Voltas Q3 net up 42.3% to Rs 81.56 crore

"The short term impact of demonetization has weakened consumer and business sentiments. The consolidated gross sales from operations for the quarter ended December 31, 2016 were lower by 6 percent at Rs 1,194 crore as compared to Rs 1,266 crore in the corresponding quarter last year," the company said.

It further added: "However, profit before tax was significantly higher by 62 percent at Rs 125 crore as compared to Rs 77 crore last year due to improved margins, tighter control on overheads and higher income from investments." Revenue from its Electro-mechanical Projects and Services business stood at Rs 702.58 crore during the quarter under review, down 2.89 percent, as against Rs 723.55 crore in the year-ago period.

Its revenue from Engineering Products and Services segment was down 27.56 percent to Rs 80.74 crore as against Rs 111.47 crore in the same period a year ago.

Revenue from Unitary Cooling Products for Comfort and Commercial Use business stood at Rs 411.07 crore in the quarter under review, down 4.55 percent, compared with Rs 430.67 crore in the year-ago period.

"The segment had grown strongly from April 2016 to October 2016 but was negatively impacted after demonetisation.

There was a decline in sales by 5 percent and was Rs 411 crore as compared to Rs 431 crore in last year," Voltas said.

Shares of Voltas today settled at Rs 342.00 on BSE, up 0.71 percent from previous close.