Voltas Ltd. reported a narrowed consolidated net loss of Rs 27.60 crore in Q3 FY24, driven by festive season sales. Sales grew by 32% to Rs 2,612.29 crore.
New Delhi, Jan 30 (PTI) Air-conditioner maker and engineering services provider Voltas Ltd on Tuesday reported narrowing of its consolidated net loss to Rs 27.60 crore in the third quarter of the current fiscal, boosted by festive season sales.
The Tata Group firm had witnessed a consolidated net loss of Rs 110.49 crore in the October-December period a year ago, the company said in a regulatory filing.
Voltas sales grew 31.78 per cent to Rs 2,612.29 crore during the period under review. It was Rs 1,982.27 crore a year ago.
Total expenses increased 34.77 per cent to Rs 2,623.67 crore in the December quarter of FY24.
Voltas' total income in the December quarter went up 31.8 per cent to Rs 2,683.61 crore.
Revenue from "unitary cooling products for comfort and commercial use" was up 21.35 per cent to Rs 1,475.61 crore during the period.
"The Unitary Cooling Products business continued to outperform the market and maintain its growth momentum in a relatively lean quarter," the company said in an earnings statement.
While its overall volumes grew by 22 per cent, the year-on-year growth for room air-conditioners was even higher at 27 per cent, it said.
Revenue from "electro-mechanical projects and services", which comprises domestic and international projects businesses, rose 51.43 per cent in the December quarter to Rs 981.88 crore.
"Timely execution, focus on certification and other related project management initiatives have resulted in a robust bottom-line growth over the previous year. The domestic projects continue to grow its order pad and retain a positive outlook, given the increased infrastructure spending in the country," it said.
Similarly, its "engineering products and services" revenue was 31.28 per cent higher at Rs 154.80 crore in the reporting quarter.
"The segment continued to show improved performance on the back of a strong order backlog and disciplined execution efforts," it said.
Shares of Voltas Ltd on Tuesday settled 2.50 per cent down at Rs 1,014.80 apiece on the BSE.
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