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- Voltas, the air conditioning and engineering services provider, announced a 19% drop in consolidated net profit for Q4FY24.
- Despite the drop in net profit, the company’s revenue from operations rose by 42% to ₹4,203 crore.
- The board of directors has recommended a dividend of 550% at ₹5 per share, subject to shareholder approval.
Voltas reports a drop in Q4 net profit but sees a significant rise in revenue from operations. The board recommends a hefty dividend, pending shareholder approval.
Voltas Q4 Results Overview
Voltas announced its Q4 results for fiscal 2023-24 on Tuesday, May 7, reporting a drop of 19% in consolidated net profit at ₹116.44 crore, compared to ₹143.92 crore in the corresponding period last year. However, the company’s revenue from operations in the fourth quarter of FY24 rose 42% to ₹4,203 crore, compared to ₹2,957 crore in the year-ago period. The company’s board of directors has recommended a dividend of 550% at ₹5 per share of the face value of Re 1 per share for FY24 upon the approval of shareholders.
Key Metrics and Business Segments Performance
The drop in net profit in the quarter-under-review was due to higher expenses, which were ₹4,044.90 crore compared to ₹2,761.45 crore in the corresponding period a year ago. The unitary cooling products business segment revenue grew by 44% to ₹2,955 crore in the March quarter, compared to ₹2,049 crore in the corresponding quarter of the previous year. This was due to a better product mix enhancement approach. The engineering products and services division clocked a revenue of ₹156 crore, compared to ₹142 crore in the year-ago period. The electro-mechanical projects and services segment, comprising both domestic and international projects businesses, grew by 38% YoY due to a healthy carry forward order book position. Voltas achieved the milestone of 20 lakh AC sales in 2023-24.
Conclusion
Despite the drop in net profit, Voltas saw a significant rise in its revenue from operations in Q4FY24. The company’s board has recommended a hefty dividend, subject to shareholder approval. The unitary cooling products business segment and the electro-mechanical projects and services segment saw considerable growth, contributing to the company’s overall revenue. The company also achieved a milestone in AC sales in the fiscal year 2023-24.
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