Hot Pursuit     17-Mar-23
Voltas gains after arm bags order worth Rs 1,770 cr
Voltas rose 1.61% to Rs 895 after the company's subsidiary Universal MEP Projects & Engineering Services (UMPESL) received multiple SITC project orders worth Rs 1,770 crore in power distribution and solar projects.
UMPESL has been awarded these project orders spread across 26 districts of Uttar Pradesh, Madhya Pradesh, West Bengal, Odisha, and Karnataka.

Several state-owned distribution companies and private players, including Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company (MPPKVVCL) and MP Madhya Kshetra Vidyut Vitaran Company (MPMKVVCL) in Madhya Pradesh, Madhyanchal Vidyut Vitaran Nigam (MVVNL) in Uttar Pradesh, West Bengal State Electricity Distribution Company (WBSEDCL) in West Bengal, TP Central Odisha Distribution (TPCODL) in Odisha, and Sembcorp in Karnataka, have awarded these projects to UMPESL.

Pradeep Bakshi, managing director & chief executive officer (CEO), Voltas and managing director, UMPESL said, "It highlights our technical capabilities and strong execution capabilities in the sector. We remain committed to supporting the government's mission of providing 100% quality, reliable, and affordable power supply to consumers and households across India, and we are confident of executing these projects to the highest standards. The power distribution contract is expected to create new jobs and boost economic growth in the region as well. It will also ensure last mile electrification in remote areas, promoting ease of living the business development."

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.

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.

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