Hot Pursuit     08-Apr-24
Voltas hits record high on achieving highest ever AC sales in FY24
Voltas surged 8.69% to Rs 1,339.25 after the company announced that it has achieved the highest-ever sales of 2 million air conditioner (AC) units in the financial year 2023-24.

The firm said that it recorded the largest ever sales of ACs by any brand in a fiscal year in India, with a volume growth of 35%.

The performance was attributed to a consistent demand for cooling products during the year, coupled with the company’s strong offline and online distribution network, strongest brand equity, and innovative new launches, it added.

“The company registered a significant growth in volume in other cooling productsincluding air cooler and commercial refrigeration products. Voltas Beko, the Home Appliances brand, also registered a volume growth of 52% in Q4 FY24; and also achieved the milestone of close to 2 million home appliances (refrigerators & washing machines) in FY24. Overall, 5 million consumer products got sold to happy customers across the country by Voltas in FY24.” the firm stated in the press release.

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 company’s consolidated net loss narrowed to Rs 28 crore in Q3 FY24 from Rs 110 crore in Q3 FY23. Total income for the quarter ended 31 December 2023 was higher by 32% at Rs 2,684 crore as compared to Rs 2,036 crore in the corresponding quarter last year.

The counter hit a life-time high at Rs 1,373.20 in today’s intraday session.

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