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Results
03-Mar-24
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Analysis
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Voltas
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Sales up 31%, OP down 63%
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Consolidated net sales
(including other operating income) of Voltas for the quarter ended Dec 2023 has
increased 30.92% to Rs 2625.72 crore. Operating profit margin has
declined from 3.81% to 1.08%, leading to 62.79% decline in operating profit to Rs
28.42 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 56.40% to 60.13%. Purchase of finished
goods cost rose from 19.19% to 20.27%. Employee cost decreased from
8.81% to 7.09%. Other expenses fell from 11.73% to 11.52%.
Other income rose 88.81% to Rs 57.89 crore. PBIDT fell 19.36%
to Rs 86.31 crore. Provision for interest rose 110.42% to Rs 13.53
crore. PBDT fell 27.65% to Rs 72.78 crore. Provision for
depreciation rose 16.20% to Rs 12.84 crore. Profit before tax down 33.07%
to Rs 59.94 crore. Share of profit/loss was 10.64% lower at Rs
-36.09 crore. Provision for tax was expense of Rs 51.45 crore,
compared to Rs 30.03 crore. Effective tax rate was 215.72% compared
to negative 37.32%. Net profit attributable to owners of the company increased
72.45% to Rs -30.41 crore.
- Sales of Electro Mechanical Projects segment has gone
up 51.43% to Rs 981.88 crore (accounting for 37.59% of total
sales). Sales of Engineering Products segment has gone up
31.29% to Rs 154.80 crore (accounting for 5.93% of total sales). Sales
of Unitary Cooling Products segment rose 21.35% to Rs 1,475.61 crore
(accounting for 56.49% of total sales).
- Profit before interest, tax and other unallocable items
(PBIT) has slumped 40.88% to Rs 52.81 crore. PBIT of Electro
Mechanical Projects segment fell 160.27% to Rs -119.96 crore (accounting
for -227.15% of total PBIT). PBIT of Engineering Products
segment rose 8.48% to Rs 49.87 crore (accounting for 94.43% of total
PBIT). PBIT of Unitary Cooling Products segment rose 37.40% to
Rs 122.90 crore (accounting for 232.72% of total PBIT).
- PBIT margin of Electro Mechanical Projects segment fell
from negative 7.11% to negative 12.22%. PBIT margin of
Engineering Products segment fell from 38.99% to 32.22%. PBIT
margin of Unitary Cooling Products segment rose from 7.36% to
8.33%. Overall PBIT margin fell from 4.51% to
2.02%.
For year-to-date
(YTD) results analysis.
Consolidated net sales (including other operating income) of Voltas for the 9m
ended Dec 2023 has increased 26.54% to Rs 8278.33 crore. Operating profit
margin has declined from 5.41% to 3.43%, leading to 19.81% decline in operating
profit to Rs 284.04 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 52.60% to 55.24%.
Purchase of finished goods cost rose from 23.46% to 23.83%.
Employee cost decreased from 8.07% to 6.60%. Other
expenses rose from 10.15% to 11.09%. Other income rose 63.26% to Rs
198.84 crore. PBIDT rose 1.45% to Rs 482.88 crore. Provision
for interest rose 104.61% to Rs 35.09 crore. PBDT fell 2.41% to Rs 447.79
crore. Provision for depreciation rose 22.37% to Rs 35.78
crore. Profit before tax down 4.09% to Rs 412.01 crore. Share
of profit/loss was 8.45% lower at Rs -100.29 crore. Provision for tax
was expense of Rs 174.25 crore, compared to Rs 100.31
crore. Effective tax rate was 55.90% compared to 107.51%. Minority
interest increased 1.06% to Rs 1.91 crore.
Sales of Electro
Mechanical Projects segment has gone up 56.00% to Rs 2,585.13 crore (accounting
for 31.47% of total sales). Sales of Engineering Products segment
has gone up 13.68% to Rs 431.55 crore (accounting for 5.25% of total
sales). Sales of Unitary Cooling Products segment rose 17.45% to Rs
5,198.38 crore (accounting for 63.28% of total sales).
Profit before interest,
tax and other unallocable items (PBIT) has slumped 16.79% to Rs 360.13
crore. PBIT of Electro Mechanical Projects segment fell 399.32% to
Rs -220.80 crore (accounting for -61.31% of total PBIT). PBIT of
Engineering Products segment rose 9.02% to Rs 157.91 crore (accounting for
43.85% of total PBIT). PBIT of Unitary Cooling Products segment rose
27.35% to Rs 423.02 crore (accounting for 117.46% of total PBIT).
PBIT margin of Electro
Mechanical Projects segment fell from negative 2.67% to negative 8.54%. PBIT
margin of Engineering Products segment fell from 38.15% to
36.59%. PBIT margin of Unitary Cooling Products segment rose from
7.50% to 8.14%. Overall PBIT margin fell from 6.70% to
4.38%.
| Voltas : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,625.72 | 2,005.61 | 30.92 | 8,278.33 | 6,541.97 | 26.54 | 9,498.77 | 7,934.45 | 19.72 | | OPM (%) | 1.08 | 3.81 | -273 bps | 3.43 | 5.41 | -198 bps | 6.03 | 8.59 | -256 bps | | OP | 28.42 | 76.37 | -62.79 | 284.04 | 354.20 | -19.81 | 572.37 | 681.55 | -16.02 | | Other Inc. | 57.89 | 30.66 | 88.81 | 198.84 | 121.79 | 63.26 | 168.45 | 189.19 | -10.96 | | PBIDT | 86.31 | 107.03 | -19.36 | 482.88 | 475.99 | 1.45 | 740.82 | 870.74 | -14.92 | | Interest | 13.53 | 6.43 | 110.42 | 35.09 | 17.15 | 104.61 | 29.59 | 25.87 | 14.38 | | PBDT | 72.78 | 100.60 | -27.65 | 447.79 | 458.84 | -2.41 | 711.23 | 844.87 | -15.82 | | Depreciation | 12.84 | 11.05 | 16.20 | 35.78 | 29.24 | 22.37 | 39.62 | 37.26 | 6.33 | | PBT | 59.94 | 89.55 | -33.07 | 412.01 | 429.6 | -4.09 | 671.61 | 807.61 | -16.84 | | Share of Profit/(Loss) from Associates | -36.09 | -32.62 | -10.64 | -100.29 | -92.48 | -8.45 | -120.65 | -110.31 | -9.37 | | PBT before EO | 23.85 | 56.93 | -58.11 | 311.72 | 337.12 | -7.53 | 550.96 | 697.3 | -20.99 | | EO Income | 0 | -137.39 | - | 0 | -243.82 | - | -243.82 | 0 | - | | PBT after EO | 23.85 | -80.46 | LP | 311.72 | 93.3 | 234.11 | 307.14 | 697.3 | -55.95 | | Taxation | 51.45 | 30.03 | 71.33 | 174.25 | 100.31 | 73.71 | 170.92 | 191.3 | -10.65 | | PAT | -27.6 | -110.49 | 75.02 | 137.47 | -7.01 | LP | 136.22 | 506 | -73.08 | | Minority Interest (MI) | 2.81 | -0.11 | PL | 1.91 | 1.89 | 1.06 | 1.21 | 1.91 | -36.65 | | Net profit | -30.41 | -110.38 | 72.45 | 135.56 | -8.9 | LP | 135.01 | 504.09 | -73.22 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -30.41 | -110.38 | 72.45 | 135.56 | -8.9 | LP | 135.01 | 504.09 | -73.22 | | EPS (Rs)* | -0.92 | 0.81 | PL | 4.10 | 3.05 | 34.50 | 8.48 | 15.23 | -44.31 | | | * 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 |
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| Voltas : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Electro Mechanical Projects | 37.59 | 981.88 | 648.39 | 51.43 | 31.47 | 2,585.13 | 1,657.12 | 56.00 | 25.56 | 2,402.91 | 2,470.49 | -2.74 | | Engineering Products | 5.93 | 154.80 | 117.91 | 31.29 | 5.25 | 431.55 | 379.61 | 13.68 | 5.55 | 521.96 | 488.66 | 6.81 | | Unitary Cooling Products | 56.49 | 1,475.61 | 1,215.97 | 21.35 | 63.28 | 5,198.38 | 4,425.88 | 17.45 | 68.88 | 6,474.50 | 4,881.92 | 32.62 | | Others | 0.00 | 0.00 | 0.00 | - | | Total Reported Sales | 100.00 | 2,612.29 | 1,982.27 | 31.78 | 100.00 | 8,215.06 | 6,462.61 | 27.12 | 100.00 | 9,399.37 | 7,841.07 | 19.87 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,612.29 | 1,982.27 | 31.78 | 100.00 | 8,215.06 | 6,462.61 | 27.12 | 100.00 | 9,399.37 | 7,841.07 | 19.87 | | PBIT | | Electro Mechanical Projects | -227.15 | -119.96 | -46.09 | -160.27 | -61.31 | -220.80 | -44.22 | -399.32 | -8.56 | -58.23 | 125.77 | PL | | Engineering Products | 94.43 | 49.87 | 45.97 | 8.48 | 43.85 | 157.91 | 144.84 | 9.02 | 29.50 | 200.72 | 157.90 | 27.12 | | Unitary Cooling Products | 232.72 | 122.90 | 89.45 | 37.40 | 117.46 | 423.02 | 332.16 | 27.35 | 79.06 | 537.83 | 513.40 | 4.76 | | Others | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 52.81 | 89.33 | -40.88 | 100.00 | 360.13 | 432.78 | -16.79 | 100.00 | 680.32 | 797.07 | -14.65 | | Less : Interest | | 13.53 | 6.43 | 110.42 | | 35.09 | 17.15 | 104.61 | | 29.59 | 25.87 | 14.38 | | Add: Other un-allcoable | | -15.43 | -25.97 | 40.59 | | -13.32 | -78.51 | 83.03 | | -99.77 | -73.90 | -35.01 | | PBIT Margin(%) | | Electro Mechanical Projects | | -12.22 | -7.11 | -510.90 | | -8.54 | -2.67 | -587.27 | | -2.42 | 5.09 | -751.42 | | Engineering Products | | 32.22 | 38.99 | -677.16 | | 36.59 | 38.15 | -156.36 | | 38.46 | 32.31 | 614.22 | | Unitary Cooling Products | | 8.33 | 7.36 | 97.25 | | 8.14 | 7.50 | 63.26 | | 8.31 | 10.52 | -220.95 | | Others | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 23.85 | 56.93 | -58.11 | 100.00 | 311.72 | 337.12 | -7.53 | 100.00 | 550.96 | 697.30 | -20.99 |
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