Voltas FY11 net down 6% on losses at unit

Moneycontrol Bureau

Voltas' 2010-11 (April-March) consolidated net profit declined 6% year-on-year to Rs 357.24 crore due to a sharp drop in earnings at its electro-mechanical projects segment and losses at arm Rohini Industrial Electricals, a Mumbai-based electrical and instrumentation projects company. "The drop in profitability is primarily due to loss reported by Rohini Industrial Electricals," Voltas said in a statement. The air-conditioning and engineering services provider reported net sales of Rs 5,176.83 crore, up 9% in the last fiscal year. Revenues at Voltas