Voltas Q4 Results: Net decline was 22% YoY at Rs 110.64 crore.

Air conditioning and engineering services provider Voltas Ltd on Tuesday reported a 22.75 per cent decline in its consolidated net profit at Rs 1106.40 crore for the fourth quarter ended March 31, 2024, due to the impact of higher costs. Voltas said in a regulatory filing that the company had posted a consolidated net profit of Rs 143.23 crore in the same period in the previous fiscal.

Consolidated revenue from operations during the quarter under review stood at Rs 4,202.88 crore as against Rs 2,956.8 crore in the year-ago period, it added.

Total expenses for the fourth quarter were 4,044.9 million rupees, compared to 2,761.45 million rupees in the same period last year.

In the fourth quarter, revenue from the Single Cooling Products business grew 44 per cent to Rs 2,955 crore compared to Rs 2,049 crore in the corresponding quarter of the previous year, driven by a better product mix improvement approach, the company said.

The engineering products and services segment recorded revenue of Rs 156 million compared to Rs 142 million in the same period last year, it added. Similarly, the Electromechanical Projects and Services segment, comprising domestic and international project business, also grew at 38% year-on-year due to healthy backorder book position, it added. Voltas said its consolidated net profit for the year ended March 31, 2024 was higher at Rs 248.11 crore compared to Rs 136.22 crore in the previous year. Revenue from operations in FY24 was Rs 12,481.21 crore as against Rs 9,498.77 crore in FY23.

The company said it has achieved the milestone of selling 2 million ACs in 2023-24.

Voltas said its board has proposed a dividend of Rs 5 per share with par value of Re 1 per share for 2023-24, subject to the approval of the company’s shareholders.