Voltas Q2 net profit down 25% at Rs 80 crore

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The net profit of consumer appliances brand Voltas declined 25.2 percent year-on-year (YoY) to Rs 80 crore in the September quarter (Q2).

There was a 15 percent YoY rise in expenses to Rs 1,528.75 crore in the second quarter of FY21.

The consolidated total income for Q2 was Rs 1,651 crore, a YoY growth of 10 percent.

Voltas said it continues to be the market leader in the room air conditioner space with a market share of 26.8 percent as of August 2020.

The unitary cooling product segment revenue rose by 9 percent YoY to Rs 572 crore in the second quarter.

With respect to the electro-mechanical projects and services segment, the revenue saw a 15 percent YoY increase to Rs 928 crore in Q2. However, the segment profit stood at Rs 23 crore as against Rs 56 crore a year ago due to conservative time-based provisions, amidst liquidity constraints on some of the old legacy projects.

The carry-forward order book of the segment stood at Rs 6,852 crore as compared to Rs 6,567 crore in the corresponding quarter last year.

In the engineering products and services segment, the revenue stood at Rs 93 crore in Q2FY21 compared to Rs 80 crore a year ago. The profit rose to Rs 29 crore in the period compared to Rs 25 crore a year ago.

Voltas said that the results declared take into account the effect of merger of a 100 percent subsidiary, Universal Comfort Products limited with effect from April 1, 2019, which has been approved by the National Company Law Tribunal, Mumbai on September 11, 2020.

For the six-months ended September 30, there was a 28 percent YoY drop in consolidated total income to Rs 3,015 crore. Voltas in a statement attributed this decline to the Coronavirus lockdown impact.