore as compared to Rs 554 crore in the corresponding quarter last year.

The Engineering Products and Services segment revenue for the period under review was Rs 118 crore, down by 6% YoY.

Profit before exceptional items and tax in Q3 FY23 was Rs 57 crore. The company recorded an exceptional expenditure of Rs 137 crore during the period under review.

Voltas said that the exceptional items of Rs 244 crore for 9M FY23 pertains to provisions made due to termination of contract and encashment of bank guarantees for two overseas projects in Dubai and Qatar, respectively. The company has issued Request for Arbitrabon to the respective main contractors to recover the proceeds of bank guarantees and due amounts from them.

Consequently, the company posted a pre-tax loss of Rs 137 crore in the third quarter as against a pre-tax profit of Rs 139 crore recorded in the same period last year.

Voltas is a premier air conditioning and engineering solutions provider and a projects specialist. The company is part of the Tata Group. In addition to room air conditioners, it also has air coolers, air purifiers, water dispensers, water coolers, commercial refrigeration and commercial air conditioning products in its portfolio.

The scrip advanced 1.74% to currently trade at Rs 839.40 on the BSE.

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