On May 5, Tata Group's consumer durable major Voltas Ltd. announced its March quarter results. In the fourth quarter ended March 2022, the company reported a 23.46 per cent decrease in consolidated net profit, at ₹182.71 crore. The company posted a consolidated net profit of ₹238.72 crore in the January-March quarter of last fiscal.
Total income was ₹2,703.78 crore during the period under review, up 0.76 per cent from ₹2,683.24 crore in the previous fiscal period.
The company's total expenses were at ₹2,427.53 crore, up 3.73 per cent in the fourth quarter of FY22, as against ₹2,340.22 crore in the year-ago period.
Voltas' revenue from "unitary cooling products for comfort and commercial use" rose 9.89 per cent to ₹1,818.41 crore as against ₹1,654.69 crore in the same quarter of FY21.
Revenue from "engineering products and services" went up 26.43 per cent to ₹123.50 crore as against ₹97.68 crore.
For the fiscal ended March 2022, Voltas' consolidated net profit was down 4.30 per cent to ₹506 crore. It reported a net profit of ₹528.79 crore for FY21.
Voltas reported a market share of 23.4% YTD, down from 25.8% YTD Nov 2021, largely due to the low price gap and aggressive pricing, particularly in southern markets.
However, management believes that market share will recover in the remainder of the summer season with pricing action and customer-centric schemes.