Voltas gained 3.24% to Rs 575.85, extending its winning run to third consecutive session.
Voltas has advanced 20% in just three days from its previous closing low of Rs 480 on 29 May 2020.
The company’s consolidated net profit rose 12.5% to Rs 159.50 crore on a 1.3% rise in net sales to Rs 2078.39 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax stood at Rs 216.74 crore in Q4 March 2020, rising by 30.9% from Rs 165.60 crore in Q4 March 2019. Total tax expenses surged 140% to Rs 57.24 crore in Q4 March 2020 from Rs 23.86 in Q4 March 2019. The result was announced after market hours on Friday, 29 May 2020.
Unitary cooling products segment revenue (gross) increased by 20% and was Rs 1199 crore as compared to Rs 998 crore in the corresponding quarter last year. Performance of air coolers and other consumer products also witnessed good traction and growth as compared to last year and could have been much better but for the lockdown. Segment result was significantly higher by 68% at Rs 175 crore as compared to Rs 104 crore in the corresponding quarter last year.
Voltas said it continued to be the market leader in room air conditioner business with market share of 24.2%, an increase of 50 bps in Feb 2020 (YTD), as per the last data available. The company said it has achieved a leadership position in inverter ACs for the months of January 2020 and February 2020, respectively. Due to lockdown, substantial business was lost in March 2020, which is the beginning of the peak season (summer) and year end billings were adversely impacted.
Electro-mechanical projects and services segment revenue for the quarter was Rs 805 crore as compared to Rs 976 crore in the corresponding quarter last year primarily due to slow pace of execution of projects. Engineering products and services segment revenue and result for the quarter were at Rs 95 crore and Rs 27 crore as compared to Rs 78 crore and Rs 27 crore, respectively in the corresponding quarter last year.
Meanwhile, the board recommended a dividend of Rs 4 per share for the year 2019-20.
Voltas is India’s largest air conditioning company, and one of the world’s premier engineering solutions providers and project specialists.
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