Voltas Q3 Profit: Rs 130.76 cr, CEO to Step Down

New Delhi, Jan 30 (PTI) Air conditioning maker and engineering services provider Voltas Ltd has reported a consolidated net profit of Rs 130.76 crore for the third quarter ended December 2024.

It had posted a consolidated net loss of Rs 27.60 crore in the October-December period a year ago, according to a regulatory filing from the company.

Voltas' revenue rose 17.9 per cent to Rs 3,164.16 crore in the December quarter. It was Rs 2,683.61 crore in the year-ago period.

Its total expenses increased 12 per cent to Rs 2,941.11 crore in the quarter.

The company also announced top-level management changes as its Managing Director and CEO Pradeep Bakshi will step down in the second half of 2025.

He has expressed his desire not to seek reappointment upon completion of his current term on August 31, 2025. Respecting his decision, the Board has accepted his request, it added.

The Board, based on the recommendation of the Nomination and Remuneration Committee, unanimously approved the appointment of Mukundan C P Menon, currently Executive Director and Head - Room Air Conditioner Business of the Company, as the Managing Director (Designate) effective 1st April 2025 and subsequently, as the Managing Director effective September 1, 2025, to hold office up to May 24, 2027, subject to the approval of the shareholders.

Shares of Voltas Ltd on Thursday settled at Rs 1,268.20 apiece on BSE, down 14.10 per cent from the previous close.