Air conditioner maker Voltas on Friday said that its net profit in December quarter rose 47 per cent to ₹ 129 crore as against ₹ 88 crore in the same period last year. Its revenue annually rose 32 per cent to ₹ 2,046 crore.
The profit before tax moved up by 39 per cent to ₹ 166 crore from ₹ 119 crore and total income by 32 per cent from ₹ 1,547 crore to ₹ 2,046 crore in the same period.
“The Cooling Products business made good recovery, post easing of the lockdown situation and achieved a record overall volume growth of 40 per cent, contributed by 43 per cent increase in the sales volume of Room Air conditioners (ACs), 100 per cent in Commercial Refrigeration Products and 11 per cent in air coolers,” Voltas said in a press release.
“Voltas continues to be the market leader and is at No.1 position in ACs with a YTD market share of 26 per cent in December 2020. Segment Revenue increased by 40 per cent and was at ₹ 840 crores as compared to ₹ 601 crores in the corresponding quarter last year. Segment Result was significantly higher by 72 per cent at Rs.105 crores as compared to ₹ 61 crores in the corresponding quarter last year,” Voltas added.
Voltas said the results take into account the merger of Universal Comfort Products Ltd from April 1, 2019 which was approved by the National Company Law Tribunal, Mumbai on September 11, 2020.