Voltas posted a 49 percent year-on-year (YoY) rise in its June quarter (q1) net profit at Rs 122 crore. The consolidated total income for Q1 grew 36 percent YoY to Rs 1,860 crore.
The company which is a part of Tata Group said in a statement that the group’s operations and financial results for Q1FY22 have been impacted due to the outbreak of the second wave of COVID-19 pandemic during the peak season.
This is because of lockdowns and restricted operational hours even after easing state-wide lockdowns.
"Nevertheless, the business activities were resumed gradually following the relaxations and directives issued by various state governments as well as local authorities in India and other countries where the Group has business operations, albeit with constraints of the workforce and free accessibility to the project sites," said the statement.
Among the business segments, the unitary cooling segment was the largest with revenue of Rs 963.11 crore for the first quarter, showing a 19 percent YoY growth. Electro-mechanical projects and services revenue stood at Rs 688.42 crore for Q1, showing 67 percent YoY growth.
Voltas said it continues to be the market leader in ACs with a market share of 26.7 percent as of June 2021.
The company said in a statement that the management will continue to monitor any material changes arising due to the impact of this pandemic on the financial and operational performance of the Group and take necessary measures to address the situation.
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