Voltas dips after weak performance at operating level in Q3

Voltas fell more than 1.5 percent intraday on Tuesday as its third quarter numbers were disastrous on an operating level though the company turned corner with consolidated net profit at Rs 76.8 crore. It has recorded a net loss of Rs 115.4 crore in December quarter of FY12.

Earnings before interest, tax, depreciation and amortisation dropped 70 percent year-on-year while margins dipped significantly to 2 percent as against 7 percent during the same period. Analysts on an average were expecting margin at 5.3 percent.

Electro-mechanical projects & services continued to remain a drag on financials. Revenues from this segment fell 3 percent YoY to nearly Rs 800 crore due to slower execution of orders. However, engineering products revenues were up sharply by 21.5 percent YoY to Rs 110 crore led by higher commission base revenues.

At 12:14 hours IST, shares moved down 1.1 percent to Rs 94.65 on Bombay Stock Exchange.